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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 (as defined below) and the 2022 Notes (as defined below). 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 2020. 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. 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. 60716000 132925000 10056000 227000 34635000 -1112673000 328605000 -335301000 -86005000 127632000 6558000 238000 30112000 -1181838000 380489000 -389332000 -76872000 16500000 132925000 132925000 127632000 127632000 10056000 10056000 6558000 6558000 34635000 34635000 30112000 30112000 -1112673000 -1112673000 -1181383000 -1181838000 -335301000 -335301000 -389332000 -389332000 -86005000 -86005000 600000 590000 12000000 Navios Logistics 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. 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759000 -52000 1205000 17257000 11819000 51848000 29428000 185000 285000 526000 984000 697000 1728000 2227000 3582000 6191000 8964000 23881000 25786000 963000 707000 2821000 1990000 0.35 0.5 -2836000 -2491000 -345000 2553047000 743822000 1809225000 71062000 -64569000 59003000 15004000 -43999000 -94767000 94767000 2018-07-31 2001 52,063 dwt 6595000 584000 8085000 2018-03-31 2001 52,061 dwt 6715000 7682000 481000 2018-02-28 2000 171,191 dwt 30708000 1109000 1115000 6493000 156000 137000 19000 10255000 53000 10202000 49421000 49421000 -55000 -34000 2465209000 770780000 3874000 10255000 1115000 1694429000 629000 -64569000 15004000 -94767000 19000 -34000 10202000 21000 32032000 6141000 17389000 628000 181,259 dwt 84,872 dwt 2016 2016 2759000 53,464 dwt 2007 1063000 26000 26000 Q3 2018 Q1 2018 79000000 2018-08-31 1150000 1150000 5581000 5588000 5581000 5581000 5581000 83226000 1400000 1775000 4134000 5220000 111138000 167393000 219856000 375000000 375000000 305000000 305000000 614339000 650000000 1628585000 1717768000 29254000 35280000 1566480000 1648603000 166853000 167912000 34840000 73216000 56817000 33042000 1426583000 4087000 LIBOR 0.0275 0.036 2020-03-31 2022-11-30 LIBOR 2020-08-31 2024-11-30 0.0315 0.0475 166853000 2000000 4800000 25 25 2500000 2500000 0.0875 0.08625 14191 28612 3499 4320975 0.0025 27372000 625815 1127000 270000 485000 1843000 360000 406000 3333 0 4500 0 10000000 14 702000 2436 84000 1914000 1740000 50150 14191 28612 3499 222135000 168251000 171758000 162761000 85533000 55920000 68599000 29198000 64290000 19522000 22778000 9956000 53612000 21635000 58269000 19624000 17389000 7255000 -13720000 0 2208000 0 -4231000 0 -74141000 6176000 -116394000 2085000 -6111000 4295000 56240000 104096000 56240000 104096000 -13747000 -16129000 -29876000 -261000 -36304000 -36565000 -1301000 -10083000 -11384000 166888000 0 185548000 0 50378000 82547000 46155000 68043000 10056000 0 5040000 0 1066080000 533251000 1599331000 1204234000 438981000 1643215000 21488000 0 16942000 0 7357000 0 60976000 59579000 6284000 0 21379000 7446000 19023000 7156000 901000 0 -29509000 1177000 -161000 -7234000 -7395000 1806177000 682680000 1996951000 663656000 160336000 185548000 114198000 5040000 2660607000 2566000 2555000 0 615000 7012813 5035167 6761637 3499000 3499000 3499000 7679000 7859000 0 1119000 5307928 4926692 266876 0.02 468000 0.02 0.02 2048000 110000 47795000 975408 66131 2040000 1200442 31053233 3420203 0.02 0.202 81777000 98608000 84116000 60329000 123000 228000 Navios Holdings has a 50% interest in Acropolis, a brokerage firm for freight and shipping charters. Although Navios Holdings owns 50% of Acropolis' stock, Navios Holdings agreed with the other shareholder that the earnings and amounts declared by way of dividends will be allocated 35% to the Company with the balance to the other shareholder. 114741000 113597000 -30048000 -5319000 -9856000 65164000 37233000 10 14 6763000 3526000 4034000 9419000 6305000 7011000 4750000 4750000 4750000 6650000 6650000 6650000 0 153000 1485000 445000 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 11886000 10400000 43500000 24100000 14000000 14313000 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. 23838000 22463000 10057645 5 50288000 5000000 30000000 0.017 0.068 5 415000 6075000 5891000 26198000 17496000 P5Y 1370044 27960 0.02 64000 0.02 714000 5000000 4915000 3360000 14363000 6670000 66773000 48313000 86458000 90536000 119733000 1365936000 1453048000 136826000 74618000 1016324000 1065369000 941694000 1035688000 129218000 176961000 41589000 54021000 -69942000 -66907000 -23408000 -8105000 -2744000 4379000 10947000 1460000 3649000 170000 55000 0 0 690000 0 1379000 0 26207000 8712000 7924000 15914000 0 -5000 523000 244000 0.017 95000 171000 7000 5161000 500000 18422000 99590000 2000 11000 58322000 29933000 60306000 89350000 1244996000 1239273000 54247000 54075000 493463000 511669000 483345000 491262000 173819000 152383000 -13598000 7965000 62571000 59954000 10457000 9173000 16000 2007 53,464 dwt 5820000 10501000 81,000 dwt Q2 2020 2910000 2000 74,333 dwt 6950000 December 2018 3,5 hectares 1093000 5402000 10 years 1 <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 1: DESCRIPTION OF BUSINESS</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:16.5pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Maritime Holdings Inc. (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Navios Holdings</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> or the </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Company</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) (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:16.5pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios South American Logistics Inc. (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Navios Logistics</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">), 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</font><font style="font-family:'Times New Roman'"> South American industries, including mineral and grain commodity providers as well as users of refined petroleum products. As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 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 Partners</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:16.5pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Maritime Partners L.P. (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Navios Partners</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) (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:16.5pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, Navios Holdings owned a 20.2% 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:6.6pt; margin-bottom:0pt; text-indent:16.5pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Maritime Acquisition Corporation (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Navios Acquisition</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) (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:16.5pt; 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 </font><font style="font-family:'Times New Roman'">to $25,000</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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 September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, Navios Acqu</font><font style="font-family:'Times New Roman'">isition has repurchased 8,055,074 shares of common stock.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:16.5pt; font-size:12pt"><font style="font-family:'Times New Roman'">Following these repurchases and as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, Navios Holdings&#8217;</font><font style="font-family:'Times New Roman'"> ownership of the outstanding voting stock of Navios Acquisition was 45.3% and its economic interest was 48.6%.</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 Midstream</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:16.5pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Maritime Midstream Partners L.P. (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Navios Midstream</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) (NYSE: NAP) is a publicly traded master limited partnership which owns and operates crude oil tankers under long-term employment contracts.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:16.5pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, Navios Holdings owned no</font><font style="font-family:'Times New Roman'"> direct equity interest in Navios Midstream.</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 Europe I</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:16.5pt; 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;</font><font style="font-family:'Times New Roman'">Navios Europe I</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) 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:16.5pt; 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;</font><font style="font-family:'Times New Roman'">Navios Europe II</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) 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 bulk and seven container vessels.</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:16.5pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Maritime Containers Inc. (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Navios Containers</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) is a growth vehicle dedicated to the contai</font><font style="font-family:'Times New Roman'">ner sector of the maritime industry. On June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">8, 2017, Navios Containers completed a private placement in which Navios Holdings invested $5,000. Navios Containers 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</font><font style="font-family:'Times New Roman'"> the ticker </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">NMCI</font><font style="font-family:'Times New Roman'">&#8221;. 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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:4.5pt; 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:23.1pt; 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: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:239.35pt; 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:23.1pt; 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:58.4pt; 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><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:23.1pt; 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: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:24.75pt"><td style="width:239.35pt; 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'; font-weight:bold">Reconciliation of cash and cash equivalents and restricted cash:</font></p></td><td style="width:23.1pt; 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:24.9pt; 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:33.5pt; 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: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:23.1pt; 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:8pt"><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; font-size:8pt"><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:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:239.35pt; 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'; 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:23.1pt; 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:24.9pt; 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:33.5pt; 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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.1pt; 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:8pt"><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; font-size:8pt"><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:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:239.35pt; 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'">Cash and cash equivalents</font></p></td><td style="width:23.1pt; 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:24.9pt; 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: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'">132,925</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:23.1pt; 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: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'">127,632</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:239.35pt; 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'">Restricted cash</font></p></td><td style="width:23.1pt; 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: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></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'">10,056</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:23.1pt; 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: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'">6,558</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:1.75pt"><td style="width:239.35pt; 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:23.1pt; 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:24.9pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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:23.1pt; 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; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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><tr style="height:12.4pt"><td style="width:239.35pt; 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'; font-weight:bold">Total cash and cash equivalents and restricted cash</font></p></td><td style="width:23.1pt; 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:24.9pt; 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: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'; font-weight:bold">142,981</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:23.1pt; 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-weight:bold">$</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'; font-weight:bold">134,190</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'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:239.35pt; 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:23.1pt; 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:24.9pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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:23.1pt; 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; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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; font-style:italic">(a) </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 interim condensed consolidated financial statements are unaudited, but, in the opinion of management, reflect all adjustments for a fair statement of Navios Holdings</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> consolidated balance sheets, statements of comprehensive (loss)/income, statements of cash flows and statements of changes in equity for the periods presented. The results of operations for the interim periods are not necessarily indicative of results for the full year. The footnotes are condensed as permitted by the requirements for interim financial statements and accordingly, do not include information and disclosures required under United States generally accepted accounting principles (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">U.S. GAAP</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) for complete financial statements. All such adjustments are deemed to be of a normal recurring nature. These interim financial statements should be read in conjunction with the Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s consolidated financial statements and notes included in Navios Holdings</font><font style="font-family:'Times New Roman'">&#8217; Annual Report for the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017 filed on Form 20-F wit</font><font style="font-family:'Times New Roman'">h the Securities and Exchange Commission (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">SEC</font><font style="font-family:'Times New Roman'">&#8221;</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-weight:bold; font-style:italic">&#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; font-style:italic">Change in accounting principles:</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">ASU 2016-18,</font><font style="font-family:'Times New Roman'; font-style:italic"> Statement of Cash Flows (Topic 230): Restricted Cash</font></p><p style="margin-top:13.2pt; 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,</font><font style="font-family:'Times New Roman'; font-style:italic"> Statement of Cash Flows (Topic 230): Restricted Cash</font><font style="font-family:'Times New Roman'">&#160; , 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s financial statements.</font></p><p style="margin-top:13.2pt; 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s</font><font style="font-family:'Times New Roman'"> consolidated statements of cash flows for the nine months ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2017 resulted in a decrease of cash provided by operating activities in the amount of $2,836 and a decrease of cash used in financing activities in the amount of $2,491 with a </font><font style="font-family:'Times New Roman'">corresponding decrease in cash and cash equivalents and restricted cash of $345.</font></p><p style="margin-top:13.2pt; 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'">The following table provides a reconciliation of cash and cash equivalents and restricted cash to amounts reported within the condensed consolidated balance sheets:</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:239.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_dc89241133b04fd6b5c9df69ee034b39"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:23.1pt; 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:24.9pt; 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: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:23.1pt; 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: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:239.35pt; 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:23.1pt; 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:58.4pt; 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><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:23.1pt; 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: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:24.75pt"><td style="width:239.35pt; 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'; font-weight:bold">Reconciliation of cash and cash equivalents and restricted cash:</font></p></td><td style="width:23.1pt; 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:24.9pt; 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:33.5pt; 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: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:23.1pt; 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:8pt"><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; font-size:8pt"><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:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:239.35pt; 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'; 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:23.1pt; 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:24.9pt; 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:33.5pt; 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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.1pt; 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:8pt"><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; font-size:8pt"><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:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:239.35pt; 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'">Cash and cash equivalents</font></p></td><td style="width:23.1pt; 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:24.9pt; 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: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'">132,925</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:23.1pt; 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: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'">127,632</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:239.35pt; 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'">Restricted cash</font></p></td><td style="width:23.1pt; 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: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></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'">10,056</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:23.1pt; 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: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'">6,558</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:1.75pt"><td style="width:239.35pt; 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:23.1pt; 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:24.9pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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:23.1pt; 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; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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><tr style="height:12.4pt"><td style="width:239.35pt; 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'; font-weight:bold">Total cash and cash equivalents and restricted cash</font></p></td><td style="width:23.1pt; 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:24.9pt; 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: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'; font-weight:bold">142,981</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:23.1pt; 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-weight:bold">$</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'; font-weight:bold">134,190</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'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:239.35pt; 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:23.1pt; 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:24.9pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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:23.1pt; 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; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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:19.8pt; margin-bottom:0pt; font-size:12pt"><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 (&#8220;</font><font style="font-family:'Times New Roman'; font-style:italic">ASC 606</font><font style="font-family:'Times New Roman'; font-style:italic">&#8221;</font><font style="font-family:'Times New Roman'; font-style:italic">)</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; 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'">1, 2018, the Company adopted the provisions of</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'">. 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 determini</font><font style="font-family:'Times New Roman'">ng 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 pr</font><font style="font-family:'Times New Roman'">o</font><font style="font-family:'Times New Roman'">mised 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 pri</font><font style="font-family:'Times New Roman'">c</font><font style="font-family:'Times New Roman'">e 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:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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.</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">(b) </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Principles of consolidation:</font><font style="font-family:'Times New Roman'"> The accompanying interim condensed consolidated financial statements include the accounts of Navios Holdings, a Marshall Islands corporation, and its majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements.</font></p><p style="margin-top:13.2pt; 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. 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, which is 63.8% owned.</font></p><p style="margin-top:13.2pt; 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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-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">Affiliates included in the financial statements accounted for under the equity method</font></p><p style="margin-top:6.6pt; 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 September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 was 20.2%, which includes a 2.0% general partner interest); (ii) Navios Acquisition and its subsidiaries (economic interest as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 was 48.6%); (iii) Acropolis Chartering and Shipping Inc. (&#8220;</font><font style="font-family:'Times New Roman'">Acropolis</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) (economic </font><font style="font-family:'Times New Roman'">interest as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 was 35.0%), (iv) Navios Europe I and its subsidiaries (economic interest as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 was 47.5%); (v)</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 September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 was 47.5%); and (vi)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Navi</font><font style="font-family:'Times New Roman'">o</font><font style="font-family:'Times New Roman'">s Containers and its subsidiaries (economic interest as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 was 3.1%).</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; font-style:italic">(c) Revenue Recognition</font></p><p style="margin-top:13.2pt; 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:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Voyage revenues for the transportation of cargo were previously recognized ratably over the estimated relative transit time of each voyage. A voyage was deemed to commence when a vessel arrives at the loading port, as applicable under the contract, and was deemed to end upon the completion of the discharge of the current cargo. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo.</font></p><p style="margin-top:13.2pt; margin-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:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenue from contracts of affreightment (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">COA</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">)/voyage contracts relating to our barges were previously recognized ratably over the estimated relative transit time of each voyage. A voyage was deemed to commence upon the barge</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s arrival at the loading port, as applicable under the contract, and was deemed to end upon the completion of discharge under the current voyage. The percentage of transit time was 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 was 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 was recognized ratably over the period of the contracts.</font></p><p style="margin-top:13.2pt; 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:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Upon adoption of ASC 606, the Company will recognize revenue ratably from the vessel</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s/barge</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s arrival at the loading port, as applicable under the contract, to when the charterer</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s cargo is discharged as well as defer costs that meet the definition of </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">costs to fulfill a contract</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> and relate directly to the contract. The adoption of this standard had no material effect on the Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s opening retained earnings, consolidated balance sheets and consolidated statements of comprehensive (loss)/income.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenues earned under contracts of affreightment (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">COA</font><font style="font-family:'Times New Roman'">&#8221;)/voyage contracts within the Dry Bulk Vessel Operations, amounted to $3,275 and $8,159 for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively and $17,892 and $27,447 for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively. Revenues earned under contracts of affreightment (&#8220;</font><font style="font-family:'Times New Roman'">COA</font><font style="font-family:'Times New Roman'">&#8221;)/voyage contracts within the Logistics business, amounted to $10,655 and $11,232 for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively and $30,207 and $34,683 for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, 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:0pt; 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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 own</font><font style="font-family:'Times New Roman'">er of the vessel. Revenues from time chartering of vessels in the Dry Bulk Vessel Operations amounted to $82,007 and $50,408 for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively and $204,168 and $134,133 for the nine month periods e</font><font style="font-family:'Times New Roman'">n</font><font style="font-family:'Times New Roman'">ded September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively. Revenues from time chartering and bareboat chartering of vessels and barges in the Logistics business amounted to $19,790 and $24,804 for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectivel</font><font style="font-family:'Times New Roman'">y</font><font style="font-family:'Times New Roman'"> and $56,324 and $66,154 for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively.</font></p><p style="margin-top:13.2pt; 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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, ho</font><font style="font-family:'Times New Roman'">wever, such changes are not expected to be material. Revenue for vessels operating in pooling arrangements in the Dry Bulk Vessel Operations amounted to $0 and $1,087 for the three month period ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively and $0 and $8,219 for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively.</font></p><p style="margin-top:13.2pt; 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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 </font><font style="font-family:'Times New Roman'">cash settlement. Profit sharing results from the Dry Bulk Vessel Operations for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $153 and $759, respectively and for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to </font><font style="font-family:'Times New Roman'">$(52) and $1,205, respectively.</font></p><p style="margin-top:13.2pt; 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 end</font><font style="font-family:'Times New Roman'">s when the product is loaded onto the ocean-going vessel. Revenues from port terminal operations of the Logistics business amounted to $17,257 and $11,819 for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively and $51,848 and $29,428 </font><font style="font-family:'Times New Roman'">f</font><font style="font-family:'Times New Roman'">or the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively. Revenues from storage fees (dry port) of the Logistics business amounted to $185 and $285 for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively and $526 and $</font><font style="font-family:'Times New Roman'">9</font><font style="font-family:'Times New Roman'">84 for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively. Dockage revenues from the Logistics business in the dry port terminal operations amounted to $697 and $1,728 for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, resp</font><font style="font-family:'Times New Roman'">e</font><font style="font-family:'Times New Roman'">ctively and $2,227 and $3,582 for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, 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: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'">Revenues from liquid port terminal 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 $6,191 and $8,964 for the three month periods </font><font style="font-family:'Times New Roman'">ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively and $23,881 and $25,786 for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively. Revenues from liquid port terminal operations from the Logistics business amounted to $963 and $707 for the</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'">three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively and $2,821 and $1,990 for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively.</font></p><p style="margin-top:13.2pt; 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:13.2pt; 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:13.2pt; 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 8). 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:13.2pt; 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:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Forward Freight Agreements (</font><font style="font-family:'Times New Roman'; font-weight:bold">&#8220;</font><font style="font-family:'Times New Roman'; font-weight:bold">FFAs</font><font style="font-family:'Times New Roman'; font-weight:bold">&#8221;</font><font style="font-family:'Times New Roman'; font-weight:bold">):</font><font style="font-family:'Times New Roman'"> Realized gains or losses from FFAs are recognized monthly concurrent with cash settlements. In addition, FFAs are </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">marked-to-market</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> quarterly to determine the fair values which generate unrealized gains or losses. The Company has not entered into FFA trades for any of the periods presented.</font></p><p style="margin-top:13.2pt; 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:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#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">(d)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> Recent Accounting Pronouncements:</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In August 2018, the Financial Accounting Standards Board (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">FASB</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) issued ASU 2018-14, </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Compensation-Retirement Benefits-Defined Benefit Plans (Topic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">. 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:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In August 2018, FASB issued ASU 2018-13, </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">. This update modifies the disc</font><font style="font-family:'Times New Roman'">losure requirements on fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2019, and earlier adoption is permitted. The Company is currently assessing the impact that adopting this new accounting guidance will h</font><font style="font-family:'Times New Roman'">ave on its disclosures to the consolidated financial statements.</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'">In January 2017, FASB issued ASU 2017-04, </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Intangibles-Goodwill and Other (Topic 350)</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">. 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 ha</font><font style="font-family:'Times New Roman'">ve 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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2019. Early adoption is permitted for al</font><font style="font-family:'Times New Roman'">l 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:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In January 2017, FASB issued ASU 2017-03, </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323)</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">. 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s consolidated financial statements.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In June 2016, FASB issued ASU No.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">2016-13, &#8220;</font><font style="font-family:'Times New Roman'">Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> 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 </font><font style="font-family:'Times New Roman'">effective for interim and annual reporting periods beginning after December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2019, although early adoption is permitted for interim and annual periods beginning after December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2018. The Company is currently assessing the impact that adopting this n</font><font style="font-family:'Times New Roman'">ew accounting guidance will have on its consolidated financial statements.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In February 2016, FASB issued ASU 2016-02, </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Leases (Topic 842)</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">. 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 </font><font style="font-family:'Times New Roman'">&#8211; 02 is effective for fiscal years beginning after December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2018, including interim periods within those fiscal years. Early application is permitted.</font></p><p style="margin-top:13.2pt; 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:13.2pt; 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 (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">ASU 2018-10</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">). 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:13.2pt; 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 (</font><font style="font-family:'Times New Roman'">&#8220;ASU 2018-11). The improvements in ASU 2018-11 provide for (a)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">a practica</font><font style="font-family:'Times New Roman'">l 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: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'">ASC 842 provides practical expedients that allow entities to not (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">reassess whether any expired or existing contracts are considered or contain leases; (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">reassess the lease classification for any expired or existing leases; and (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">reassess initial direct costs for any existing leases.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company plans to adopt the standard on January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2019 and expects to elect the use of practical exp</font><font style="font-family:'Times New Roman'">edients. 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 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:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">With regards to the Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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><p style="margin-top:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company is continuing its assessment of other miscellaneous leases where the Company is the lessee and the lease terms are greater than 12 months, and may identify additional impacts this guidance will have on its consolidated financial statements and disclosures.</font></p><p style="margin-top:13.2pt; 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 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_401034a0b94c4215a17c4a8c0de2d97f"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(a) </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Basis of presentation:</font><font style="font-family:'Times New Roman'"> The accompanying interim condensed consolidated financial statements are unaudited, but, in the opinion of management, reflect all adjustments for a fair statement of Navios Holdings</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> consolidated balance sheets, statements of comprehensive (loss)/income, statements of cash flows and statements of changes in equity for the periods presented. The results of operations for the interim periods are not necessarily indicative of results for the full year. The footnotes are condensed as permitted by the requirements for interim financial statements and accordingly, do not include information and disclosures required under United States generally accepted accounting principles (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">U.S. GAAP</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) for complete financial statements. All such adjustments are deemed to be of a normal recurring nature. These interim financial statements should be read in conjunction with the Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s consolidated financial statements and notes included in Navios Holdings</font><font style="font-family:'Times New Roman'">&#8217; Annual Report for the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017 filed on Form 20-F wit</font><font style="font-family:'Times New Roman'">h the Securities and Exchange Commission (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">SEC</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">).</font></a></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_b8286578c0d94aaeb4afbb597da82630"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Change in accounting principles:</font></a></p><p style="margin-top:6.6pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">ASU 2016-18,</font><font style="font-family:'Times New Roman'; font-style:italic"> Statement of Cash Flows (Topic 230): Restricted Cash</font></p><p style="margin-top:13.2pt; 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,</font><font style="font-family:'Times New Roman'; font-style:italic"> Statement of Cash Flows (Topic 230): Restricted Cash</font><font style="font-family:'Times New Roman'">&#160; , 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s financial statements.</font></p><p style="margin-top:13.2pt; 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s</font><font style="font-family:'Times New Roman'"> consolidated statements of cash flows for the nine months ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2017 resulted in a decrease of cash provided by operating activities in the amount of $2,836 and a decrease of cash used in financing activities in the amount of $2,491 with a </font><font style="font-family:'Times New Roman'">corresponding decrease in cash and cash equivalents and restricted cash of $345.</font></p><p style="margin-top:13.2pt; 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'">The following table provides a reconciliation of cash and cash equivalents and restricted cash to amounts reported within the condensed consolidated balance sheets:</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:239.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_dc89241133b04fd6b5c9df69ee034b39"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:23.1pt; 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:24.9pt; 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: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:23.1pt; 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: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:239.35pt; 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:23.1pt; 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:58.4pt; 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><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:23.1pt; 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: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:24.75pt"><td style="width:239.35pt; 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'; font-weight:bold">Reconciliation of cash and cash equivalents and restricted cash:</font></p></td><td style="width:23.1pt; 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:24.9pt; 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:33.5pt; 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: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:23.1pt; 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:8pt"><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; font-size:8pt"><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:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:239.35pt; 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'; 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:23.1pt; 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:24.9pt; 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:33.5pt; 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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.1pt; 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:8pt"><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; font-size:8pt"><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:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:239.35pt; 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'">Cash and cash equivalents</font></p></td><td style="width:23.1pt; 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:24.9pt; 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: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'">132,925</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:23.1pt; 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: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'">127,632</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:239.35pt; 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'">Restricted cash</font></p></td><td style="width:23.1pt; 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: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></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'">10,056</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:23.1pt; 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: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'">6,558</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:1.75pt"><td style="width:239.35pt; 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:23.1pt; 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:24.9pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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:23.1pt; 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; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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><tr style="height:12.4pt"><td style="width:239.35pt; 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'; font-weight:bold">Total cash and cash equivalents and restricted cash</font></p></td><td style="width:23.1pt; 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:24.9pt; 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: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'; font-weight:bold">142,981</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:23.1pt; 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-weight:bold">$</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'; font-weight:bold">134,190</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'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:239.35pt; 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:23.1pt; 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:24.9pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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:23.1pt; 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; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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:19.8pt; margin-bottom:0pt; font-size:12pt"><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 (&#8220;</font><font style="font-family:'Times New Roman'; font-style:italic">ASC 606</font><font style="font-family:'Times New Roman'; font-style:italic">&#8221;</font><font style="font-family:'Times New Roman'; font-style:italic">)</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; 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'">1, 2018, the Company adopted the provisions of</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'">. 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 determini</font><font style="font-family:'Times New Roman'">ng 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 pr</font><font style="font-family:'Times New Roman'">o</font><font style="font-family:'Times New Roman'">mised 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 pri</font><font style="font-family:'Times New Roman'">c</font><font style="font-family:'Times New Roman'">e 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:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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.</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_7d43ed86451f46e189243b95928eec40"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(b) </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Principles of consolidation:</font><font style="font-family:'Times New Roman'"> The accompanying interim condensed consolidated financial statements include the accounts of Navios Holdings, a Marshall Islands corporation, and its majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements.</font></a></p><p style="margin-top:13.2pt; 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. 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, which is 63.8% owned.</font></p><p style="margin-top:13.2pt; 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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-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">Affiliates included in the financial statements accounted for under the equity method</font></p><p style="margin-top:6.6pt; 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 September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 was 20.2%, which includes a 2.0% general partner interest); (ii) Navios Acquisition and its subsidiaries (economic interest as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 was 48.6%); (iii) Acropolis Chartering and Shipping Inc. (&#8220;</font><font style="font-family:'Times New Roman'">Acropolis</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) (economic </font><font style="font-family:'Times New Roman'">interest as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 was 35.0%), (iv) Navios Europe I and its subsidiaries (economic interest as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 was 47.5%); (v)</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 September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 was 47.5%); and (vi)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Navi</font><font style="font-family:'Times New Roman'">o</font><font style="font-family:'Times New Roman'">s Containers and its subsidiaries (economic interest as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 was 3.1%).</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:18pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_df3347c5e482432095a3488c8b9895ec"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(c) Revenue Recognition</font></a></p><p style="margin-top:13.2pt; 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:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Voyage revenues for the transportation of cargo were previously recognized ratably over the estimated relative transit time of each voyage. A voyage was deemed to commence when a vessel arrives at the loading port, as applicable under the contract, and was deemed to end upon the completion of the discharge of the current cargo. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo.</font></p><p style="margin-top:13.2pt; margin-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:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenue from contracts of affreightment (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">COA</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">)/voyage contracts relating to our barges were previously recognized ratably over the estimated relative transit time of each voyage. A voyage was deemed to commence upon the barge</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s arrival at the loading port, as applicable under the contract, and was deemed to end upon the completion of discharge under the current voyage. The percentage of transit time was 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 was 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 was recognized ratably over the period of the contracts.</font></p><p style="margin-top:13.2pt; 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:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Upon adoption of ASC 606, the Company will recognize revenue ratably from the vessel</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s/barge</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s arrival at the loading port, as applicable under the contract, to when the charterer</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s cargo is discharged as well as defer costs that meet the definition of </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">costs to fulfill a contract</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> and relate directly to the contract. The adoption of this standard had no material effect on the Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s opening retained earnings, consolidated balance sheets and consolidated statements of comprehensive (loss)/income.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenues earned under contracts of affreightment (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">COA</font><font style="font-family:'Times New Roman'">&#8221;)/voyage contracts within the Dry Bulk Vessel Operations, amounted to $3,275 and $8,159 for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively and $17,892 and $27,447 for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively. Revenues earned under contracts of affreightment (&#8220;</font><font style="font-family:'Times New Roman'">COA</font><font style="font-family:'Times New Roman'">&#8221;)/voyage contracts within the Logistics business, amounted to $10,655 and $11,232 for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively and $30,207 and $34,683 for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, 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:0pt; 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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 own</font><font style="font-family:'Times New Roman'">er of the vessel. Revenues from time chartering of vessels in the Dry Bulk Vessel Operations amounted to $82,007 and $50,408 for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively and $204,168 and $134,133 for the nine month periods e</font><font style="font-family:'Times New Roman'">n</font><font style="font-family:'Times New Roman'">ded September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively. Revenues from time chartering and bareboat chartering of vessels and barges in the Logistics business amounted to $19,790 and $24,804 for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectivel</font><font style="font-family:'Times New Roman'">y</font><font style="font-family:'Times New Roman'"> and $56,324 and $66,154 for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively.</font></p><p style="margin-top:13.2pt; 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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, ho</font><font style="font-family:'Times New Roman'">wever, such changes are not expected to be material. Revenue for vessels operating in pooling arrangements in the Dry Bulk Vessel Operations amounted to $0 and $1,087 for the three month period ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively and $0 and $8,219 for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively.</font></p><p style="margin-top:13.2pt; 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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 </font><font style="font-family:'Times New Roman'">cash settlement. Profit sharing results from the Dry Bulk Vessel Operations for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $153 and $759, respectively and for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to </font><font style="font-family:'Times New Roman'">$(52) and $1,205, respectively.</font></p><p style="margin-top:13.2pt; 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 end</font><font style="font-family:'Times New Roman'">s when the product is loaded onto the ocean-going vessel. Revenues from port terminal operations of the Logistics business amounted to $17,257 and $11,819 for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively and $51,848 and $29,428 </font><font style="font-family:'Times New Roman'">f</font><font style="font-family:'Times New Roman'">or the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively. Revenues from storage fees (dry port) of the Logistics business amounted to $185 and $285 for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively and $526 and $</font><font style="font-family:'Times New Roman'">9</font><font style="font-family:'Times New Roman'">84 for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively. Dockage revenues from the Logistics business in the dry port terminal operations amounted to $697 and $1,728 for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, resp</font><font style="font-family:'Times New Roman'">e</font><font style="font-family:'Times New Roman'">ctively and $2,227 and $3,582 for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, 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: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'">Revenues from liquid port terminal 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 $6,191 and $8,964 for the three month periods </font><font style="font-family:'Times New Roman'">ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively and $23,881 and $25,786 for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively. Revenues from liquid port terminal operations from the Logistics business amounted to $963 and $707 for the</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'">three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively and $2,821 and $1,990 for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively.</font></p><p style="margin-top:13.2pt; 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:13.2pt; 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:13.2pt; 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 8). 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:13.2pt; 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:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Forward Freight Agreements (</font><font style="font-family:'Times New Roman'; font-weight:bold">&#8220;</font><font style="font-family:'Times New Roman'; font-weight:bold">FFAs</font><font style="font-family:'Times New Roman'; font-weight:bold">&#8221;</font><font style="font-family:'Times New Roman'; font-weight:bold">):</font><font style="font-family:'Times New Roman'"> Realized gains or losses from FFAs are recognized monthly concurrent with cash settlements. In addition, FFAs are </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">marked-to-market</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> quarterly to determine the fair values which generate unrealized gains or losses. The Company has not entered into FFA trades for any of the periods presented.</font></p><p style="margin-top:13.2pt; 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:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(d)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> Recent Accounting Pronouncements:</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In August 2018, the Financial Accounting Standards Board (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">FASB</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) issued ASU 2018-14, </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Compensation-Retirement Benefits-Defined Benefit Plans (Topic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">. 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:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In August 2018, FASB issued ASU 2018-13, </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">. This update modifies the disc</font><font style="font-family:'Times New Roman'">losure requirements on fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2019, and earlier adoption is permitted. The Company is currently assessing the impact that adopting this new accounting guidance will h</font><font style="font-family:'Times New Roman'">ave on its disclosures to the consolidated financial statements.</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'">In January 2017, FASB issued ASU 2017-04, </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Intangibles-Goodwill and Other (Topic 350)</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">. 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 ha</font><font style="font-family:'Times New Roman'">ve 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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2019. Early adoption is permitted for al</font><font style="font-family:'Times New Roman'">l 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:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In January 2017, FASB issued ASU 2017-03, </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323)</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">. 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s consolidated financial statements.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In June 2016, FASB issued ASU No.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">2016-13, &#8220;</font><font style="font-family:'Times New Roman'">Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> 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 </font><font style="font-family:'Times New Roman'">effective for interim and annual reporting periods beginning after December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2019, although early adoption is permitted for interim and annual periods beginning after December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2018. The Company is currently assessing the impact that adopting this n</font><font style="font-family:'Times New Roman'">ew accounting guidance will have on its consolidated financial statements.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In February 2016, FASB issued ASU 2016-02, </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Leases (Topic 842)</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">. 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 </font><font style="font-family:'Times New Roman'">&#8211; 02 is effective for fiscal years beginning after December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2018, including interim periods within those fiscal years. Early application is permitted.</font></p><p style="margin-top:13.2pt; 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:13.2pt; 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 (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">ASU 2018-10</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">). 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:13.2pt; 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 (</font><font style="font-family:'Times New Roman'">&#8220;ASU 2018-11). The improvements in ASU 2018-11 provide for (a)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">a practica</font><font style="font-family:'Times New Roman'">l 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: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'">ASC 842 provides practical expedients that allow entities to not (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">reassess whether any expired or existing contracts are considered or contain leases; (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">reassess the lease classification for any expired or existing leases; and (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">reassess initial direct costs for any existing leases.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company plans to adopt the standard on January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2019 and expects to elect the use of practical exp</font><font style="font-family:'Times New Roman'">edients. 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 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:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">With regards to the Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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><p style="margin-top:13.2pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company is continuing its assessment of other miscellaneous leases where the Company is the lessee and the lease terms are greater than 12 months, and may identify additional impacts this guidance will have on its consolidated financial statements and disclosures.</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:228.3pt; 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:10.9pt; 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: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:7.8pt; 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:10.9pt; 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: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:7.8pt; 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:10.9pt; 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:16.35pt; 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: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:8.05pt; 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:228.3pt; 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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Port</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Terminals</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">and</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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Fixed</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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold"> net</font></p></td><td style="width:10.9pt; 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:7.8pt; 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:10.9pt; 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:7.8pt; 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:10.9pt; 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; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><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></p><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:8.05pt; 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:228.3pt; 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">Balance</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:10.9pt; 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><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">2,553,047</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:10.9pt; 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><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">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(743,822</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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">1,809,225</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'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:228.3pt; 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'">Additions</font></p></td><td style="width:10.9pt; 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 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'">6,493</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:10.9pt; 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 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'">(71,062</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:10.9pt; 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 style="width:16.35pt; 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: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'">(64,569</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'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:228.3pt; 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'">Impairment losses</font></p></td><td style="width:10.9pt; 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><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'">(59,003</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:10.9pt; 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><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'">43,999</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:10.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.35pt; 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: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'">(15,004</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'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:228.3pt; 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'">Vessel disposals</font></p></td><td style="width:10.9pt; 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 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'">(94,767</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:10.9pt; 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 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'">&#8212;</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:10.9pt; 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 style="width:16.35pt; 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: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'">(94,767</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'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:228.3pt; 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 disposals</font></p></td><td style="width:10.9pt; 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><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'">(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:10.9pt; 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><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'">137</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:10.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.35pt; 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: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'">(19</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'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:228.3pt; 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'">Write offs</font></p></td><td style="width:10.9pt; 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 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'">(55</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:10.9pt; 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 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'">21</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:10.9pt; 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 style="width:16.35pt; 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: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'">(34</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'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:228.3pt; 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'">Vessel acquisition</font></p></td><td style="width:10.9pt; 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><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'">10,255</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:10.9pt; 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><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'">(53</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:10.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.35pt; 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: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'">10,202</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:24.75pt"><td style="width:228.3pt; 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'">Transfers from deposits for vessels, port terminal and other fixed assets, net</font></p></td><td style="width:10.9pt; 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 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'">49,421</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'">&#xa0;</font></p></td><td style="width:10.9pt; 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 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'">&#8212;</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:10.9pt; 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 style="width:16.35pt; 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: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'">49,421</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:228.3pt; 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 to other long term-assets</font></p></td><td style="width:10.9pt; 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><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'">(26</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:10.9pt; 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><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:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.35pt; 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: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'">(26</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'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1.75pt"><td style="width:228.3pt; 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:10.9pt; 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:bottom"><p 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:10.9pt; 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:bottom"><p 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:10.9pt; 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:16.35pt; vertical-align:bottom"><p 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:bottom"><p 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; 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:12.4pt"><td style="width:228.3pt; 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'; font-weight:bold">Balance September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30, 2018</font></p></td><td style="width:10.9pt; 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 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'; font-weight:bold">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,465,209</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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">(770,780</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">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.9pt; 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 style="width:16.35pt; 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; 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">1,694,429</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'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:228.3pt; 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:10.9pt; 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:bottom"><p 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:10.9pt; 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:bottom"><p 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:10.9pt; 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:16.35pt; vertical-align:bottom"><p 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:bottom"><p 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; 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 3: 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:228.