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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. 2000000 4800000 2500 2500 0.0875 0.08625 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. 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 0.0068 0.995 -2837000 0.3 0.25 25 14 340 1/12 - 12/31 1/12 - 12/31 11/2 - 12/31 11/3 - 12/31 12/15 - 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 Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. 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 P30Y 135992000 5386000 -2666000 2906000 3839000 -11000000 1172000 -8094000 one-for-ten reverse stock split 128400000 120400000 -12000 -11000 12000 11000 4315000 5968000 1577000 590000 1934000 7000000 32930000 19121000 38273000 29857000 35623000 42455000 62603000 278591000 199945000 153858000 72689000 84063000 153858000 12053000 0 8025000 15007000 -52000 3205000 -2530000 58552000 43984000 29056000 882000 1974000 446000 3136000 4497000 3373000 32508000 32572000 30118000 3739000 2841000 3059000 356537000 12453000 342353000 12453000 Sub-Holding Company Holding Company Marshall Is. Marshall Is. 11/30 - 12/31 1/1 - 12/31 1/1 - 12/31 — 1/1 - 12/31 — 0 0 74.4 0.037 6269000 165474000 27705000 376133000 31342000 7313000 1099000 -199000000 14727000 229865000 58122000 34603100 4.96 0.037 0.963 24400000 6078000 639607000 502237000 -313971000 -107210000 12053000 752000 P1Y4M24D -22391000 straight line method 171743000 191000 131432000 127625000 6450000 7000 76376000 80037000 16086000 19706000 18278000 575000 269000 1304000 4195000 0 145000 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. 0.147 0.114 0.131 19437000 0.128 9261000 8022000 22224000 12307000 2682000 4520000 18000 18000 6005000 2516000 11571000 1841140000 1930950000 1814965000 1324766000 108686000 109224000 251641000 470944000 475378000 472081000 447688000 521535000 536518000 390982000 32628000 27391000 23898000 131144000 150038000 164056000 1393452000 1409415000 1278447000 933784000 84788000 81833000 219013000 339800000 325340000 308025000 13869000 13936000 14360000 2434639000 2529488000 2553047000 7948000 9423000 10620000 610678000 708387000 743822000 5921000 4513000 3740000 1823961000 1821101000 1809225000 65154000 11122000 531000 2250000 738000 5531000 2051000 5060000 3493000 5237000 18894000 17603000 1475000 1257000 97709000 97114000 73847000 73017000 66405000 775000 -32555000 -85992000 -726000 -18156000 -12072000 -1442000 -177000 -13732000 -73017000 -66007000 -1513000 -1513000 3696000 3696000 -2183000 -2183000 29695000 29695000 411265000 198866000 -212399000 104157000 46123000 -58034000 -11875000 -47000 3585000 3585000 28000 75000 3613000 15488000 -32000 -32000 32000 32000 -5243000 -5243000 -5243000 -5243000 2017-06-16 2017-07-13 2000 52,067 dwt 50,346 dwt 9098000 5141000 5280000 551000 2001 495000 6548000 2016 2016 84,872 dwt 181,259 dwt 49910000 39900000 29695000 16,871 dwt 16,871 dwt 9971000 137357000 6141000 628000 174000 428000 1075000 1115000 629000 1109000 60115000 29695000 29695000 104157000 -58034000 46123000 11828000 -11828000 398000 22385000 458000 253360000 39775000 213585000 2530000 7284000 -4754000 156000 137000 -19000 525712000 182584000 343128000 3581000 18528000 -14947000 11897000 7979000 5845000 1572000 -329000 295000 -34000 19876000 2524610000 626155000 1898455000 0 0 0 400896000 917000 399979000 24763000 35000 12354000 93789000 -81435000 47148000 493000 -329000 295000 -34000 156000 137000 -19000 17389000 32032000 30708000 3874000 2018-12-31 2000 74,333 dwt 5402000 726000 6950000 2018-08-31 2759000 79000000 2018-07-31 2018-03-31 2001 2001 52,063 dwt 52,061 dwt 6595000 6715000 584000 481000 8085000 7682000 53,464 dwt 171,971 dwt 2007 2000 10980000 10255000 12130000 10255000 34352000 55458000 11239000 1115000 318000 500000 1097000 2010 2010 11098000 13422000 398000 522000 2018-11-30 2016-01-12 2016-01-12 3,5 hectares 26000 26000 26000 26000 -629000 -629000 137357000 137357000 629000 629000 49421000 49421000 137357000 137357000 49421000 49421000 -101717000 -101717000 -101717000 -101717000 411265000 198866000 -212399000 24728000 46655000 21927000 4273000 4,360 TEU 4,360 TEU 376133000 375251000 -882000 376133000 375251000 -882000 100420000 53152000 35490000 32492000 221554000 47966000 11838000 19520000 2143000 81467000 0 0 0 -1150000 -1150000 52454000 41314000 15970000 29199000 138937000 100420000 53152000 35490000 11548000 200610000 45156000 10889000 17745000 0 73790000 0 0 0 -10398000 -10398000 55264000 42263000 17745000 1150000 116422000 2811000 3853000 3902000 950000 727000 706000 1774000 1775000 1775000 2143000 4038000 17260000 0 0 -7526000 7678000 10393000 16117000 2811000 995000 1775000 27504000 2818000 995000 1775000 12864000 2811000 995000 1775000 5581000 2811000 995000 1775000 5581000 2811000 995000 1775000 5581000 38392000 36339000 7095000 81826000 31342000 1150000 1150000 10398000 7001000 -3397000 52454000 41314000 15970000 138937000 21923000 7276000 0 0 0 0 29199000 61455000 19160000 27544000 29933000 19185000 16882000 111112000 22732000 33479000 60306000 22417000 28403000 1203021000 139955000 195805000 1244996000 145940000 195784000 52333000 83059000 39150000 54247000 21284000 25805000 507485000 64818000 99153000 493463000 75472000 109223000 485047000 61035000 168195000 483345000 125283000 164276000 231361000 34885000 49870000 211652000 37468000 38633000 190524000 40589000 -13081000 -22881000 -12899000 -15090000 -20778000 22749000 -52549000 -2174000 -13081000 -3197000 -12169000 -15090000 9762000 -9086000 -52549000 16137000 0.02 33473000 4050000 13076923 29423000 266876 0.02 468000 0.02 0.02 0.02 2048000 110000 12000 47795000 975408 66131 7376 2040000 1200442 31053233 3450091 0.2 80484000 98608000 16171000 12570000 -5979000 29328000 66773000 29328000 0 228000 170000 55000 85000 0.35 0.5 Navios Holdings, until the sale of its investment, had a 50% interest in Acropolis, a brokerage firm for freight and shipping charters. 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. 87500000 113597000 -43378000 -9875000 29801000 50374000 99590000 5838000 14595000 14595000 10 14 6763000 3357000 4034000 9419000 6069000 7011000 4750000 4750000 4750000 6650000 6650000 6650000 0 -1089000 1303000 2032000 2456000 On an ongoing basis, Navios Europe I is 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 12432000 10400000 43500000 24100000 14000000 16938000 12063000 On an ongoing basis, Navios Europe II is required to distribute cash flows (after payment of operating expenses, amounts due pursuant to the terms of the Senior Loans II) according to a defined waterfall calculation. 30893000 -25062000 -34059000 2068000 0 0 35069000 23838000 8994000 7924000 22463000 10057645 5 50288000 5000000 30000000 0.017 0.068 417000 5161000 29370000 26075000 15914000 0 144430000 2.1 -345000 5303000 2000 192000 238000 15812000 14501000 21371000 245440000 49559000 119033000 76534000 86458000 119733000 1453048000 74618000 1065369000 1035688000 46609000 103978000 1523406000 92159000 1205837000 1154873000 39188000 2638000 2638000 290245000 59715000 59715000 227288000 -75153000 -75153000 187946000 -82233000 -82233000 55524000 83596000 1370044 27960 0.02 64000 18422000 5000 0.02 714000 29888 0.02 27000 1464494 500000 866000 30000000 -14000 161000 500000 46000 1000000 15264000 18889000 40903000 32555000 3643000 4843000 42212000 23812000 292000 364000 6268000 5376000 1251000 2236000 12215000 4153000 13005000 14535000 0 17674000 12031000 14074000 12350000 14450000 45741000 50140000 0 33816000 0 15188000 15333000 18254000 23800000 25600000 15125000 16125000 305000000 305000000 614339000 650000000 1083139000 1174856000 375000000 375000000 26875000 31109000 19300000 23250000 11900000 13300000 99000000 100000000 184000 253000 538168000 542912000 1843912000 1717768000 27905000 35280000 1746956000 1648603000 71424000 100720000 180518000 1413913000 74812000 2525000 305000000 2017-11-21 0.1125 0.97 1.08438 350000000 2011-01-28 0.08125 58906000 30671000 650000000 2013-11-29 0.07375 1.05531 1.01 375000000 2014-04-22 0.0725 2022-05-01 14000000 LIBOR (90 days) plus 315 basis points 0.0315 20 quarterly 7000000 LIBOR plus 475 basis points 0.0475 P4Y 100000000 0.01 2017-11-03 5 tanker vessels 27670000 -2695000 1.05438 1.01 2009-10-29 817000 monthly 184000 253000 6000 0.06 41964000 semi-annual six-month LIBOR 5949000 16 25000000 quarterly LIBOR (180 days) plus 325 basis points 20 0.0325 40000000 0.0275 LIBOR plus 275 basis points 2010-09-30 2011-08-31 23000000 quarterly 0.0275 1 681000 LIBOR plus 275 basis points 7264000 semi-annual 6000 681000 2011-12-31 23000000 quarterly 0.0325 1 700000 7450000 LIBOR plus 325 basis points 6000 semi-annual 700000 2013-12-20 22500000 0.03 LIBOR plus 300 basis points 2021-08-31 2009-06-30 240000000 4 60000000 2 53600000 54500000 13802000 15607000 15319000 17322000 1517000 1715000 2012-03-23 42000000 2 quarterly quarterly quarterly quarterly 0.0285 0.036 0.0275 0.0325 5 6 6 11 363000 269000 469000 730000 14400000 6354000 18750000 7302000 LIBOR plus 285 basis points LIBOR plus 360 basis points LIBOR plus 275 basis points LIBOR plus 325 basis points 26000000 16000000 30000000 2014-06-27 2013-09-30 40000000 2021-09-30 1 newbuilding Panamax and 1 newbuilding Capesize vessel 2016-01-31 41000000 0.0255 LIBOR plus 255 basis points 39900000 2 2014-11-06 31000000 quarterly 0.03 16 450000 16600000 LIBOR plus 300 basis points 2016-11-03 16125000 0.03 10725000 LIBOR plus 300 basis points 2016-09-19 70000000 -55132000 5132000 50000000 2017-05-23 15300000 quarterly 0.03 11 383000 8798000 LIBOR plus 300 basis points 2 0.0778 0.0711 0.0687 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 and the 2022 Notes. 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 2022 Co-Issuers have the option to redeem the 2022 Notes in whole or in part, at any time on or after January 15, 2017, at a fixed price of 105.531%, which price declines ratably until it reaches par in January 2020. Upon occurrence of certain change of control events, the holders of the 2022 Notes may require the 2022 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 affiliates, merging or consolidating or selling all or substantially all of the 2022 Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Notes includes customary events of default. The 2022 Co-Issuers were in compliance with the covenants as of December 31, 2018. The Logistics Co-Issuers have the option to redeem the 2022 Logistics Senior Notes in whole or in part, at their option, at any time on or after May 1, 2017, at a fixed price of 105.438%, which price declines ratably until it reaches par in 2020. In addition, upon the occurrence of certain change of control events, the holders of the 2022 Logistics Senior Notes will have the right to require the Logistics Co-Issuers to repurchase some or all of the 2022 Logistics Senior Notes at 101% of their face amount, plus accrued and unpaid interest to the repurchase date. The indenture governing the 2022 Logistics Senior Notes contains 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 transactions with affiliates, merging or consolidating or selling all or substantially all of Navios Logistics’ properties and assets and creation or designation of restricted subsidiaries. As of December 31, 2018, the facility is repayable in 11 quarterly installments of $730, with a final balloon payment of $7,302 payable on the last repayment date. As of December 31, 2018, the facility is repayable in 16 quarterly installments of $450, with a final balloon payment of $16,600 on the last repayment date. As of December 31, 2018, the first tranche is repayable in five quarterly installments of $363, with a final balloon payment of $14,400 on the last repayment date, the second tranche is repayable in six quarterly installments of $269, with a final balloon payment of $6,354 on the last repayment date and the third tranche is repayable in six quarterly installments of $469, with a final balloon payment of $18,750 on the last repayment date. As of December 31, 2018, the outstanding amount under the loan facility was repayable in one quarterly installment of $700 after the drawdown date, followed by six semi-annual equal installments of $700, with a final balloon payment of $7,450 on the last payment date. As of December 31, 2018, the facility is repayable in one quarterly installment of $681, followed by six semi-annual equal installments of $681, with a final balloon payment of $7,264 on the last payment date. 1.35 30000000 1.2 0.75 0.8 0.9 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 39969000 54329000 94298000 26415000 0 50000000 23611000 29464000 32000000 222605000 5909000 0 87530000 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 16 275000 7091000 6200000 0.0675 24 monthly 2020-08-17 2017-05-18 2018-08-17 2016-12-15 2017-07-27 2017-12-01 21000000 50000000 7 4 LIBOR plus 400 basis points LIBOR plus 400 basis points 0.04 0.04 21000000 50000000 0 2018-12-03 50000000 2 LIBOR plus 350 basis points 0.035 50000000 500000 16 quarterly 12475000 2022-12-31 4 1 41200000 8800000 1 4000000 3375000 1650000 2018-05-25 25000000 1 LIBOR plus 300 basis points 0.03 25000000 18 quarterly 11110000 2023-05-31 695000 2017-12-20 2018-09-30 24000000 9000000 4 4 1 6000000 LIBOR plus 300 basis points LIBOR plus 300 basis points 0.03 0.03 24000000 9000000 19 16 17 quarterly quarterly quarterly 2570000 5142000 1714000 2023-09-30 2022-12-22 2023-02-28 322000 643000 214000 8679000 15428000 5357000 2018-06-28 36000000 2 LIBOR plus 325 basis points 0.0325 36000000 14 quarterly 15200000 2022-06-30 1200000 2018-11-09 4 4 31800000 LIBOR plus 325 basis points 0.0325 0 19 quarterly 18918000 2023-07-31 678000 0.0075 2018-05-25 119000000 90200000 18 60 monthly 1097000 45100000 10,000 TEU 1 1 2 3 1 4 2 1 1 1 1 1 1 2 23 dry bulk vessels 137882000 12892000 192000 46089000 -966402000 -549078000 -67154000 543899000 380489000 127632000 6558000 238000 30112000 -1181838000 -389332000 -76872000 192000 192000 192000 100250000 100250000 29328000 137882000 137882000 12892000 12892000 46089000 46089000 -966402000 -966402000 -549078000 -549078000 -67154000 -67154000 127632000 6558000 30112000 -1181838000 -76872000 -76872000 -389332000 -389332000 -1181838000 30112000 6558000 127632000 55524000 29328000 192000 192000 238000 238000 238000 16500000 16500000 238000 238000 192000 238000 664477 40.9 P4Y2M23D 8769000 250000 1937000 -902000 879625 32 P4Y4M28D 9804000 121082 790458 29.8 P3Y9M18D 7539000 661977 28.2 P3Y4M10D 372096 8186000 P2Y5M12D 3048000 5122000 450253 P2Y6M18D 6100000 5530000 2571000 701731 709710 P3Y1M2D 9059000 863000 3425000 P3Y1M10D 6490000 132000 115000 69000 36000 22000 0 4556000 4296000 3446000 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 4150000 P3Y1M17D 0 0 0 12.7 7.8 0 0 0 12.7 12 0.333 0.333 0.334 12 5696000 205000 -128481 -89167 -34852 287500 435398 254000 175502 183920 279071 73059 136011 136011 121082 73059 -12000 341 450 -7000 -2265000 3 -1843000 1577000 590000 21500000 1157000 2900000 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, 2020. 81,600 dwt Q1 2020 2705000 2953000 5410000 2705000 81,000 dwt 81,000 dwt 81,000 dwt Q3 2019 Q4 2019 Q2 2020 8340000 2795000 2910000 8969000 3004000 3033000 11140000 5590000 5820000 2017-12-31 2018-01-31 2018-04-30 2018-10-31 P10Y P10Y P10Y P10Y 2900000 9197000 2800000 81,600 dwt Q4 2019 2795000 P10Y 114668000 5165000 2652000 100829000 14261000 1961000 72826000 15391000 1590000 47695000 15119000 1750000 38986000 14298000 1655000 42685000 58389000 7346000 417689000 122623000 16954000 45189000 142508000 3728000 98515000 0 76825000 69867000 0 0 58724000 669615000 48917000 1116054000 114000 1564000 1521000 142968000 122668000 84114000 2876000 2648000 2748000 0 112740000 0 0 2484000 9847000 23050000 77359000 700000 9344000 8347000 7751000 20000000 8810000 9000000 9427000 1000000 1000000 1000000 December 2021 P6Y 1330000 1187000 1300000 P5Y 2041000 1766000 1820000 P6Y 1109000 939000 17891000 14891000 8126000 9955000 1828000 1892000 1833000 60000000 December 31, 2022 0 LIBOR plus 300 basis points 0.03 21000000 0 0 LIBOR plus 300 basis points 2800000 11282000 15236000 May 2020 5373000 P5Y P5Y 0.25 0.785 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, 2018, Navios Holdings had not exercised any part of that option. 1828000 990000 2565000 4554000 4000000 3334000 7965000 34765000 8315000 76000 76000 0 0 0 21384000 12089000 35417000 8359000 200000000 0.06 33473000 12013000 7176000 7769000 4002000 4244000 3174000 0.127 0.18 19125000 12000000 5312000 2440000 470000 1310000 5782000 3750000 16938000 12063000 4503000 4503000 1747206 11400 12500 11500 9 months 12 months 0.5 2016-11-30 P0Y3M 68871000 62157000 59209000 4100 4200 5250 6700 7400 8750 4200 4300 5250 6700 7400 8750 92993000 94973000 97866000 0 651000 1711000 6000 P2Y P2Y 7000 7150 9500 9500 P2Y 22377000 21472000 20855000 20739000 20805000 20862000 22186000 22055000 23527000 9500 6100 48490000 6700 7400 P6Y P5Y P6Y P5Y P5Y 2018-12-31 2015-12-31 11125000 7600 12000 2017-01-02 0.2 6350 6500 7150 9500 16702000 18001000 20000000 1999000 1494000 1500000 1500000 1868000 10390000 34227000 12000000 0 2015-05-31 11941000 5281000 8000000 4875000 29934000 972000 432098 702000 656 423 85000 84333 2497 360 5449 18982 406 7893000 758918 61078000 1843000 571000 62582 14191 14191 28612 28612 3499 3499 -2436 25000000 94858 114791 818000 1070000 10000000 84000 174000 5015 270000 0.0025 9323000 14 1127000 825 291 287500 131131000 115099000 107787000 109000 121000 199000 298052000 207634000 250433000 212616000 199446000 220336000 8231000 517000 8748000 6593000 238000 6831000 4132000 815000 4947000 98247000 39669000 93264000 28347000 89399000 24240000 70472000 29307000 77245000 26867000 87197000 26628000 -80205000 0 4399000 0 -202779000 0 -273125000 4380000 -167892000 1982000 -310306000 6483000 1558581000 677343000 1947777000 682204000 2083526000 669369000 56240000 104096000 56240000 104096000 56240000 104096000 -25769000 -19879000 -70411000 -347000 -46521000 -46868000 -60420000 -91173000 -151593000 91111000 0 183160000 0 160071000 0 44452000 76472000 47744000 79888000 70810000 65182000 10958000 0 6558000 0 2486000 2900000 1063762000 530186000 1816007000 1149742000 532746000 1682488000 1223146000 427949000 1651095000 4248000 5513000 6218000 142688000 124857000 109267000 135614000 91552000 73073000 208751000 212616000 220336000 26438000 28511000 10888000 556713000 563887000 933784000 1278447000 160071000 2752895000 28972000 0 23667000 0 21799000 0 3 12053000 -579000 0 1204000 3060000 0 27000 446572000 0 -24763000 0 16958000 1934000 222059000 399979000 -22974000 10241000 10421000 15909000 0 1033000 46627000 664709 503316 341127 349900 456684 593500 972000 5063000 0.01 0.03 0.05 0.05 0.1 0.01 0.1 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. 50% of revenues derived from international freights are considered Paraguayan sourced (and therefore taxed) if carried between Paraguay and Argentina, Bolivia, Brazil or Uruguay. Alternatively, only 30% of revenues derived from international freights are considered Paraguayan sourced. 0.34 0.5 0.3 0.25 0.02 0.35 0.3 0.3 13000000 1871000 14871000 7056000 9018000 9740000 50,316 dwt 6790000 2002 5531000 66 2/3% 66 2/3% 8841 10930 4423000 4188000 3879000 4747000 4000000 10,000 TEU 10,000 TEU 52500000 52500000 31800000 31122000 5000000 15000000 2011 2011 50000000 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 500000 2021-04-30 19000000 12.75% 14.75% 18726000 17642000 35500000 Third quarter of 2019 0.0975 <div class="Section1"><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 1: DESCRIPTION OF BUSINESS</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:14.3pt; font-size:12pt"><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, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of dry bulk commodities, including iron ore, coal and grain.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Logistics</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:14.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios South American Logistics Inc. (&#8220;Navios Logistics&#8221;), a consolidated subsidiary of the Company, 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, 2018, Navios Holdings owned 63.8% of Navios Logistics.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Containers</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:14.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Maritime Containers L.P. (&#8220;Navios Containers&#8221;) (NASDAQ: NMCI) is a growth vehicle dedicated to the container sector of the maritime industry. Navios Maritime Containers Inc. registered its shares on the Norwegian Over-The-Counter Market (N-OTC) on June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12, 2017 under the ticker &#8220;NMCI&#8221;.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:14.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">On November 30, 2018, Navios Maritime Containers Inc. 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 and holds a non-economic interest that does not provide the holder with any rights to profits or losses of, or distribution by, the partnership. As a result of holding the general partner interest, control was obtained by Navios Holdings due to the fact that the general partner has exclusive management authority over Navios Containers&#8217; operations, controls the appointment of three of the seven members of Navios Containers&#8217; board of directors and has veto rights over certain significant actions of Navios Containers. The limited partners may not remove the general partner without the affirmative vote of at least 75% of the outstanding units (including units held by the general partner and its affiliates), voting as a single class. In addition, limited partners have no right to participate in the operation, management or control of Navios Containers&#8217; business or transact any business in Navios Containers&#8217; name. The general partner has the power to oversee and direct the partnership&apos;s operations and to manage and determine the partnership&apos;s strategies and policies on an exclusive basis and therefore, has the power to govern the financial and operating policies of Navios Containers. As of that date, Navios Holdings obtained control over Navios Containers and consequently the results of operations of Navios Containers are consolidated under Navios Holdings. See also Note 3.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:14.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of December 31, 2018, Navios Holdings had a 3.7% ownership interest in Navios Containers.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Partners</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:14.3pt; font-size:12pt"><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 containers, chartering its vessels under medium to long-term charters.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:14.3pt; font-size:12pt"><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, Navios Holdings owned a 20.0% interest in Navios Partners, including a 2.0% general partner interest.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Acquisition</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:14.3pt; font-size:12pt"><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></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:14.3pt; font-size:12pt"><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, Navios Holdings&#8217; ownership of the outstanding voting stock of Navios Acquisition was 32.8% and its economic interest was 35.8%.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Europe I</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:14.3pt; font-size:12pt"><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 have economic interests of 47.5%, 47.5% and 5.0%, respectively. Navios Europe I is engaged in the marine transportation industry through the ownership of five tanker and five container vessels. Effective November 2014, Navios Holdings, Navios Acquisition and Navios Partners have voting interests of 50%, 50% and 0%, respectively.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Europe II</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:14.3pt; font-size:12pt"><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 have economic interests of 47.5%, 47.5% and 5.0%, respectively and voting interests of 50%, 50% and 0%, respectively. Navios Europe II is engaged in the marine transportation industry through the ownership of seven dry bulkers and seven container vessels.</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:228pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Dry bulk vessels</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">25</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Container vessels</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">30 years</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Port terminals</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">5</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">to</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">49</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Tanker vessels, barges and pushboats</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">15</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">to</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">45</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Furniture, fixtures and equipment</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">3</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">to</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">10</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Computer equipment and software</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">5</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Leasehold improvements</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">shorter</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">of</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">lease</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">term</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">or</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">6</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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:3.3pt"><td style="width:316.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.15pt"><td style="width:316.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Intangible assets</font></p></td><td style="width:24.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Years</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:316.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Trade name</font></p></td><td style="width:24.25pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">32</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:316.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Favorable lease terms</font></p></td><td style="width:24.25pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:316.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Port terminal operating rights</font></p></td><td style="width:24.25pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">47</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:316.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Customer relationships</font></p></td><td style="width:24.25pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">20</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:522.25pt; margin-left:8.6pt; border-collapse:collapse"><tr style="height:1pt"><td rowspan="2" style="width:285.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td rowspan="2" style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p></td><td rowspan="2" style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:54.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p></td><td rowspan="2" style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:48.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p></td></tr><tr style="height:1pt"><td colspan="2" style="width:49.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td colspan="2" style="width:54.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td colspan="2" style="width:48.15pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td></tr><tr style="height:1pt"><td style="width:285.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:12pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Reconciliation of cash and cash equivalents and restricted cash:</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:285.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:12pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Current</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">assets:</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:285.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:12pt; font-size:12pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">137,882</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">127,632</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">135,992</font></p></td></tr><tr style="height:1pt"><td style="width:285.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:12pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">12,892</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,386</font></p></td></tr><tr style="height:1pt"><td style="width:285.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:12pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total cash and cash equivalents and restricted cash</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:3.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:35.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">150,774</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:3.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">134,190</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:1.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:35.85pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">141,378</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:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(c)&#160; 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 affiliates, the selection of useful lives for tangible and intangible assets, expected future cash flows from long-lived assets to support impairment tests, impairment test for goodwill, provisions 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. 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; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(d)&#160; 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; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(e)&#160; 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, 2018 and 2017, restricted cash included $4,315 (of which $1,934 related to Navios Containers) and $5,968, 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 December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and 2017 are amounts held as security in the form of letters of guarantee or letters of credit totaling $1,577 and $590, respectively. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 restricted cash also included an amount of $7,000 concerning the proceeds from the sale of Navios Magellan held as cash collateral in an escrow account, following the vessel&#8217;s disposal and release from the 7.375% First Priority Ship Mortgage Notes due 2022 (the &#8220;2022 Notes&#8221;). 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; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(f)&#160; 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; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(g)&#160; 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; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(h)&#160; Dry Bulk Vessels, Container Vessels, Port Terminals, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net:</font><font style="font-family:'Times New Roman'"> Dry bulk vessels, container 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Expenditures for routine maintenance and repairs are expensed as incurred.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Annual depreciation rates used, which approximate the useful life of the assets are:</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:228pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><a name="DM_MAP_8fde7af7f033404ba7b84fd0_1_0_7_2"><font style="font-family:'Times New Roman'">Dry bulk vessels</font></a></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">25</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Container vessels</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">30 years</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Port terminals</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">5</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">to</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">49</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Tanker vessels, barges and pushboats</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">15</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">to</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">45</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Furniture, fixtures and equipment</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">3</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">to</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">10</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Computer equipment and software</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">5</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Leasehold improvements</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">shorter</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">of</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">lease</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">term</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">or</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">6</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years</font></p></td></tr></table></div><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Management estimates the residual values of the Company&#8217;s dry bulk vessels and container 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:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Management estimates the useful life of its dry bulk vessels and container vessels to be 25 years and 30 years, respectively 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></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(i)&#160;&#160; 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, 2018, 2017 and 2016 amounted to $1,908, $4,764 and $5,843, respectively.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(j)&#160; Assets Held for Sale:</font><font style="font-family:'Times New Roman'"> 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></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(k)&#160; 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 based on the fair value of the asset. 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; text-indent:-1.2pt; font-size:12pt"><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 vessel, the unamortized portion of deferred drydock and special survey costs related to the vessel and the related carrying value of the intangible assets with respect to the time charter agreement attached to that vessel or the carrying value of deposits for newbuildings. Within the shipping industry, vessels are customarily bought and sold with a charter attached. The value of the charter may be favorable or unfavorable when comparing the charter rate to then-current market rates. 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">During the fourth quarter of fiscal year 2018, 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 carrying value together with the carrying value of deferred drydock and special survey costs related to the vessel and the carrying value of the related intangible assets, if applicable. 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, adjusted for outliers) over the remaining economic life of each vessel, net of brokerage and address commissions excluding days of scheduled off-hires, running cost based on current year actuals, assuming an annual increase of 0.68% after 2019 and a utilization rate of 99.5% based on the fleet&#8217;s historical performance.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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, our assessment concluded that step two of the impairment analysis was required for four 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 Company recorded an impairment loss of $179,186 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 related to these vessels, presented within the caption &#8220;Impairment losses&#8221; in the consolidated statements of comprehensive (loss)/income.</font><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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, 2017, the Company recorded an impairment loss of $32,930 for one dry bulk vessel, 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 this vessel, presented within the caption &#8220;Impairment losses&#8221; in the consolidated statements of comprehensive (loss)/income. The assessment performed for 2016 did not indicate a step two was necessary for the Company&#8217;s other vessels held and used. See also Note 7.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(l)&#160; 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 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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, 2018, 2017 and 2016, the amortization of deferred drydock and special survey costs was $13,828, $14,727, and $13,768, respectively.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(m)&#160; 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 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, 2018, 2017 and 2016 were $7,880, $6,391 and $5,653, respectively. See also Note 18.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(n)&#160; Goodwill and Other Intangibles</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; text-align:left"><tr style="height:12.4pt"><td style="width:21.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.6pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(i)</font></p></td><td style="width:496.8pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Goodwill:</font><font style="font-family:'Times New Roman'"> Goodwill is tested for impairment at the reporting unit level at least annually.</font></p></td></tr></table><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company evaluates impairment of goodwill using a two-step process. First, the aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill (step one). 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. If the fair value of a reporting unit exceeds the carrying amount, no impairment exists. If the carrying amount of the reporting unit exceeds the fair value, then the Company must perform the second step (step two) to determine the implied fair value of the reporting unit&#8217;s goodwill and compare it with its carrying amount. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit to all the assets and liabilities of that reporting unit, as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price. If the carrying amount of the goodwill exceeds the implied fair value, then goodwill impairment is recognized by writing the goodwill down to its implied fair value.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 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 value of its total net assets.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 performed step one of the impairment test for the Dry Bulk Vessel Operations reporting unit, which is allocated goodwill of $56,240. Step one impairment test revealed that the fair value of the Dry Bulk Vessel Operations reporting unit substantially exceeded the carrying amount of its net assets. Accordingly, no step two analysis was required.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 non-fixed days (based on a combination of one-year average historical time charter rates and the 10-year average historical one-year time charter rates adjusted for outliers), 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 value of net assets.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 performed step one of the impairment test for the Logistics Business, which is allocated goodwill of $104,096. Step one of the impairment test used the income method and revealed that the fair value substantially exceeded the carrying amount of its net assets. Accordingly, no step two analysis was required. The future cash flows from the Logistics Business were determined principally by combining 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">No impairment loss was recognized for any of the periods presented.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(ii) Intangibles Other Than Goodwill:</font><font style="font-family:'Times New Roman'"> Navios Holdings&#8217; intangible assets and liabilities consist of favorable lease terms, unfavorable lease terms, customer relationships, trade name and port terminal operating rights. 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 31, 2018.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Other intangibles that are being amortized, such as customer relationships and port terminal operating rights, would be considered impaired if their carrying value could not be recovered from the future undiscounted cash flows associated with the asset.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 in the &#8220;Depreciation and amortization&#8221; line item.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">During the fourth quarter of fiscal year 2018, management concluded that there were no circumstances which indicated that potential impairment of Navios Holdings&#8217; intangible assets other than goodwill might exist. For the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and 2016, there were no impairment losses recognized for the Company&#8217;s intangible assets. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, the Company performed an assessment which indicated that the amortizable value of one of its favorable leases would not be recoverable from the future undiscounted cash flows associated with the asset. As a result, the Company recognized an impairment loss of $3,397 in the caption &#8220;Impairment losses&#8221; in the consolidated statements of comprehensive (loss)/income.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The weighted average amortization periods for intangibles are:</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:316.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.15pt"><td style="width:316.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><a name="DM_MAP_13940b0a51b34eea88b8e561_1_0_5_4"><font style="font-family:'Times New Roman'; font-weight:bold">Intangible assets</font></a></p></td><td style="width:24.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Years</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:316.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Trade name</font></p></td><td style="width:24.25pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">32</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:316.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Favorable lease terms</font></p></td><td style="width:24.25pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:316.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Port terminal operating rights</font></p></td><td style="width:24.25pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">47</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:316.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Customer relationships</font></p></td><td style="width:24.25pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">20</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">See also Note 3 and Note 8.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(o)&#160; 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 (losses)/gains recognized under the caption &#8220;Other expense&#8221; or &#8220;Other income&#8221; 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, 2018, 2017 and 2016, were $(1,207), $(3,000) and $1,600, respectively.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(p)&#160; 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Provisions for estimated losses on vessels under time charter are provided for in the period in which such losses are determined. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and 2017, the balance for this provision was $1,604 and $2,631, respectively.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(q)&#160; 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 currently has three reportable segments: the Dry Bulk Vessel Operations segment, the Logistics Business segment and the Containers Business segment.</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr style="height:12.4pt"><td style="width:21.6pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(s)</font></p></td><td style="width:518.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Employee benefits:</font></p></td></tr></table><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 employ the crew on board under short-term contracts (usually up to nine months) and, accordingly, are not liable for any pension or post-retirement benefits.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 are protected by Greek labor law. According to the law, the Company is 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 is 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 remain in the employment of the Company until normal retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that will remain with the Company until retirement age is not known. The Company considers this plan equivalent to a lump sum defined benefit pension plan and accounts for it under relevant guidance on employer&#8217;s accounting for pensions. The Company is required to annually value the statutory terminations indemnities liability. Management obtains a valuation from independent actuaries to assist in the calculation of the benefits. The Company provides, in full, for the employees&#8217; termination indemnities liability. This liability amounted to $1,550 and $1,336 at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and 2017, respectively.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 sponsors a 401(k) retirement savings plan, which is categorized as a defined contribution plan. The plan is available to full time employees who meet the plan&#8217;s eligibility requirements. The plan permits employees to make contributions up to 15% of their annual salary with the Company matching up to the first 6%. The Company makes monthly contributions (matching contributions) to the plan based on amounts contributed by employees. Subsequent to making the matching contributions, the Company has no further obligations. The Company may make an additional discretionary contribution annually if such a contribution is authorized by the Board of Directors. The plan is administered by an independent professional firm that specializes in providing such services. See also Note 13.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Other Post-Retirement Obligations:</font><font style="font-family:'Times New Roman'"> The Company has a legacy pension arrangement for certain Bahamian, Uruguayan and former Navios Corporation employees. The entitlement to these benefits is only to these former employees. The expected costs of these benefits are accrued each year, using an accounting methodology similar to that for defined benefit pension plans.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Stock-Based Compensation:</font><font style="font-family:'Times New Roman'"> In December 2018, 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. In December 2016, the Company authorized the grant of restricted share units and share appreciation rights. 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(t)&#160; Financial Instruments:</font><font style="font-family:'Times New Roman'"> Financial instruments carried on the balance sheet include cash and cash equivalents, restricted cash, trade receivables and payables, other receivables 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 prices 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 credit exposure to customers and counterparties for credit risk. The Company has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Foreign Exchange Risk:</font><font style="font-family:'Times New Roman'"> Foreign currency 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></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(u)&#160; (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:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:3pt"><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; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(v)&#160; 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, 2018, 2017 and 2016 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">On December 29, 2017, the Argentine government enacted the Law 27,430 that made changes to the income tax law in Argentina. The new law modifies the rates for income taxes applicable in beginning on January 1, 2018. 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 whose reversal is expected to occur in the years before 2020, and a rate of 25% on temporary differences remaining thereafter.</font><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 has recorded an income tax benefit of $2,837 within the caption &#8220;Income tax benefit/(expense)&#8221; in the consolidated statements of comprehensive (loss)/income related to the change in the rate of the income tax.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(w)&#160; 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, 2018, 2017 and 2016, and $0, $0 and $3,681 ($0, $0 and $74.4 per share) to its preferred stockholders during the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016, respectively. 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></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(x)&#160; 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(y)&#160; Leases:</font><font style="font-family:'Times New Roman'"> Vessel leases where Navios Holdings or/and Navios Containers 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:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">For charters 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">For charters classified as operating leases where Navios Holdings or/and Navios Containers is regarded as the lessor, refer to Note 2(r).</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">For charters classified as operating leases where Navios Holdings or/and Navios Containers 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 under the line item &#8220;Time charter, voyage and logistics business expenses&#8221;. In the transition to ASC 842, the right of use asset will be adjusted for the carrying amount of the straight line liability on that date.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(z)&#160; 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; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(aa) 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 a provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(ab) 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></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><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></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(ad) 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:6.6pt; margin-left:18pt; margin-bottom:0pt; font-size:12pt"><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, Navios Europe I and Navios Europe II 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, Navios Europe I and Navios Europe II, 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 Navios Acquisition, Navios Partners, Navios Europe I and Navios Europe II, 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></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(ae) 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">A financial instrument&#8217;s 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></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(af)&#160; Recent Accounting Pronouncements:</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In October 2018, the Financial Accounting Standards Board (&#8220;FASB&#8221;) 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 Company is currently assessing the impact that adopting this new accounting guidance will have on its disclosures to the consolidated financial statements.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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): Disclosure 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 that adopting this new accounting guidance will have on its disclosures to the consolidated financial statements.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 Company is currently assessing the impact that adopting this new accounting guidance will have on its disclosures to the consolidated financial statements.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">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 Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In January 2017, FASB issued ASU 2017-03, &#8220;Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323)&#8221;. The ASU amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force (EITF) meetings. The SEC guidance that specifically relates to our consolidated financial statements was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, on revenue (ASU 2014-09), leases (ASU 2016-02) and credit losses on financial instruments (ASU 2016-13) in accordance with SAB Topic 11.M. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The ASU incorporates these SEC staff views into ASC 250 and adds references to that guidance in the transition paragraphs of each of the three new standards. The adoption of this ASU did not have a material effect on the Company&#8217;s consolidated financial statements.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 more timely 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. In November 2018, FASB issued ASU 2018-19 &#8220;Codification Improvements to topic 326, Financial Instruments-Credit Losses&#8221;. The amendments in this update clarify that operating lease receivables are not within the scope of ASC 326-20 and should instead be accounted for under the new leasing standard, ASC 842. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In February 2016, FASB issued ASU 2016-02, &#8220;Leases (Topic 842)&#8221;. ASU 2016-02 will apply to both capital (or finance) leases and operating leases. According to ASU 2016-02, lessees will be required to recognize assets (right of use asset) and liabilities (lease liabilities) on the balance sheet for both types of leases, capital (or finance) leases and operating leases, with terms greater than 12 months. ASU 2016 &#8211; 02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">This guidance requires companies to identify lease and non-lease components of a lease agreement. Lease components relate to the right to use the leased asset and non-lease components relate to payments for goods or services that are transferred separately from the right to use the underlying asset. Total lease consideration is allocated to lease and non-lease components on a relative standalone basis. The recognition of revenues related to lease components will be governed by ASC 842 while revenue related to non-lease components will be subject to ASC 606.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In July 2018, FASB issued ASU 2018-10, Codification Improvements to Topic 842 Leases (&#8220;ASU 2018-10&#8221;). The amendments in ASU 2018-10 affect narrow aspects of the guidance issued in the amendments in ASU 2016-02. The amendments in this update affect the amendments in Update 2016-02, which are not yet effective but for which early adoption upon issuance is permitted. For entities that early adopted Topic 842, the amendments are effective upon issuance of this update, and the transition requirements are the same as those in Topic 842. For entities that have not adopted Topic 842, the effective date and transition requirements will be the same as the effective date and transition requirements in Topic 842.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In addition, in July 2018, FASB issued ASU 2018-11, Targeted Improvements to Topic 842 Leases (&#8220;ASU 2018-11). The improvements in ASU 2018-11 provide for (a) an optional new transition method for adoption that results in initial recognition of a cumulative effect adjustment to retained earnings in the year of adoption and (b) a practical expedient for lessors, under certain circumstances, to combine the lease and non-lease components of revenues for presentation purposes.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In December 2018, FASB issued ASU 2018-20, Narrow-Scope Improvements to Topic 842 for Lessors (&#8220;ASU 2018-20&#8221;). The improvements in ASU 2018-20 are to clarify guidance for lessors on sales taxes and other similar taxes collected from lessees, certain lessor costs and recognition of variable payments for contracts with lease and non-lease components.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In January 2019, FASB issued ASU 2019-01, Codification Improvements to Topic 842 Leases (&#8220;ASU 2019-01&#8221;). The amendments in ASU 2019-01 address (i) the determination of the fair value of the underlying asset by lessors that are not manufacturers or dealers, (ii) the presentation on the Statement of Cash Flows&#8212;Sales Type and Direct Financing Leases; and (iii) the transition disclosures related to the accounting changes and error corrections (Topic 250).</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">ASC 842 provides practical expedients that allow entities to not (i) reassess whether any expired or existing contracts are considered or contain leases; (ii) reassess the lease classification for any expired or existing leases; and (iii) reassess initial direct costs for any existing leases.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company plans to adopt the standard on January 1, 2019 and expects to elect the use of practical expedients. The Company intends to apply the alternative transition method for adoption as described above. Based on a preliminary assessment, the Company expects the adoption of this guidance to have a material impact on its assets and liabilities due to its charter-in contracts and office rent agreements and the recognition of right-of-use assets and lease liabilities on its consolidated balance sheets although adoption is not expected to significantly change the recognition, measurement or presentation of lease expenses within the statements of comprehensive (loss)/income or cash flows.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In the transition to ASC 842, the Company will measure the right of use asset at an amount equal to the operating liability adjusted for the carrying amount of the straight line liability and the carrying amount of the liability regarding the provision for losses on time charters and voyages in progress on that date. Following the adoption of the new standard, the Company expects to recognize for its charter-in contracts and for its office rent agreements, operating liabilities of $356,537 and $12,453, respectively, based on the net present value of the remaining minimum charter-in and rental payments for existing operating leases. Additionally, the Company expects to recognize for its charter-in contracts relating to charter-in vessels in operation on January 1, 2019 and for its office rent agreements, right of use assets of $342,353 and $12,453, respectively.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">With regards to the Company&#8217;s charter-out contracts, the Company is not expecting that the adoption will have a material effect on its consolidated financial statements since the Company is a lessor for these charter-out contracts and the changes are fairly minor. The Company expects to elect the use of practical expedient available to lessors which allows good and services embedded in the charter-out contract that qualify as non-lease components to be combined under a single lease component presentation.</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:218.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:26.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:29.7pt"><td style="width:218.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Allowance for doubtful receivables</font></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Beginning</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Charges</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">to</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Costs and</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Expenses</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Utilized</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">End of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><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, 2016</font></p></td><td style="width:12.65pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:22.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:31.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(18,278</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:19.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:26.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,304</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">145</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:31.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(19,437</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.65pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017</font></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:31.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(19,437</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:19.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:26.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(269</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:31.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(19,706</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018</font></p></td><td style="width:12.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:31.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(19,706</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:19.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:26.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(575</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,195</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:31.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(16,086</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#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:3.3pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Cost</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:62.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Depreciation</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2015</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,841,140</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(447,688</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,393,452</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">60,115</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(73,847</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(13,732</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers</font></p></td><td style="width:10.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">29,695</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">29,695</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2016</font></p></td><td style="width:10.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,930,950</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(521,535</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,409,415</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(73,017</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(73,017</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Impairment losses</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(104,157</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">58,034</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(46,123</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Disposals</font></p></td><td style="width:10.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(11,828</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(11,828</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2017</font></p></td><td style="width:10.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,814,965</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(536,518</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,278,447</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">398</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(66,405)</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(66,007)</font></p></td><td style="width:8.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel impairment</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(411,265)</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">212,399</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(198,866)</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Disposals</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(101,717)</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(101,717)</font></p></td><td style="width:8.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel acquisition</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">22,385</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(458)</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">21,927</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2018</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,324,766</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(390,982)</font></p></td><td style="width:7.9pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">933,784</font></p></td><td style="width:8.15pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Port Terminals (Navios Logistics)</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Cost</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:62.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Depreciation</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2015</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">108,686</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(23,898</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">84,788</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,051</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(3,493</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,442</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers</font></p></td><td style="width:10.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,513</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,513</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2016</font></p></td><td style="width:10.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">109,224</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(27,391</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">81,833</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,060</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(5,237</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(177</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:235.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers from deposits for vessels, port terminals and other fixed assets</font></p></td><td style="width:10.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">137,357</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">137,357</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2017</font></p></td><td style="width:10.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">251,641</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(32,628</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">219,013</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,530</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(7,284)</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(4,754)</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers from oil storage plant and port facilities for liquid cargoes</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(629)</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(629)</font></p></td><td style="width:8.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers to other long-term assets</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(26)</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(26)</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Disposals</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(156)</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">137</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(19)</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2018</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">253,360</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(39,775)</font></p></td><td style="width:7.9pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">213,585</font></p></td><td style="width:8.15pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:3.3pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:67.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:80.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:70.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Tanker vessels, barges and pushboats (Navios Logistics)</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Cost</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:62.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Depreciation</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2015</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">470,944</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(131,144</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">339,800</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">738</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(18,894</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(18,156</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,696</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,696</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2016</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">475,378</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(150,038</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">325,340</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,531</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(17,603</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(12,072</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Disposals</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(3,585</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,585</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:235.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revaluation of vessels due to termination of capital lease obligation</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(5,243</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(5,243</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2017</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">472,081</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(164,056</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">308,025</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,581</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(18,528)</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(14,947)</font></p></td><td style="width:8.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">629</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">629</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers from deposits for vessels, port terminal and other fixed assets, net</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">49,421</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">49,421</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2018</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">525,712</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(182,584)</font></p></td><td style="width:7.9pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">343,128</font></p></td><td style="width:8.15pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:19.8pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Containerships (Navios Containers)</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Cost</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:62.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Depreciation</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2017</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessels upon obtaining control</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">376,133</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(882)</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">375,251</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel acquisition</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">24,763</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(35)</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">24,728</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2018</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">400,896</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(917)</font></p></td><td style="width:7.9pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">399,979</font></p></td><td style="width:8.15pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:3.3pt"><td style="width:223.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:223.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Other fixed assets</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Cost</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:62.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Depreciation</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2015</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">13,869</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(7,948</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,921</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,250</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,475</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">775</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(2,183</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(2,183</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2016</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">13,936</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(9,423</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,513</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">531</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,257</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(726</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Disposals</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(75</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">28</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(47</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Write offs</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(32</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">32</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2017</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">14,360</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(10,620</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,740</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,845</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,572)</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,273</font></p></td><td style="width:8.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Write offs</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(329)</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">295</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(34)</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2018</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">19,876</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(11,897)</font></p></td><td style="width:7.9pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">7,979</font></p></td><td style="width:8.15pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:3.3pt"><td style="width:223.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:71.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:84.55pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:74.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:223.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Cost</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:62.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Depreciation</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2015</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,434,639</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(610,678</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,823,961</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">65,154</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(97,709</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(32,555</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers</font></p></td><td style="width:14.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">29,695</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">29,695</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2016</font></p></td><td style="width:14.3pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,529,488</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(708,387</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,821,101</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">11,122</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(97,114</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(85,992</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Impairment losses</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(104,157</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">58,034</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(46,123</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Disposals</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(15,488</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,613</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(11,875</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Write offs</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(32</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">32</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:223.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revaluation of vessels due to termination of capital lease obligation</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(5,243</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(5,243</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:223.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers from deposits for vessels, port terminals and other fixed assets</font></p></td><td style="width:14.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">137,357</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">137,357</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2017</font></p></td><td style="width:14.3pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,553,047</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(743,822</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,809,225</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessels upon obtaining control</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">376,133</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(882)</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">375,251</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">12,354</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(93,789)</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(81,435)</font></p></td><td style="width:8.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel acquisition</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">47,148</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(493)</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">46,655</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel impairment</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(411,265)</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">212,399</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(198,866)</font></p></td><td style="width:8.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel disposals</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(101,717)</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(101,717)</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Disposals</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(156)</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">137</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(19)</font></p></td><td style="width:8.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Write offs</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(329)</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">295</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(34)</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers from deposits for vessels, port terminals and other fixed assets</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">49,421</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">49,421</font></p></td><td style="width:8.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers to other long-term assets</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(26)</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(26)</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:15.7pt"><td style="width:223.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2018</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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:8.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,524,610</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(626,155)</font></p></td><td style="width:7.9pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,898,455</font></p></td><td style="width:8.15pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:0pt; margin-bottom:0pt; font-size:12pt"><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:0pt; margin-bottom:0pt; 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:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><a name="DM_MAP_7394296750f04fdaa298ab2433021914"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels</font></a></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Cost</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:62.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Depreciation</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2015</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,841,140</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(447,688</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,393,452</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">60,115</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(73,847</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(13,732</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers</font></p></td><td style="width:10.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">29,695</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">29,695</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2016</font></p></td><td style="width:10.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,930,950</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(521,535</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,409,415</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(73,017</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(73,017</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Impairment losses</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(104,157</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">58,034</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(46,123</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Disposals</font></p></td><td style="width:10.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(11,828</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(11,828</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2017</font></p></td><td style="width:10.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,814,965</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(536,518</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,278,447</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">398</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(66,405)</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(66,007)</font></p></td><td style="width:8.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel impairment</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(411,265)</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">212,399</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(198,866)</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Disposals</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(101,717)</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(101,717)</font></p></td><td style="width:8.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel acquisition</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">22,385</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(458)</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">21,927</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2018</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,324,766</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(390,982)</font></p></td><td style="width:7.9pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">933,784</font></p></td><td style="width:8.15pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Port Terminals (Navios Logistics)</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Cost</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:62.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Depreciation</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2015</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">108,686</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(23,898</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">84,788</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,051</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(3,493</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,442</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers</font></p></td><td style="width:10.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,513</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,513</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2016</font></p></td><td style="width:10.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">109,224</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(27,391</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">81,833</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,060</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(5,237</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(177</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:235.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers from deposits for vessels, port terminals and other fixed assets</font></p></td><td style="width:10.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">137,357</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">137,357</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2017</font></p></td><td style="width:10.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">251,641</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(32,628</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">219,013</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,530</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(7,284)</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(4,754)</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers from oil storage plant and port facilities for liquid cargoes</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(629)</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(629)</font></p></td><td style="width:8.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers to other long-term assets</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(26)</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(26)</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Disposals</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(156)</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">137</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(19)</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2018</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">253,360</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(39,775)</font></p></td><td style="width:7.9pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">213,585</font></p></td><td style="width:8.15pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:3.3pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:67.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:80.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:70.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Tanker vessels, barges and pushboats (Navios Logistics)</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Cost</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:62.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Depreciation</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2015</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">470,944</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(131,144</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">339,800</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">738</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(18,894</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(18,156</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,696</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,696</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2016</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">475,378</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(150,038</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">325,340</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,531</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(17,603</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(12,072</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Disposals</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(3,585</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,585</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:235.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revaluation of vessels due to termination of capital lease obligation</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(5,243</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(5,243</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2017</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">472,081</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(164,056</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">308,025</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,581</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(18,528)</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(14,947)</font></p></td><td style="width:8.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">629</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">629</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers from deposits for vessels, port terminal and other fixed assets, net</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">49,421</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">49,421</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2018</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">525,712</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(182,584)</font></p></td><td style="width:7.9pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">343,128</font></p></td><td style="width:8.15pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:19.8pt"><td style="width:235.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Containerships (Navios Containers)</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Cost</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:62.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Depreciation</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2017</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessels upon obtaining control</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">376,133</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(882)</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">375,251</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel acquisition</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">24,763</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(35)</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">24,728</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:235.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2018</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">400,896</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(917)</font></p></td><td style="width:7.9pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">399,979</font></p></td><td style="width:8.15pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:3.3pt"><td style="width:223.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:223.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Other fixed assets</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Cost</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:62.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Depreciation</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2015</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">13,869</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(7,948</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,921</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,250</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,475</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">775</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(2,183</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(2,183</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2016</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">13,936</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(9,423</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,513</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">531</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,257</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(726</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Disposals</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(75</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">28</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(47</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Write offs</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(32</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">32</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2017</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">14,360</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(10,620</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,740</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,845</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,572)</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,273</font></p></td><td style="width:8.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Write offs</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(329)</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">295</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(34)</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2018</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">19,876</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(11,897)</font></p></td><td style="width:7.9pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">7,979</font></p></td><td style="width:8.15pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:3.3pt"><td style="width:223.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:71.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:84.55pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:74.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:223.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Cost</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:62.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Depreciation</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2015</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,434,639</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(610,678</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,823,961</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">65,154</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(97,709</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(32,555</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers</font></p></td><td style="width:14.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">29,695</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">29,695</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2016</font></p></td><td style="width:14.3pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,529,488</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(708,387</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,821,101</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">11,122</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(97,114</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(85,992</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Impairment losses</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(104,157</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">58,034</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(46,123</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Disposals</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(15,488</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,613</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(11,875</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Write offs</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(32</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">32</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:223.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revaluation of vessels due to termination of capital lease obligation</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(5,243</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(5,243</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:223.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers from deposits for vessels, port terminals and other fixed assets</font></p></td><td style="width:14.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">137,357</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">137,357</font></p></td><td style="width:8.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:223.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2017</font></p></td><td style="width:14.3pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:8.25pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,553,047</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(743,822</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:10.85pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,809,225</font></p></td><td style="width:8.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessels upon obtaining control</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">376,133</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(882)</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">375,251</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">12,354</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(93,789)</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(81,435)</font></p></td><td style="width:8.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel acquisition</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">47,148</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(493)</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">46,655</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel impairment</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(411,265)</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">212,399</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(198,866)</font></p></td><td style="width:8.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel disposals</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(101,717)</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(101,717)</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Disposals</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(156)</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">137</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(19)</font></p></td><td style="width:8.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Write offs</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(329)</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">295</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(34)</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers from deposits for vessels, port terminals and other fixed assets</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">49,421</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">49,421</font></p></td><td style="width:8.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:223.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers to other long-term assets</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(26)</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(26)</font></p></td><td style="width:8.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:15.7pt"><td style="width:223.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance 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, 2018</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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:8.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,524,610</font></p></td><td style="width:7.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(626,155)</font></p></td><td style="width:7.9pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,898,455</font></p></td><td style="width:8.15pt; 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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Deposits for Vessels and Port Terminals Acquisitions</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">During the third quarter of 2018, a river and estuary tanker was delivered to Navios Logistics. As of December 31, 2018, a total of $17,389 had been transferred to &#8220;Vessels, port terminals and other fixed assets, net&#8221; in the consolidated balance sheets of which capitalized interest amounted to $628. As of December 31, 2017, Navios Logistics had paid $6,141 for the construction of the river and estuary tanker (including supervision cost).</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">During the first quarter of 2018, three new pushboats were delivered to Navios Logistics. As of December 31, 2018, a total of $32,032 had been transferred to &#8220;Vessels, port terminals and other fixed assets, net&#8221; in the consolidated balance sheets of which capitalized interest amounted to $3,874. As of December 31, 2017, Navios Logistics had paid $30,708 for the construction of the three new pushboats. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">During the second quarter of 2017, Navios Logistics substantially completed the expansion of its dry port in Uruguay. As of December 31, 2017, a total of $137,357 had been transferred to &#8220;Vessels, port terminals and other fixed assets, net&#8221; in the consolidated balance sheets of which capitalized interest amounted to $9,971. </font><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Impairment losses</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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, 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:47.3pt; font-size:12pt"><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 under &#8220;Impairment losses&#8221;.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 under &#8220;Impairment losses&#8221;.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 total 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:47.3pt; font-size:12pt"><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 total 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; text-indent:47.3pt; font-size:12pt"><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, Navios Holdings recorded an impairment loss of $32,930 for one of its dry bulk vessels.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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'">16, 2017, Navios Holdings completed the sale to an unrelated third party of the Navios Ionian, a 2000 built Japanese dry bulk vessel of 52,067</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">dwt, for a total net sale price of $5,280 paid in cash. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, Navios Holdings total impairment loss recognized due to the sale amounted to $9,098 (including $551 remaining carrying balance of dry dock and special survey costs).</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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'">13, 2017 Navios Holdings completed the sale to an unrelated third party of the Navios Horizon, a 2001 built Japanese dry bulk vessel of 50,346</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">dwt, for a total net sale price of $6,548 paid in cash. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, Navios Holdings total impairment loss recognized due to the sale amounted to $5,141 (including $495 remaining carrying balance of dry dock and special survey costs).</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Vessel Acquisitions</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 chartered-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:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">In February 2018, Navios Holdings acquired from an unrelated third party, a previously chartered-in vessel, Navios Equator Prosper, a 2000-built, 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:0pt; text-indent:47.3pt; font-size:12pt"><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'">12, 2016, Navios Holdings took delivery of the Navios Sphera, a 2016-Japanese built 84,872 dwt Panamax vessel, and Navios Mars, a 2016-Japanese built 181,259 dwt Capesize vessel, for an acquisition cost of $34,352 and $55,458, respectively, of which $49,910 was paid in cash and $39,900 was financed through a loan. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016, deposits of $29,695, relating to the acquisition of Navios Sphera and Navios Mars, had been transferred to vessels&#8217; cost.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Logistics</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">On November 12, 2018, Navios Logistics acquired approximately 3.5 hectares of undeveloped land located in Port Murtinho region, Brazil. Navios Logistics plans to develop this land for its port operations. As of December 31, 2018, Navios Logistics had paid $1,097 for the land acquisition. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">On September 4, 2017, Navios Logistics signed an agreement for the construction of covers for dry barges for a total consideration of $1,115. As of December 31, 2018, Navios Logistics had paid the whole amount (as of December 31, 2017, Navios Logistics had paid $629).</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">On May 18, 2017, Navios Logistics acquired two product tankers, Ferni H (16,871 DWT) and San San H (16,871 DWT) for $11,239 which were previously leased with an obligation to purchase in 2020. Following the acquisition of the two product tankers, the remaining capital lease obligation was terminated and the carrying value of the tankers was adjusted for the difference between the purchase price and the carrying value.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">In February 2017, two self-propelled barges of the Navios Logistics&#8217; fleet, Formosa and San Lorenzo, were sold for a total amount of $1,109, to be paid in cash. Sale price will be received in installments in the form of lease payments through 2023. The barges may be transferred at the lessee&#8217;s option, at no cost, at the end of the lease period. </font><font style="font-family:'Times New Roman'">As of December 31, 2018 and 2017, the current portion of the outstanding receivable amounted to $174 and $318, respectively and is included in &#8220;Prepaid expenses and other current assets&#8221; and the non-current portion of the outstanding receivable amounted to $428 and $500, respectively and is included in &#8220;Other long-term assets&#8221; in the consolidated balance sheets. During the year ended December 31, 2017 gain on sale of assets of $1,075 was included in the statement of comprehensive (loss)/income within the caption of &#8220;Gain on sale of assets&#8221;.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Containers</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:49.65pt; font-size:12pt"><font style="font-family:'Times New Roman'">On December 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:49.65pt; font-size:12pt"><font style="font-family:'Times New Roman'">On December 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:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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, 2018</font></p><table cellspacing="0" cellpadding="0" style="width:540.1pt; border-collapse:collapse"><tr style="height:29.7pt"><td style="width:240.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Acquisition</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Cost</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:62.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amortization</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Transfer/ Write</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">off</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Book</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:240.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Trade name</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:20.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100,420 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (47,966)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 52,454 </font></p></td><td style="width:4.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:240.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Port terminal operating rights</font></p></td><td style="width:12.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:20.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 53,152 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (11,838)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 41,314 </font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:240.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Customer relationships</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:20.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 35,490 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (19,520)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 15,970 </font></p></td><td style="width:4.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:240.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Favorable lease terms(*)</font></p></td><td style="width:12.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:20.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">32,492</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (2,143)</font></p></td><td style="width:7.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,150)</font></p></td><td style="width:7.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 29,199 </font></p></td><td style="width:4.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:14.8pt"><td style="width:240.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total Intangible assets</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:20.05pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">221,554 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:23.35pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(81,467)</font></p></td><td style="width:7.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(1,150)</font></p></td><td style="width:7.8pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:27.35pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">138,937 </font></p></td><td style="width:4.9pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr></table><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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, 2017</font></p><table cellspacing="0" cellpadding="0" style="width:540.15pt; border-collapse:collapse"><tr style="height:29.7pt"><td style="width:240.4pt; vertical-align:bottom"><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:8pt">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Acquisition</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Cost</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:62.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amortization</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Write</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">off</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Book</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:240.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Trade name</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:20.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100,420</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(45,156</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">55,264</font></p></td><td style="width:4.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:240.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Port terminal operating rights</font></p></td><td style="width:12.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:20.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">53,152</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(10,889</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">42,263</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:240.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Customer relationships</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:20.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">35,490</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(17,745</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">17,745</font></p></td><td style="width:4.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:240.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Favorable lease terms(*)</font></p></td><td style="width:12.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:20.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">11,548</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(10,398</font></p></td><td style="width:7.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,150</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:240.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total Intangible assets</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:20.05pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">200,610</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.35pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(73,790</font></p></td><td style="width:7.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(10,398</font></p></td><td style="width:7.8pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:33.55pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">116,422</font></p></td><td style="width:4.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:240.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.05pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.35pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.55pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:540.05pt; border-collapse:collapse"><tr style="height:30.15pt"><td style="width:21.6pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">(*)</font></p></td><td style="width:518.45pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><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, acquisition costs of $1,150 of favorable lease terms were capitalized as part of the cost of one vessel due to the exercise of the purchase option (See also Note 2(n)). As of December 31, 2018, intangible assets associated with the favorable lease terms included an amount of $31,342 associated with the favorable lease terms of certain charter out contracts of Navios Containers which were recognized as of November 30, 2018 (see Note 3). 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vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:59.4pt"><td style="width:196.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amortization</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Expense and</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Write Offs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amortization</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Expense and</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Write Offs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amortization</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Expense and</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Write Offs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:196.35pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Trade name</font></p></td><td style="width:22pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 2,811 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,853</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:31.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,902</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:196.35pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Port terminal operating rights</font></p></td><td style="width:22pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 950 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">727</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">706</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:196.35pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Customer relationships</font></p></td><td style="width:22pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 1,774 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,775</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,775</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:196.35pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Favorable lease terms</font></p></td><td style="width:22pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 2,143 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,038</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">17,260</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:196.35pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Unfavorable lease terms</font></p></td><td style="width:22pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(7,526</font></p></td><td style="width:8.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:196.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:22pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">7,678</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">10,393</font></p></td><td style="width:7.8pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:31.85pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">16,117</font></p></td><td style="width:8.05pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:196.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.85pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.05pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:3.3pt"><td style="width:150.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:19.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:17.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:150.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Description</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:43pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Within</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">one</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">year</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:40.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Two</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:43.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Three</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:41.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Four</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:40.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Five</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:47.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Thereafter</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:4.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:150.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Trade name</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:30.55pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,811</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:6.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:34.65pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,818</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:23.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,811</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:23.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,811</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:23.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,811</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:28.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">38,392</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">52,454</font></p></td><td style="width:4.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:150.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Port terminal operating rights</font></p></td><td style="width:8.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:30.55pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">995</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:6.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:34.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">995</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:20.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">995</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">995</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:17.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">995</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">36,339</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">41,314</font></p></td><td style="width:4.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:150.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Customer relationships</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:30.55pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,775</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:6.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:34.65pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,775</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:20.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,775</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,775</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:17.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,775</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">7,095</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">15,970</font></p></td><td style="width:4.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:150.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Favorable lease terms</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:30.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">21,923</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:34.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">7,276</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:23.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:23.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:23.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">29,199</font></p></td><td style="width:4.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:150.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total amortization</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:12.45pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td colspan="2" style="width:30.