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_85cf6d3f3b414920ad4e921b300fad35"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:10.9pt; 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: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:7.8pt; 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:10.9pt; 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: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:7.8pt; 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:10.9pt; 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:16.35pt; 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: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:8.05pt; 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:228.3pt; 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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Port</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Terminals</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">and</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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Fixed</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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold"> net</font></p></td><td style="width:10.9pt; 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:7.8pt; 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:10.9pt; 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:7.8pt; 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:10.9pt; 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; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><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></p><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:8.05pt; 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:228.3pt; 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">Balance</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:10.9pt; 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><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">2,553,047</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:10.9pt; 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><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">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(743,822</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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">1,809,225</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'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:228.3pt; 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'">Additions</font></p></td><td style="width:10.9pt; 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 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'">6,493</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:10.9pt; 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 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'">(71,062</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:10.9pt; 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 style="width:16.35pt; 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: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'">(64,569</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'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:228.3pt; 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'">Impairment losses</font></p></td><td style="width:10.9pt; 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><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'">(59,003</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:10.9pt; 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><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'">43,999</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:10.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.35pt; 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: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'">(15,004</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'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:228.3pt; 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'">Vessel disposals</font></p></td><td style="width:10.9pt; 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 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'">(94,767</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:10.9pt; 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 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'">&#8212;</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:10.9pt; 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 style="width:16.35pt; 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: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'">(94,767</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'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:228.3pt; 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 disposals</font></p></td><td style="width:10.9pt; 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><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'">(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:10.9pt; 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><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'">137</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:10.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.35pt; 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: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'">(19</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'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:228.3pt; 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'">Write offs</font></p></td><td style="width:10.9pt; 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 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'">(55</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:10.9pt; 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 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'">21</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:10.9pt; 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 style="width:16.35pt; 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: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'">(34</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'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:228.3pt; 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'">Vessel acquisition</font></p></td><td style="width:10.9pt; 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><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'">10,255</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:10.9pt; 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><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'">(53</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:10.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.35pt; 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: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'">10,202</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:24.75pt"><td style="width:228.3pt; 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'">Transfers from deposits for vessels, port terminal and other fixed assets, net</font></p></td><td style="width:10.9pt; 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 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'">49,421</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'">&#xa0;</font></p></td><td style="width:10.9pt; 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 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'">&#8212;</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:10.9pt; 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 style="width:16.35pt; 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: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'">49,421</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:228.3pt; 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 to other long term-assets</font></p></td><td style="width:10.9pt; 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><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'">(26</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:10.9pt; 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><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:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.35pt; 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: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'">(26</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'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:1.75pt"><td style="width:228.3pt; 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:10.9pt; 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:bottom"><p 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:10.9pt; 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:bottom"><p 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:10.9pt; 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:16.35pt; vertical-align:bottom"><p 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:bottom"><p 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; 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:12.4pt"><td style="width:228.3pt; 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'; font-weight:bold">Balance September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30, 2018</font></p></td><td style="width:10.9pt; 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 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'; font-weight:bold">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,465,209</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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">(770,780</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">)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:10.9pt; 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 style="width:16.35pt; 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; 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">1,694,429</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'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:228.3pt; 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:10.9pt; 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:bottom"><p 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:10.9pt; 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:bottom"><p 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:10.9pt; 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:16.35pt; vertical-align:bottom"><p 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:bottom"><p 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; 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-style:italic">Deposits for Vessels, Port Terminal and Other Fixed Assets Acquisitions</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'">In August 2018, Navios Holdings exercised the option to acquire the Navios Primavera, a 2007-built, 53,464 dwt chartered-in vessel. Upon signing of the contract, Navios Holdings paid an amount of $1,063.</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'">During the third quarter of 2018, a river and estuary tanker was delivered to Navios Logistics. As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, a total of $17,389 was transferred to &#8220;</font><font style="font-family:'Times New Roman'">Vessels, port terminals and other fixed assets, net</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> in the consolidated ba</font><font style="font-family:'Times New Roman'">lance sheets of which capitalized interest amounted to $628. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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:13.2pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">During the first quarter of 2018, three new pushboats </font><font style="font-family:'Times New Roman'">were delivered to Navios Logistics. As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, a total of $32,032 was transferred to &#8220;</font><font style="font-family:'Times New Roman'">Vessels, port terminals and other fixed assets, net</font><font style="font-family:'Times New Roman'">&#8221; in the consolidated balance sheets of which capitalized interest amounted to $3,874. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31</font><font style="font-family:'Times New Roman'">, 2017, Navios Logistics had paid $30,708 for the construction of the three new pushboats.</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-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:23.1pt; 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 </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Impairment loss on sale of vessels</font><font style="font-family:'Times New Roman'">&#8221;.</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'">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. As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, Navios Holdings total impairment</font><font style="font-family:'Times New Roman'"> 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:13.2pt; margin-bottom:0pt; text-indent:23.1pt; 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: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:23.1pt; 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: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:23.1pt; font-size:12pt"><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'">4, 2017, Navios Logistics signed an agreement for the construction of covers for dry barges for total consideration of $1,115. As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, Navios Logistics has paid the whole amount (as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, Navios Logistics had paid $629).</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'">In February 2017, two fully depreciated self-propelled barges of Navios Logistics</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s option, at no cost, at the end of the lease period.</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 colspan="2" style="width:228.6pt; 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:22.3pt; 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:24.9pt; 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:39.25pt; 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: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:22.3pt; 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:23.8pt; 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: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="vertical-align:top"></td></tr><tr style="height:19.8pt"><td colspan="2" style="width:228.6pt; 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</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:22.3pt; 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:64.15pt; 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><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:22.3pt; 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: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: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="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:228.6pt; 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'">Acquisition cost (*)</font></p></td><td style="width:22.3pt; 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:24.9pt; 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'">190,212</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:22.3pt; 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:23.8pt; vertical-align:bottom; background-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'">200,610</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><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:228.6pt; 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'">Accumulated amortization</font></p></td><td style="width:22.3pt; 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: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></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'">(77,924</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:22.3pt; 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:23.8pt; vertical-align:bottom"><p 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'">(73,790</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><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:228.6pt; 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'">Write offs</font></p></td><td style="width:22.3pt; 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:24.9pt; 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: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:22.3pt; 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:23.8pt; vertical-align:bottom; background-color:#cceeff"><p 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'">(10,398</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'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.75pt"><td colspan="2" style="width:228.6pt; 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:22.3pt; 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:24.9pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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:22.3pt; 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; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:228.6pt; 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'; font-weight:bold">Total Intangible assets net book value</font></p></td><td style="width:22.3pt; 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:24.9pt; 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: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">112,288</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:22.3pt; 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:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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'; font-weight:bold">116,422</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-weight:bold">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:4pt"><td colspan="2" style="width:228.6pt; 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:22.3pt; 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:24.9pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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:22.3pt; 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; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><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'">&#xa0;</font><font style="font-family:'Times New Roman'">(*)</font></p></td><td colspan="10" 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'">As of both September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 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 options for the vessels.</font></p></td></tr><tr style="height:0pt"><td style="width:21.6pt"></td><td style="width:207pt"></td><td style="width:22.3pt"></td><td style="width:24.9pt"></td><td style="width:39.25pt"></td><td style="width:7.8pt"></td><td style="width:22.3pt"></td><td style="width:23.8pt"></td><td style="width:33.5pt"></td><td style="width:8pt"></td><td style="width:129.55pt"></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:305.45pt; 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:17.7pt; 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: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:4.55pt; 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:12.15pt"><td style="width:305.45pt; 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">Period</font></p></td><td style="width:17.7pt; 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:39.5pt; 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:4.55pt; 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:12.4pt"><td style="width:305.45pt; 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 One</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'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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'">$</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'">5,581</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:12.4pt"><td style="width:305.45pt; 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 Two</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><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: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'">5,588</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:12.4pt"><td style="width:305.45pt; 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 Three</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'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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></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'">5,581</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:12.4pt"><td style="width:305.45pt; 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 Four</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><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: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'">5,581</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:12.4pt"><td style="width:305.45pt; 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 Five</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'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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></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'">5,581</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:12.4pt"><td style="width:305.45pt; 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'">Thereafter</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><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: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'">83,226</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:1.75pt"><td style="width:305.45pt; 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:17.7pt; 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:6pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.55pt; 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:12.4pt"><td style="width:305.45pt; 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: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'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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'; font-weight:bold">$</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'; font-weight:bold">111,138</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><tr style="height:4pt"><td style="width:305.45pt; 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:17.7pt; 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:6pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.55pt; 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: INTANGIBLE ASSETS OTHER THAN GOODWILL</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 colspan="2" style="width:228.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_f6fbf58fb86f454ea18d6f70da2d991d"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:22.3pt; 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:24.9pt; 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:39.25pt; 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: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:22.3pt; 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:23.8pt; 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: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="vertical-align:top"></td></tr><tr style="height:19.8pt"><td colspan="2" style="width:228.6pt; 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</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:22.3pt; 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:64.15pt; 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><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:22.3pt; 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: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: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="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:228.6pt; 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'">Acquisition cost (*)</font></p></td><td style="width:22.3pt; 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:24.9pt; 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'">190,212</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:22.3pt; 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:23.8pt; vertical-align:bottom; background-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'">200,610</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><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:228.6pt; 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'">Accumulated amortization</font></p></td><td style="width:22.3pt; 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: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></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'">(77,924</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:22.3pt; 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:23.8pt; vertical-align:bottom"><p 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'">(73,790</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><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:228.6pt; 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'">Write offs</font></p></td><td style="width:22.3pt; 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:24.9pt; 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: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:22.3pt; 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:23.8pt; vertical-align:bottom; background-color:#cceeff"><p 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'">(10,398</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'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.75pt"><td colspan="2" style="width:228.6pt; 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:22.3pt; 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:24.9pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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:22.3pt; 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; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:228.6pt; 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'; font-weight:bold">Total Intangible assets net book value</font></p></td><td style="width:22.3pt; 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:24.9pt; 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: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">112,288</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:22.3pt; 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:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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'; font-weight:bold">116,422</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-weight:bold">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:4pt"><td colspan="2" style="width:228.6pt; 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:22.3pt; 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:24.9pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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:22.3pt; 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; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><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'">&#xa0;</font><font style="font-family:'Times New Roman'">(*)</font></p></td><td colspan="10" 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'">As of both September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 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 options for the vessels.