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">27,504</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td colspan="2" style="width:34.65pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">12,864</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#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; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:23.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,581</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,581</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#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; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:23.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,581</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">81,826</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#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; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">138,937</font></p></td><td style="width:4.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:150.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:19.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:17.45pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.15pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.35pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.25pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.9pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:150.4pt"></td><td style="width:8.15pt"></td><td style="width:12.45pt"></td><td style="width:7.05pt"></td><td style="width:23.5pt"></td><td style="width:4.5pt"></td><td style="width:8.15pt"></td><td style="width:6.3pt"></td><td style="width:11.15pt"></td><td style="width:23.5pt"></td><td style="width:4.5pt"></td><td style="width:8.15pt"></td><td style="width:20.15pt"></td><td style="width:23.5pt"></td><td style="width:4.5pt"></td><td style="width:8.15pt"></td><td style="width:18.35pt"></td><td style="width:23.5pt"></td><td style="width:4.5pt"></td><td style="width:8.15pt"></td><td style="width:17.25pt"></td><td style="width:23.5pt"></td><td style="width:4.5pt"></td><td style="width:8.15pt"></td><td style="width:18.9pt"></td><td style="width:28.5pt"></td><td style="width:4.5pt"></td><td style="width:8.15pt"></td><td style="width:9.6pt"></td><td style="width:33.5pt"></td><td style="width:4.85pt"></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:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 8: INTANGIBLE ASSETS/LIABILITIES OTHER THAN GOODWILL</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><a name="DM_MAP_e52889df76b54c96a95a673dca5ae95e"><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, 2018</font></a></p><table cellspacing="0" cellpadding="0" style="width:540.1pt; border-collapse:collapse; text-align:left"><tr style="height:29.7pt"><td style="width:240.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Acquisition</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Cost</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:62.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amortization</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Transfer/ Write</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">off</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Book</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:240.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Trade name</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:20.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100,420 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (47,966)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 52,454 </font></p></td><td style="width:4.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:240.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Port terminal operating rights</font></p></td><td style="width:12.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:20.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 53,152 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (11,838)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 41,314 </font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:240.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Customer relationships</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:20.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 35,490 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (19,520)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 15,970 </font></p></td><td style="width:4.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:240.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Favorable lease terms(*)</font></p></td><td style="width:12.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:20.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">32,492</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (2,143)</font></p></td><td style="width:7.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,150)</font></p></td><td style="width:7.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 29,199 </font></p></td><td style="width:4.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:14.8pt"><td style="width:240.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total Intangible assets</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:20.05pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">221,554 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:23.35pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(81,467)</font></p></td><td style="width:7.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(1,150)</font></p></td><td style="width:7.8pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:27.35pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">138,937 </font></p></td><td style="width:4.9pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr></table><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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, 2017</font></p><table cellspacing="0" cellpadding="0" style="width:540.15pt; border-collapse:collapse; text-align:left"><tr style="height:29.7pt"><td style="width:240.4pt; vertical-align:bottom"><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:8pt">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Acquisition</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Cost</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:62.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amortization</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Write</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">off</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Book</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:240.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Trade name</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:20.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100,420</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(45,156</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">55,264</font></p></td><td style="width:4.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:240.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Port terminal operating rights</font></p></td><td style="width:12.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:20.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">53,152</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(10,889</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">42,263</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:240.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Customer relationships</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:20.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">35,490</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(17,745</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">17,745</font></p></td><td style="width:4.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:240.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Favorable lease terms(*)</font></p></td><td style="width:12.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:20.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">11,548</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(10,398</font></p></td><td style="width:7.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,150</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:240.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total Intangible assets</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:20.05pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">200,610</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.35pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(73,790</font></p></td><td style="width:7.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(10,398</font></p></td><td style="width:7.8pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:33.55pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">116,422</font></p></td><td style="width:4.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:240.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.05pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.35pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.35pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.55pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:540.05pt; border-collapse:collapse; text-align:left"><tr style="height:30.15pt"><td style="width:21.6pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">(*)</font></p></td><td style="width:518.45pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><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, acquisition costs of $1,150 of favorable lease terms were capitalized as part of the cost of one vessel due to the exercise of the purchase option (See also Note 2(n)). As of December 31, 2018, intangible assets associated with the favorable lease terms included an amount of $31,342 associated with the favorable lease terms of certain charter out contracts of Navios Containers which were recognized as of November 30, 2018 (see Note 3). As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, intangible assets associated with the favorable lease terms included an amount of $1,150 related to purchase option for a vessel. </font><font style="font-family:'Times New Roman'">During the year ended December 31, 2017, acquisition costs of $10,398 and accumulated amortization of $7,001 of favorable lease terms were considered impaired and were written off resulting in a loss of $3,397 included in the statement of comprehensive (loss)/income within the caption of &#8220;Impairment losses&#8221;.</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 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:196.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:59.4pt"><td style="width:196.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_ce75a10b818d4a4f9d65ba4_1_0_8_12"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:22pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amortization</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Expense and</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Write Offs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amortization</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Expense and</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Write Offs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amortization</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Expense and</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Write Offs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:196.35pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Trade name</font></p></td><td style="width:22pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 2,811 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,853</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:31.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,902</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:196.35pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Port terminal operating rights</font></p></td><td style="width:22pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 950 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">727</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">706</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:196.35pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Customer relationships</font></p></td><td style="width:22pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 1,774 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,775</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,775</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:196.35pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Favorable lease terms</font></p></td><td style="width:22pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 2,143 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,038</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">17,260</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:196.35pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Unfavorable lease terms</font></p></td><td style="width:22pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(7,526</font></p></td><td style="width:8.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:196.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:22pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">7,678</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">10,393</font></p></td><td style="width:7.8pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:31.85pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">16,117</font></p></td><td style="width:8.05pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:196.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.85pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.05pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The 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, 2018 was as follows:</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; text-align:left"><tr style="height:3.3pt"><td style="width:150.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:19.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:17.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:150.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><a name="DM_MAP_1e0d763f361643bca5af41f_1_0_7_28"><font style="font-family:'Times New Roman'; font-weight:bold">Description</font></a></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:43pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Within</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">one</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">year</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:40.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Two</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:43.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Three</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:41.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Four</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:40.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Five</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:47.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Thereafter</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:4.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:150.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Trade name</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:30.55pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,811</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:6.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:34.65pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,818</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:23.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,811</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:23.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,811</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:23.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,811</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:28.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">38,392</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">52,454</font></p></td><td style="width:4.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:150.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Port terminal operating rights</font></p></td><td style="width:8.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:30.55pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">995</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:6.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:34.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">995</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:20.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">995</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">995</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:17.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">995</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">36,339</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">41,314</font></p></td><td style="width:4.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:150.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Customer relationships</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:12.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:30.55pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,775</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:6.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:34.65pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,775</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:20.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,775</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,775</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:17.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,775</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">7,095</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">15,970</font></p></td><td style="width:4.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:150.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Favorable lease terms</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:30.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">21,923</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:34.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">7,276</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:23.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:23.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:23.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:28.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">29,199</font></p></td><td style="width:4.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:150.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total amortization</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:12.45pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td colspan="2" style="width:30.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">27,504</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td colspan="2" style="width:34.65pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">12,864</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#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; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:23.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,581</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,581</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#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; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:23.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,581</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">81,826</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><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'">&#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; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">138,937</font></p></td><td style="width:4.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:150.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:19.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:17.45pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.15pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.35pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.25pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.9pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:150.4pt"></td><td style="width:8.15pt"></td><td style="width:12.45pt"></td><td style="width:7.05pt"></td><td style="width:23.5pt"></td><td style="width:4.5pt"></td><td style="width:8.15pt"></td><td style="width:6.3pt"></td><td style="width:11.15pt"></td><td style="width:23.5pt"></td><td style="width:4.5pt"></td><td style="width:8.15pt"></td><td style="width:20.15pt"></td><td style="width:23.5pt"></td><td style="width:4.5pt"></td><td style="width:8.15pt"></td><td style="width:18.35pt"></td><td style="width:23.5pt"></td><td style="width:4.5pt"></td><td style="width:8.15pt"></td><td style="width:17.25pt"></td><td style="width:23.5pt"></td><td style="width:4.5pt"></td><td style="width:8.15pt"></td><td style="width:18.9pt"></td><td style="width:28.5pt"></td><td style="width:4.5pt"></td><td style="width:8.15pt"></td><td style="width:9.6pt"></td><td style="width:33.5pt"></td><td style="width:4.85pt"></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:542.8pt; border-collapse:collapse"><tr style="height:1pt"><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="8" style="border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:5.5pt"><font style="font-family:'Times New Roman'; font-weight:bold">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, 2018</font></p></td><td style="border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:5.5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="10" style="border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:5.5pt"><font style="font-family:'Times New Roman'; font-weight:bold">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, 2017</font></p></td></tr><tr style="height:1pt"><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5.5pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance Sheet</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">Navios Partners</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">Navios Acquisition</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">Navios Europe</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">I</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:5pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 61,455 </font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'"> $ </font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:5pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 46,609 </font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'"> $ </font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:5pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 19,160 </font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'"> $ </font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:5pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160; 27,544 </font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'"> $ </font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:5pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 29,933 </font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'"> $ </font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:5pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 86,458 </font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'"> $ </font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:5pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 19,185 </font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'"> $ </font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:5pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 16,882 </font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'"> $ </font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:5pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 14,501 </font></p></td></tr><tr style="height:1pt"><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'">Current assets</font></p></td><td style="padding-right:5.4pt; 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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-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 9: INVESTMENTS IN AFFILIATES AND INVESTMENTS IN AVAILABLE &#8211;FOR-SALE SECURITIES</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; font-size:12pt"><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:47.3pt; font-size:12pt"><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. 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Concurrently, Navios Holdings acquired 66,131 common units in Navios Partners in order to maintain its 2% general partner interest for a cash consideration of $110. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">In September 2017, Navios Holdings acquired 7,376 common units in Navios Partners in order to maintain its 2% general partner interest for a cash consideration of $12.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">During the first quarter of 2018, Navios Partners also issued 1,370,044 of common units to Navios Partners&#8217; directors and/or officers. Concurrently, 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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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'">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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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. Concurrently, 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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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, Navios Holdings held a total of 31,053,233 common units and 3,450,091 general partners units, representing a 20.0% interest in Navios Partners, including the 2.0% general partner interest, and the entire investment in Navios Partners is accounted for under the equity method.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 and 2017, the pre-OTTI 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 $80,484 and $98,608, respectively. The Company will need to recompute this difference which is amortized through &#8220;Equity in net (losses)/earnings of affiliated companies&#8221; over the remaining life of Navios Partners&#8217; tangible and intangible assets.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 and 2017, the carrying amount of the investment in Navios Partners was $29,328 and $66,773, respectively. During the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016, the Company recognized an OTTI loss of $55,524, $0 and $83,596, respectively relating to its investment in Navios Partners and the amounts were included in &#8220;Equity in net (losses)/earnings of affiliated companies&#8221;.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total pre-OTTI equity method income/(loss) and amortization of deferred gain of $16,171, $12,570 and $(5,979) were recognized in &#8220;Equity in net (losses)/earnings of affiliated 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, 2018, 2017 and 2016, respectively.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Dividends received during the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016 were $2,068, $0 and $0, respectively.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 market value of the investment in Navios Partners was $29,328.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Acropolis Chartering &amp; Shipping Inc. (&#8220;Acropolis&#8221;)</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">On December 6, 2018, Navios Holdings completed the sale of its investment in Acropolis for a cash consideration of $1,000 resulting in a gain of $866 which is included in &#8220;Other income&#8221;. The amount of $500 of the cash consideration was received in December 2018 and the remaining amount is scheduled to be received within one year from the date of the sale. Navios Holdings, until the sale of its investment, had a 50% interest in Acropolis, a brokerage firm for freight and shipping charters. 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. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and 2017, the carrying amount of the investment was $0 and $228, respectively. 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, 2018, 2017 and 2016 were $170, $55 and $85, respectively.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Navios Acquisition</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 Acquisition&#8217;s 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 31, 2018, Navios Acquisition has repurchased 670,962 shares of common stock.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">On November 9, 2018, the Stockholders of Navios Acquisition approved a one-for-15 reverse stock split of all outstanding common stock shares of Navios Acquisition, which was effected on November 14, 2018.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">On December 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 7, 2018, by and among Navios Acquisition, its direct wholly-owned subsidiary NMA 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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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, Navios Holdings had a 32.8% voting and a 35.8% economic interest in Navios Acquisition.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 and 2017, the unamortized difference between the carrying amount of the investment in Navios Acquisition and the amount of the Company&#8217;s underlying equity in net assets of Navios Acquisition was $87,500 and $113,597, respectively, and is amortized through &#8220;Equity in net (losses)/earnings of affiliated companies&#8221; over the remaining life of Navios Acquisition tangible and intangible assets.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 and 2017, the carrying amount of the investment in Navios Acquisition was $50,374 and $99,590, respectively. As of December 31, 2018, the market value of the investment in Navios Acquisition was $15,812.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Based on Company&#8217;s evaluation of the duration and magnitude of the fair value decline, Navios Acquisition&#8217;s financial condition and near-term prospects, and Company&#8217;s intent and ability to hold its investment in Navios Acquisition until recovery, the Company concluded that the decline in fair value of its investment in Navios Acquisition below its carrying value is temporary and, therefore, no impairment was recorded. During the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016, the Company recognized an OTTI loss of $144,430 relating to its investment in Navios Acquisition and the amount was included in &#8220;Equity in net (losses)/earnings of affiliated companies&#8221;.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total pre-OTTI equity method (loss)/income of $(43,378), $(9,875) and $29,801 were recognized in &#8220;Equity in net (losses)/earnings of affiliated 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, 2018, 2017 and 2016, respectively.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">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, 2018, 2017 and 2016 were $5,838, $14,595 and $14,595, respectively.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Navios Europe I</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 will 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;). The Navios Term Loans I will be repaid from the future sale of vessels owned by Navios Europe I. In December 2018, the amount of the Navios Revolving Loans I increased by $30,000.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">On an ongoing basis, Navios Europe I is 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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Holdings evaluated its investment in Navios Europe I under ASC 810 and concluded that Navios Europe I is a VIE and that it is not the party most closely associated with Navios Europe I and, accordingly, is not the primary beneficiary of Navios Europe I.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Holdings further evaluated its investment in the common stock of Navios Europe I under ASC 323 and concluded that it has the ability to exercise significant influence over the operating and financial policies of Navios Europe I and, therefore, its investment in Navios Europe I is accounted for under the equity method.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 is amortized through &#8220;Equity in net (losses)/earnings of affiliated companies&#8221; over the remaining life of Navios Europe I. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, the unamortized basis difference of Navios Europe I was $3,357, and $4,034, respectively.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 and 2017, the estimated maximum potential loss by Navios Holdings in Navios Europe I would have been $35,069 and $23,838, respectively, which represents the Company&#8217;s carrying value of its investment and balance of Navios Term Loans I of $8,994 and $7,924, respectively, including accrued interest, plus the Company&#8217;s balance of the Navios Revolving Loans I of $26,075 and $15,914, respectively, including accrued interest, and does not include the undrawn portion of the Navios Revolving Loans I.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">(Loss)/ income of $0, $(1,089) and $1,303 was recognized in &#8220;Equity in net (losses)/earnings of affiliated 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, 2018, 2017 and 2016, respectively.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 and 2017, the carrying amount of the investment in Navios Europe I and the balance of Navios Term Loans I was $4,750 for both periods.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Navios Europe II</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 will 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;). The Navios Term Loans II will be repaid from the future sale of vessels owned by Navios Europe II. In March 2017, the amount of the Navios Revolving Loans II increased by $14,000.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">On an ongoing basis, Navios Europe II is required to distribute cash flows (after payment of operating expenses, amounts due pursuant to the terms of the Senior Loans II) according to a defined waterfall calculation.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Holdings evaluated its investment in Navios Europe II under ASC 810 and concluded that Navios Europe II is a VIE and that it is not the party most closely associated with Navios Europe II and, accordingly, is not the primary beneficiary of Navios Europe II.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Holdings further evaluated its investment in the common stock of Navios Europe II under ASC 323 and concluded that it has the ability to exercise significant influence over the operating and financial policies of Navios Europe II and, therefore, its investment in Navios Europe II is accounted for under the equity method.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 is amortized through &#8220;Equity in net (losses)/earnings of affiliated 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, 2018 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, the unamortized basis difference of Navios Europe II was $6,069 and $7,011, respectively.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 and 2017, the estimated maximum potential loss by Navios Holdings in Navios Europe II would have been $29,370 and $22,463, respectively, which represents the Company&#8217;s carrying value of its investment and balance of Navios Term Loans II of $12,432 and $10,400, respectively, plus the Company&#8217;s balance of the Navios Revolving Loans II of $16,938 and $12,063, respectively, including accrued interest, and does not include the undrawn portion of the Navios Revolving Loans II.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Income/(loss) of $2,032, $2,456 and $(14) was recognized in &#8220;Equity in net (losses)/earnings of affiliated 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, 2018, 2017 and 2016, respectively.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, the carrying amount of the investment in Navios Europe II and the balance of Navios Terms Loans II was $6,650 for both periods.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Navios Containers (Consolidated since November 30, 2018)</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><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:13.2pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><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:13.2pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">On November 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 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:13.2pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Holdings until November 30, 2018 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:13.2pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><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, and following the above mentioned placements and the conversion of Navios Maritime Containers Inc. into a limited partnership, Navios Holdings owned 3.7% of the equity of Navios Containers.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total equity method income of $417 and $161 were recognized in &#8220;Equity in net (losses)/earnings of affiliated companies&#8221; for the period from January 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) and for the year ended December 31, 2017, respectively.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><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, 2017, the carrying amount of the investment in Navios Containers was $5,161.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">Following the results of the significant tests performed by the Company, it was concluded that two affiliates met the significant threshold requiring summarized financial information of all affiliated companies being presented.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Summarized financial information of the affiliated companies is presented below:</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:542.8pt; border-collapse:collapse"><tr style="height:1pt"><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_ee3280ee16df4a7e90c50b081d8dc73b"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td colspan="8" style="border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:5.5pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:5pt"><font style="font-family:'Times New Roman'">&#160;&#160; 1,203,021 </font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:5pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,523,406 </font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="padding-right:5.4pt; 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padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:5pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160; 1,244,996 </font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:5pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,453,048 </font></p></td><td style="padding-right:5.4pt; 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padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:4pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (75,153)</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:4pt"><font style="font-family:'Times New Roman'"> $ </font></p></td><td style="width:4.46%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:4pt"><font style="font-family:'Times New Roman'"> (20,778)</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:4pt"><font style="font-family:'Times New Roman'"> $ </font></p></td><td style="width:4.12%; padding-right:5.4pt; padding-left:5.4pt; 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padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:4pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (82,233)</font></p></td><td style="width:2.32%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:4pt"><font style="font-family:'Times New Roman'"> $ </font></p></td><td style="width:4.46%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:4pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160; (3,197)</font></p></td><td style="width:2.32%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; 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text-align:right; font-size:4pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (15,090)</font></p></td><td style="width:2.32%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:4pt"><font style="font-family:'Times New Roman'"> $ </font></p></td><td style="width:4.46%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:4pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (75,153)</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:4pt"><font style="font-family:'Times New Roman'"> $ </font></p></td><td style="width:4.46%; padding-right:5.4pt; 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margin-bottom:0pt; text-align:right; font-size:4pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 16,137 </font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:4pt"><font style="font-family:'Times New Roman'"> $ </font></p></td><td style="width:5.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:4pt"><font style="font-family:'Times New Roman'">&#160; (34,059)</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:31.6pt"></td><td style="width:12.8pt"></td><td style="width:24.5pt"></td><td style="width:12.8pt"></td><td style="width:24.5pt"></td><td style="width:12.8pt"></td><td style="width:24.5pt"></td><td style="width:12.8pt"></td><td style="width:24.5pt"></td><td style="width:11.8pt"></td><td style="width:12.8pt"></td><td style="width:24.5pt"></td><td style="width:12.8pt"></td><td style="width:24.5pt"></td><td style="width:6.5pt"></td><td style="width:6.3pt"></td><td style="width:24.55pt"></td><td style="width:6.65pt"></td><td style="width:6.15pt"></td><td style="width:22.6pt"></td><td style="width:6.55pt"></td><td style="width:6.25pt"></td><td style="width:21.9pt"></td><td style="width:6.1pt"></td><td style="width:5.7pt"></td><td style="width:12.8pt"></td><td style="width:0.35pt"></td><td style="width:24.3pt"></td><td style="width:12.8pt"></td><td style="width:24.25pt"></td><td style="width:6.4pt"></td><td style="width:6.4pt"></td><td style="width:22.55pt"></td><td style="width:6.4pt"></td><td style="width:6.4pt"></td><td style="width:29.95pt"></td><td style="width:0.3pt"></td></tr></table><p style="margin-top:13.2pt; 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vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; 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margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">14,535</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; 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vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 12,031 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">14,074</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan Facility Credit Agricole ($23,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 12,350 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">14,450</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan Facility DVB Bank SE ($72,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 45,741 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">50,140</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan Facility DVB Bank SE ($41,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;</font><font style="font-family:'Times New Roman'">&#8212;</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'"> </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">33,816</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan Facility Credit Agricole ($22,500)</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;</font><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">15,188</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan Facility DVB Bank SE ($40,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 15,333 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">18,254</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan Facility Alpha Bank ($31,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 23,800 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">25,600</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan Facility Alpha Bank ($16,125)</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 15,125 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">16,125</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2022 Senior Secured Notes</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 305,000 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">305,000</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2022 Notes</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 614,339 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">650,000</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total Navios Holdings borrowings</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,083,139 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,174,856</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:89.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:89.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Navios Logistics borrowings</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2022 Logistics Senior Notes</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 375,000 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">375,000</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Logistics Notes Payable</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 26,875 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">31,109</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Logistics BBVA Loan Facility</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 19,300 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">23,250</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Logistics Alpha Bank Loan</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 11,900 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">13,300</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Logistics Term Loan B Facility</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 99,000 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100,000</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Logistics Credit Agreement</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 5,909 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Other long-term loans</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 184 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">253</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total Navios Logistics borrowings</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 538,168 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">542,912</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Navios Containers borrowings</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">ABN AMRO Bank N.V. ($50,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 50,000 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">BNP Paribas ($25,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 23,611 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">BNP Paribas ($24,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 29,464 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">HSH ($36,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 32,000 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Containers Financial liability ($119,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 87,530 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total Navios Containers borrowings</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 222,605 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:64.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:64.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Total</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:9.6pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total borrowings</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,843,912</font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,717,768</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Less: current portion, net</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (69,051)</font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(33,885</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Less: deferred finance costs and discount, net</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (27,905)</font></p></td><td style="width:7.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(35,280</font></p></td><td style="width:8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total long-term borrowings</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,746,956 </font></p></td><td style="width:7.85pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,648,603</font></p></td><td style="width: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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.85pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:1pt"><td style="width:297.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.55pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:297.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year</font></p></td><td style="width:11.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:297.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2019</font></p></td><td style="width:11.65pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">71,424</font></p></td><td style="width:4.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:297.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2020</font></p></td><td style="width:11.65pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100,720</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:297.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="width:11.65pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">180,518</font></p></td><td style="width:4.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:297.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2022</font></p></td><td style="width:11.65pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,413,913</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:297.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2023</font></p></td><td style="width:11.65pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">74,812</font></p></td><td style="width:4.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:297.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2024 and thereafter</font></p></td><td style="width:11.65pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,525</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:13pt"><td style="width:297.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:11.65pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:12.05pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,843,912</font></p></td><td style="width:4.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 11: BORROWINGS</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Borrowings as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and 2017 consisted of the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:1pt"><td style="width:231.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_79d80a8229bb49f597ab1a0_1_0_41_8"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Navios Holdings borrowings</font></a></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">HSH Nordbank ($15,300)</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 13,005 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">14,535</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan Facility Credit Agricole ($28,745)</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">26,415</font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan Facility Credit Agricole ($40,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">17,674</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan Facility Credit Agricole ($23,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 12,031 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">14,074</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan Facility Credit Agricole ($23,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 12,350 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">14,450</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan Facility DVB Bank SE ($72,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 45,741 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">50,140</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan Facility DVB Bank SE ($41,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;</font><font style="font-family:'Times New Roman'">&#8212;</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'"> </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">33,816</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan Facility Credit Agricole ($22,500)</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;</font><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">15,188</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan Facility DVB Bank SE ($40,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 15,333 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">18,254</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan Facility Alpha Bank ($31,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 23,800 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">25,600</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan Facility Alpha Bank ($16,125)</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 15,125 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">16,125</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2022 Senior Secured Notes</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 305,000 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">305,000</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2022 Notes</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 614,339 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">650,000</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total Navios Holdings borrowings</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,083,139 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,174,856</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:89.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:89.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Navios Logistics borrowings</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2022 Logistics Senior Notes</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 375,000 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">375,000</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Logistics Notes Payable</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 26,875 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">31,109</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Logistics BBVA Loan Facility</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 19,300 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">23,250</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Logistics Alpha Bank Loan</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 11,900 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">13,300</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Logistics Term Loan B Facility</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 99,000 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100,000</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Logistics Credit Agreement</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 5,909 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Other long-term loans</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 184 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">253</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total Navios Logistics borrowings</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 538,168 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">542,912</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Navios Containers borrowings</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">ABN AMRO Bank N.V. ($50,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 50,000 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">BNP Paribas ($25,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 23,611 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">BNP Paribas ($24,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 29,464 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">HSH ($36,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 32,000 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Containers Financial liability ($119,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 87,530 </font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total Navios Containers borrowings</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 222,605 </font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:64.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:64.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Total</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:9.6pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total borrowings</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,843,912</font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,717,768</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Less: current portion, net</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (69,051)</font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(33,885</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Less: deferred finance costs and discount, net</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (27,905)</font></p></td><td style="width:7.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(35,280</font></p></td><td style="width:8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total long-term borrowings</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,746,956 </font></p></td><td style="width:7.85pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,648,603</font></p></td><td style="width: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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.85pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Navios Holdings loans</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Senior Secured Notes</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 11.25% Senior Notes due 2022 (the &#8220;2022 Senior Secured Notes&#8221;), at a price of 97%.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The 2022 Senior Secured Notes are secured by a first priority lien on the capital stock owned by certain of the subsidiary guarantors of Navios Holdings in each of Navios Maritime Partners L.P., Navios GP L.L.C., Navios Maritime Acquisition Corporation, Navios South American Logistics Inc. and Navios Maritime Containers Inc. 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 South American Logistics Inc. 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. The net proceeds of the offering were used to complete a cash tender offer for its outstanding 8.125% Senior Notes due 2019 described below (the &#8220;2019 Notes&#8221;) and to redeem notes not purchased in the tender offer, including the payment of related fees and expenses and any redemption premium. The effect of this transaction was the recognition of a $2,695 extinguishment loss in the consolidated statements of comprehensive (loss)/income under &#8220;Gain/(loss) on bond and debt extinguishment&#8221;.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Co-Issuers have the option to redeem the 2022 Senior Secured Notes in whole or in part, at any time on or after November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">21, 2017 at a fixed price of 108.438%, which price declines ratably until it reaches par in November 2019.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">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 affiliates, 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 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, 2018.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><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; font-size:12pt"><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'">28, 2011, the Company and its wholly owned subsidiary, Navios Maritime Finance II (US) Inc. completed the sale of $350,000 of 2019 Notes. During July, August and October 2016, the Company repurchased $58,906 of its 2019 Notes for a cash consideration of $30,671 resulting in a gain on bond extinguishment of $27,670, net of deferred fees written-off. On November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">21, 2017, Co-Issuers completed the sale of 2022 Senior Secured Notes. The net proceeds of the offering of the 2022 Senior Secured Notes have been used: (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">to repay, in full, the outstanding amount of the 2019 Notes; and (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">for general corporate purposes.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Ship Mortgage Notes</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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'">29, 2013, the Co-Issuers completed the sale of $650,000 of its 2022 Notes. During September 2018, the Company repurchased $35,661 of its 2022 Notes for a cash consideration of $28,796 resulting in a gain on bond extinguishment of $6,464, net of deferred fees written-off.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The 2022 Notes are senior obligations of Navios Holdings and Navios Maritime Finance II (US) Inc. (the &#8220;2022 Co- Issuers&#8221;) 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, Navios Magellan was released from the 2022 Notes and the proceeds of $7,000 was restricted in an escrow account and considered as a cash collateral. The 2022 Notes are unregistered and fully and unconditionally guaranteed, jointly and severally by all of the Company&#8217;s direct and indirect subsidiaries that guarantee the 2019 Notes and Navios Maritime Finance II (US) Inc. 