</font></p></td></tr><tr style="height:0pt"><td style="width:21.6pt"></td><td style="width:207pt"></td><td style="width:22.3pt"></td><td style="width:24.9pt"></td><td style="width:39.25pt"></td><td style="width:7.8pt"></td><td style="width:22.3pt"></td><td style="width:23.8pt"></td><td style="width:33.5pt"></td><td style="width:8pt"></td><td style="width:129.55pt"></td></tr></table></div><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">Amortization expense for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $1,400 and $1,775, respectively, and for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $4,134 and $5,220, 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:0pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">The remaining aggregate amortization of acquired intangibles as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 will be 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:305.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_9531f9d27ef0445b8e467185b2a50b93"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:17.7pt; 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: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:4.55pt; 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:12.15pt"><td style="width:305.45pt; 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">Period</font></p></td><td style="width:17.7pt; 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:39.5pt; 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:4.55pt; 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:12.4pt"><td style="width:305.45pt; 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 One</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'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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'">$</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'">5,581</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:12.4pt"><td style="width:305.45pt; 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 Two</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><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: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'">5,588</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:12.4pt"><td style="width:305.45pt; 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 Three</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'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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></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'">5,581</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:12.4pt"><td style="width:305.45pt; 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 Four</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><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: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'">5,581</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:12.4pt"><td style="width:305.45pt; 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 Five</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'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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></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'">5,581</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:12.4pt"><td style="width:305.45pt; 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'">Thereafter</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><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: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'">83,226</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:1.75pt"><td style="width:305.45pt; 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:17.7pt; 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:6pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.55pt; 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:12.4pt"><td style="width:305.45pt; 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: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'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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'; font-weight:bold">$</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'; font-weight:bold">111,138</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><tr style="height:4pt"><td style="width:305.45pt; 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:17.7pt; 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:6pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.55pt; 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><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:230.7pt; 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:16.6pt; 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:24.9pt; 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: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:7.8pt; 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:16.6pt; 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: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:19.8pt"><td style="width:230.7pt; 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-style:italic">Facility</font></p></td><td style="width:16.6pt; 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:65.9pt; 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><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:16.6pt; 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:64.8pt; 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:12.4pt"><td style="width:230.7pt; 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'">Secured credit facilities</font></p></td><td style="width:16.6pt; 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:24.9pt; 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: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'">167,393</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:16.6pt; 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: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'">219,856</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:12.4pt"><td style="width:230.7pt; 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:16.6pt; 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:24.9pt; 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: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: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:16.6pt; 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: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:12.4pt"><td style="width:230.7pt; 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:16.6pt; 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:24.9pt; 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: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'">614,339</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:16.6pt; 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: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'">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:12.4pt"><td style="width:230.7pt; 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 Logistics Senior Notes</font></p></td><td style="width:16.6pt; 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:24.9pt; 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: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'">375,000</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:16.6pt; 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: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'">375,000</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:24.75pt"><td style="width:230.7pt; 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 other long-term loans and notes payable</font></p></td><td style="width:16.6pt; 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:24.9pt; 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: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'">166,853</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:16.6pt; 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: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'">167,912</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:1.75pt"><td style="width:230.7pt; 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:16.6pt; 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:24.9pt; vertical-align:bottom"><p 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:bottom"><p 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:16.6pt; 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; vertical-align:bottom"><p 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:bottom"><p 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:12.4pt"><td style="width:230.7pt; 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">Total borrowings</font></p></td><td style="width:16.6pt; 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:24.9pt; 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><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'; font-weight:bold">1,628,585</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:16.6pt; 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-weight:bold">&#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'; font-weight:bold">1,717,768</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-weight:bold">&#xa0;</font></p></td></tr><tr style="height:1.75pt"><td style="width:230.7pt; 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:16.6pt; 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:24.9pt; vertical-align:bottom"><p 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:bottom"><p 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:16.6pt; 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; vertical-align:bottom"><p 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:bottom"><p 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:12.4pt"><td style="width:230.7pt; 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: current portion, net</font></p></td><td style="width:16.6pt; 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:24.9pt; 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: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'">(32,851</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:16.6pt; 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: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'">(33,885</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'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:230.7pt; 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: deferred finance costs, net</font></p></td><td style="width:16.6pt; 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:24.9pt; 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: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'">(29,254</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:16.6pt; 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: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'">(35,280</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:1.75pt"><td style="width:230.7pt; 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:16.6pt; 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:24.9pt; vertical-align:bottom"><p 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:bottom"><p 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:16.6pt; 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; vertical-align:bottom"><p 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:bottom"><p 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:12.4pt"><td style="width:230.7pt; 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 long-term borrowings</font></p></td><td style="width:16.6pt; 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:24.9pt; 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: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">1,566,480</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:16.6pt; 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-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">1,648,603</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'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:230.7pt; 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:16.6pt; 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:24.9pt; vertical-align:bottom"><p 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:bottom"><p 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:16.6pt; 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; vertical-align:bottom"><p 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:bottom"><p 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></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:298.05pt; 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: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></p></td><td style="width: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: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:12.15pt"><td style="width:298.05pt; 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">Payment</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">due</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">by</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">period</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:47pt; vertical-align:bottom"><p 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:12.4pt"><td style="width:298.05pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019</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: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: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'">34,840</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:12.4pt"><td style="width:298.05pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2020</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: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: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'">73,216</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:12.4pt"><td style="width:298.05pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2021</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: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: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'">56,817</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:12.4pt"><td style="width:298.05pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2022</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: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: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'">1,426,583</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:12.4pt"><td style="width:298.05pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2023</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: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: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'">33,042</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:12.4pt"><td style="width:298.05pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2024 and thereafter</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: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: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'">4,087</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:1.75pt"><td style="width:298.05pt; 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:17.6pt; 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:6pt; vertical-align:bottom"><p 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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.55pt; 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:12.4pt"><td style="width:298.05pt; 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'; font-weight:bold">Total</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: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">$</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">1,628,585</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><tr style="height:4pt"><td style="width:298.05pt; 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:17.6pt; 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:6pt; vertical-align:bottom"><p 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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.55pt; 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:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 5: BORROWINGS</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'">Borrowings, as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 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:230.7pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_0f03d5cd3ec94355ac579bb3417acf2f"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:16.6pt; 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:24.9pt; 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: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:7.8pt; 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:16.6pt; 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: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:19.8pt"><td style="width:230.7pt; 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-style:italic">Facility</font></p></td><td style="width:16.6pt; 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:65.9pt; 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><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:16.6pt; 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:64.8pt; 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:12.4pt"><td style="width:230.7pt; 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'">Secured credit facilities</font></p></td><td style="width:16.6pt; 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:24.9pt; 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: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'">167,393</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:16.6pt; 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: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'">219,856</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:12.4pt"><td style="width:230.7pt; 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:16.6pt; 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:24.9pt; 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: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: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:16.6pt; 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: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:12.4pt"><td style="width:230.7pt; 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:16.6pt; 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:24.9pt; 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: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'">614,339</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:16.6pt; 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: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'">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:12.4pt"><td style="width:230.7pt; 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 Logistics Senior Notes</font></p></td><td style="width:16.6pt; 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:24.9pt; 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: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'">375,000</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:16.6pt; 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: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'">375,000</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:24.75pt"><td style="width:230.7pt; 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 other long-term loans and notes payable</font></p></td><td style="width:16.6pt; 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:24.9pt; 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: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'">166,853</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:16.6pt; 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: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'">167,912</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:1.75pt"><td style="width:230.7pt; 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:16.6pt; 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:24.9pt; vertical-align:bottom"><p 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:bottom"><p 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:16.6pt; 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; vertical-align:bottom"><p 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:bottom"><p 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:12.4pt"><td style="width:230.7pt; 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">Total borrowings</font></p></td><td style="width:16.6pt; 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:24.9pt; 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><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'; font-weight:bold">1,628,585</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:16.6pt; 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-weight:bold">&#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'; font-weight:bold">1,717,768</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-weight:bold">&#xa0;</font></p></td></tr><tr style="height:1.75pt"><td style="width:230.7pt; 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:16.6pt; 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:24.9pt; vertical-align:bottom"><p 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:bottom"><p 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:16.6pt; 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; vertical-align:bottom"><p 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:bottom"><p 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:12.4pt"><td style="width:230.7pt; 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: current portion, net</font></p></td><td style="width:16.6pt; 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:24.9pt; 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: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'">(32,851</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:16.6pt; 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: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'">(33,885</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'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:230.7pt; 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: deferred finance costs, net</font></p></td><td style="width:16.6pt; 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:24.9pt; 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: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'">(29,254</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:16.6pt; 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: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'">(35,280</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:1.75pt"><td style="width:230.7pt; 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:16.6pt; 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:24.9pt; vertical-align:bottom"><p 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:bottom"><p 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:16.6pt; 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; vertical-align:bottom"><p 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:bottom"><p 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:12.4pt"><td style="width:230.7pt; 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 long-term borrowings</font></p></td><td style="width:16.6pt; 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:24.9pt; 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: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">1,566,480</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:16.6pt; 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-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">1,648,603</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'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:230.7pt; 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:16.6pt; 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:24.9pt; vertical-align:bottom"><p 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:bottom"><p 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:16.6pt; 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; vertical-align:bottom"><p 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:bottom"><p 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></table></div><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:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, the Company had secured credit facilities with various banks with a total outstanding balance of</font><font style="font-family:'Times New Roman'"> $167,393. The purpose of the facilities was to finance the construction or acquisition of vessels or refinance existing indebtedness. All of the facilities are denominated in U.S. dollars and bear interest based on LIBOR plus spread ranging from 2.75% to 3.60% per annum. The facilities are repayable in either semi-annual or quarterly installments, followed by balloon payments with maturities, ranging from March 2020 to November 2022. See also the maturity table included below.