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 2022 Co-Issuers have the option to redeem the 2022 Notes in whole or in part, at any time on or after January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2017, at a fixed price of 105.531%, which price declines ratably until it reaches par in January 2020.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Upon occurrence of certain change of control events, the holders of the 2022 Notes may require the 2022 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 affiliates, merging or consolidating or selling all or substantially all of the 2022 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 2022 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, 2018.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Secured credit facilities</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 bears interest at a rate of LIBOR plus 275 basis points. The loan facility requires compliance with certain financial covenants. As of December 31, 2018 the facility was refinanced and repaid in full and there was no outstanding amount.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, the facility is repayable in one quarterly installment of $681, followed by six semi-annual equal installments of $681, with a final balloon payment of $7,264 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, 2018, the outstanding amount under this facility was $12,031.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, the outstanding amount under the loan facility was repayable in one quarterly installment of $700 after the drawdown date, followed by six semi-annual equal installments of $700, with a final balloon payment of $7,450 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, 2018, the outstanding amount under this facility was $12,350. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 bear 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 requires compliance with certain financial covenants. As of December 31, 2018 the facility was refinanced and repaid in full and there was no outstanding amount.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">On February 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 20, 2013. The loan bears interest at a rate of LIBOR plus 280 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, 2018, the first tranche drawn amount is $15,245 and is 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 is $6,750 and is 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 is $6,750 and is repayable in six semi-annual installments of $563 with a final balloon payment of $2,813 on the last payment date. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, the total outstanding amount under this facility was $26,415. The loan bears interest at a rate of LIBOR plus 280 basis points. The loan facility requires compliance with certain financial covenants.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Commerzbank Facility:</font><font style="font-family:'Times New Roman'"> In June 2009, Navios Holdings entered into a facility agreement for an amount of up to $240,000 (divided into four tranches of $60,000) with Commerzbank AG in order to partially finance the acquisition of a Capesize vessel and the construction of three Capesize vessels. Following the delivery of two Capesize vessels, Navios Holdings cancelled two of the four tranches and in October 2010 fully repaid their outstanding loan balances of $53,600 and $54,500, respectively. During October 2016, the Company fully prepaid the third tranche of the facility, which had an outstanding balance of $15,319, using $13,802 of cash, thus achieving a $1,517 benefit to nominal value. During May 2017, the Company fully repaid the fourth tranche of the facility, which had an outstanding loan balance of $17,322, using $15,607 of cash, thus achieving a $1,715 benefit to nominal value.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">HSH Nordbank 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 HSH Nordbank 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, 2018, the facility is repayable in 11 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, 2018, the outstanding amount under this facility was $13,005.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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. The two tranches bear interest at a rate of LIBOR plus 285 and 360 basis points, respectively. 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. The new tranche bears interest at a rate of LIBOR plus 275 basis points. 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 is repayable in five quarterly installments of $363, with a final balloon payment of $14,400 on the last repayment date, the second tranche is repayable in six quarterly installments of $269, with a final balloon payment of $6,354 on the last repayment date and the third tranche is repayable in six quarterly installments of $469, with a final balloon payment of $18,750 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, 2018, the total outstanding amount was $45,741.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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. During 2017, Navios Holdings prepaid the indebtedness originally maturing in the third quarter of 2018 and released from collateral one Panamax vessel. 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. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, the facility is repayable in 11 quarterly installments of $730, with a final balloon payment of $7,302 payable on the last repayment date. The loan facility requires compliance with certain financial covenants. In December 2015, one newbuilding Panamax vessel and one newbuilding Capesize vessel were added as collateral to this facility. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, the outstanding amount was $15,333.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 bears 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 fully prepaid the two tranches of the facility, which had a total outstanding balance of $31,769.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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, 2018, the facility is repayable in 16 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, 2018, the outstanding amount was $23,800.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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. The facility is repayable in 16 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, 2018, the outstanding amount was $15,125.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 and the 2022 Notes. 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.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">The majority of the Company&#8217;s senior 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 senior secured credit facility, ranging from a maximum of 75% to 80%. Certain covenants in our senior 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 senior secured credit facility, to a maximum of 90%.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 was in compliance with all of the covenants under each of its credit facilities.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Acquisition Loan</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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, 2017, the Company prepaid in full the outstanding amount of $55,132 under its secured loan facility of up to $70,000 with Navios Acquisition entered into in September 2016. The prepayment amount consisted of the $50,000 drawn under the facility and $5,132 of accrued interest. Please see also Note 16.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Navios Logistics loans</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">2022 Logistics Senior Notes</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 are unregistered are 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;), </font><font style="font-family:'Times New Roman'">which are deemed to be immaterial</font><font style="font-family:'Times New Roman'">, and Logistics Finance, which is the co-issuer of the 2022 Logistics Senior Notes. 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 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 is 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.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Logistics Co-Issuers have the option to redeem the 2022 Logistics Senior Notes in whole or in part, at their option, at any time</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">on or after May</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2017, at a fixed price of 105.438%, which price declines ratably until it reaches par in 2020. In addition, upon the occurrence of certain change of control events, the holders of the 2022 Logistics Senior Notes will have the right to require the Logistics Co-Issuers to repurchase some or all of the 2022 Logistics Senior Notes at 101% of their face amount, plus accrued and unpaid interest to the repurchase date.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The indenture governing the 2022 Logistics Senior Notes contains 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 transactions with affiliates, merging or consolidating or selling all or substantially all of Navios Logistics&#8217; properties and assets and creation or designation of restricted subsidiaries.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The indenture governing the 2022 Logistics Senior Notes include customary events of default.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">In addition, there are no significant restrictions on (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the ability of the parent company, any issuer (or co-issuer) or any guarantor subsidiaries of the 2022 Logistics Senior Notes to obtain funds by dividend or loan from any of their subsidiaries or (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the ability of any subsidiaries to transfer funds to the issuer (or co-issuer) or any guarantor subsidiaries.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Logistics 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, 2018.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Logistics Notes Payable</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 Note Payable, CNSA shall pay interest equal to six-month LIBOR. The unsecured export financing line is fully and unconditionally guaranteed by </font><font style="font-family:'Times New Roman'">Ponte Rio S.A</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, 2018, Navios Logistics had drawn the total available amount and the outstanding balance of Notes Payable was $</font><font style="font-family:'Times New Roman'">26,875</font><font style="font-family:'Times New Roman'">.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Logistics BBVA Loan Facility</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; text-indent:49.65pt; font-size:12pt"><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. (&#8220;BBVA&#8221;), for general corporate purposes. The loan bears interest at a rate of LIBOR (180 days) plus 325 basis points. The loan is 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. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, the outstanding amount of the loan was $19,300.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; text-indent:49.65pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Logistics was in compliance with the covenants set forth in the Navios Logistics BBVA Loan Facility as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Logistics Alpha Bank Loan</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; text-indent:49.65pt; font-size:12pt"><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 Logistics 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, 2018, the outstanding amount of the loan was $11,900.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; text-indent:49.65pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Logistics 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, 2018.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Logistics Credit Agreement</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; text-indent:49.65pt; font-size:12pt"><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 $7,091 (&#8364;6,200) credit agreement in order to finance the 50% of the purchase price of a river and estuary tanker. The credit agreement bears interest at a fixed rate of 675 basis points and is 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. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, the outstanding amount of the credit agreement was $5,909.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; text-indent:49.65pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Logistics was in compliance with the covenants set forth in the Navios Logistics Credit Agreement as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><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; font-size:12pt"><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, 2017, Navios Logistics and Navios Logistics Finance (US) Inc., as co-borrowers, completed the issuance of a new $100,000 Term Loan B Facility (the &#8220;Term Loan B Facility&#8221;). The Term Loan B Facility bears an interest rate of LIBOR plus 475 basis points and has a four year term with 1.0% amortization per annum. The Term Loan B Facility is fully and unconditionally guaranteed jointly and severally, by all of Navios Logistics&#8217; direct and indirect subsidiaries except for Horamar do Brasil, Naviera Alto Parana and Terra Norte, which are deemed to be immaterial, and Logistics Finance, which is the co-borrower of the Term Loan B Facility. The subsidiary guarantees are &#8220;full and unconditional,&#8221; except that the credit agreement governing the Term Loan B Facility provides for an individual subsidiary&#8217;s guarantee to be automatically released in certain circumstances. The Term Loan B Facility is secured by first priority mortgages on five tanker vessels servicing our cabotage business as well as by assignments of the revenues arising from certain time charter contracts, and an iron ore port contract.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Term Loan B Facility contains restrictive covenants including restrictions on indebtedness, liens, acquisitions and investments, restricted payments and dispositions. The Term Loan B Facility also provides for customary events of default, including change of control.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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, a balance of $99,000 was outstanding under the Term Loan B Facility.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Logistics was in compliance with the covenants set forth in the Term Loan B Facility as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Logistics Other indebtedness</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, the outstanding loan balance was $184 ($253 as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017). 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.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Navios Containers loans</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">ABN AMRO Bank N.V.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">On July 27, 2017, Navios Containers entered into a facility agreement with ABN AMRO for an amount of up to $21,000 to finance part of the purchase price of seven containerships. This loan bears interest at a rate of LIBOR plus 400 basis points. Navios Containers has drawn the entire amount. On December 1, 2017, Navios Containers extended the facility dated July 27, 2017, for an additional amount of $50,000 to finance part of the purchase price of four containerships. Pursuant to the supplemental agreement dated June 29, 2018, the additional loan bears interest at a rate of LIBOR plus 400 basis points. Navios Containers had drawn the entire amount under the additional loan. On December 6, 2018, Navios Containers fully prepaid the July 27, 2017 credit facility. As of December 31, 2018, there was no outstanding amount under this facility.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">On December 3, 2018, Navios Containers entered into a facility agreement with ABN AMRO BANK N.V. for an amount of up to $50,000 divided in two tranches: (i) the first tranche is for an amount of up to $41,200 in order to refinance the outstanding debt of four containerships and to partially finance the acquisition of one containership and (ii) the second tranche is for an amount of $8,800 in order to partially finance the acquisition of one containership. This loan bears interest at a rate of LIBOR plus 350 basis points. Navios Containers drew the entire amount under this facility, net of the loan&#8217;s discount of $500 in the fourth quarter of 2018. The facility is repayable in 16 consecutive quarterly installments, the first four in the amount of $4,000, the fifth in the amount of $3,375 and the subsequent 11 installments each in the amount of $1,650 along with a final balloon payment of $12,475 payable together with the last installment falling due in December 2022. The outstanding loan amount under this facility as of December 31, 2018 was $50,000.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">BNP Paribas</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">On May 25, 2018, Navios Containers entered into a facility agreement with BNP Paribas for an amount of up to $25,000, to finance part of the purchase price of one containership. This loan bears interest at a rate of LIBOR plus 300 basis points. As of December 31, 2018, the Company had drawn $25,000 under this facility. As of December 31, 2018, the outstanding loan amount under this facility was $23,611 and is repayable in 18 equal consecutive quarterly installments, each in the amount of $695 along with a final balloon payment of $11,110 payable together with the last installment, falling due in May 2023.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">On December 20, 2017, Navios Containers entered into a facility agreement with BNP Paribas for an amount of up to $24,000 (divided in four tranches of up to $6,000 each) to finance part of the purchase price of four containerships. This loan bears interest at a rate of LIBOR plus 300 basis points. Navios Containers drew the entire amount under this facility. As of December 31, 2018, the outstanding loan amount of the three tranches under this facility was $15,428 and is repayable in 16 equal consecutive quarterly installments, each in the amount of $643 along with a final balloon payment of $5,142 payable together with the last installment, falling due on December 22, 2022. The outstanding loan amount of the fourth tranche is $5,357 and is repayable in 17 equal consecutive quarterly installments each in the amount of $214 along with a final balloon payment of $1,714 payable together with the last installment due on February 28, 2023. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">In September 2018, Navios Containers entered into a facility agreement with BNP Paribas to extend the facility dated December 20, 2017, for an additional amount of $9,000 to partially finance the purchase price of one containership. This loan bears interest at a rate of LIBOR plus 300 basis points. Navios Containers drew the entire amount. As of December 31, 2018, the outstanding loan amount of the additional tranche is $8,679 and is repayable in 19 quarterly consecutive installments of $322 each plus a balloon installment of $2,570 payable together with the last installment. The additional tranche matures in September 2023.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">HSH</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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'">28, 2018, Navios Containers entered into a facility agreement with HSH Nordbank AG and Alpha Bank A.E. for an amount of up to $36,000 to finance part of the purchase price of two containerships. This loan bears interest at a rate of LIBOR plus 325 basis points. Navios Containers drew the entire amount. The facility bears interest at a rate of LIBOR plus 325 basis points per annum. The facility is repayable in 14 consecutive quarterly installments each in an amount of $1,200 plus a final balloon payment of $15,200 payable together with the last installment falling due in June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">2022. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, the outstanding loan amount under the facility was $32,000.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">On November 9, 2018, Navios Containers entered into a facility agreement with HSH Nordbank AG divided into four tranches of up to $31,800 each to finance part of the purchase price of up to four 10,000 TEU containerships. This loan bears interest at a rate of LIBOR plus 325 basis points and commitment fee of 0.75% per annum on the undrawn loan amount. Each tranche of the facility is repayable in 19 consecutive quarterly installments each in an amount of $678 together with a final balloon payment of $18,918 payable together with the last installment falling due in July 2023. No amount had been drawn under this facility as of December 31, 2018.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Containers Financial liability</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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'">25, 2018, Navios Containers entered into a $119,000 sale and leaseback transaction with Minsheng Financial Leasing Co. Ltd in order to refinance the outstanding balance of the existing facilities of 18 containerships. Navios Containers has a purchase obligation to acquire the vessels at the end of the lease term and under ASC 842-40, the transfer of the vessels was determined to be a failed sale. In accordance with ASC 842-40, Navios Containers did not derecognize the respective vessels from its balance sheet and accounted for the amounts received under the sale and leaseback transaction as a financial liability. From June 29, 2018 until November 9, 2018, Navios Containers completed the sale and leaseback of 14 vessels for $90,200. Navios Containers does not intend to proceed with the sale and leaseback transaction of the four remaining vessels. Navios Containers is obligated to make 60 monthly payments in respect of all 14 vessels of approximately $1,097 each. Navios Containers also has an obligation to purchase the vessels at the end of the fifth year for $45,100. As of December 31, 2018, the outstanding balance under the sale and leaseback transaction was $87,530.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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, Navios Containers was in compliance with all of the covenants under all of its credit facilities and its agreements governing its financial liabilities.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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, the Company paid $94,298, of which $39,969 related to scheduled repayment installments for the year 2018, $54,329 related to prepayments of indebtedness originally maturing the first quarter of 2022 and the fourth quarter of 2019.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The annual weighted average interest rates of the Company&#8217;s total borrowings were 7.78%, 7.11% and 6.87% for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016, respectively.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The maturity table below reflects the principal payments for the next five years and thereafter of all borrowings of Navios Holdings (including Navios Logistics and Navios Containers) outstanding as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 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:0pt; margin-bottom:0pt; 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:1pt"><td style="width:297.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.55pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:297.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><a name="DM_MAP_3c309fdf3bff48508b8c54eb_1_0_8_4"><font style="font-family:'Times New Roman'; font-weight:bold">Year</font></a></p></td><td style="width:11.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:297.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2019</font></p></td><td style="width:11.65pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">71,424</font></p></td><td style="width:4.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:297.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2020</font></p></td><td style="width:11.65pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100,720</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:297.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="width:11.65pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">180,518</font></p></td><td style="width:4.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:297.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2022</font></p></td><td style="width:11.65pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,413,913</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:297.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2023</font></p></td><td style="width:11.65pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">74,812</font></p></td><td style="width:4.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:297.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2024 and thereafter</font></p></td><td style="width:11.65pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,525</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:13pt"><td style="width:297.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:11.65pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:12.05pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; 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:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,843,912</font></p></td><td style="width:4.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:540.4pt; border-collapse:collapse"><tr style="height:1pt"><td style="width:231.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:50.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:18.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="6" style="width:143.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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, 2018</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="7" style="width:138.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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, 2017</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:64.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Book</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:64.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Book</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:58.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 137,882 </font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 137,882 </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">127,632</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:46.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">127,632</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 12,892 </font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 12,892 </font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:46.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investments in available-for-sale-securities</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 192 </font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 192 </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:46.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan receivable from affiliate companies</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 46,089 </font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 46,089 </font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">30,112</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:46.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">30,112</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Senior and ship mortgage notes, net</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,272,108)</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (966,402)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,301,999</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:46.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,181,838</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, including current portion</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (543,899)</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (549,078)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(380,489</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:46.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(389,332</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term payable to affiliate companies</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(67,154) </font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(67,154)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(76,872</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:46.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(76,872</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:231.5pt"></td><td style="width:6pt"></td><td style="width:14.5pt"></td><td style="width:50.2pt"></td><td style="width:7.9pt"></td><td style="width:7.9pt"></td><td style="width:18.8pt"></td><td style="width:44.45pt"></td><td style="width:7.8pt"></td><td style="width:4.4pt"></td><td style="width:20.35pt"></td><td style="width:44.35pt"></td><td style="width:7.9pt"></td><td style="width:7.9pt"></td><td style="width:12.05pt"></td><td style="width:6.75pt"></td><td style="width:39.35pt"></td><td style="width:8.3pt"></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:540.3pt; border-collapse:collapse"><tr style="height:3.3pt"><td style="width:218.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:9.9pt"><td style="width:218.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="14" style="width:297.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value Measurements as of 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, 2018</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:39.6pt"><td style="width:218.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Quoted</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Prices</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">in</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Active</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Markets</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">for</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Identical</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Assets</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level I)</font></p></td><td style="width:3.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Significant</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Other</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Observable</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level II)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:64.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Significant</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Unobservable</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">III)</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.05pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investments in available-for-sale-securities</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:16pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">192</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:32.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">192</font></p></td><td style="width:3.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:40.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:16pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">192</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:32.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">192</font></p></td><td style="width:3.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#8212;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#8212;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr></table><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr style="height:3.3pt"><td style="width:218.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:9.9pt"><td style="width:218.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="14" style="width:297.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value Measurements as of 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, 2017</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:39.6pt"><td style="width:218.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Quoted</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Prices</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">in</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Active</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Markets</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">for</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Identical</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Assets</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level I)</font></p></td><td style="width:3.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Significant</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Other</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Observable</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level II)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Significant</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Unobservable</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">III)</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.05pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investments in available-for-sale-securities</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:16pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:32.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:3.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:40.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:40.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:16pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">238</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">238</font></p></td><td style="width:3.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#8212;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#8212;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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"><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:40.7pt"><td style="width:191.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:56.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Shares</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:57.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Weighted</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">average</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">exercise</font></p><p style="margin-top:0pt; margin-bottom:1.1pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">price</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:57.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Weighted</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">average</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">remaining</font></p><p style="margin-top:0pt; margin-bottom:1.1pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">term</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:57.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Aggregate</font></p><p style="margin-top:0pt; margin-bottom:1.1pt; text-align:right; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">fair value</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Options</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Outstanding as of 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, 2015</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">664,477</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">40.9</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">4.23</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,769</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vested at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2015</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">73,059</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Exercisable at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2015</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">73,059</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Forfeited or expired</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(34,852)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(902)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Granted</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">250,000</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">12.0</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,937</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Outstanding as of 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, 2016</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">879,625</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">32.0</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">4.41</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,804</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vested at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">121,082</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Exercisable at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">121,082</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Forfeited or expired</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(89,167)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(2,265)</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Granted</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Outstanding as of 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, 2017</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">790,458</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">29.8</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">3.80</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">7,539</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vested at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">136,011</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Exercisable at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">136,011</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:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</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:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Forfeited or expired</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(128,481)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,843)</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Granted</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</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:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Outstanding as of 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, 2018</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">661,977</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">28.2</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">3.36</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,696</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Restricted stock and restricted stock units</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Non Vested as of 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, 2015</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">372,096</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#8212;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.45</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,186</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Granted</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">254,000</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,048</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vested</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(175,502</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(5,122</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Forfeited or expired</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(341</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(12</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Non Vested as of 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, 2016</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">450,253</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#8212;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.55</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">6,100</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Granted</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">435,398</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,530</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vested</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(183,920</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(2,571</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Forfeited or expired</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Non Vested as of 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, 2017</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">701,731</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#8212;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">3.09</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,059</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Granted</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">287,500</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">863</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vested</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(279,071)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(3,425</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Forfeited or expired</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(450)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(7)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Non Vested as of 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, 2018</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">709,710</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#8212;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">3.11</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">6,490</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; margin-bottom:0pt; font-size:12pt"><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; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Retirement Saving Plan</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company sponsors 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, 2018, 2017 and 2016, were approximately $132, $115 and $69, respectively, which included a discretionary contribution of $36, $22, and $0, respectively.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Defined Benefit Pension Plan</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company sponsors a legacy unfunded defined benefit pension plan that covers certain Bahamian and Uruguayan nationals and former Navios Corporation employees. The liability related to the plan is recognized based on actuarial valuations. The current portion of the liability is included in accrued expenses and the non-current portion of the liability is included in other long-term liabilities. There are no pension plan assets.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Greek office employees are protected by the Greek Labor Law. According to the law, the Company is 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).</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Stock Plan</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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, 2018, 2017 and 2016, 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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; text-align:left"><tr style="height:86.6pt"><td style="width:32.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#8226;</font></p></td><td style="width:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:469.05pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><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, 2018, 2017 and 2016. 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></p></td></tr></table><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><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><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:2pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; text-align:left"><tr style="height:49.5pt"><td style="width:32.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#8226;</font></p></td><td style="width:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:469.05pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><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></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; text-align:left"><tr style="height:24.75pt"><td style="width:32.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#8226;</font></p></td><td style="width:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:469.05pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><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></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; text-align:left"><tr style="height:49.5pt"><td style="width:32.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#8226;</font></p></td><td style="width:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:469.05pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">year yield-to-maturity rate as of the grant date was 1.81% and 1.46% for 2016 and 2015, respectively.</font></p></td></tr></table><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The fair value of restricted 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 2018, 2017 and 2016.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The weighted average grant date fair value of restricted units and 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, 2017 was $12.7 and $12.7, respectively.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The weighted average grant date fair value of stock options and 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, 2016 was $7.8 and $12.0, respectively.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The effect of compensation expense arising from the stock-based arrangements described above amounted to $4,556, $4,296 and $3,446 for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016, 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:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The summary 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><p style="margin-top:0pt; margin-bottom:0pt; 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:40.7pt"><td style="width:191.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_023fc63a162942b783c5d6a3277c714e"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:56.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Shares</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:57.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Weighted</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">average</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">exercise</font></p><p style="margin-top:0pt; margin-bottom:1.1pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">price</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:57.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Weighted</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">average</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">remaining</font></p><p style="margin-top:0pt; margin-bottom:1.1pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">term</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:57.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Aggregate</font></p><p style="margin-top:0pt; margin-bottom:1.1pt; text-align:right; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">fair value</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Options</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Outstanding as of 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, 2015</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">664,477</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">40.9</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">4.23</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,769</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vested at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2015</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">73,059</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Exercisable at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2015</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">73,059</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Forfeited or expired</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(34,852)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(902)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Granted</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">250,000</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">12.0</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,937</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Outstanding as of 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, 2016</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">879,625</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">32.0</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">4.41</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,804</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vested at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">121,082</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Exercisable at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">121,082</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Forfeited or expired</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(89,167)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(2,265)</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Granted</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Outstanding as of 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, 2017</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">790,458</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">29.8</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">3.80</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">7,539</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vested at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">136,011</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Exercisable at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">136,011</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:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</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:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Forfeited or expired</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(128,481)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,843)</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Granted</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</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:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Outstanding as of 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, 2018</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">661,977</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">28.2</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">3.36</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,696</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Restricted stock and restricted stock units</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Non Vested as of 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, 2015</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">372,096</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#8212;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.45</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,186</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Granted</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">254,000</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,048</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vested</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(175,502</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(5,122</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Forfeited or expired</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(341</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(12</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Non Vested as of 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, 2016</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">450,253</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#8212;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.55</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">6,100</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Granted</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">435,398</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,530</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vested</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(183,920</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(2,571</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Forfeited or expired</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Non Vested as of 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, 2017</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">701,731</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#8212;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">3.09</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,059</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Granted</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">287,500</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">863</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vested</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(279,071)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(3,425</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Forfeited or expired</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(450)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(7)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:191.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Non Vested as of 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, 2018</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:3.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:53.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">709,710</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#8212;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">3.11</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">6,490</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The estimated 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 share units, restricted stock and restricted stock unit awards, not yet recognized was $205 and $4,150, respectively, as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and is expected to be recognized over the weighted average period of 3.13 years.</font></p></div> <div class="Section1"><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><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:47.3pt; font-size:12pt"><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 was contingently liable for letters of guarantee and letters of credit amounting to $1,577 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017: $590) 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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">In December 2017, the Company 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 about 81,600 dwt, expected to be delivered in the first quarter of 2020. 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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017 and the remaining $2,705 was paid during April 2019. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, the total amount of $2,953, including expenses and interest, is presented under the caption &#8220;Other long-term assets&#8221;.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 about 81,000 dwt and 81,600 dwt, respectively, expected to be delivered in the third and fourth quarter of 2019, respectively. 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 period ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and the remaining $2,800 was paid during January 2019. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, the total amount of $8,969, including expenses and interest, is presented under the caption &#8220;Other long-term assets&#8221;.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 newbuilding bulk carrier of about 81,000 dwt, expected to be delivered in the fourth quarter of 2019. 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 period ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and the remaining $2,795 was paid during February 2019. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, the total amount of $3,004, including expenses and interest, is presented under the caption &#8220;Other long-term assets&#8221;.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">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 about 81,000 dwt, expected to be delivered in the second quarter of 2020. 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 upon signing of the contract in October 2018. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, the total amount of $3,033, including expenses and interest, is presented under the caption &#8220;Other long-term assets&#8221;.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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, 2020.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">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 the 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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Logistics had a dispute with Vale regarding the termination date of a COA contract, which was under arbitration proceedings in New York. Navios Logistics has received full security for its claim to date. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, related to this arbitration, Navios Logistics issued a letter of credit amounting to $2,900 and the total amount was collateralized by a cash deposit, which was presented as restricted cash in the accompanying balance sheets as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016. On February</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">10, 2017, the arbitration tribunal ruled in favor of Navios Logistics. Vale has been ordered to pay Navios Logistics $21,500, compensating for all unpaid invoices, late payment of invoices, and legal fees incurred. An amount of $1,157 was recorded in the consolidated statements of comprehensive (loss)/income under &#8220;Other income&#8221; as part of this compensation. The full amount had been received in March 2017, and the collateralized cash amount of $2,900, was released.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">On August 16, 2018, there was a fire incident at the iron ore port terminal in Nueva Palmira, Uruguay, for which Navios Logistics maintains property and loss of earnings insurance coverage for such types of events (subject to applicable deductibles and other customary limitations). As of December 31, 2018, an insurance claim receivable of $11,571 was recorded in the Navios Logistics&#8217; prepaid expenses and other current assets, of which $9,197 was recorded in the </font><font style="font-family:'Times New Roman'">consolidated statements of comprehensive (loss)/income under &#8220;Other income&#8221;</font><font style="font-family:'Times New Roman'">.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company, in the normal course of business, entered into contracts to time charter-in vessels for various periods through 2030.</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:1pt"><td style="width:202.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Charter-in</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">vessels</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">in</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">operation</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Charter-in</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">vessels</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">to</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">be</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">delivered</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Office</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">space</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:202.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2019</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">114,668 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:35.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">5,165 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,652</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:202.85pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2020</font></p></td><td style="width:22.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">100,829 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">14,261 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,961</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:202.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">72,826 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">15,391 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,590</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:202.85pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2022</font></p></td><td style="width:22.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">47,695 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">15,119 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,750</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:202.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2023</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">38,986 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">14,298 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,655</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:202.85pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2024 and thereafter</font></p></td><td style="width:22.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:21.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">42,685</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">58,389 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:21.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">7,346</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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:202.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:21.25pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:33.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'; font-weight:bold">417,689 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:18.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:35.6pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'; font-weight:bold">122,623 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:21.25pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">16,954</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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:525.4pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:3.2pt"><td style="width:265.55pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.1pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:27pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.7pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.55pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:10.25pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="6" style="width:88.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.45pt"><td style="width:265.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:56pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Dry</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">bulk</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">vessels</font></p></td><td style="width:5.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:27pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Logistics</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">business</font></p></td><td style="width:7.55pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:10.25pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="4" style="width:54pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Containers</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">business</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.15pt"><td style="width:265.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2019</font></p></td><td style="width:14.35pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">45,189</font></p></td><td style="width:5.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:27pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:45pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">142,508</font></p></td><td style="width:7.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:10.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">77,359</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.15pt"><td style="width:265.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2020</font></p></td><td style="width:14.35pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,728</font></p></td><td style="width:5.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:71pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">98,515</font></p></td><td colspan="2" style="width:7.95pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:10.25pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">23,050</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.15pt"><td style="width:265.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="width:14.35pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:71pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">76,825</font></p></td><td colspan="2" style="width:7.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:10.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">9,847</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.15pt"><td style="width:265.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2022</font></p></td><td style="width:14.35pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:71pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">69,867</font></p></td><td colspan="2" style="width:7.95pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:10.25pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,484</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.15pt"><td style="width:265.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2023</font></p></td><td style="width:14.35pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:71pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">58,724</font></p></td><td colspan="2" style="width:7.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:10.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.15pt"><td style="width:265.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2024 and thereafter</font></p></td><td style="width:14.35pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:71pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">669,615</font></p></td><td colspan="2" style="width:7.95pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:10.25pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.15pt"><td style="width:265.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total minimum revenue, net of commissions</font></p></td><td style="width:14.35pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.1pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">48,917</font></p></td><td style="width:5.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:27pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td colspan="2" style="width:45pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,116,054</font></p></td><td style="width:7.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:10.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:9pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td colspan="2" style="width:45pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">112,740</font></p></td><td style="border-top-style:solid; border-top-width:0.75pt; vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:265.55pt"></td><td style="width:14.35pt"></td><td style="width:16.1pt"></td><td style="width:39.9pt"></td><td style="width:5.2pt"></td><td style="width:5.2pt"></td><td style="width:1pt"></td><td style="width:26pt"></td><td style="width:16.3pt"></td><td style="width:28.7pt"></td><td style="width:7.55pt"></td><td style="width:0.4pt"></td><td style="width:9.85pt"></td><td style="width:0.4pt"></td><td style="width:8.6pt"></td><td style="width:0.4pt"></td><td style="width:44.6pt"></td><td style="width:0.4pt"></td><td style="width:33.85pt"></td><td style="width:1.05pt"></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:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 15: LEASES</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Chartered-in vessels, barges, pushboats and office space:</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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&#8217;s future minimum commitments, net of commissions under chartered-in vessels, barges, pushboats and office space were as follows:</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; 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:1pt"><td style="width:202.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_64628d4bbb3e44c1bbc8f92a3aa4cc3c"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:22.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Charter-in</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">vessels</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">in</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">operation</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Charter-in</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">vessels</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">to</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">be</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">delivered</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Office</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">space</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:202.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2019</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">114,668 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:35.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">5,165 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,652</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:202.85pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2020</font></p></td><td style="width:22.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">100,829 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">14,261 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,961</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:202.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">72,826 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">15,391 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,590</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:202.85pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2022</font></p></td><td style="width:22.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">47,695 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">15,119 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,750</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:202.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2023</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">38,986 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">14,298 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:21.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,655</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:202.85pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2024 and thereafter</font></p></td><td style="width:22.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:21.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">42,685</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'">58,389 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:21.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">7,346</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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:202.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:21.25pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:33.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'; font-weight:bold">417,689 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:18.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:35.6pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Arial MT'; font-weight:bold">122,623 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:21.25pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">16,954</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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Charter hire expense for Navios Holdings chartered-in vessels amounted to $142,968, $122,668 and $84,114, 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, 2018, 2017 and 2016, respectively. Charter hire expense for logistics business chartered-in vessels amounted to $114, $1,564 and $1,521, 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, 2018, 2017 and 2016, respectively. (See also Note 2 (af)).</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Rent expense for office space amounted to $2,876, $2,648, and $2,748 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, 2018, 2017 and 2016, respectively. </font><font style="font-family:'Times New Roman'">The Company leases office space</font><font style="font-family:'Times New Roman'"> at 599 Lexington Avenue, New York, New York, pursuant to a lease that expires in November 2029. The Company also leases office space at 85 Akti Miaouli, Piraeus, Greece, pursuant to one lease agreement that continues to be effective until either party terminates the agreement and other lease agreements that expire through 2030. The Company also leases office space in Monaco pursuant to a lease that expires in June 2023. The Company also leases office space in Antwerp, Belgium pursuant to a lease that expires in June 2019. (See also Note 2 (af)).</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Logistics&#8217; subsidiaries lease various premises in Argentina and Paraguay that expire on various dates through 2023. The above table incorporates the lease commitments on all offices as disclosed above.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Containers leases office space in Monaco pursuant to a lease that expires in June 2023.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Chartered-out vessels, barges and pushboats:</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The future minimum 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; (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; and (iii) for the Company&#8217;s Containers business, expected to be earned on non-cancelable time charters, are as follows:</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:525.4pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:3.2pt"><td style="width:265.55pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.1pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:27pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.7pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.55pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:10.25pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="6" style="width:88.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.45pt"><td style="width:265.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_b5011a24d0984c57a658983_1_0_8_11"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:14.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:56pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Dry</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">bulk</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">vessels</font></p></td><td style="width:5.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:27pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Logistics</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">business</font></p></td><td style="width:7.55pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:10.25pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="4" style="width:54pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Containers</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">business</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.15pt"><td style="width:265.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2019</font></p></td><td style="width:14.35pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">45,189</font></p></td><td style="width:5.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:27pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:45pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">142,508</font></p></td><td style="width:7.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:10.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">77,359</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.15pt"><td style="width:265.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2020</font></p></td><td style="width:14.35pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,728</font></p></td><td style="width:5.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:71pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">98,515</font></p></td><td colspan="2" style="width:7.95pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:10.25pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">23,050</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.15pt"><td style="width:265.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="width:14.35pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:71pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">76,825</font></p></td><td colspan="2" style="width:7.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:10.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">9,847</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.15pt"><td style="width:265.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2022</font></p></td><td style="width:14.35pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:71pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">69,867</font></p></td><td colspan="2" style="width:7.95pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:10.25pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,484</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.15pt"><td style="width:265.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2023</font></p></td><td style="width:14.35pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:71pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">58,724</font></p></td><td colspan="2" style="width:7.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:10.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.15pt"><td style="width:265.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">2024 and thereafter</font></p></td><td style="width:14.35pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:71pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">669,615</font></p></td><td colspan="2" style="width:7.95pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:10.25pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.15pt"><td style="width:265.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total minimum revenue, net of commissions</font></p></td><td style="width:14.35pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.1pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">48,917</font></p></td><td style="width:5.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:5.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:27pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td colspan="2" style="width:45pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,116,054</font></p></td><td style="width:7.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:10.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:9pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td colspan="2" style="width:45pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">112,740</font></p></td><td style="border-top-style:solid; border-top-width:0.75pt; vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:265.55pt"></td><td style="width:14.35pt"></td><td style="width:16.1pt"></td><td style="width:39.9pt"></td><td style="width:5.2pt"></td><td style="width:5.2pt"></td><td style="width:1pt"></td><td style="width:26pt"></td><td style="width:16.3pt"></td><td style="width:28.7pt"></td><td style="width:7.55pt"></td><td style="width:0.4pt"></td><td style="width:9.85pt"></td><td style="width:0.4pt"></td><td style="width:8.6pt"></td><td style="width:0.4pt"></td><td style="width:44.6pt"></td><td style="width:0.4pt"></td><td style="width:33.85pt"></td><td style="width:1.05pt"></td></tr></table></div><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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"><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 16: TRANSACTIONS WITH RELATED PARTIES</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Office Rent:</font><font style="font-family:'Times New Roman'"> The Company has entered into lease agreements with Goldland Ktimatiki-Ikodomiki-Touristiki Xenodohiaki Anonimos Eteria and Emerald Ktimatiki-Ikodomiki Touristiki Xenodohiaki Anonimos Eteria, both of which are Greek corporations that are currently majority-owned by Angeliki Frangou, Navios Holdings&#8217; Chairman and Chief Executive Officer. The lease agreements provide for the leasing of facilities located in Piraeus, Greece to house the operations of most of the Company&#8217;s subsidiaries. The total annual lease payments are in aggregate &#8364;939 (approximately $1,109) pursuant to one lease agreement that continues to be effective until either party terminates the agreement and other lease agreements that expire through 2030. These payments are subject to annual adjustments, which are based on the inflation rate prevailing in Greece as reported by the Greek State at the end of each year.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016 were $0 for all periods. Included in the trade accounts payable at both December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and 2017 was an amount due to Acropolis of $76 for both periods.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels Charter Hire:</font><font style="font-family:'Times New Roman'"> From 2012, Navios Holdings has entered into charter-in contracts for certain of Navios Partners&#8217; vessels, all of which have been redelivered by April 2016.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">In 2015, the Company entered into various charters with Navios Partners for the Navios Gemini, Navios Hyperion, Navios Soleil, Navios Harmony, Navios Orbiter, Navios Fantastiks, Navios Alegria, Navios Pollux and Navios Sun. The terms of these charters were approximately nine to twelve months, at a net daily rate of $7.6, $12.0, $12.0, $12.0, $12.0, $12.5, $12.0, $11.4 and $12.0, respectively plus 50/50 profit sharing based on actual earnings at the end of the period.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">In November 2016 the Company entered into a charter with Navios Partners for the Navios Fulvia, a 2010-built Capesize vessel. The term of this charter was approximately three months from November 2016, at a net daily rate of $11.5.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total charter hire expense for all vessels for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016 was $0, $651 and $1,711, respectively, and was included in the consolidated statements of comprehensive (loss)/income under &#8220;Time charter, voyage and logistics business expenses&#8221;.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Management Fees:</font><font style="font-family:'Times New Roman'"> Navios Holdings provides commercial and technical management services to Navios Partners&#8217; vessels for a daily fixed fee. This daily fee covers all of the vessels&#8217; operating expenses, including the cost of drydock and special surveys. In February 2016, the Company amended its existing management agreement to fix the fees for ship management services of its owned fleet at: (i) $4.1 daily rate per Ultra-Handymax vessel; (ii) $4.2 daily rate per Panamax vessel; (iii) $5.25 daily rate per Capesize vessel; (iv) $6.7 daily rate per container vessel of TEU 6,800; (v) $7.4 daily rate per container vessel of more than TEU 8,000; and (vi) $8.75 daily rate per very large container vessel of more than TEU 13,000 through December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017. In November 2017, the Company further amended its existing management agreement to fix the fees for ship management services of its owned fleet at: (i) $4.2 daily rate per Ultra-Handymax vessel; (ii) $4.3 daily rate per Panamax vessel; (iii) $5.25 daily rate per Capesize vessel; (iv) $6.7 daily rate per container vessel of TEU 6,800; (v) $7.4 daily rate per container vessel of more than TEU 8,000; and (vi) $8.75 daily rate per very large container vessel of more than TEU 13,000 through December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019. Drydocking expenses will be reimbursed by Navios Partners at cost at occurrence.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total management fees for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016 amounted to $68,871, $62,157 and $59,209, respectively, and are presented net under the caption &#8220;Direct vessel expenses&#8221;.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Holdings provides commercial and technical management services to Navios Acquisition&#8217;s vessels for a daily fee that was fixed. This daily fee covers all of the vessels&#8217; operating expenses, other than certain fees and costs. Actual operating costs and expenses would be determined in a manner consistent with how the initial fixed fees were determined. In May 2014, Navios</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Holdings extended the duration of its existing management agreement with Navios Acquisition until May 2020 and fixed the fees for ship management services of Navios Acquisition owned fleet for two additional years through May 2016</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">at $6.0 per owned MR2 product tanker and chemical tanker vessel, $7.0 per owned LR1 product tanker vessel and reduced the daily rate to $9.5 per VLCC vessel.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">In May 2016, Navios Holdings amended its agreement with Navios Acquisition to fix the fees for ship management services of Navios Acquisition owned fleet at a daily fee of (i) $6.35 per MR2 product tanker and chemical tanker vessel; (ii) $7.15 per LR1 product tanker vessel; and (iii) $9.5 per VLCC through May 2018. In May 2018, Navios Holdings amended its agreement with Navios Acquisition to fix the fees for ship management services of Navios Acquisition owned fleet at a daily fee of (i) $6.5 per MR2 product tanker and chemical tanker vessel; (ii) $7.15 per LR1 product tanker vessel; and (iii) $9.5 per VLCC through May 2020. Drydocking expenses under this agreement will be reimbursed at cost at occurrence for all vessels.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Following the merger of Navios Midstream with Navios Acquisition completed on December 13, 2018, the management agreement also covers vessels acquired.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total management fees for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016 amounted to $92,993, $94,973 and $97,866, respectively, and are presented net under the caption &#8220;Direct vessel expenses&#8221;.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Pursuant to a management agreement dated December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">13, 2013, Navios Holdings provides commercial and technical management services to Navios Europe I&#8217;s tanker and container vessels. The term of this agreement is for a period of six years. Management fees under this agreement will be reimbursed at cost at occurrence. Total management fees for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016 amounted to $22,377, $21,472 and $20,855, respectively, and are presented net under the caption &#8220;Direct vessel expenses&#8221;.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Pursuant to a management agreement dated November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">18, 2014, as further amended in October 2016, Navios Holdings provides commercial and technical management services to Navios Midstream&#8217;s vessels for a daily fixed fee of $9.5 per owned VLCC vessel, effective through December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018. Drydocking expenses under this agreement will be reimbursed at cost at occurrence for all vessels.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total management fees for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016 amounted to $20,739, $20,805 and $20,862, respectively, and are presented net under the caption &#8220;Direct vessel expenses&#8221;. From November 30, 2018 (date of obtaining control) until December 31, 2018, Navios Containers&#8217; management fees amounted to $5,281 and have been eliminated upon consolidation.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Pursuant to a management agreement dated June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">5, 2015, Navios Holdings provides commercial and technical management services to Navios Europe II&#8217;s dry bulk and container vessels. The term of this agreement is for a period of six years. Management fees under this agreement will be reimbursed at cost at occurrence. Total management fees for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016 amounted to $22,186, $22,055 and $23,527, respectively, and are presented net under the caption &#8220;Direct vessel expenses&#8221;.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Pursuant to a management agreement dated June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">7, 2017, as amended in November 2017, in April 2018 and in June 2018, Navios Holdings, provides commercial and technical management services to Navios Containers&#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 Navios Holdings is a daily fee of $6.1 per day for up to 5,500 TEU container vessels, $6.7 per day for above 5,500 TEU and up to 8,000 TEU container vessels and $7.4 per day for above 8,000 TEU and up to 10,000 TEU container vessels. Drydocking expenses under this agreement are reimbursed by Navios Containers at cost. Total management fees for the period ended November 30, 2018 (date of obtaining control) and December 31, 2017 amounted to $48,490 and $16,702, respectively and are presented net under the caption &#8220;Direct vessel expenses&#8221;.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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. The Navios Partners Guarantee provides for a maximum possible payout of $20,000 by the Company to Navios Partners. Premiums that are calculated on the same basis as the restructured charter insurance are included in the management fee that is paid by Navios Partners to Navios Holdings pursuant to the management agreement. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, Navios Partners has submitted one claim under this agreement to the Company. As at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, the fair value of the claim was estimated at $18,001 and $20,000, respectively and was included in &#8220;Due to affiliate companies&#8221; and &#8220;Other long-term liabilities and deferred income&#8221;, respectively in the consolidated balance sheet. As of December 31, 2018, the amount of $1,999 was included in &#8220;Other income&#8221; within the consolidated statements of comprehensive (loss)/income. The final settlement of the amount due will take place at anytime but in no case later than December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019, in accordance with a letter of agreement effective as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">29, 2017.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">General and Administrative Expenses incurred on behalf of affiliates/Administrative fee revenue from affiliates:</font><font style="font-family:'Times New Roman'"> Navios Holdings provides administrative services to Navios Partners. Navios Holdings is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Navios Holdings extended the duration of its existing administrative services agreement with Navios Partners until December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2022, pursuant to its existing terms. Total general and administrative fees for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016 amounted to $9,344, $8,347 and $7,751, respectively.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Holdings provides administrative services to Navios Acquisition. Navios</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Holdings extended the duration of its existing administrative services agreement with Navios Acquisition until May 2020 pursuant to its existing terms. Navios Holdings is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Total general and administrative fees for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016 amounted to $8,810, $9,000 and $9,427, respectively.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Following the merger of Navios Midstream with Navios Acquisition completed on December 13, 2018, the administrative services agreement also covers vessels acquired.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Holdings provides administrative services to Navios Logistics. In April 2016, Navios</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Holdings extended the duration of its existing administrative services agreement with Navios Logistics until December 2021 pursuant to its existing terms. Navios Holdings is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Total general and administrative fees for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016 amounted to $1,000 for all periods. The general and administrative fees have been eliminated upon consolidation.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Pursuant to an administrative services agreement dated December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">13, 2013, Navios Holdings provides administrative services to Navios Europe I&#8217;s tanker and container vessels. The term of this agreement is for a period of six years. Navios Holdings is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Total general and administrative fees for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016 amounted to $1,330, $1,187 and $1,300, respectively.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Pursuant to an administrative services agreement dated November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">18, 2014, Navios Holdings provides administrative services to Navios Midstream. The term of this agreement is for a period of five years. Navios Holdings is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total general and administrative fees for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016 amounted to $1,494, $1,500 and $1,500, respectively.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Pursuant to an administrative services agreement dated June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">5, 2015, Navios Holdings provides administrative services to Navios Europe II&#8217;s dry bulk and container vessels. The term of this agreement is for a period of six years. Navios Holdings is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Total general and administrative fees charged for the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016, amounted to $2,041, $1,766 and $1,820, respectively.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Pursuant to the administrative services agreement dated June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">7, 2017, Navios Holdings provides administrative services to Navios Containers. Navios Holdings 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. Total general and administrative fees attributable to this agreement for the period ended November 30, 2018 (date of obtaining control) and December 31, 2017, amounted to $5,373 and $1,868, respectively.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance due from/to affiliates (excluding Navios Europe I and Navios Europe II):</font><font style="font-family:'Times New Roman'"> Balance due to Navios Partners as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 amounted to $34,765 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017: $8,315), and the Long-term payable to Navios Partners amounted to $17,891 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017: $14,891). Balance due from Navios Acquisition as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 amounted to $11,941 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017: $2,800 due to Navios Acquisition), and the Long-term payable to Navios Acquisition amounted to $11,282 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017: $15,236). Balance due to Navios Midstream as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 amounted to $1,828 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017: $990), and the Long-term payable to Navios Midstream amounted to $2,565 (December 31, 2017: $4,554). Balance due to Navios Containers as of December 31, 2017 amounted to $3,334, and the Long-term payable to Navios Containers amounted to $7,965. The balances mainly consisted of management fees, administrative fees, drydocking, ballast water treatment system and other expenses prepaid by the affiliates according to our management agreements and other amounts payable to affiliates.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 container 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)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">merger with or into, or sale of substantially all of the assets to, an unaffiliated third party.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 affiliates 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 affiliates to compete with Navios Midstream under specified circumstances.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Holdings entered into an omnibus agreement with Navios Containers, Navios Acquisition, Navios Midstream and Navios Partners, pursuant to which Navios Acquisition, Navios Holdings and Navios Partners and their controlled affiliates 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 affiliates to compete with Navios Containers under specified circumstances.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, Navios Holdings had not exercised any part of that option.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 recognizes the gain immediately in earnings only to the extent of the interest in Navios Partners owned by third parties and defers recognition of the gain to the extent of its own ownership interest in Navios Partners (the &#8220;deferred gain&#8221;). Subsequently, the deferred gain is amortized to income over the remaining useful life of the vessel. The recognition of the deferred gain is accelerated in the event that (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the vessel is subsequently sold or otherwise disposed of by Navios Partners or (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the Company&#8217;s ownership interest in Navios Partners is reduced. In connection with the public offerings of common units by Navios Partners, a pro rata portion of the deferred gain is released to income upon dilution of the Company&#8217;s ownership interest in Navios Partners. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and 2017, the unamortized deferred gain for all vessels and rights sold totaled $8,126 and $9,955, respectively. For the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016, Navios Holdings recognized $1,828, $1,892 and $1,833 of the deferred gain, respectively, in &#8220;Equity in net (losses)/earnings of affiliated companies&#8221;.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Participation in Offerings of Affiliates:</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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2016, March</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">3, 2017, March</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">23, 2017, March</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">11, 2018, February</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">21, 2018 and December 20, 2018 for the purchase up to a total of 1,747,206 general partnership interests.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">The Navios Acquisition Credit Facilities:</font><font style="font-family:'Times New Roman'"> On September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">19, 2016, Navios Holdings entered into a secured credit facility of up to $70,000 with Navios Acquisition. This credit facility was secured by all of the Company&#8217;s&#8217; interest in Navios Acquisition and 78.5% of the Company&#8217;s interest in Navios Logistics, representing a majority of the shares outstanding of Navios Logistics. This facility was provided for an arrangement fee of $700. On November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">3, 2017, Navios Holdings prepaid in full the outstanding amount under this credit facility with Navios Acquisition and all collateral was released.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">The Navios Partners Credit Facility:</font><font style="font-family:'Times New Roman'"> In May 2015, Navios Partners entered into a credit facility with Navios Holdings of up to $60,000. The Navios Partners Credit Facility bears an interest of LIBOR plus 300 bps. The final maturity date was January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">2, 2017. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and 2017, there was no outstanding amount under this facility. In April 2016, Navios Partners has drawn $21,000 from the Navios Partners Credit Facility, which was fully repaid during April 2016.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance due from Navios Europe I:</font><font style="font-family:'Times New Roman'"> Balance due from Navios Europe I as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 amounted to $12,013 (December 31, 2017: $7,176) which included the net current amount receivable of $7,769 (December 31, 2017: $4,002) mainly consisting of management fees, drydocking, ballast water treatment system and other expenses, accrued interest income earned under the Navios Revolving Loans I (as defined in Note 9) and other expenses and the non-current amount of $4,244 (December 31, 2017: $3,174) related to the accrued interest income earned under the Navios Term Loans I (as defined in Note 9).</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Navios Revolving Loans I and the Navios Term Loans I earn interest and an annual preferred return, respectively, at 1,270 basis points per annum, on a quarterly compounding basis and are repaid from free cash flow (as defined in the loan agreement) to the fullest extent possible at the end of each quarter. There are no covenant requirements or stated maturity dates.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 and 2017, the outstanding amount relating to Navios Holdings&#8217; portion under the Navios Revolving Loans I was $19,125 and $11,125, respectively, under the caption &#8220;Loan receivable from affiliate companies&#8221;. During 2018, Navios Holdings funded with $8,000 Navios Europe I under the Navios Revolving Loans I. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, the amount undrawn under the Revolving Loans I was $12,000</font><font style="font-family:'Times New Roman'">, of which Navios Holdings may be required to fund an amount ranging from $0 to $12,000</font><font style="font-family:'Times New Roman'">.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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'">17, 2017, Navios Holdings transferred to Navios Partners its rights to the Navios Revolving Loans</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">I and the Navios Term Loans</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">I (including the respective accrued receivable interest), with a total carrying value of $21,384 for a total consideration of $33,473, comprised of $4,050 in cash and 13,076,923 newly issued common units of Navios Partners with a fair value of $29,423 (based on Navios Partners&#8217; trading price as of the closing of the transaction). The Company evaluated this transaction in accordance with ASC</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">860, classifying it as a secured borrowing arrangement. At the date of this transaction, the Company recognized a long-term liability of $33,473, including a premium of $12,089 which will be amortized through &#8220;Interest income&#8221; over the term of the loans until 2023, and is included within &#8220;Long-term payable to affiliate companies&#8221;. Navios Holdings may be required from Navios Partners, under certain conditions, to repurchase the loans after the third anniversary of the date of the transaction based on the then-outstanding balance of the loans. See also Note 9. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and 2017, the balance payable to Navios Partners amounted to $35,417 and $34,227, respectively, including the unamortized premium of $8,359 and $10,390, respectively.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance due from Navios Europe II:</font><font style="font-family:'Times New Roman'"> Balance due from Navios Europe II as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, amounted to $5,312 (December 31, 2017: $2,440), which included the net current payable amount of $470 (December 31, 2017: $1,310), mainly consisting of management fees, drydocking, ballast water treatment system and other expenses and accrued interest income earned under the Navios Revolving Loans II (as defined in Note 9) and other expenses and the non-current receivable amount of $5,782 (December 31, 2017: $3,750) related to the accrued interest income earned under the Navios Term Loans II (as defined in Note 9).</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Navios Revolving Loans II and the Navios Term Loans II earn interest and an annual preferred return, respectively, at 1,800 basis points per annum, on a quarterly compounding basis and are repaid from free cash flow (as defined in the loan agreement) to the fullest extent possible at the end of each quarter. There are no covenant requirements or stated maturity dates.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 outstanding amount relating to Navios Holdings&#8217; portion under the Navios Revolving Loans II was $16,938 (December 31, 2017: $12,063), under the caption &#8220;Loan receivable from affiliate companies.&#8221; During 2018, Navios Holdings funded with $4,875 Navios Europe II under the Navios Revolving Loans II. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, the amount undrawn from the Navios Revolving Loans II was $4,503, of which Navios Holdings may be required to fund an amount ranging from $0 to $4,503.</font></p></div> <div class="Section1"><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 17: PREFERRED AND COMMON STOCK</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">All issued and outstanding shares of common stock, 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.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Vested, Surrendered and Forfeited</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">During 2017, 84,333 restricted stock units, issued to the Company&#8217;s employees in 2016, vested.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">During 2016, 2,497 restricted stock units, issued to the Company&#8217;s employees in 2014 and 2013, vested.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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, 2017 and 2016, 656, 423 and 291 restricted shares of common stock, respectively, were forfeited upon termination of employment.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Conversion of Preferred Stock</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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, 2,436 shares of convertible preferred stock were converted into 174,000 shares of common stock. The shares of convertible preferred stock were converted pursuant to their original terms, which provided the option to the holders of these shares to convert all or any such then-outstanding shares of preferred stock into a number of fully paid and non-assessable shares of common stock determined by dividing the amount of the liquidation preference ($10,000</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">per share) by a conversion price equal to $14.00</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">per share of common stock. Following this conversion, the Company cancelled the undeclared preferred dividend of the converted shares of $702, and issued 5,015 shares of common stock with a fair value of $84 at the date of issuance (See also Note 20).</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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, 2016, there were no conversions of preferred stock.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Issuance of Cumulative Perpetual Preferred Stock</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Series G and Series H American Depositary Shares Exchange Offer</font><font style="font-family:'Times New Roman'; font-style:italic">&#xa0;</font><font style="font-family:'Times New Roman'; font-style:italic">&#xa0;</font><font style="font-family:'Times New Roman'; font-style:italic">&#xa0;</font><font style="font-family:'Times New Roman'; font-style:italic">&#xa0;</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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'">19, 2017, Navios Holdings announced the completion of the offer commenced on March</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">21, 2017, to exchange newly issued shares of the Company&#8217;s common stock for any and all outstanding American Depositary Shares, each representing 1/100th of a share of either Series</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">G or Series</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">H. 360 Series</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">G and 406 Series</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">H shares were validly tendered, representing an aggregate nominal value of approximately $1,843. Navios Holdings paid for tender offer expenses $571, and issued a total of 62,582 shares of common stock with a fair value of $1,127. Following the completion of the offer, the Company cancelled the undeclared preferred dividend of Series G and Series H of $270 (See also Note 20).</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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'">8, 2016, the Company announced the completion of the offer to exchange cash and/or newly issued shares of common stock for any and all outstanding of its Series G and Series H. A total number of 5,449 Series G and 18,982 Series H were validly tendered in the exchange offer, representing an aggregate book value of $61,078. The Company paid an aggregate of $9,323 in cash, which includes tender offer expenses, and issued a total of 758,918 shares of common stock, with a fair value of $7,893 at the date of the issuance.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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</font><font style="font-family:'Times New Roman'; font-weight:bold">.</font><font style="font-family:'Times New Roman'"> 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, 2018 were $29,934 (net of cancelled dividends).</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Issuances to Employees, Officers and Directors</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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'">11, 2017, pursuant to the stock plan approved by the Board of Directors, 432,098 common stock was granted to Navios Holdings employees, officers and directors and issued on January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">16, 2018.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Acquisition of Treasury Stock</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Holdings had outstanding as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and 2017, 12,843,414 and 12,038,647 shares of common stock, respectively, and preferred stock 46,302 (14,191 Series G, 28,612 Series H and 3,499 shares of convertible preferred stock) for both periods.</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:1pt"><td style="width:208.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the Year</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the Year</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the Year</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:4.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:208.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Interest expense</font></p></td><td style="width:19.8pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">131,131 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">115,099</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">107,787</font></p></td><td style="width:4.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:208.6pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Amortization and write-off of deferred financing costs</font></p></td><td style="width:19.8pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">7,880 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,391</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,653</font></p></td><td style="width:4.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:208.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Other</font></p></td><td style="width:19.8pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 109 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">121</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">199</font></p></td><td style="width:4.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:208.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest expense and finance cost</font></p></td><td style="width:19.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:33.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">139,120 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">121,611</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">113,639</font></p></td><td style="width:4.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 18: INTEREST EXPENSE AND FINANCE COST</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">Interest expense and finance cost consisted of the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:1pt"><td style="width:208.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_b6f12f507a6a41b4ba21621e78c74882"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:19.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the Year</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the Year</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the Year</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:4.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:208.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Interest expense</font></p></td><td style="width:19.8pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">131,131 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">115,099</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">107,787</font></p></td><td style="width:4.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:208.6pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Amortization and write-off of deferred financing costs</font></p></td><td style="width:19.8pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">7,880 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,391</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,653</font></p></td><td style="width:4.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:208.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Other</font></p></td><td style="width:19.8pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 109 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">121</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">199</font></p></td><td style="width:4.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:208.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest expense and finance cost</font></p></td><td style="width:19.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:33.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">139,120 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">121,611</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">113,639</font></p></td><td style="width:4.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#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:1pt"><td style="width:186.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:74.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Dry</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Bulk</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Logistics</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Containers</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:9.1pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:8.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenue</font></p></td><td style="width:18.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">298,052</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">207,634</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:72pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">12,053</font></p></td><td style="width:9.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">517,739</font></p></td><td style="width:8.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Administrative fee revenue from affiliates</font></p></td><td style="width:18.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">28,972</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(579)</font></p></td><td style="width:9.1pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">28,393</font></p></td><td style="width:8.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Interest income</font></p></td><td style="width:18.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">8,231</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">517</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">8,748</font></p></td><td style="width:8.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Interest expense and finance cost</font></p></td><td style="width:18.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(98,247)</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(39,669)</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,204)</font></p></td><td style="width:9.1pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(139,120)</font></p></td><td style="width:8.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Depreciation and amortization</font></p></td><td style="width:18.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(70,472)</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(29,307)</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(3,060)</font></p></td><td style="width:9.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(102,839)</font></p></td><td style="width:8.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Equity/ (Loss) in net earnings of affiliated companies</font></p></td><td style="width:18.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(80,205)</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.1pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(80,205)</font></p></td><td style="width:8.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Net (loss)/ income attributable to Navios Holdings common stockholders</font></p></td><td style="width:18.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(273,125)</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,380</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">27</font></p></td><td style="width:9.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(268,718)</font></p></td><td style="width:8.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total assets</font></p></td><td style="width:18.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,558,581</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">677,343</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">446,572</font></p></td><td style="width:9.1pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,682,496</font></p></td><td style="width:8.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Goodwill</font></p></td><td style="width:18.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">56,240</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">104,096</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">160,336</font></p></td><td style="width:8.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Capital expenditures</font></p></td><td style="width:18.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(25,769)</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(19,879)</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(24,763)</font></p></td><td style="width:9.1pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(70,411)</font></p></td><td style="width:8.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investment in affiliates</font></p></td><td style="width:18.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">91,111</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">91,111</font></p></td><td style="width:8.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:18.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">44,452</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">76,472</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">16,958</font></p></td><td style="width:9.1pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">137,882</font></p></td><td style="width:8.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:18.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">10,958</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,934</font></p></td><td style="width:9.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">12,892</font></p></td><td style="width:8.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, net (including current and noncurrent portion)</font></p></td><td style="width:18.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,063,762</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">530,186</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:72pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">222,059</font></p></td><td style="width:9.1pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,816,007</font></p></td><td style="width:8.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:1pt"><td style="width:173.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:69.