</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 facilities are secured by first priority mortgages on certain of Navios Holdings</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> vessels and other collateral.</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 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> vessels; changing the commercial and technical management of certain Navios Holdings</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> vessels; selling or changing the ownership of certain Navios Holdings</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> 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 (as defined below) and the 2022 Notes (as defined below). 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: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:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">The majority of the Company</font><font style="font-family:'Times New Roman'">&#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 either charter-adjusted valuations, or charter-free valuations, ranging from over 115% 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</font><font style="font-family:'Times New Roman'"> 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 of time up to a maximum of one quarter (from the current balance sheet date) 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 85% to 90%.</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 September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, the Company was in compliance with all of the cov</font><font style="font-family:'Times New Roman'">enants 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">2022 Senior Secured Notes</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'">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;</font><font style="font-family:'Times New Roman'">Co-Issuers</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) issued $305,000 of 11.25% Senior Notes due 2022 (the </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">2022 Senior Secured Notes</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">), at a price of 97%.</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 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s direct and indirect subsidiaries, except for certain subsidiaries designated as unrestricted subsidiaries, including Navios South American Logistics Inc. and its subsidiaries. The subsidiary guarantees are </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">full and unconditional</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">, except that the indenture provides for an individual subsidiary</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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 </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">unrestricted subsidiary</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> 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 the Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s outstanding 8.125% Senior Notes due 2019 described below (the </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">2019 Notes</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) and to redeem notes not purchased in the tender offer, including the payment of related fees and expenses and any redemption premium.</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 Co-Issuers have the</font><font style="font-family:'Times New Roman'"> 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 January 2019.</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'">Upon occurrence of certain change of control events, the holders of the 2022 Senior Secured Notes may require the Co-Issuers to repurchase some or all of the 2022 Senior Secured Notes at 101% of their face amount. The 2022 Senior Secured Notes contain covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering in transactions with affiliates, merging or consolidating or selling all or substantially all of the Co-Issuers</font><font style="font-family:'Times New Roman'">&#8217; properties and assets and creation or designation of restricted subsidiaries. The Co-Issuers were in compliance with the covenants as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30</font><font style="font-family:'Times New Roman'">, 2018. The indenture governing the 2022 Senior Secured Notes includes customary events of default.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">2019 Notes</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'">On January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">28, 2011, the Co-Issuers 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 the 2022 Senior Secured Notes. The net proceeds of</font><font style="font-family:'Times New Roman'"> the offering of the 2022 Senior Secured Notes have been used to repay, in full, the outstanding amount of the 2019 Notes.</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-align:center; font-size:12pt"><br style="page-break-before:always; clear:both" /></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">2022 Notes</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'">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 7.375% First Priority Ship Mortgage Notes due 2022 (the &#8220;</font><font style="font-family:'Times New Roman'">2022 Notes</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">). 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:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">The 2022 Notes are senior obligations of the Co-Issuers and were originally secured by first priority ship mortgages on 23 dry bulk vessels owned by certain subsidiary guarantors and certain other associated property and contract rights. The Company has released certain subsidiaries and vessels as guarantors and mortgaged vessels and added others from time to time as permitted under the indenture governing the 2022 Notes. The 2022 Notes are unregistered and fully and unconditionally guaranteed, jointly and severally by all of the Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s direct and indirect subsidiaries that guarantee the 2022 Senior Secured Notes. The guarantees of the Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s subsidiaries that own mortgaged vessels are senior secured guarantees and the guarantees of the Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s subsi</font><font style="font-family:'Times New Roman'">diaries 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 d</font><font style="font-family:'Times New Roman'">eclines ratably until it reaches par in 2020.</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'">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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> properties and assets and creation or designation of restricted subsidiaries. The</font><font style="font-family:'Times New Roman'"> indenture governing the 2022 Notes includes customary events of default. The 2022 Co-Issuers were in compliance with the covenants as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018.</font></p><p style="margin-top:19.8pt; 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:23.1pt; 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 Na</font><font style="font-family:'Times New Roman'">vios Logistics Finance (US) Inc. (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Logistics Finance</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> and, together with Navios Logistics (the </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Logistics Co-Issuers</font><font style="font-family:'Times New Roman'">&#8221;) issued $375,000 in aggregate principal amount of 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;</font><font style="font-family:'Times New Roman'">2022 Logistics Senior Notes</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">), at a fixed rate of 7.25%. The 2022 Logistics Senior Notes are unregistered and are fully and unconditionally guaranteed, jointly and severally, by all of Navios Logistics</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> direct and indirect subsidiaries except for Horamar do Brasil Navega</font><font style="font-family:'Times New Roman'">&#231;&#259;</font><font style="font-family:'Times New Roman'">o Ltda (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Horamar do Brasil</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">), Naviera Alto Parana S.A. (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Naviera Alto Parana</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) and Terra Norte Group S.A. (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Terra Norte</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">), which do not guarantee the 2022 Logistics Senior Notes pursuant to certain exceptions under the indenture, and Logistics Finance, which is the co-issuer of the 2022 Logistics Senior Notes. The subsidiary guarantees are </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">full and unconditional</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">, except that the indenture provides for an individual subsidiary</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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 </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">unrestricted subsidiary</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> 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:23.1pt; 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 p</font><font style="font-family:'Times New Roman'">art, 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. Upon the occurrence of certain change of control events, the holders of the 2022 Logistics Senior Notes wil</font><font style="font-family:'Times New Roman'">l 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:23.1pt; 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> properties and assets and creation or designation of restricted subsidiaries.</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 indenture governing the 2022 Logistics Senior Notes includes customary events of default.</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'">In addition, there are no significant restrictions on (i) 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) 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:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">The 2022 Logistics Co-Issuers were in compliance with t</font><font style="font-family:'Times New Roman'">he covenants as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><br style="page-break-before:always; clear:both" /></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</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'">As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, Navios Logistics had long-term loans and notes payable with a total outstanding balance of $166,853. The purpose of the facilities was to finance the construction of its dry port terminal, the acquisition of vessels, or for general corporate purposes. The facilities are mainly denominated in U.S. dollars and bear interest based on LIBOR plus spread ranging from 3.15% to 4.75%</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">per annum. The facilities are repayable in installments and have maturities</font><font style="font-family:'Times New Roman'"> ranging from August 2020 to November 2024. See also maturity table included below.</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:6.6pt; margin-bottom:0pt; text-indent:23.1pt; 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 Acqui</font><font style="font-family:'Times New Roman'">sition 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 8.</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'">During the nine month period ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, the Company, in</font><font style="font-family:'Times New Roman'"> relation to its secured credit facilities, paid $60,716, of which $28,947 related to scheduled repayment installments and $31,769 related to prepayment of outstanding indebtedness of one Capesize and one Panamax vessel originally maturing in the first quarter of 2021.</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 annualized weighted average interest rates of the Company</font><font style="font-family:'Times New Roman'">&#8217;s total borrowings were 7.82% and 7.19% for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively, and 7.75% and 6.96% for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 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'">The maturity table below reflects the principal payments for the next five years and thereafter of all borrowings of Navios Holdings (including Navios Logistics) outstanding as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, based on the repayment </font><font style="font-family:'Times New Roman'">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:3.3pt"><td style="width:298.05pt; 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: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></p></td><td style="width: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: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:12.15pt"><td style="width:298.05pt; 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">Payment</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">due</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">by</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">period</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:47pt; vertical-align:bottom"><p 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:12.4pt"><td style="width:298.05pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019</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: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: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'">34,840</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:12.4pt"><td style="width:298.05pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2020</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: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: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'">73,216</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:12.4pt"><td style="width:298.05pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2021</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: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: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'">56,817</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:12.4pt"><td style="width:298.05pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2022</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: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: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'">1,426,583</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:12.4pt"><td style="width:298.05pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2023</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: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: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'">33,042</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:12.4pt"><td style="width:298.05pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2024 and thereafter</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: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: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'">4,087</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:1.75pt"><td style="width:298.05pt; 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:17.6pt; 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:6pt; vertical-align:bottom"><p 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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.55pt; 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:12.4pt"><td style="width:298.05pt; 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'; font-weight:bold">Total</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: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">$</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">1,628,585</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><tr style="height:4pt"><td style="width:298.05pt; 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:17.6pt; 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:6pt; vertical-align:bottom"><p 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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.55pt; 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:3.3pt"><td style="width:166.65pt; 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:7.05pt; 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: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:44.3pt; 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:11.3pt; 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:11.3pt; 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: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:44.3pt; 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:7.05pt; 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: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:44.3pt; 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:10.9pt; 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:10.9pt; 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:44.3pt; 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:8.35pt; 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:9.9pt"><td style="width:166.65pt; 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:7.05pt; 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 colspan="6" style="width:150.5pt; 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><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:7.05pt; 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 colspan="6" style="width:149.75pt; 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,</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><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:9.9pt"><td style="width:166.65pt; 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:7.05pt; 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 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:11.3pt; 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:11.3pt; 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:63.15pt; 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: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:7.05pt; 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 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:10.9pt; 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:10.9pt; 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:63.15pt; 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:8.15pt; 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:166.65pt; 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'">Cash and cash equivalents</font></p></td><td style="width:7.05pt; 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><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:44.3pt; 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'">132,925</font></p></td><td style="width:11.3pt; 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 style="width:11.3pt; 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: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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">132,925</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; 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:10.9pt; 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:10.9pt; 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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">127,632</font></p></td><td style="width:8.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:166.65pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:7.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">10,056</font></p></td><td style="width:11.3pt; 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:11.3pt; 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:18.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">10,056</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; 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:10.9pt; 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:10.9pt; 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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font></p></td><td style="width:8.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:166.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan receivable from affiliate companies</font></p></td><td style="width:7.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; 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'">34,635</font></p></td><td style="width:11.3pt; 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 style="width:11.3pt; 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: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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">34,635</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; 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'">30,112</font></p></td><td style="width:10.9pt; 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:10.9pt; 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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">30,112</font></p></td><td style="width:8.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:166.65pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investments in available-for-sale-securities</font></p></td><td style="width:7.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">227</font></p></td><td style="width:11.3pt; 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:11.3pt; 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:18.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">227</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:10.9pt; 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:10.9pt; 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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:8.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:166.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Senior and ship mortgage notes, net</font></p></td><td style="width:7.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; 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'">(1,270,726</font></p></td><td style="width:11.3pt; 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><td style="width:11.3pt; 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: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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,112,673</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; 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'">(1,301,999</font></p></td><td style="width:10.9pt; 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:10.9pt; 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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,181,838</font></p></td><td style="width:8.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:166.65pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, including current portion</font></p></td><td style="width:7.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(328,605</font></p></td><td style="width:11.3pt; 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><td style="width:11.3pt; 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:18.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(335,301</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(380,489</font></p></td><td style="width:10.9pt; 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:10.9pt; 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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(389,332</font></p></td><td style="width:8.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:166.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long term payable to affiliate companies</font></p></td><td style="width:7.