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Dry</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Bulk</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Logistics</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenue</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">250,433</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">212,616</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">463,049</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Administrative fee revenue from affiliates</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">23,667</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">23,667</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Interest income</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,593</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,831</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Interest expense and finance cost</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(93,264</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(28,347</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(121,611</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Depreciation and amortization</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(77,245</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(26,867</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(104,112</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Equity/ (Loss) in net earnings of affiliated companies</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,399</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,399</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Net (loss)/ income attributable to Navios Holdings common stockholders</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(167,892</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,982</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(165,910</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total assets</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,947,777</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">682,204</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,629,981</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Goodwill</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">56,240</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">104,096</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">160,336</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Capital expenditures</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(347</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(46,521</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(46,868</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investment in affiliates</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">183,160</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">183,160</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">47,744</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">79,888</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">127,632</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, net (including current and noncurrent portion)</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,149,742</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">532,746</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,682,488</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:1pt"><td style="width:173.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:69.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Dry</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Bulk</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Logistics</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenue</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">199,446</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">220,336</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">419,782</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Administrative fee revenue from affiliates</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">21,799</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">21,799</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Interest income</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,132</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">815</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,947</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Interest expense and finance cost</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(89,399</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(24,240</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(113,639</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Depreciation and amortization</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(87,197</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(26,628</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(113,825</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Equity/ (Loss) in net earnings of affiliated companies</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(202,779</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(202,779</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Net (loss)/ income attributable to Navios Holdings common stockholders</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(310,306</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,483</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(303,823</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total assets</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,083,526</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">669,369</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,752,895</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Goodwill</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">56,240</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">104,096</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">160,336</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Capital expenditures</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(60,420</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(91,173</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(151,593</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investment in affiliates</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">160,071</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">160,071</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">70,810</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">65,182</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">135,992</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,486</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,900</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,386</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, net (including current and noncurrent portion)</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,223,146</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">427,949</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,651,095</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:1pt"><td style="width:207.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:207.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">North America</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,248</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,513</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,218</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:207.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Europe</font></p></td><td style="width:20.2pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">142,688</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">124,857</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">109,267</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:207.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Asia</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">135,614</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">91,552</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">73,073</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:207.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">South America</font></p></td><td style="width:20.2pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">208,751</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">212,616</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">220,336</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:207.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Other</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">26,438</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">28,511</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">10,888</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:207.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:20.2pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:33.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">517,739</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">463,049</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">419,782</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 19: SEGMENT INFORMATION</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company currently has three reportable segments from which it derives its revenues: Dry Bulk Vessel Operations, Logistics Business and Containers Business. The Containers Business is a new reportable segment for the year ended December 31, 2018 as a result of the consolidation of Navios Containers since November 30, 2018 (date of obtaining control) (see also Note 3). 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:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company measures segment performance based on net income/ (loss) 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><p style="margin-top:0pt; margin-bottom:0pt; 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:1pt"><td style="width:186.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_567bbfd2f22f479497ec6814a5926ddf"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:18.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:74.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Dry</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Bulk</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Logistics</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Containers</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:9.1pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:8.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenue</font></p></td><td style="width:18.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">298,052</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">207,634</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:72pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">12,053</font></p></td><td style="width:9.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">517,739</font></p></td><td style="width:8.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Administrative fee revenue from affiliates</font></p></td><td style="width:18.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">28,972</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(579)</font></p></td><td style="width:9.1pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">28,393</font></p></td><td style="width:8.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Interest income</font></p></td><td style="width:18.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">8,231</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">517</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">8,748</font></p></td><td style="width:8.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Interest expense and finance cost</font></p></td><td style="width:18.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(98,247)</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(39,669)</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,204)</font></p></td><td style="width:9.1pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(139,120)</font></p></td><td style="width:8.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Depreciation and amortization</font></p></td><td style="width:18.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(70,472)</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(29,307)</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(3,060)</font></p></td><td style="width:9.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(102,839)</font></p></td><td style="width:8.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Equity/ (Loss) in net earnings of affiliated companies</font></p></td><td style="width:18.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(80,205)</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.1pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(80,205)</font></p></td><td style="width:8.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Net (loss)/ income attributable to Navios Holdings common stockholders</font></p></td><td style="width:18.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(273,125)</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,380</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">27</font></p></td><td style="width:9.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(268,718)</font></p></td><td style="width:8.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total assets</font></p></td><td style="width:18.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,558,581</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">677,343</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">446,572</font></p></td><td style="width:9.1pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,682,496</font></p></td><td style="width:8.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Goodwill</font></p></td><td style="width:18.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">56,240</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">104,096</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">160,336</font></p></td><td style="width:8.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Capital expenditures</font></p></td><td style="width:18.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(25,769)</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(19,879)</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(24,763)</font></p></td><td style="width:9.1pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(70,411)</font></p></td><td style="width:8.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investment in affiliates</font></p></td><td style="width:18.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">91,111</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">91,111</font></p></td><td style="width:8.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:18.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">44,452</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">76,472</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">16,958</font></p></td><td style="width:9.1pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">137,882</font></p></td><td style="width:8.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:18.75pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">10,958</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:72pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,934</font></p></td><td style="width:9.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">12,892</font></p></td><td style="width:8.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:186.6pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, net (including current and noncurrent portion)</font></p></td><td style="width:18.75pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:30.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,063,762</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">530,186</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:72pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">222,059</font></p></td><td style="width:9.1pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,816,007</font></p></td><td style="width:8.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:1pt"><td style="width:173.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:69.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Dry</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Bulk</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Logistics</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenue</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">250,433</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">212,616</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">463,049</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Administrative fee revenue from affiliates</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">23,667</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">23,667</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Interest income</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,593</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,831</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Interest expense and finance cost</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(93,264</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(28,347</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(121,611</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Depreciation and amortization</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(77,245</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(26,867</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(104,112</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Equity/ (Loss) in net earnings of affiliated companies</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,399</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,399</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Net (loss)/ income attributable to Navios Holdings common stockholders</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(167,892</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,982</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(165,910</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total assets</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,947,777</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">682,204</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,629,981</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Goodwill</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">56,240</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">104,096</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">160,336</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Capital expenditures</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(347</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(46,521</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(46,868</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investment in affiliates</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">183,160</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">183,160</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">47,744</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">79,888</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">127,632</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, net (including current and noncurrent portion)</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,149,742</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">532,746</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,682,488</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:1pt"><td style="width:173.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:69.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Dry</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Bulk</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Logistics</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenue</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">199,446</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">220,336</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">419,782</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Administrative fee revenue from affiliates</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">21,799</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">21,799</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Interest income</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,132</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">815</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,947</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Interest expense and finance cost</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(89,399</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(24,240</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(113,639</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Depreciation and amortization</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(87,197</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(26,628</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(113,825</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Equity/ (Loss) in net earnings of affiliated companies</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(202,779</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(202,779</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Net (loss)/ income attributable to Navios Holdings common stockholders</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(310,306</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,483</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(303,823</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total assets</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,083,526</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">669,369</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,752,895</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Goodwill</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">56,240</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">104,096</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">160,336</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Capital expenditures</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(60,420</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(91,173</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(151,593</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investment in affiliates</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">160,071</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">160,071</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">70,810</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">65,182</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">135,992</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,486</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,900</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,386</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:173.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, net (including current and noncurrent portion)</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:28.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,223,146</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">427,949</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,651,095</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of December 31, 2018, Navios Containers&#8217; negative working capital position amounted to $22,974.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 affiliates), Logistics Business and Containers Business revenue are allocated on the basis of the geographic region in which the customer is located. Dry bulk vessels and container 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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenues from specific geographic regions which contribute over 10% of revenue are disclosed separately.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Revenue by Geographic Region</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:1pt"><td style="width:207.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_edb3474e89ec44ac8a15283c4c9ded05"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:207.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">North America</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,248</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,513</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,218</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:207.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Europe</font></p></td><td style="width:20.2pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">142,688</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">124,857</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">109,267</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:207.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Asia</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">135,614</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">91,552</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">73,073</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:207.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">South America</font></p></td><td style="width:20.2pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">208,751</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">212,616</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">220,336</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:207.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Other</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">26,438</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">28,511</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">10,888</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:207.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:20.2pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:33.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">517,739</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">463,049</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">419,782</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:13.2pt; margin-bottom:0pt; font-size:12pt"><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 $933,784 and $1,278,447 at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and 2017, 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 $556,713 and $563,887 at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and 2017, respectively. The total net book value of long-lived assets for the Containers Business amounted to $399,979.</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:1pt"><td style="width:152.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:74.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:74.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:74.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Numerator:</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Net loss attributable to Navios Holdings common stockholders</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (268,718)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(165,910</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(303,823</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Less:</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Declared and undeclared dividend on preferred stock and on unvested restricted shares</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (10,241)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(10,421</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(15,909</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Plus:</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Tender Offer &#8211; Redemption of preferred stock Series G and H including $972 and $5,063 of undeclared preferred dividend cancelled for the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016, respectively</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</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'"> </font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,033</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">46,627</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loss attributable to Navios Holdings common stockholders, basic and diluted</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (278,959)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(175,298</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(273,105</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Denominator:</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">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:17.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 11,958,959 </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">11,667,346</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">10,736,678</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Basic and diluted net loss per share attributable to Navios Holdings stockholders</font></p></td><td style="width:17.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (23.33)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(15.02</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font></p></td><td style="width:17.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(25.44</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</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:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 20: LOSS PER COMMON SHARE</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">On December 21, 2018 the Company&#8217;s common stockholders approved a one-for-ten reverse stock split of the Company&apos;s outstanding shares of common stock. Following the effectiveness of the reverse stock split, as of January 3, 2019, any historical per share information has been adjusted reflect the Reverse Stock Split.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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, 2017, 503,316 potential common shares and 456,684 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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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, 2016, 341,127 potential common shares and 593,500 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:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:1pt"><td style="width:152.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_6e7cc88d480847588cdb1f412ea031f3"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:17.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:74.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:74.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:74.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Numerator:</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Net loss attributable to Navios Holdings common stockholders</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (268,718)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(165,910</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(303,823</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Less:</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Declared and undeclared dividend on preferred stock and on unvested restricted shares</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (10,241)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(10,421</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(15,909</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Plus:</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Tender Offer &#8211; Redemption of preferred stock Series G and H including $972 and $5,063 of undeclared preferred dividend cancelled for the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016, respectively</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</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'"> </font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,033</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">46,627</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loss attributable to Navios Holdings common stockholders, basic and diluted</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (278,959)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(175,298</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(273,105</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Denominator:</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">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:17.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 11,958,959 </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">11,667,346</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">10,736,678</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:152.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Basic and diluted net loss per share attributable to Navios Holdings stockholders</font></p></td><td style="width:17.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (23.33)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(15.02</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font></p></td><td style="width:17.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(25.44</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font></p></td></tr></table></div><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 21: INCOME TAXES</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 which have been included in direct vessel expenses in the accompanying consolidated statements of comprehensive (loss)/income.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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. The 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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 against any tax, duty, charge or contribution payable on income from the exploitation of the foreign flagged vessel.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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:0pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The income tax benefit / (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, 2018, 2017 and 2016 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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">CNSA and Corporacion Navios Granos S.A. are located in a tax free zone and are not liable to income tax. Navios Logistics&#8217; operations in Uruguay are exempted from income taxes.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">As a result of the tax reforms voted by the Argentinean Parliament in December 2017, the corporate income tax rate </font><font style="font-family:'Times New Roman'">has decreased from 35% in 2017 to 30% for the years 2018 and 2019 and will further decrease to 25% from 2020 onwards</font><font style="font-family:'Times New Roman'">. 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, until the fiscal year 2018 inclusive, local companies in Argentina had to calculate an assets tax, the Minimum Presumed Income Tax, applying the effective tax rate of 1% 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 will no longer apply as of the fiscal year 2019.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 3.0% for the year ended December 31, 2018 (5.0% for both 2017 and 2016, respectively). As a result of the tax reform voted by the Argentinean Parliament in December 2017, this rate will be reduced as of January 2019, from 3.0% to 2.0%.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">There are 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. 50% of revenues derived from international freights are considered Paraguayan sourced (and therefore taxed) if carried between Paraguay and Argentina, Bolivia, Brazil or Uruguay. Alternatively, only 30% of revenues derived from international freights are considered Paraguayan sourced. Companies whose operations are considered international freights can 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, are neither deducted nor carried forward.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The corporate income tax rate in Brazil and Paraguay is 34% and 10%, respectively, for the year ended December 31, 2018.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">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, 2018 and 2017, relate primarily to deferred tax liabilities on acquired intangible assets recognized in connection with Navios Logistics.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">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 2015 and onwards. Argentinean companies have open tax years ranging from 2011 and onwards and Paraguayan and Brazilian companies have open tax years ranging from 2013 and onwards. In relation to these open tax years, the Company believes that there are no material uncertain tax positions.</font></p></div> <div class="Section1"><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 22: OTHER INCOME &#8211; OTHER EXPENSE</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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, 2018, 2017 and 2016, taxes other-than-income taxes of Navios Logistics amounted to $7,056, $9,018, and $9,740, respectively, and were included in the statements of comprehensive (loss)/income within the caption &#8220;Other expense&#8221;.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">In March 2016, the Company agreed with a charterer for the early redelivery of one of its vessels in exchange for $13,000 in cash and settlement of outstanding claims payable to the charterer amounting to $1,871. The total amount of $14,871 was included in the statement of comprehensive (loss)/income within the caption &#8220;Other income&#8221;.</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:540.1pt; border-collapse:collapse"><tr style="height:9.9pt"><td style="width:193.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:23.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="24" style="width:318.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value Measurements as of 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, 2018</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:39.6pt"><td style="width:193.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:23.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:44.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td colspan="3" style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:72.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Quoted</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Prices</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">in</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Active</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Markets</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">for</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Identical</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Assets</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level I)</font></p></td><td colspan="2" style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:23.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:60.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Significant</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Other</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Observable</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level II)</font></p></td><td colspan="2" style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:23.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Significant</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Unobservable</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">III)</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:193.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessels, port terminals and other fixed assets, net</font></p></td><td colspan="2" style="width:23.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td colspan="2" style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:36pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100,250</font></p></td><td colspan="3" style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:23.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:25.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:34.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100,250</font></p></td><td colspan="2" style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:23.7pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:198.3pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investments in affiliates</font></p></td><td colspan="2" style="width:20.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:36.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">29,328</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:17.1pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td colspan="2" style="width:36.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">29,328</font></p></td><td colspan="2" style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:24.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:25.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:193.1pt"></td><td style="width:5.2pt"></td><td style="width:18.4pt"></td><td style="width:1.85pt"></td><td style="width:6.45pt"></td><td style="width:36pt"></td><td style="width:0.65pt"></td><td style="width:4.5pt"></td><td style="width:8.35pt"></td><td style="width:8.75pt"></td><td style="width:32.9pt"></td><td style="width:3.2pt"></td><td style="width:33.5pt"></td><td style="width:2.55pt"></td><td style="width:1.95pt"></td><td style="width:2.55pt"></td><td style="width:22.35pt"></td><td style="width:1.35pt"></td><td style="width:24.2pt"></td><td style="width:1.7pt"></td><td style="width:34.4pt"></td><td style="width:3.1pt"></td><td style="width:1.4pt"></td><td style="width:3.1pt"></td><td style="width:20.6pt"></td><td style="width:24.05pt"></td><td style="width:39.3pt"></td><td style="width:4.65pt"></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:540.1pt; border-collapse:collapse"><tr style="height:9.9pt"><td style="width:193.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="14" style="width:318.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value Measurements as of 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, 2017</font></p></td></tr><tr style="height:39.6pt"><td style="width:193.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:38.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:72.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Quoted</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Prices</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">in</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Active</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Markets</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">for</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Identical</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Assets</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level I)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Significant</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Other</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Observable</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level II)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Significant</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Unobservable</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">III)</font></p></td></tr><tr style="height:24.75pt"><td style="width:193.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessels, port terminals and other fixed assets, net</font></p></td><td style="width:23.7pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">16,500</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.7pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">16,500</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.7pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:9.9pt"><td style="width:209.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="14" style="width:271.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value Measurements 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, 2018</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:9.9pt"><td style="width:209.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:55.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level I)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:50.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level II)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:57.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">III)</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 137,882 </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 137,882 </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 12,892 </font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 12,892 </font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investments in available-for-sale-securities</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 192 </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 192 </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan receivable from affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 46,089 </font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">46,089</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Senior and ship mortgage notes</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (966,402)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (966,402)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, including current portion</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(1)</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (549,078)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(549,078)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term payable to affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(67,154)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(67,154)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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 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:209.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:9.9pt"><td style="width:209.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="14" style="width:271.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value Measurements 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, 2017</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:9.9pt"><td style="width:209.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:55.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level I)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:50.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level II)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:57.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">III)</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">127,632</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">127,632</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investments in available-for-sale-securities</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan receivable from affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">30,112</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">30,112</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Senior and ship mortgage notes</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,181,838</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,181,838</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, including current portion</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(1)</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(389,332</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(389,332</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term payable to affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(76,872</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(76,872</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; text-align:left"><tr style="height:37.1pt"><td style="width:21.6pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">(1)</font></p></td><td style="width:518.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">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:37.1pt"><td style="width:21.6pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">(2)</font></p></td><td style="width:518.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The fair value of the Company&#8217;s loan receivable from affiliate companies and long-term 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: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:13.2pt; margin-bottom:0pt; font-size:12pt"><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; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair value of financial instruments</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; font-size:12pt"><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:47.3pt; font-size:12pt"><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:47.3pt; font-size:12pt"><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:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Borrowings:</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 finance costs. The 2019 Notes, the 2022 Notes, the 2022 Logistics Senior Notes, the 2022 Senior Secured Notes and two Navios Logistics&#8217; loans are fixed rate borrowings and their fair value was determined based on quoted market prices.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Loan receivable 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:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Investments 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 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:0pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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'">&#160; 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:47.3pt; font-size:12pt"><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; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:540.4pt; border-collapse:collapse; text-align:left"><tr style="height:1pt"><td style="width:231.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:50.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:18.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_bbbf495f0d454fc7a608ff1_1_0_9_16"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="6" style="width:143.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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, 2018</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="7" style="width:138.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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, 2017</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:64.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Book</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:64.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Book</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:58.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Value</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 137,882 </font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 137,882 </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">127,632</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:46.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">127,632</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 12,892 </font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 12,892 </font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:46.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investments in available-for-sale-securities</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 192 </font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 192 </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:46.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan receivable from affiliate companies</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 46,089 </font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 46,089 </font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">30,112</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:46.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">30,112</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Senior and ship mortgage notes, net</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,272,108)</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (966,402)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,301,999</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:46.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,181,838</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, including current portion</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (543,899)</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (549,078)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(380,489</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:46.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(389,332</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:231.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term payable to affiliate companies</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(67,154) </font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(67,154)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(76,872</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:46.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(76,872</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:231.5pt"></td><td style="width:6pt"></td><td style="width:14.5pt"></td><td style="width:50.2pt"></td><td style="width:7.9pt"></td><td style="width:7.9pt"></td><td style="width:18.8pt"></td><td style="width:44.45pt"></td><td style="width:7.8pt"></td><td style="width:4.4pt"></td><td style="width:20.35pt"></td><td style="width:44.35pt"></td><td style="width:7.9pt"></td><td style="width:7.9pt"></td><td style="width:12.05pt"></td><td style="width:6.75pt"></td><td style="width:39.35pt"></td><td style="width:8.3pt"></td></tr></table><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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></p><table cellspacing="0" cellpadding="0" style="width:540.3pt; border-collapse:collapse; text-align:left"><tr style="height:3.3pt"><td style="width:218.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:9.9pt"><td style="width:218.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_45f532e80efc42e68f461ee7cbf32b4e"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="14" style="width:297.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value Measurements as of 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, 2018</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:39.6pt"><td style="width:218.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Quoted</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Prices</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">in</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Active</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Markets</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">for</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Identical</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Assets</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level I)</font></p></td><td style="width:3.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Significant</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Other</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Observable</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level II)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:64.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Significant</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Unobservable</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">III)</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.05pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investments in available-for-sale-securities</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:16pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">192</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:32.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">192</font></p></td><td style="width:3.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:40.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:16pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">192</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:32.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">192</font></p></td><td style="width:3.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#8212;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#8212;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr></table><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; text-align:left"><tr style="height:3.3pt"><td style="width:218.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:9.9pt"><td style="width:218.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="14" style="width:297.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value Measurements as of 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, 2017</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:39.6pt"><td style="width:218.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Quoted</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Prices</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">in</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Active</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Markets</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">for</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Identical</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Assets</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level I)</font></p></td><td style="width:3.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Significant</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Other</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Observable</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level II)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Significant</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Unobservable</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">III)</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.05pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investments in available-for-sale-securities</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:16pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:32.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:3.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:40.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:40.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:16pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">238</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">238</font></p></td><td style="width:3.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#8212;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#8212;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr></table><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company&#8217;s assets measured at fair value on a non-recurring basis were:</font></p><table cellspacing="0" cellpadding="0" style="width:540.1pt; border-collapse:collapse; text-align:left"><tr style="height:9.9pt"><td style="width:193.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:23.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="24" style="width:318.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value Measurements as of 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, 2018</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:39.6pt"><td style="width:193.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:23.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:44.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td colspan="3" style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:72.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Quoted</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Prices</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">in</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Active</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Markets</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">for</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Identical</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Assets</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level I)</font></p></td><td colspan="2" style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:23.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:60.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Significant</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Other</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Observable</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level II)</font></p></td><td colspan="2" style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:23.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Significant</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Unobservable</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">III)</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:193.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessels, port terminals and other fixed assets, net</font></p></td><td colspan="2" style="width:23.6pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td colspan="2" style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:36pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100,250</font></p></td><td colspan="3" style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:23.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:25.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:34.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100,250</font></p></td><td colspan="2" style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:23.7pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:198.3pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investments in affiliates</font></p></td><td colspan="2" style="width:20.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:36.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">29,328</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:17.1pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td colspan="2" style="width:36.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">29,328</font></p></td><td colspan="2" style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:24.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:25.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.6pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:193.1pt"></td><td style="width:5.2pt"></td><td style="width:18.4pt"></td><td style="width:1.85pt"></td><td style="width:6.45pt"></td><td style="width:36pt"></td><td style="width:0.65pt"></td><td style="width:4.5pt"></td><td style="width:8.35pt"></td><td style="width:8.75pt"></td><td style="width:32.9pt"></td><td style="width:3.2pt"></td><td style="width:33.5pt"></td><td style="width:2.55pt"></td><td style="width:1.95pt"></td><td style="width:2.55pt"></td><td style="width:22.35pt"></td><td style="width:1.35pt"></td><td style="width:24.2pt"></td><td style="width:1.7pt"></td><td style="width:34.4pt"></td><td style="width:3.1pt"></td><td style="width:1.4pt"></td><td style="width:3.1pt"></td><td style="width:20.6pt"></td><td style="width:24.05pt"></td><td style="width:39.3pt"></td><td style="width:4.65pt"></td></tr></table><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company recorded an impairment loss of $179,186 during the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 for four of its vessels, thus reducing vessels&#8217; net book value to $100,250, as at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company recorded an OTTI loss of $55,524 on its investment in Navios Partners during the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, thus reducing its total carrying value to $29,328 as at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:540.1pt; border-collapse:collapse; text-align:left"><tr style="height:9.9pt"><td style="width:193.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="14" style="width:318.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value Measurements as of 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, 2017</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:39.6pt"><td style="width:193.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:38.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:72.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Quoted</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Prices</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">in</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Active</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Markets</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">for</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Identical</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Assets</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level I)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Significant</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Other</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Observable</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level II)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Significant</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Unobservable</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">III)</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:193.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessels, port terminals and other fixed assets, net</font></p></td><td style="width:23.7pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">16,500</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.7pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">16,500</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.7pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company recorded an impairment loss of $32,930 during the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017 for one of its vessels, thus reducing vessel&#8217;s net book value to $16,500, as at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value Measurements</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The estimated 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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Level II: Inputs 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:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Level III: Inputs that are unobservable.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; 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:9.9pt"><td style="width:209.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_22a35f6b7ac44ccca6524efe7cf7dc13"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="14" style="width:271.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value Measurements 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, 2018</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:9.9pt"><td style="width:209.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:55.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level I)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:50.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level II)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:57.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">III)</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 137,882 </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 137,882 </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 12,892 </font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 12,892 </font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investments in available-for-sale-securities</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 192 </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 192 </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan receivable from affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 46,089 </font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">46,089</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Senior and ship mortgage notes</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (966,402)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (966,402)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, including current portion</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(1)</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (549,078)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(549,078)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term payable to affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(67,154)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(67,154)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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 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:209.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:44.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:9.9pt"><td style="width:209.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="14" style="width:271.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value Measurements 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, 2017</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:9.9pt"><td style="width:209.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:55.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level I)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:50.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level II)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:57.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">III)</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">127,632</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">127,632</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investments in available-for-sale-securities</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan receivable from affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">30,112</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">30,112</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Senior and ship mortgage notes</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,181,838</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,181,838</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, including current portion</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(1)</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(389,332</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(389,332</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:209.95pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term payable to affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(76,872</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(76,872</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; text-align:left"><tr style="height:37.1pt"><td style="width:21.6pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">(1)</font></p></td><td style="width:518.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">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:37.1pt"><td style="width:21.6pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">(2)</font></p></td><td style="width:518.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The fair value of the Company&#8217;s loan receivable from affiliate companies and long-term 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:0pt; margin-bottom:0pt; font-size:8pt"><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:239.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:239.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">131,432</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">127,625</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,450</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">7</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:239.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:23.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">12,892</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:239.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">150,774</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">134,190</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:239.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:19.8pt; margin-bottom:0pt; font-size:12pt"><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:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents and restricted cash consisted of the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:239.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_003a3e7503384f079079ee17f13d6bf9"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:239.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">131,432</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">127,625</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,450</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">7</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:239.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:23.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">12,892</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:239.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">150,774</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">134,190</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:239.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:33.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Short-term 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.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Cash deposits 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.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">See also Note 2(e).</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:231.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:15.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.7pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:231.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:231.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Accounts receivable</font></p></td><td style="width:25.8pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:15.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:40.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 76,376 </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.8pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:17.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:37.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">80,037</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:231.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Less: provision for doubtful receivables</font></p></td><td style="width:25.8pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:15.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (16,086)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.8pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:17.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(19,706)</font></p></td><td style="width:8.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:231.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accounts receivable, net</font></p></td><td style="width:25.8pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:15.2pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.45pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;</font><font style="font-family:'Times New Roman'; font-weight:bold">60,290 </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:25.8pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:17.7pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:37.95pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">60,331</font></p></td><td style="width:8.05pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:231.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:15.2pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.45pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.7pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.95pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.05pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 5: ACCOUNTS RECEIVABLE, NET</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Accounts receivable consisted of the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:231.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_af7fc62fbe234ebe9b9d790b96b28f53"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:25.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:15.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.7pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:231.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:231.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Accounts receivable</font></p></td><td style="width:25.8pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:15.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:40.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 76,376 </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.8pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:17.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:37.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">80,037</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:231.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Less: provision for doubtful receivables</font></p></td><td style="width:25.8pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:15.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (16,086)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.8pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:17.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(19,706)</font></p></td><td style="width:8.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:231.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accounts receivable, net</font></p></td><td style="width:25.8pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:15.2pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.45pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;</font><font style="font-family:'Times New Roman'; font-weight:bold">60,290 </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:25.8pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:17.7pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:37.95pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">60,331</font></p></td><td style="width:8.05pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:231.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:15.2pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.45pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:25.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.7pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.95pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.05pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Changes to the provisions for doubtful accounts are summarized as follows:</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:218.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:26.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:29.7pt"><td style="width:218.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><a name="DM_MAP_55218f426e4b41ed8765511_1_0_4_16"><font style="font-family:'Times New Roman'; font-weight:bold">Allowance for doubtful receivables</font></a></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Beginning</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Charges</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">to</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Costs and</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Expenses</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Utilized</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">End of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><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, 2016</font></p></td><td style="width:12.65pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:22.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:31.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(18,278</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:19.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:26.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,304</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">145</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:31.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(19,437</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.65pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017</font></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:31.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(19,437</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:19.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:26.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(269</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:31.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(19,706</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018</font></p></td><td style="width:12.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:31.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(19,706</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:19.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:26.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(575</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,195</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.65pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:31.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(16,086</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 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, 2018, two customers accounted for 12.8% and 11.4%, respectively, of the Company&#8217;s revenue and are the same customers who accounted for 14.7% and 13.1%, respectively, of the Company&#8217;s revenue in the year ended December 31, 2016. For the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, no customers accounted for more than 10% 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, 2016, two customers accounted for 14.7% and 13.1%, respectively, of the Company&#8217;s revenue.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#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:242.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:242.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">9,261</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">8,022</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Claims receivable</font></p></td><td style="width:27.1pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">22,224</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">12,307</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Prepaid other taxes</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,682</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,520</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Advances for working capital purposes</font></p></td><td style="width:27.1pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">18</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">18</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Other</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,005</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,516</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total prepaid expenses and other current assets</font></p></td><td style="width:27.1pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">40,190</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">27,383</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:242.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:19.8pt; margin-bottom:0pt; font-size:12pt"><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:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Prepaid expenses and other current assets consisted of the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:242.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_47c257e469ac4d52a322d4439bb8178b"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:242.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">9,261</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">8,022</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Claims receivable</font></p></td><td style="width:27.1pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">22,224</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">12,307</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Prepaid other taxes</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,682</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,520</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Advances for working capital purposes</font></p></td><td style="width:27.1pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">18</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">18</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Other</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,005</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,516</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total prepaid expenses and other current assets</font></p></td><td style="width:27.1pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">40,190</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">27,383</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:242.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Claims receivable mainly represents claims against vessels&#8217; insurance underwriters in respect of damages arising from 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><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of December 31, 2018, claims receivable include an insurance claim of $11,571 related to the fire incident at the iron ore port terminal in Nueva Palmira, Uruguay.</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:242.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:242.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Payroll</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:35.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 15,264 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">18,889</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.65pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Accrued interest</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 40,903 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">32,555</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Accrued voyage expenses</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 3,643 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,843</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.65pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Accrued running costs</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 42,212 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">23,812</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:7.65pt"><td style="width:242.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Provision for estimated losses on vessels under time charter</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 1,604 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,631</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.65pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Audit fees and related services</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 292 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">364</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Accrued taxes</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 6,268 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,376</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.65pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Professional fees</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 1,251 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,236</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Other accrued expenses</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 12,215 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,153</font></p></td><td style="width:4.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total accrued expenses</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.55pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:35.75pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">123,652</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">94,859</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"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:242.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.65pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#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:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 10: ACCRUED EXPENSES AND OTHER LIABILITIES</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:18.7pt; font-size:12pt"><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, 2018 and 2017 consisted of the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:242.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_f6aa40b8e11c4bd2b287e07bf58246ce"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:27pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:242.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Payroll</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:35.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 15,264 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">18,889</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.65pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Accrued interest</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 40,903 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">32,555</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Accrued voyage expenses</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 3,643 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,843</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.65pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Accrued running costs</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 42,212 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">23,812</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:7.65pt"><td style="width:242.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Provision for estimated losses on vessels under time charter</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 1,604 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,631</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.65pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Audit fees and related services</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 292 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">364</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Accrued taxes</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 6,268 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,376</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.65pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Professional fees</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 1,251 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,236</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Other accrued expenses</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:16.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 12,215 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">4,153</font></p></td><td style="width:4.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total accrued expenses</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:16.55pt; 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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:35.75pt; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">123,652</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><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'">&#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:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; 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:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">94,859</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"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:242.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.55pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.75pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:28.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.65pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(r)&#160; Revenue and Expense Recognition:</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Revenue Recognition:</font><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, 2018, the Company adopted the provisions of</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'; font-style:italic">ASC 606,</font><font style="font-family:'Times New Roman'; font-style:italic">&#xa0;</font><font style="font-family:'Times New Roman'; font-style:italic">Revenue from Contracts with Customers</font><font style="font-family:'Times New Roman'; font-style:italic">&#xa0;</font><font style="font-family:'Times New Roman'">(ASC 606). The guidance provides a unified model to determine how revenue is recognized. In doing so, the Company makes judgments including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each performance obligation. 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. 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)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">identification of the promised goods or services in the contract; (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">measurement of the transaction price, including the constraint on variable consideration; (iv)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">allocation of the transaction price to the performance obligations based on estimated selling prices; and (v)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">recognition of revenue when (or as) the Company satisfies each performance obligation.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company&#8217;s contract revenues from time chartering and pooling arrangements are governed by ASC</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">840 &#8220;Leases&#8221;. Upon adoption of ASC 606, the timing and recognition of earnings from the pool arrangements and time charter contracts to which the Company is party did not change from previous practice. 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. As a result of the adoption of these standards, there was no effect on the Company&#8217;s opening retained earnings, consolidated balance sheets and consolidated statements of comprehensive (loss)/income.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenue is recorded when services are rendered, the Company has a signed charter agreement or other evidence of an arrangement, the price is fixed or determinable, and collection is reasonably assured. The Company generates revenue from transportation of cargo, time charter of vessels, port terminal operations, bareboat charters, contracts of affreightment/voyage contracts, demurrages and contracts covering dry or liquid port terminal operations.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenues 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 estimated 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Upon adoption of ASC 606, the Company is recognizing 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. The adoption of this standard had no material effect on the Company&#8217;s opening retained earnings, consolidated balance sheets and consolidated statements of comprehensive (loss)/income.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenues earned under contracts of affreightment (&#8220;COA&#8221;)/voyage contracts within the Dry Bulk Vessel Operations, amounted to $19,121, $38,273 and $29,857 for the years ended December 31, 2018, 2017 and 2016, respectively. Revenues earned under contracts of affreightment (&#8220;COA&#8221;)/voyage contracts within the Logistics business, amounted to $35,623, $42,455 and $62,603 for the years ended December 31, 2018, 2017 and 2016, respectively.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 determined. 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. Revenues from time chartering of vessels in the Dry Bulk Vessel Operations amounted to $278,591, $199,945 and $153,858 for the years ended December 31, 2018, 2017 and 2016, respectively. Revenues from time chartering and bareboat chartering of vessels and barges in the Logistics business amounted to $72,689, $84,063 and $153,858 for the years ended December 31, 2018, 2017 and 2016, respectively. Revenues from time chartering and bareboat chartering of vessels in the Containers business amounted to $12,053 for the period from November 30, 2018 (date of obtaining control) to December 31, 2018.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 determined 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. Revenue for vessels operating in pooling arrangements in the Dry Bulk Vessel Operations amounted to $0, $8,025 and $15,007 for the years ended December 31, 2018, 2017 and 2016, respectively.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Profit-sharing revenues are calculated at an agreed percentage of the excess of the charterer&#8217;s average daily income (calculated on a quarterly or half-yearly basis) or the Baltic Dry Index over an agreed amount and accounted for on an accrual basis based on provisional amounts and for those contracts that provisional accruals cannot be made due to the nature of the profit sharing elements, these are accounted for on the actual cash settlement. Profit sharing results from the Dry Bulk Vessel Operations for the years ended December 31, 2018, 2017 and 2016 amounted to $(52), $3,205 and $(2,530), respectively.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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. Revenues from port terminal operations of the Logistics business amounted to $58,552, $43,984 and $29,056 for the years ended December 31, 2018, 2017 and 2016, respectively. Revenues from storage fees (dry port) of the Logistics business amounted to $882, $1,974 and $446 for the years ended December 31, 2018, 2017 and 2016, respectively. Dockage revenues from the Logistics business in the dry port terminal operations amounted to $3,136, $4,497 and $3,373 for the years ended December 31, 2018, 2017 and 2016, respectively.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenues from liquid port terminal operations consist mainly of sales of petroleum products in the Paraguayan market and revenues from liquid port operations. 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. Revenues from sale of products by the Logistics business amounted to $32,508, $32,572 and $30,118 for the years ended December 31, 2018, 2017 and 2016, respectively. Revenues from liquid port terminal operations from the Logistics business amounted to $3,739, $2,841 and $3,059 for the years ended December 31, 2018, 2017 and 2016, respectively.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 into 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:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Expenses related to our revenue-generating contracts are recognized as incurred.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Administrative fee revenue from affiliates:</font><font style="font-family:'Times New Roman'"> Administrative fee revenue from affiliates consists of fees earned on the provision of administrative services pursuant to administrative services agreements with our affiliates (Refer to Note 16). Administrative services include: 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 are recognized as the services are provided to affiliates.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The general and administrative expenses incurred on behalf of affiliates are determined based on a combination of actual expenses incurred on behalf of the affiliates as well as a reasonable allocation of expenses that are not affiliate specific but incurred on behalf of all affiliates.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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, provision for 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 right of use asset will be adjusted for the carrying amount of the liability regarding the provision for losses on time charters and voyages in progress on that date.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Direct Vessel Expenses:</font><font style="font-family:'Times New Roman'"> Direct vessel expenses consist 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.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:526.95pt; border-collapse:collapse"><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair value of Navios Containers&#8217; outstanding shares:</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Fair value of Navios Holdings&#8217; interest (3.7%)</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,269</font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Fair value of noncontrolling interest (96.3%)</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'">165,474</font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total fair value of Navios Containers&#8217; outstanding shares</font></p></td><td style="width:10.95pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:78.2pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160; 171,743 </font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair value of Navios Containers&#8217; assets and liabilities:</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Current assets (including cash and restricted cash of $24,400)</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">27,705 </font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessels</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">376,133 </font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Favorable lease terms</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 31,342 </font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long term receivable from affiliate companies</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160; 7,313 </font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Other long term assets</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,099 </font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long term debt assumed (including current portion)</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(199,000)</font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Current liabilities</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(14,727)</font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair value of Navios Containers&#8217; net assets</font></p></td><td style="width:10.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:78.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160; 229,865 </font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Bargain gain upon obtaining control</font></p></td><td style="width:10.95pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:78.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160; 58,122 </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:529.4pt; border-collapse:collapse"><tr style="height:25.5pt"><td style="width:95.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:225.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:86.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Weighted Average Amortization (years)</font></p></td><td colspan="2" style="width:79.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amortization</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">per Year</font></p></td></tr><tr style="height:15pt"><td style="width:95.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Favorable lease terms</font></p></td><td style="width:225.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:86.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1.4</font></p></td><td style="width:5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:63.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(22,391)</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:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 3: CONSOLIDATION OF NAVIOS CONTAINERS</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Maritime Containers Inc.</font><font style="font-family:'Times New Roman'"> was incorporated in the Republic of the Marshall Islands on April 28, 2017</font><font style="font-family:'Times New Roman'"> (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 and holds a non-economic interest that does not provide the holder with any rights to profits or losses of, or distribution by, the partnership. </font><font style="font-family:'Times New Roman'; background-color:#ffffff">As a result of holding the general partner interest, control was obtained by Navios Holdings due to the fact that the general partner has exclusive management authority over Navios Containers&#8217; operations, controls the appointment of three of the seven members of Navios Containers&#8217; board of directors and has veto rights over certain significant actions of Navios Containers. The limited partners may not remove the general partner without the affirmative vote of at least 75% of the outstanding units (including units held by the general partner and its affiliates), voting as a single class. In addition, limited partners have no right to participate in the operation, management or control of Navios Containers&#8217; business or transact any business in Navios Containers&#8217; name. The general partner has the power to oversee and direct the partnership&apos;s operations and to manage and determine the partnership&apos;s strategies and policies on an exclusive basis and therefore, has the power to govern the financial and operating policies of Navios Containers. </font><font style="font-family:'Times New Roman'">As of that date, the results of operations of Navios Containers are consolidated under Navios Holdings.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Containers accounted for the control obtained as a business combination which resulted in the application of the &#8220;acquisition method&#8221;, as defined under ASC 805 Business Combinations, as well as the recalculation of Navios Holdings&apos; equity interest 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 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 30, 2018 was determined by using the closing share price of $4.96, as of that date.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of November 30, 2018, Navios Holdings&#8217; interest in Navios Containers with a carrying value of $6,078 was remeasured to fair value of $6,269, resulting in a gain on obtaining control in the amount of $191 and is presented within &quot;Bargain gain upon obtaining control&quot; in the consolidated statements of comprehensive (loss)/income.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The results of operations of Navios Containers are 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 30, 2018.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">If the acquisition had been consummated as of April 28, 2017 (date of inception), Navios Holdings&#8217; pro-forma revenues and net loss for the year ended December 31, 2018 would have been $639,607 and $(313,971), respectively, and for the year ended December 31, 2017 would have been $502,237 and $(107,210), respectively. These pro-forma results include non-recurring items directly related to the business acquisition as follows: (a) the gain on obtaining control in the amount of $191 and (b) the bargain gain upon obtaining control in the amount of $58,122. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The unaudited pro forma results are for comparative purposes only and do not purport to be indicative of the results that would have actually been obtained if the control was obtained at the date of inception. The Navios Containers consolidation contributed revenues of $12,053 and net income of $752 to Navios Holdings for the year ended December 31, 2018.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><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 30, 2018:</font></p><p style="margin-top:14pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:526.95pt; border-collapse:collapse"><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_e39bb1f63e92444e807a3f7200db84e2"><font style="font-family:'Times New Roman'; font-weight:bold">Fair value of Navios Containers&#8217; outstanding shares:</font></a></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Fair value of Navios Holdings&#8217; interest (3.7%)</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,269</font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Fair value of noncontrolling interest (96.3%)</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'">165,474</font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total fair value of Navios Containers&#8217; outstanding shares</font></p></td><td style="width:10.95pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:78.2pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160; 171,743 </font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair value of Navios Containers&#8217; assets and liabilities:</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Current assets (including cash and restricted cash of $24,400)</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">27,705 </font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessels</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">376,133 </font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Favorable lease terms</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 31,342 </font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long term receivable from affiliate companies</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160; 7,313 </font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Other long term assets</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,099 </font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long term debt assumed (including current portion)</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(199,000)</font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Current liabilities</font></p></td><td style="width:10.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:78.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(14,727)</font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair value of Navios Containers&#8217; net assets</font></p></td><td style="width:10.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:78.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160; 229,865 </font></p></td></tr><tr style="height:1.8pt"><td style="width:405.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Bargain gain upon obtaining control</font></p></td><td style="width:10.95pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:78.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#160;&#160;&#160; 58,122 </font></p></td></tr></table><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">The intangible assets listed below as determined at the date of obtaining control are amortized under the straight line method over the period indicated below:</font></p><table cellspacing="0" cellpadding="0" style="width:529.4pt; border-collapse:collapse"><tr style="height:25.5pt"><td style="width:95.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_0561ef2c218d4742a8288e965500d30e"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:225.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:86.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Weighted Average Amortization (years)</font></p></td><td colspan="2" style="width:79.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amortization</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">per Year</font></p></td></tr><tr style="height:15pt"><td style="width:95.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Favorable lease terms</font></p></td><td style="width:225.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:86.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1.4</font></p></td><td style="width:5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:63.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(22,391)</font></p></td></tr></table><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(a)&#160;&#160; </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:22.5pt; margin-bottom:0pt; font-size:12pt"><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:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash</font></p><p style="margin-top:13.2pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company historically presented changes in restricted cash and cash equivalents depending on the nature of the cash flow within the consolidated statements of cash flows. During the first quarter of 2018, the Company adopted ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. The recognition and measurement guidance for restricted cash is not affected. The Company applied this guidance retrospectively to all prior periods presented in the Company&#8217;s financial statements.</font></p><p style="margin-top:13.2pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The effect of the retrospective application of this change in accounting principle on the Company&#8217;s consolidated statements of cash flows for the year ended December 31, 2017 and 2016 resulted in a decrease of cash provided by operating activities in the amount of $2,666 and an increase of cash provided by operating activities in the amount of $2,906, respectively and a decrease of cash used in financing activities in the amount of $3,839 and a decrease in cash provided by financing activities in the amount of $11,000, respectively with a corresponding change in cash and cash equivalents and restricted cash of $1,172 increase and $8,094 decrease, respectively.</font></p><p style="margin-top:13.2pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The following table provides a reconciliation of cash and cash equivalents and restricted cash to amounts reported within the consolidated balance sheets:</font></p><table cellspacing="0" cellpadding="0" style="width:522.25pt; margin-left:8.6pt; border-collapse:collapse"><tr style="height:1pt"><td rowspan="2" style="width:285.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_a65056a2251d49939011208626636031"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td rowspan="2" style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p></td><td rowspan="2" style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:54.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p></td><td rowspan="2" style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:48.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p></td></tr><tr style="height:1pt"><td colspan="2" style="width:49.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td colspan="2" style="width:54.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td colspan="2" style="width:48.15pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td></tr><tr style="height:1pt"><td style="width:285.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:12pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Reconciliation of cash and cash equivalents and restricted cash:</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:285.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:12pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Current</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">assets:</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:285.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:12pt; font-size:12pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">137,882</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">127,632</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">135,992</font></p></td></tr><tr style="height:1pt"><td style="width:285.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:12pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">12,892</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,386</font></p></td></tr><tr style="height:1pt"><td style="width:285.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:12pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total cash and cash equivalents and restricted cash</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:3.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:35.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">150,774</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:3.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">134,190</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:1.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:35.85pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">141,378</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><p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">ASC 606, Revenue from Contracts with Customers (&#8220;ASC 606&#8221;)</font></p><p style="margin-top:13.2pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">On January 1, 2018, the Company adopted the provisions of ASC 606, Revenue from Contracts with Customers. The guidance provides a unified model to determine how revenue is recognized. In doing so, the Company makes judgments including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each performance obligation. 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. 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:0pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company&#8217;s contract revenues from time chartering continue to be governed by ASC 840</font><font style="font-family:'Times New Roman'; font-style:italic"> Leases</font><font style="font-family:'Times New Roman'">. Upon adoption of ASC 606, the timing and recognition of earnings from time charter contracts to which the Company is party did not change from previous practice. See also Note 2(r).</font></p><p style="margin-top:0pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Reverse Stock Split</font></p><p style="margin-top:13.2pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">On December 21, 2018, the Company&apos;s common stockholders approved a one-for-ten reverse stock split of the Company&apos;s outstanding shares of common stock (the &#8220;Reverse Stock Split&#8221;). The Reverse Stock Split was effective since January 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 128.4 million shares to 12.8 million shares as of December 31, 2018 and from 120.4 million shares to 12.0 million shares as of December 31, 2017. The par value of the common stock remained at $0.0001 per share. Accordingly, Common stock and Additional paid-in capital in the Company&apos;s consolidated balance sheets as of December 31, 2018 reflect a decrease and increase of $12, respectively, and as of December 31, 2017 reflect a decrease and increase of $11, respectively.</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:540.3pt; border-collapse:collapse"><tr style="height:1pt"><td style="width:74.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:105.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:38.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:76.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="10" style="width:201.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Statement of Operations</font></p></td><td style="width:4.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:74.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Company Name</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:105.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nature</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:38.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ownership</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest</font></p></td><td style="width:12.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:76.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Country</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; 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vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Navios Maritime Containers L.P.</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:105.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Holding Company</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.25pt; 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font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:74.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Hios Shipping Corporation</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:105.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:540.2pt; border-collapse:collapse"><tr style="height:1pt"><td style="width:81pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:48.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:81pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:38.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:73.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="10" style="width:204.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Statement of Operations</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:81pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Company Name</font></p></td><td style="width:1.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nature</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:38.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ownership</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:73.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Country</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Incorporation</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:61.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:81pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Ionian Shipping Corporation</font></p></td><td style="width:1.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:6.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:48.75pt; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:6.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.6pt; 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margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ownership</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest</font></p></td><td style="width:12.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:72.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Country</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Incorporation</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:65.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.6pt; 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margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:48.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Marshall</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Is.</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:56.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; 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margin-bottom:0pt; text-indent:-21.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(b)&#160; 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Based on internal forecasts and projections that take into account reasonably possible changes in our trading performance, management believes that the Company has adequate financial resources to continue in operation and meet its financial commitments, including but not limited to capital expenditures and debt service obligations, for a period of at least twelve months from the date of issuance of these consolidated financial statements. Accordingly, the Company continues to adopt the going concern basis in preparing its financial statements.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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, which are 63.8% and 3.7% owned by Navios Holdings, respectively.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Investments in Affiliates:</font><font style="font-family:'Times New Roman'"> Affiliates 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 at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliates, provided that the issuance of shares qualifies as a sale of shares. 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:74.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Navios International Inc.</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:105.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.45pt; 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vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:81pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:38.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:73.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="10" style="width:204.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Statement of Operations</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:81pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Company Name</font></p></td><td style="width:1.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nature</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:38.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ownership</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:73.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Country</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Incorporation</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:61.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:81pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Ionian Shipping Corporation</font></p></td><td style="width:1.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:6.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:48.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Marshall</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Is.</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:81pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Kypros Shipping Corporation</font></p></td><td style="width:1.