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; 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'">(86,005</font></p></td><td style="width:11.3pt; 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><td style="width:11.3pt; 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: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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(86,005</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; 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:10.9pt; 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:10.9pt; 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:44.3pt; 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:8.35pt; 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><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:157.45pt; 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:13.4pt; 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:12.6pt; 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:12.6pt; 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:18.55pt; 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: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:12.6pt; 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:18.55pt; 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: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:12.6pt; 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:18.55pt; 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: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:3.3pt; 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:9.9pt"><td style="width:157.45pt; 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:13.4pt; 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:322.9pt; 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</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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Measurements</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">as</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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:3.05pt; 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:39.6pt"><td style="width:157.45pt; 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:13.4pt; 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:28.6pt; 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:12.6pt; 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:18.55pt; 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: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</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 style="width:12.6pt; 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:18.55pt; 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: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</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">II)</font></p></td><td style="width:12.6pt; 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:18.55pt; 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:64.35pt; 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:3.2pt; 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></tr><tr style="height:24.75pt"><td style="width:157.45pt; 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:13.4pt; 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:12.6pt; 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'">227</font></p></td><td style="width:12.6pt; 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:18.55pt; 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: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'">$</font></p></td><td style="width:32.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">227</font></p></td><td style="width:12.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:12.6pt; 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:18.55pt; 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: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:3.3pt; 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:1.75pt"><td style="width:157.45pt; 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:13.4pt; 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:12.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.6pt; 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><td style="width:18.55pt; 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:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><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:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.6pt; 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><td style="width:18.55pt; 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:30.15pt; 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:40.3pt; 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:12.6pt; 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><td style="width:18.55pt; 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:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; 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:3.3pt; 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:12.4pt"><td style="width:157.45pt; 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">Total</font></p></td><td style="width:13.4pt; 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:12.6pt; 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">227</font></p></td><td style="width:12.6pt; 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><td style="width:18.55pt; 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: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">$</font></p></td><td style="width:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">227</font></p></td><td style="width:12.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:18.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:12.6pt; 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:18.55pt; 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: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:3.3pt; 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:4pt"><td style="width:157.45pt; 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:13.4pt; 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:12.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.6pt; 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><td style="width:18.55pt; 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:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><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:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.6pt; 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><td style="width:18.55pt; 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:30.15pt; 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:40.3pt; 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:12.6pt; 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><td style="width:18.55pt; 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:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; 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:3.3pt; 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:157.45pt; 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="16" style="width:339.3pt; 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:9.9pt"><td style="width:157.45pt; 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:13.4pt; 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:322.9pt; 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 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:3.05pt; 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:39.6pt"><td style="width:157.45pt; 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:13.4pt; 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:28.6pt; 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:12.6pt; 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:18.55pt; 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: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:12.6pt; 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:18.55pt; 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: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:12.6pt; 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:18.55pt; 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:64.35pt; 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:3.2pt; 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></tr><tr style="height:24.75pt"><td style="width:157.45pt; 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:13.4pt; 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:12.6pt; 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:12.6pt; 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:18.55pt; 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: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'">$</font></p></td><td style="width:32.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:12.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:12.6pt; 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:18.55pt; 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: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:3.3pt; 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:1.75pt"><td style="width:157.45pt; 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:13.4pt; 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:12.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.6pt; 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><td style="width:18.55pt; 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:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><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:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.6pt; 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><td style="width:18.55pt; 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:30.15pt; 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:40.3pt; 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:12.6pt; 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><td style="width:18.55pt; 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:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; 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:3.3pt; 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:12.4pt"><td style="width:157.45pt; 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">Total</font></p></td><td style="width:13.4pt; 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:12.6pt; 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:12.6pt; 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><td style="width:18.55pt; 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: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">$</font></p></td><td style="width:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">238</font></p></td><td style="width:12.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:18.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:12.6pt; 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:18.55pt; 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: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:3.3pt; 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:4pt"><td style="width:157.45pt; 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:13.4pt; 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:12.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.6pt; 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><td style="width:18.55pt; 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:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><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:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.6pt; 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><td style="width:18.55pt; 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:30.15pt; 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:40.3pt; 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:12.6pt; 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><td style="width:18.55pt; 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:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; 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:3.3pt; 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:3.3pt"><td style="width:128.25pt; 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: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:12.4pt; 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: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:12.4pt; 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:23.25pt; 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: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: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:12.4pt; 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:23.25pt; 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: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: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:12.4pt; 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:23.25pt; 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: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 colspan="2" style="width:3.5pt; 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></tr><tr style="height:9.9pt"><td style="width:128.25pt; 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:19.35pt; 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="15" style="width:346.1pt; 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">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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Measurements</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">as</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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:3.1pt; 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:39.6pt"><td style="width:128.25pt; 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:19.35pt; 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:40.9pt; 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">Total</font></p></td><td style="width:12.4pt; 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:23.25pt; 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: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">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</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 style="width:12.4pt; 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:23.25pt; 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: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</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">II)</font></p></td><td style="width:12.4pt; 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:23.25pt; 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: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 colspan="2" 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></tr><tr style="height:24.75pt"><td style="width:128.25pt; 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:19.35pt; 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:12.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:12.4pt; 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:23.25pt; 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: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'">$</font></p></td><td style="width:40.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:12.4pt; 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:23.25pt; 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: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 colspan="2" style="width:3.5pt; 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><tr style="height:1.75pt"><td style="width:128.25pt; 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:19.35pt; 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:12.4pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.4pt; 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:23.25pt; 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:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; 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:12.4pt; 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:23.25pt; 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:30.15pt; 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:30.15pt; 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:12.4pt; 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:23.25pt; 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:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; 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 colspan="2" style="width:3.5pt; 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:12.4pt"><td style="width:128.25pt; 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'; font-weight:bold">Total</font></p></td><td style="width:19.35pt; 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:12.4pt; 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; 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">16,500</font></p></td><td style="width:12.4pt; 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:23.25pt; 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: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">$</font></p></td><td style="width:40.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#8212;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:30.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">16,500</font></p></td><td style="width:12.4pt; 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:23.25pt; 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: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 colspan="2" style="width:3.5pt; 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:4pt"><td style="width:128.25pt; 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:19.35pt; 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:12.4pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.4pt; 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:23.25pt; 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:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; 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:12.4pt; 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:23.25pt; 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:30.15pt; 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:30.15pt; 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:12.4pt; 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:23.25pt; 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:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; 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 colspan="2" style="width:3.5pt; 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:0pt"><td style="width:128.25pt"></td><td style="width:19.35pt"></td><td style="width:12.4pt"></td><td style="width:28.5pt"></td><td style="width:12.4pt"></td><td style="width:23.25pt"></td><td style="width:32.9pt"></td><td style="width:40.35pt"></td><td style="width:12.4pt"></td><td style="width:23.25pt"></td><td style="width:30.15pt"></td><td style="width:30.15pt"></td><td style="width:12.4pt"></td><td style="width:23.25pt"></td><td style="width:24.05pt"></td><td style="width:40.3pt"></td><td style="width:0.35pt"></td><td style="width:3.15pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:3.3pt"><td colspan="2" style="width:178pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.55pt; 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:11.95pt; 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: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:11.95pt; 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:13.45pt; 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:15.05pt; 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: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:11.95pt; 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:13.45pt; 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:16.6pt; 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: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:11.95pt; 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:13.45pt; 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: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:39.4pt; 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:3.3pt; 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="vertical-align:top"></td></tr><tr style="height:9.9pt"><td colspan="2" style="width:178pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.55pt; 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="14" style="width:305.15pt; 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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Measurements</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">at</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:3.3pt; 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="vertical-align:top"></td></tr><tr style="height:9.9pt"><td colspan="2" style="width:178pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.55pt; 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:56.25pt; 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">Total</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:59.35pt; 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">I)</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:55.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; 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">II)</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:57.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; 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:3.3pt; 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="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:178pt; 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:10.55pt; 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:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">132,925</font></p></td><td style="width:11.95pt; 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></p></td><td style="width:13.45pt; 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:15.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">132,925</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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:11.95pt; 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:13.45pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:178pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:10.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">10,056</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:15.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">10,056</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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:11.95pt; 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:13.45pt; 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:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="2" style="width:178pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan receivable from affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super"> (2)</font></p></td><td style="width:10.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">34,635</font></p></td><td style="width:11.95pt; 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></p></td><td style="width:13.45pt; 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:15.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">34,635</font></p></td><td style="width:11.95pt; 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></p></td><td style="width:13.45pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:178pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Senior and ship mortgage notes</font></p></td><td style="width:10.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">(1,112,673</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:15.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,112,673</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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:11.95pt; 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:13.45pt; 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:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="2" style="width:178pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, including current portion</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super"> (1)</font></p></td><td style="width:10.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">(335,301</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; 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:15.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">(335,301</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="2" style="width:178pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term payable to affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super"> (2)</font></p></td><td style="width:10.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">(86,005</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:15.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">(86,005</font></p></td><td style="width:11.95pt; 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:13.45pt; 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: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:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; 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="vertical-align:top"></td></tr><tr style="height:3.3pt"><td colspan="2" style="width:178pt; vertical-align: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="16" style="width:319pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:9.9pt"><td colspan="2" style="width:178pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.55pt; 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="14" style="width:305.15pt; 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 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:3.3pt; 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="vertical-align:top"></td></tr><tr style="height:9.9pt"><td colspan="2" style="width:178pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.55pt; 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:56.25pt; 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">Total</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:59.35pt; 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 I)</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:55.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level II)</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:57.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; 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:3.3pt; 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="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:178pt; 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:10.55pt; 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:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:11.95pt; 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></p></td><td style="width:13.45pt; 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:15.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">127,632</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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:11.95pt; 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:13.45pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:178pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:10.