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:48.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">- 12/31</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">- 12/31</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">- 12/31</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:81pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Meridian Shipping Enterprises Inc.</font></p></td><td style="width:1.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Vessel</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Owning</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Company</font></p></td><td style="width:6.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:48.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">- 12/31</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">- 12/31</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52.3pt; 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:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.5pt; vertical-align:bottom"><p style="margin-top:0pt; 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font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:6.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.8pt; 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vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:38.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:72.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="10" style="width:207.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Statement of Operations</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:74.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Company Name</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nature</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:38.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ownership</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest</font></p></td><td style="width:12.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:72.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Country</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Incorporation</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:65.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:74.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Highbird Management Inc.</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:74.6pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Rider Shipmanagement Inc.</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:48.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:56.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">12/4</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:74.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Talia Shiptrade S.A.</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:48.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:56.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">10/11</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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; font-size:12pt"><a name="DM_MAP_25f76ac8b55e4a3e8c885caf8e289755"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(a)&#160;&#160; </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></a></p><p style="margin-top:13.2pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash</font></p><p style="margin-top:13.2pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company historically presented changes in restricted cash and cash equivalents depending on the nature of the cash flow within the consolidated statements of cash flows. During the first quarter of 2018, the Company adopted ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. The recognition and measurement guidance for restricted cash is not affected. The Company applied this guidance retrospectively to all prior periods presented in the Company&#8217;s financial statements.</font></p><p style="margin-top:13.2pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The effect of the retrospective application of this change in accounting principle on the Company&#8217;s consolidated statements of cash flows for the year ended December 31, 2017 and 2016 resulted in a decrease of cash provided by operating activities in the amount of $2,666 and an increase of cash provided by operating activities in the amount of $2,906, respectively and a decrease of cash used in financing activities in the amount of $3,839 and a decrease in cash provided by financing activities in the amount of $11,000, respectively with a corresponding change in cash and cash equivalents and restricted cash of $1,172 increase and $8,094 decrease, respectively.</font></p><p style="margin-top:13.2pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The following table provides a reconciliation of cash and cash equivalents and restricted cash to amounts reported within the consolidated balance sheets:</font></p><table cellspacing="0" cellpadding="0" style="width:522.25pt; margin-left:8.6pt; border-collapse:collapse; text-align:left"><tr style="height:1pt"><td rowspan="2" style="width:285.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_a65056a2251d49939011208626636031"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td rowspan="2" style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p></td><td rowspan="2" style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:54.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p></td><td rowspan="2" style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:48.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">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,</font></p></td></tr><tr style="height:1pt"><td colspan="2" style="width:49.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td colspan="2" style="width:54.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td colspan="2" style="width:48.15pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td></tr><tr style="height:1pt"><td style="width:285.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:12pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Reconciliation of cash and cash equivalents and restricted cash:</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:285.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:12pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Current</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">assets:</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:285.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:12pt; font-size:12pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">137,882</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">127,632</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">135,992</font></p></td></tr><tr style="height:1pt"><td style="width:285.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:12pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">12,892</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:35.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,386</font></p></td></tr><tr style="height:1pt"><td style="width:285.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:12pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total cash and cash equivalents and restricted cash</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:3.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:35.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">150,774</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:3.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">134,190</font></p></td><td style="width:3.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:1.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:35.85pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">141,378</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><p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">ASC 606, Revenue from Contracts with Customers (&#8220;ASC 606&#8221;)</font></p><p style="margin-top:13.2pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">On January 1, 2018, the Company adopted the provisions of ASC 606, Revenue from Contracts with Customers. The guidance provides a unified model to determine how revenue is recognized. In doing so, the Company makes judgments including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each performance obligation. 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. 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:0pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company&#8217;s contract revenues from time chartering continue to be governed by ASC 840</font><font style="font-family:'Times New Roman'; font-style:italic"> Leases</font><font style="font-family:'Times New Roman'">. Upon adoption of ASC 606, the timing and recognition of earnings from time charter contracts to which the Company is party did not change from previous practice. See also Note 2(r).</font></p><p style="margin-top:0pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Reverse Stock Split</font></p><p style="margin-top:13.2pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">On December 21, 2018, the Company&apos;s common stockholders approved a one-for-ten reverse stock split of the Company&apos;s outstanding shares of common stock (the &#8220;Reverse Stock Split&#8221;). The Reverse Stock Split was effective since January 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 128.4 million shares to 12.8 million shares as of December 31, 2018 and from 120.4 million shares to 12.0 million shares as of December 31, 2017. The par value of the common stock remained at $0.0001 per share. Accordingly, Common stock and Additional paid-in capital in the Company&apos;s consolidated balance sheets as of December 31, 2018 reflect a decrease and increase of $12, respectively, and as of December 31, 2017 reflect a decrease and increase of $11, respectively.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><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; font-size:12pt"><a name="DM_MAP_178a793a68b04b0883776e530c7ff104"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(b)&#160; 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></a></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Based on internal forecasts and projections that take into account reasonably possible changes in our trading performance, management believes that the Company has adequate financial resources to continue in operation and meet its financial commitments, including but not limited to capital expenditures and debt service obligations, for a period of at least twelve months from the date of issuance of these consolidated financial statements. Accordingly, the Company continues to adopt the going concern basis in preparing its financial statements.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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, which are 63.8% and 3.7% owned by Navios Holdings, respectively.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Investments in Affiliates:</font><font style="font-family:'Times New Roman'"> Affiliates 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 at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliates, 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.</font></p><p style="margin-top:0pt; margin-left:22.5pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:22.5pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Affiliates included in the financial statements accounted for under the equity method</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In the consolidated financial statements of Navios Holdings, the following entities are included as affiliates 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, 2018 was 20.0%, which includes a 2.0% general partner interest); (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, 2018 was 35.8%); (iii) Navios Europe I 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, 2018 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 as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 was 47.5%); and (v) Navios Containers and its subsidiaries (economic interest as of November 30, 2018, date of obtaining control, was 3.7%).</font></p><p style="margin-top:13.2pt; margin-left:22.5pt; margin-bottom:0pt; text-indent:-18.1pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Subsidiaries Included in the Consolidation:</font><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:540.3pt; border-collapse:collapse; text-align:left"><tr style="height:1pt"><td style="width:74.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_303637f2ebd54f7981181f9ae27a2633"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:105.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:38.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:76.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="10" style="width:201.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Statement of Operations</font></p></td><td style="width:4.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:74.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Company Name</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:105.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nature</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:38.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ownership</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest</font></p></td><td style="width:12.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:76.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Country</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Incorporation</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:4.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:74.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Navios Maritime Holdings Inc.</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:105.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Holding Company</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:74.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Navios South American Logistics Inc.</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:105.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Sub-Holding Company</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">63.8</font></p></td><td style="width:12.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font></p></td><td style="width:3.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:74.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Navios Maritime Containers L.P.</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:105.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Holding Company</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">3.7</font></p></td><td style="width:12.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font></p></td><td style="width:3.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">11/30 - 12/31</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#8212;</font></p></td><td style="width:4.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:74.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:105.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.3pt; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:51.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:540.2pt; border-collapse:collapse; text-align:left"><tr style="height:1pt"><td style="width:81pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:48.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:81pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:38.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:73.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="10" style="width:204.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Statement of Operations</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:81pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Company Name</font></p></td><td style="width:1.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nature</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:38.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ownership</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:73.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Country</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Incorporation</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:61.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#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:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:4.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:81pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Ionian Shipping Corporation</font></p></td><td style="width:1.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:6.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:48.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Marshall</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Is.</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:53.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52.3pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:6.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.6pt; vertical-align:bottom"><p style="margin-top:0pt; 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font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:6.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.8pt; 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font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:6.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:48.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.05pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:38.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:72.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="10" style="width:207.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Statement of Operations</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:74.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Company Name</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nature</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:38.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ownership</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest</font></p></td><td style="width:12.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:72.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Country</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Incorporation</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:65.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1pt"><td style="width:74.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Highbird Management Inc.</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:48.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Marshall</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Is.</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:56.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12/31</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:48.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:56.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">- 12/31</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:52pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">- 12/31</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.95pt; 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background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Vector Shipping Corporation</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:103.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:5.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:12.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:48.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; 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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. 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margin-bottom:0pt; 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:228pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><a name="DM_MAP_8fde7af7f033404ba7b84fd0_1_0_7_2"><font style="font-family:'Times New Roman'">Dry bulk vessels</font></a></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">25</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Container vessels</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">30 years</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Port terminals</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">5</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">to</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">49</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Tanker vessels, barges and pushboats</font></p></td><td style="width:14.3pt; vertical-align:bottom"><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'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">15</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">to</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">45</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Furniture, fixtures and equipment</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><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'">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">3</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">to</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">10</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:228pt; 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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:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Management estimates the useful life of its dry bulk vessels and container vessels to be 25 years and 30 years, respectively 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:0pt; margin-bottom:0pt; 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; font-size:12pt"><a name="DM_MAP_7c05a0c5d61e4d22a26cdde8aa6b0efb"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(i)&#160;&#160; 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. 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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. 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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 based on the fair value of the asset. 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></a></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; text-indent:-1.2pt; font-size:12pt"><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 vessel, the unamortized portion of deferred drydock and special survey costs related to the vessel and the related carrying value of the intangible assets with respect to the time charter agreement attached to that vessel or the carrying value of deposits for newbuildings. Within the shipping industry, vessels are customarily bought and sold with a charter attached. The value of the charter may be favorable or unfavorable when comparing the charter rate to then-current market rates. 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">During the fourth quarter of fiscal year 2018, 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 carrying value together with the carrying value of deferred drydock and special survey costs related to the vessel and the carrying value of the related intangible assets, if applicable. 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, adjusted for outliers) over the remaining economic life of each vessel, net of brokerage and address commissions excluding days of scheduled off-hires, running cost based on current year actuals, assuming an annual increase of 0.68% after 2019 and a utilization rate of 99.5% based on the fleet&#8217;s historical performance.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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, our assessment concluded that step two of the impairment analysis was required for four 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 Company recorded an impairment loss of $179,186 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 related to these vessels, presented within the caption &#8220;Impairment losses&#8221; in the consolidated statements of comprehensive (loss)/income.</font><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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, 2017, the Company recorded an impairment loss of $32,930 for one dry bulk vessel, 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 this vessel, presented within the caption &#8220;Impairment losses&#8221; in the consolidated statements of comprehensive (loss)/income. The assessment performed for 2016 did not indicate a step two was necessary for the Company&#8217;s other vessels held and used. 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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></a></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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, 2018, 2017 and 2016, the amortization of deferred drydock and special survey costs was $13,828, $14,727, and $13,768, respectively.</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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; font-size:12pt"><a name="DM_MAP_fc2bd5b8c10f4847a9793cffcf3300f4"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(m)&#160; 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 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, 2018, 2017 and 2016 were $7,880, $6,391 and $5,653, respectively. See also Note 18.</font></a></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_9554727723184de1983afeca80f2411f"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(n)&#160; Goodwill and Other Intangibles</font></a></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; text-align:left"><tr style="height:12.4pt"><td style="width:21.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.6pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(i)</font></p></td><td style="width:496.8pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Goodwill:</font><font style="font-family:'Times New Roman'"> Goodwill is tested for impairment at the reporting unit level at least annually.</font></p></td></tr></table><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company evaluates impairment of goodwill using a two-step process. First, the aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill (step one). 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. If the fair value of a reporting unit exceeds the carrying amount, no impairment exists. If the carrying amount of the reporting unit exceeds the fair value, then the Company must perform the second step (step two) to determine the implied fair value of the reporting unit&#8217;s goodwill and compare it with its carrying amount. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit to all the assets and liabilities of that reporting unit, as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price. If the carrying amount of the goodwill exceeds the implied fair value, then goodwill impairment is recognized by writing the goodwill down to its implied fair value.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 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 value of its total net assets.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 performed step one of the impairment test for the Dry Bulk Vessel Operations reporting unit, which is allocated goodwill of $56,240. Step one impairment test revealed that the fair value of the Dry Bulk Vessel Operations reporting unit substantially exceeded the carrying amount of its net assets. Accordingly, no step two analysis was required.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 non-fixed days (based on a combination of one-year average historical time charter rates and the 10-year average historical one-year time charter rates adjusted for outliers), 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 value of net assets.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 performed step one of the impairment test for the Logistics Business, which is allocated goodwill of $104,096. Step one of the impairment test used the income method and revealed that the fair value substantially exceeded the carrying amount of its net assets. Accordingly, no step two analysis was required. The future cash flows from the Logistics Business were determined principally by combining 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">No impairment loss was recognized for any of the periods presented.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(ii) Intangibles Other Than Goodwill:</font><font style="font-family:'Times New Roman'"> Navios Holdings&#8217; intangible assets and liabilities consist of favorable lease terms, unfavorable lease terms, customer relationships, trade name and port terminal operating rights. 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 31, 2018.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Other intangibles that are being amortized, such as customer relationships and port terminal operating rights, would be considered impaired if their carrying value could not be recovered from the future undiscounted cash flows associated with the asset.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 in the &#8220;Depreciation and amortization&#8221; line item.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">During the fourth quarter of fiscal year 2018, management concluded that there were no circumstances which indicated that potential impairment of Navios Holdings&#8217; intangible assets other than goodwill might exist. For the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and 2016, there were no impairment losses recognized for the Company&#8217;s intangible assets. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, the Company performed an assessment which indicated that the amortizable value of one of its favorable leases would not be recoverable from the future undiscounted cash flows associated with the asset. As a result, the Company recognized an impairment loss of $3,397 in the caption &#8220;Impairment losses&#8221; in the consolidated statements of comprehensive (loss)/income.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The weighted average amortization periods for intangibles are:</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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:316.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.15pt"><td style="width:316.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><a name="DM_MAP_13940b0a51b34eea88b8e561_1_0_5_4"><font style="font-family:'Times New Roman'; font-weight:bold">Intangible assets</font></a></p></td><td style="width:24.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:21.45pt; 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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></a></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company 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;). 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Based on the Company&#8217;s methods of internal reporting and management structure, the Company currently has three reportable segments: the Dry Bulk Vessel Operations segment, the Logistics Business segment and the Containers Business segment.</font></a></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_3b6e822876f34f428e0f47c1a0a16373"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(r)&#160; Revenue and Expense Recognition:</font></a></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Revenue Recognition:</font><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, 2018, the Company adopted the provisions of</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'; font-style:italic">ASC 606,</font><font style="font-family:'Times New Roman'; font-style:italic">&#xa0;</font><font style="font-family:'Times New Roman'; font-style:italic">Revenue from Contracts with Customers</font><font style="font-family:'Times New Roman'; font-style:italic">&#xa0;</font><font style="font-family:'Times New Roman'">(ASC 606). The guidance provides a unified model to determine how revenue is recognized. In doing so, the Company makes judgments including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each performance obligation. 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. 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)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">identification of the promised goods or services in the contract; (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">measurement of the transaction price, including the constraint on variable consideration; (iv)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">allocation of the transaction price to the performance obligations based on estimated selling prices; and (v)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">recognition of revenue when (or as) the Company satisfies each performance obligation.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company&#8217;s contract revenues from time chartering and pooling arrangements are governed by ASC</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">840 &#8220;Leases&#8221;. Upon adoption of ASC 606, the timing and recognition of earnings from the pool arrangements and time charter contracts to which the Company is party did not change from previous practice. 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. As a result of the adoption of these standards, there was no effect on the Company&#8217;s opening retained earnings, consolidated balance sheets and consolidated statements of comprehensive (loss)/income.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenue is recorded when services are rendered, the Company has a signed charter agreement or other evidence of an arrangement, the price is fixed or determinable, and collection is reasonably assured. The Company generates revenue from transportation of cargo, time charter of vessels, port terminal operations, bareboat charters, contracts of affreightment/voyage contracts, demurrages and contracts covering dry or liquid port terminal operations.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenues 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 estimated 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Upon adoption of ASC 606, the Company is recognizing 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. The adoption of this standard had no material effect on the Company&#8217;s opening retained earnings, consolidated balance sheets and consolidated statements of comprehensive (loss)/income.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenues earned under contracts of affreightment (&#8220;COA&#8221;)/voyage contracts within the Dry Bulk Vessel Operations, amounted to $19,121, $38,273 and $29,857 for the years ended December 31, 2018, 2017 and 2016, respectively. Revenues earned under contracts of affreightment (&#8220;COA&#8221;)/voyage contracts within the Logistics business, amounted to $35,623, $42,455 and $62,603 for the years ended December 31, 2018, 2017 and 2016, respectively.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 determined. 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. Revenues from time chartering of vessels in the Dry Bulk Vessel Operations amounted to $278,591, $199,945 and $153,858 for the years ended December 31, 2018, 2017 and 2016, respectively. Revenues from time chartering and bareboat chartering of vessels and barges in the Logistics business amounted to $72,689, $84,063 and $153,858 for the years ended December 31, 2018, 2017 and 2016, respectively. Revenues from time chartering and bareboat chartering of vessels in the Containers business amounted to $12,053 for the period from November 30, 2018 (date of obtaining control) to December 31, 2018.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 determined 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. Revenue for vessels operating in pooling arrangements in the Dry Bulk Vessel Operations amounted to $0, $8,025 and $15,007 for the years ended December 31, 2018, 2017 and 2016, respectively.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Profit-sharing revenues are calculated at an agreed percentage of the excess of the charterer&#8217;s average daily income (calculated on a quarterly or half-yearly basis) or the Baltic Dry Index over an agreed amount and accounted for on an accrual basis based on provisional amounts and for those contracts that provisional accruals cannot be made due to the nature of the profit sharing elements, these are accounted for on the actual cash settlement. Profit sharing results from the Dry Bulk Vessel Operations for the years ended December 31, 2018, 2017 and 2016 amounted to $(52), $3,205 and $(2,530), respectively.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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. Revenues from port terminal operations of the Logistics business amounted to $58,552, $43,984 and $29,056 for the years ended December 31, 2018, 2017 and 2016, respectively. Revenues from storage fees (dry port) of the Logistics business amounted to $882, $1,974 and $446 for the years ended December 31, 2018, 2017 and 2016, respectively. Dockage revenues from the Logistics business in the dry port terminal operations amounted to $3,136, $4,497 and $3,373 for the years ended December 31, 2018, 2017 and 2016, respectively.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenues from liquid port terminal operations consist mainly of sales of petroleum products in the Paraguayan market and revenues from liquid port operations. 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. Revenues from sale of products by the Logistics business amounted to $32,508, $32,572 and $30,118 for the years ended December 31, 2018, 2017 and 2016, respectively. Revenues from liquid port terminal operations from the Logistics business amounted to $3,739, $2,841 and $3,059 for the years ended December 31, 2018, 2017 and 2016, respectively.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 into 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:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Expenses related to our revenue-generating contracts are recognized as incurred.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Administrative fee revenue from affiliates:</font><font style="font-family:'Times New Roman'"> Administrative fee revenue from affiliates consists of fees earned on the provision of administrative services pursuant to administrative services agreements with our affiliates (Refer to Note 16). Administrative services include: 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 are recognized as the services are provided to affiliates.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The general and administrative expenses incurred on behalf of affiliates are determined based on a combination of actual expenses incurred on behalf of the affiliates as well as a reasonable allocation of expenses that are not affiliate specific but incurred on behalf of all affiliates.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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, provision for 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 right of use asset will be adjusted for the carrying amount of the liability regarding the provision for losses on time charters and voyages in progress on that date.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Direct Vessel Expenses:</font><font style="font-family:'Times New Roman'"> Direct vessel expenses consist 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.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; text-align:left"><tr style="height:12.4pt"><td style="width:21.6pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_7495874706fb417ea56ebf3e0772fa1e"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(s)</font></a></p></td><td style="width:518.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Employee benefits:</font></p></td></tr></table><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 employ the crew on board under short-term contracts (usually up to nine months) and, accordingly, are not liable for any pension or post-retirement benefits.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 are protected by Greek labor law. According to the law, the Company is 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 is 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 remain in the employment of the Company until normal retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that will remain with the Company until retirement age is not known. The Company considers this plan equivalent to a lump sum defined benefit pension plan and accounts for it under relevant guidance on employer&#8217;s accounting for pensions. The Company is required to annually value the statutory terminations indemnities liability. Management obtains a valuation from independent actuaries to assist in the calculation of the benefits. The Company provides, in full, for the employees&#8217; termination indemnities liability. This liability amounted to $1,550 and $1,336 at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and 2017, respectively.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 sponsors a 401(k) retirement savings plan, which is categorized as a defined contribution plan. The plan is available to full time employees who meet the plan&#8217;s eligibility requirements. The plan permits employees to make contributions up to 15% of their annual salary with the Company matching up to the first 6%. The Company makes monthly contributions (matching contributions) to the plan based on amounts contributed by employees. Subsequent to making the matching contributions, the Company has no further obligations. The Company may make an additional discretionary contribution annually if such a contribution is authorized by the Board of Directors. The plan is administered by an independent professional firm that specializes in providing such services. See also Note 13.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Other Post-Retirement Obligations:</font><font style="font-family:'Times New Roman'"> The Company has a legacy pension arrangement for certain Bahamian, Uruguayan and former Navios Corporation employees. The entitlement to these benefits is only to these former employees. The expected costs of these benefits are accrued each year, using an accounting methodology similar to that for defined benefit pension plans.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Stock-Based Compensation:</font><font style="font-family:'Times New Roman'"> In December 2018, 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. In December 2016, the Company authorized the grant of restricted share units and share appreciation rights. 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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-bottom:0pt; 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; font-size:12pt"><a name="DM_MAP_feea26a5c7814bceb623687cdddc57ae"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(t)&#160; Financial Instruments:</font><font style="font-family:'Times New Roman'"> Financial instruments carried on the balance sheet include cash and cash equivalents, restricted cash, trade receivables and payables, other receivables 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></a></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 prices 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 credit exposure to customers and counterparties for credit risk. The Company has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Foreign Exchange Risk:</font><font style="font-family:'Times New Roman'"> Foreign currency 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-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><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; font-size:12pt"><a name="DM_MAP_f3b2dcd5a0a3424fb98b47faabed748d"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(u)&#160; (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></a></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:3pt"><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; 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; font-size:12pt"><a name="DM_MAP_2d040f87ad93417a8e52d478b17d7f89"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(v)&#160; 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, 2018, 2017 and 2016 was mainly attributable to its subsidiaries in South America, which are subject to the Argentinean and Paraguayan income tax regimes.</font></a></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">On December 29, 2017, the Argentine government enacted the Law 27,430 that made changes to the income tax law in Argentina. The new law modifies the rates for income taxes applicable in beginning on January 1, 2018. 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 whose reversal is expected to occur in the years before 2020, and a rate of 25% on temporary differences remaining thereafter.</font><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 has recorded an income tax benefit of $2,837 within the caption &#8220;Income tax benefit/(expense)&#8221; in the consolidated statements of comprehensive (loss)/income related to the change in the rate of the income tax.</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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; font-size:12pt"><a name="DM_MAP_093abb13110a4ebbb3f244b9108d6f7a"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(w)&#160; 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, 2018, 2017 and 2016, and $0, $0 and $3,681 ($0, $0 and $74.4 per share) to its preferred stockholders during the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 2017 and 2016, respectively. 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></a></p><p style="margin-top:0pt; margin-bottom:0pt; 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; font-size:12pt"><a name="DM_MAP_802ac4b92d3d4801b8aabb7b0fbd7072"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(x)&#160; 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></a></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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:0pt; margin-bottom:0pt; 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; font-size:12pt"><a name="DM_MAP_de66c83194854a9fa24d096638d61578"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(y)&#160; Leases:</font><font style="font-family:'Times New Roman'"> Vessel leases where Navios Holdings or/and Navios Containers 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></a></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">For charters 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:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">For charters classified as operating leases where Navios Holdings or/and Navios Containers is regarded as the lessor, refer to Note 2(r).</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">For charters classified as operating leases where Navios Holdings or/and Navios Containers 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 under the line item &#8220;Time charter, voyage and logistics business expenses&#8221;. In the transition to ASC 842, the right of use asset will be adjusted for the carrying amount of the straight line liability on that date.</font></p><p style="margin-top:0pt; margin-bottom:0pt; 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; font-size:12pt"><a name="DM_MAP_1862c93e3e8d46c0b852f8f8d09d07d1"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(z)&#160; 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></a></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; 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; font-size:12pt"><a name="DM_MAP_5dcd7cc0c8d0463084adb2ae96a6f877"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(aa) 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 a provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts.</font></a></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; 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; font-size:12pt"><a name="DM_MAP_0160e24c2cee4e03bc327ef74360ce8e"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(ab) 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></a></p><p style="margin-top:0pt; margin-bottom:0pt; 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; font-size:12pt"><a name="DM_MAP_fc8d3675556942b89018ff6bdf158897"><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></a></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; 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; font-size:12pt"><a name="DM_MAP_792edc661b774630ac57ffe852da64f0"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(ad) 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></a></p><p style="margin-top:6.6pt; margin-left:18pt; margin-bottom:0pt; font-size:12pt"><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, Navios Europe I and Navios Europe II 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, Navios Europe I and Navios Europe II, 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 Navios Acquisition, Navios Partners, Navios Europe I and Navios Europe II, 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:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><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; font-size:12pt"><a name="DM_MAP_b02f46e6313f4ea5bdec82d6ea3a98af"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(ae) 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></a></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">A financial instrument&#8217;s 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:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_f53ee542b4f14abbbfe11b05985ec16c"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(af)&#160; Recent Accounting Pronouncements:</font></a></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In October 2018, the Financial Accounting Standards Board (&#8220;FASB&#8221;) 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 Company is currently assessing the impact that adopting this new accounting guidance will have on its disclosures to the consolidated financial statements.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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): Disclosure 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 that adopting this new accounting guidance will have on its disclosures to the consolidated financial statements.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 Company is currently assessing the impact that adopting this new accounting guidance will have on its disclosures to the consolidated financial statements.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">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 Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In January 2017, FASB issued ASU 2017-03, &#8220;Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323)&#8221;. The ASU amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force (EITF) meetings. The SEC guidance that specifically relates to our consolidated financial statements was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, on revenue (ASU 2014-09), leases (ASU 2016-02) and credit losses on financial instruments (ASU 2016-13) in accordance with SAB Topic 11.M. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The ASU incorporates these SEC staff views into ASC 250 and adds references to that guidance in the transition paragraphs of each of the three new standards. The adoption of this ASU did not have a material effect on the Company&#8217;s consolidated financial statements.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><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 more timely 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. In November 2018, FASB issued ASU 2018-19 &#8220;Codification Improvements to topic 326, Financial Instruments-Credit Losses&#8221;. The amendments in this update clarify that operating lease receivables are not within the scope of ASC 326-20 and should instead be accounted for under the new leasing standard, ASC 842. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In February 2016, FASB issued ASU 2016-02, &#8220;Leases (Topic 842)&#8221;. ASU 2016-02 will apply to both capital (or finance) leases and operating leases. According to ASU 2016-02, lessees will be required to recognize assets (right of use asset) and liabilities (lease liabilities) on the balance sheet for both types of leases, capital (or finance) leases and operating leases, with terms greater than 12 months. ASU 2016 &#8211; 02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">This guidance requires companies to identify lease and non-lease components of a lease agreement. Lease components relate to the right to use the leased asset and non-lease components relate to payments for goods or services that are transferred separately from the right to use the underlying asset. Total lease consideration is allocated to lease and non-lease components on a relative standalone basis. The recognition of revenues related to lease components will be governed by ASC 842 while revenue related to non-lease components will be subject to ASC 606.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In July 2018, FASB issued ASU 2018-10, Codification Improvements to Topic 842 Leases (&#8220;ASU 2018-10&#8221;). The amendments in ASU 2018-10 affect narrow aspects of the guidance issued in the amendments in ASU 2016-02. The amendments in this update affect the amendments in Update 2016-02, which are not yet effective but for which early adoption upon issuance is permitted. For entities that early adopted Topic 842, the amendments are effective upon issuance of this update, and the transition requirements are the same as those in Topic 842. For entities that have not adopted Topic 842, the effective date and transition requirements will be the same as the effective date and transition requirements in Topic 842.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In addition, in July 2018, FASB issued ASU 2018-11, Targeted Improvements to Topic 842 Leases (&#8220;ASU 2018-11). The improvements in ASU 2018-11 provide for (a) an optional new transition method for adoption that results in initial recognition of a cumulative effect adjustment to retained earnings in the year of adoption and (b) a practical expedient for lessors, under certain circumstances, to combine the lease and non-lease components of revenues for presentation purposes.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In December 2018, FASB issued ASU 2018-20, Narrow-Scope Improvements to Topic 842 for Lessors (&#8220;ASU 2018-20&#8221;). The improvements in ASU 2018-20 are to clarify guidance for lessors on sales taxes and other similar taxes collected from lessees, certain lessor costs and recognition of variable payments for contracts with lease and non-lease components.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In January 2019, FASB issued ASU 2019-01, Codification Improvements to Topic 842 Leases (&#8220;ASU 2019-01&#8221;). The amendments in ASU 2019-01 address (i) the determination of the fair value of the underlying asset by lessors that are not manufacturers or dealers, (ii) the presentation on the Statement of Cash Flows&#8212;Sales Type and Direct Financing Leases; and (iii) the transition disclosures related to the accounting changes and error corrections (Topic 250).</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">ASC 842 provides practical expedients that allow entities to not (i) reassess whether any expired or existing contracts are considered or contain leases; (ii) reassess the lease classification for any expired or existing leases; and (iii) reassess initial direct costs for any existing leases.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company plans to adopt the standard on January 1, 2019 and expects to elect the use of practical expedients. The Company intends to apply the alternative transition method for adoption as described above. Based on a preliminary assessment, the Company expects the adoption of this guidance to have a material impact on its assets and liabilities due to its charter-in contracts and office rent agreements and the recognition of right-of-use assets and lease liabilities on its consolidated balance sheets although adoption is not expected to significantly change the recognition, measurement or presentation of lease expenses within the statements of comprehensive (loss)/income or cash flows.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In the transition to ASC 842, the Company will measure the right of use asset at an amount equal to the operating liability adjusted for the carrying amount of the straight line liability and the carrying amount of the liability regarding the provision for losses on time charters and voyages in progress on that date. Following the adoption of the new standard, the Company expects to recognize for its charter-in contracts and for its office rent agreements, operating liabilities of $356,537 and $12,453, respectively, based on the net present value of the remaining minimum charter-in and rental payments for existing operating leases. Additionally, the Company expects to recognize for its charter-in contracts relating to charter-in vessels in operation on January 1, 2019 and for its office rent agreements, right of use assets of $342,353 and $12,453, respectively.</font></p><p style="margin-top:6.6pt; margin-left:22.5pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">With regards to the Company&#8217;s charter-out contracts, the Company is not expecting that the adoption will have a material effect on its consolidated financial statements since the Company is a lessor for these charter-out contracts and the changes are fairly minor. The Company expects to elect the use of practical expedient available to lessors which allows good and services embedded in the charter-out contract that qualify as non-lease components to be combined under a single lease component presentation.</font></p></div> <div class="Section1"><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 23: SUBSEQUENT EVENTS</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:49.65pt; font-size:12pt"><font style="font-family:'Times New Roman'">a)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. Each such bareboat contract has a ten-year term for a newbuilding bulk carrier and an option to acquire the related vessel. The credit facility is available in multiple drawings, has an arrangement fee of $500, 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. The credit facility matures in April 2021. As of April 25, 2019, $19,000 was drawn under this facility of which $18,726 was used to acquire the 2022 Notes from Navios Logistics. During March 2019 and as of April 15, 2019, Navios Logistics purchased $35,500 of the 2022 Notes from unaffiliated third parties in open market transactions for $17,642 plus accrued interest.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:49.65pt; font-size:12pt"><font style="font-family:'Times New Roman'">b)On April 23, 2019, Navios Containers took delivery of a 2011-built 10,000 TEU containership from an unrelated third party for a purchase price of $52,500. The acquisition of the containership was financed with a: (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">loan of up to $31,122 from a commercial bank; (ii) $15,000 credit by the seller; and (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">cash on balance sheet.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:49.65pt; font-size:12pt"><font style="font-family:'Times New Roman'">c)On December 21, 2018, Navios Holdings announced that it commenced an offer to exchange cash and/or newly issued 9.75% Senior Notes due 2024 (the &#8220;2024 Notes&#8221;) for approximately 66 2/3% of each of the outstanding Series G Depositary Shares and Series H Depositary Shares. As of March 21, 2019, a total of 10,930 Series H were validly tendered in exchange for a total of approximately $4,188 cash consideration and a total of approximately $4,747 in aggregate principal amount of 2024 Notes. As of April 18, 2019, a total of 8,841 Series G were validly tendered in exchange for a total of approximately $4,423 cash consideration and a total of approximately $3,879 in aggregate principal amount of 2024 Notes.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:49.65pt; font-size:12pt"><font style="font-family:'Times New Roman'">d)In March 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 total net sale price of $6,790, paid in cash. The loss due to sale amounted to $5,531.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:49.65pt; font-size:12pt"><font style="font-family:'Times New Roman'">e)In February 2019, Navios Holdings funded with $4,000 Navios Europe I under Navios Revolving Loans I.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:49.65pt; font-size:12pt"><font style="font-family:'Times New Roman'">f)In February 2019, Navios Containers announced the exercise of an option to acquire a 2011-built 10,000 TEU containership from an unrelated third party for a purchase price of $52,500. The acquisition of the containership will be financed with a: (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">loan of up to $31,800 from a commercial bank; (ii) $5,000 credit by the seller; and (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">cash on balance sheet. The containership is expected to be delivered to Navios Containers&#8217; owned fleet in the third quarter of 2019.</font></p></div> During the year ended December 31, 2018, acquisition costs of $1,150 of favorable lease terms were capitalized as part of the cost of one vessel due to the exercise of the purchase option (See also Note 2(n)). As of December 31, 2018, intangible assets associated with the favorable lease terms included an amount of $31,342 associated with the favorable lease terms of certain charter out contracts of Navios Containers which were recognized as of November 30, 2018 (see Note 3). As of December 31, 2017, intangible assets associated with the favorable lease terms included an amount of $1,150 related to purchase option for a vessel. During the year ended December 31, 2017, acquisition costs of $10,398 and accumulated amortization of $7,001 of favorable lease terms were considered impaired and were written off resulting in a loss of $3,397 included in the statement of comprehensive (loss)/income within the caption of “Impairment losses”. The fair value of the Company’s loan receivable from affiliate companies and long-term 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.