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:11.95pt; 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:13.45pt; 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:15.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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:11.95pt; 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:13.45pt; 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:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="2" style="width:178pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan receivable from affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super"> (2)</font></p></td><td style="width:10.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">30,112</font></p></td><td style="width:11.95pt; 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></p></td><td style="width:13.45pt; 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:15.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">30,112</font></p></td><td style="width:11.95pt; 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></p></td><td style="width:13.45pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:178pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Senior and ship mortgage notes</font></p></td><td style="width:10.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">(1,181,838</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:15.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,181,838</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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:11.95pt; 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:13.45pt; 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:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="2" style="width:178pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, including current portion</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super"> (1)</font></p></td><td style="width:10.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">(389,332</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; 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:15.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">(389,332</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="2" style="width:178pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term payable to affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super"> (2)</font></p></td><td style="width:10.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">(76,872</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:15.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">(76,872</font></p></td><td style="width:11.95pt; 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:13.45pt; 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: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:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; 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="vertical-align:top"></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'">&#xa0;</font><font style="font-family:'Times New Roman'">(1)</font></p></td><td colspan="18" 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s creditworthiness.</font></p></td></tr><tr><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 colspan="18" 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s loan receivable from/ payable to affiliate companies and long-term receivable from/payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities as well as taking into account the counterparty</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s creditworthiness.</font></p></td></tr><tr style="height:0pt"><td style="width:21.6pt"></td><td style="width:156.4pt"></td><td style="width:10.55pt"></td><td style="width:11.95pt"></td><td style="width:44.3pt"></td><td style="width:11.95pt"></td><td style="width:13.45pt"></td><td style="width:15.05pt"></td><td style="width:44.3pt"></td><td style="width:11.95pt"></td><td style="width:13.45pt"></td><td style="width:16.6pt"></td><td style="width:39.2pt"></td><td style="width:11.95pt"></td><td style="width:13.45pt"></td><td style="width:18.15pt"></td><td style="width:39.4pt"></td><td style="width:3.3pt"></td><td style="width:43pt"></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: FAIR VALUE OF FINANCIAL INSTRUMENTS</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'">The following methods and assumptions were used to estimate the fair value of each class of financial instrument:</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; 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:23.1pt; 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:23.1pt; 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 floating rate loan approximates its fair value.</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'; 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 are reflected directly in the consolidated statements of comprehensive (loss)/income at each reporting period.</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-align:center; font-size:12pt"><br style="page-break-before:always; clear:both" /></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:23.1pt; 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 its fair value, excluding the effect of any deferred finance costs. The 2022 Senior Secured Notes, the 2022 Notes, the 2022 Logistics Senior Notes and two Navios Logistics</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> 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:23.1pt; 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'"> The carrying amount of the long-term payable approximates its fair value.</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 estimated fair values of the Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s financial instruments 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="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:3.3pt"><td style="width:166.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_9fb59e99368d4e3c95de175998729edf"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:7.05pt; 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: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:44.3pt; 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:11.3pt; 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:11.3pt; 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: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:44.3pt; 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:7.05pt; 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: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:44.3pt; 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:10.9pt; 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:10.9pt; 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:44.3pt; 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:8.35pt; 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:9.9pt"><td style="width:166.65pt; 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:7.05pt; 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 colspan="6" style="width:150.5pt; 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><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:7.05pt; 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 colspan="6" style="width:149.75pt; 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,</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><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:9.9pt"><td style="width:166.65pt; 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:7.05pt; 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 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:11.3pt; 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:11.3pt; 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:63.15pt; 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: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:7.05pt; 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 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:10.9pt; 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:10.9pt; 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:63.15pt; 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:8.15pt; 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:166.65pt; 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'">Cash and cash equivalents</font></p></td><td style="width:7.05pt; 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><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:44.3pt; 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'">132,925</font></p></td><td style="width:11.3pt; 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 style="width:11.3pt; 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: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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">132,925</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; 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:10.9pt; 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:10.9pt; 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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">127,632</font></p></td><td style="width:8.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:166.65pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:7.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">10,056</font></p></td><td style="width:11.3pt; 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:11.3pt; 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:18.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">10,056</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; 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:10.9pt; 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:10.9pt; 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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font></p></td><td style="width:8.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:166.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan receivable from affiliate companies</font></p></td><td style="width:7.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; 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'">34,635</font></p></td><td style="width:11.3pt; 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 style="width:11.3pt; 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: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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">34,635</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; 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'">30,112</font></p></td><td style="width:10.9pt; 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:10.9pt; 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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">30,112</font></p></td><td style="width:8.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:166.65pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investments in available-for-sale-securities</font></p></td><td style="width:7.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">227</font></p></td><td style="width:11.3pt; 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:11.3pt; 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:18.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">227</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:10.9pt; 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:10.9pt; 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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:8.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:166.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Senior and ship mortgage notes, net</font></p></td><td style="width:7.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; 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'">(1,270,726</font></p></td><td style="width:11.3pt; 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><td style="width:11.3pt; 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: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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,112,673</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; 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'">(1,301,999</font></p></td><td style="width:10.9pt; 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:10.9pt; 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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,181,838</font></p></td><td style="width:8.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:166.65pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, including current portion</font></p></td><td style="width:7.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(328,605</font></p></td><td style="width:11.3pt; 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><td style="width:11.3pt; 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:18.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(335,301</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(380,489</font></p></td><td style="width:10.9pt; 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:10.9pt; 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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(389,332</font></p></td><td style="width:8.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:166.65pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long term payable to affiliate companies</font></p></td><td style="width:7.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; 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'">(86,005</font></p></td><td style="width:11.3pt; 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><td style="width:11.3pt; 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: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'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(86,005</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; 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:10.9pt; 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:10.9pt; 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:44.3pt; 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:8.35pt; 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><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:23.1pt; 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><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:157.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_16a9afda5da1490c92b826ce59e0124b"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:13.4pt; 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:12.6pt; 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:12.6pt; 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:18.55pt; 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: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:12.6pt; 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:18.55pt; 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: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:12.6pt; 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:18.55pt; 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: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:3.3pt; 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:9.9pt"><td style="width:157.45pt; 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:13.4pt; 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:322.9pt; 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</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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Measurements</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">as</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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:3.05pt; 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:39.6pt"><td style="width:157.45pt; 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:13.4pt; 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:28.6pt; 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:12.6pt; 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:18.55pt; 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: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</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 style="width:12.6pt; 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:18.55pt; 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: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</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">II)</font></p></td><td style="width:12.6pt; 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:18.55pt; 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:64.35pt; 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:3.2pt; 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></tr><tr style="height:24.75pt"><td style="width:157.45pt; 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:13.4pt; 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:12.6pt; 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'">227</font></p></td><td style="width:12.6pt; 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:18.55pt; 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: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'">$</font></p></td><td style="width:32.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">227</font></p></td><td style="width:12.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:12.6pt; 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:18.55pt; 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: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:3.3pt; 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:1.75pt"><td style="width:157.45pt; 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:13.4pt; 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:12.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.6pt; 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><td style="width:18.55pt; 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:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><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:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.6pt; 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><td style="width:18.55pt; 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:30.15pt; 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:40.3pt; 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:12.6pt; 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><td style="width:18.55pt; 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:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; 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:3.3pt; 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:12.4pt"><td style="width:157.45pt; 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">Total</font></p></td><td style="width:13.4pt; 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:12.6pt; 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">227</font></p></td><td style="width:12.6pt; 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><td style="width:18.55pt; 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: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">$</font></p></td><td style="width:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">227</font></p></td><td style="width:12.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:18.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:12.6pt; 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:18.55pt; 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: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:3.3pt; 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:4pt"><td style="width:157.45pt; 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:13.4pt; 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:12.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.6pt; 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><td style="width:18.55pt; 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:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><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:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.6pt; 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><td style="width:18.55pt; 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:30.15pt; 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:40.3pt; 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:12.6pt; 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><td style="width:18.55pt; 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:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; 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:3.3pt; 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:157.45pt; 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="16" style="width:339.3pt; 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:9.9pt"><td style="width:157.45pt; 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:13.4pt; 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:322.9pt; 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 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:3.05pt; 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:39.6pt"><td style="width:157.45pt; 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:13.4pt; 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:28.6pt; 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:12.6pt; 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:18.55pt; 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: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:12.6pt; 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:18.55pt; 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: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:12.6pt; 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:18.55pt; 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:64.35pt; 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:3.2pt; 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></tr><tr style="height:24.75pt"><td style="width:157.45pt; 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:13.4pt; 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:12.6pt; 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:12.6pt; 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:18.55pt; 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: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'">$</font></p></td><td style="width:32.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:12.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:12.6pt; 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:18.55pt; 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: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:3.3pt; 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:1.75pt"><td style="width:157.45pt; 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:13.4pt; 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:12.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.6pt; 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><td style="width:18.55pt; 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:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><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:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.6pt; 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><td style="width:18.55pt; 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:30.15pt; 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:40.3pt; 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:12.6pt; 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><td style="width:18.55pt; 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:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; 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:3.3pt; 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:12.4pt"><td style="width:157.45pt; 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">Total</font></p></td><td style="width:13.4pt; 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:12.6pt; 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:12.6pt; 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><td style="width:18.55pt; 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: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">$</font></p></td><td style="width:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">238</font></p></td><td style="width:12.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:18.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:12.6pt; 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:18.55pt; 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: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:3.3pt; 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:4pt"><td style="width:157.45pt; 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:13.4pt; 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:12.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.6pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; 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:12.6pt; 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><td style="width:18.55pt; 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:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; 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:3.3pt; 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; text-align:center; font-size:12pt"><br style="page-break-before:always; clear:both" /></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:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s assets measured at fair value on a non-recurring basis were:</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:128.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_c3285f00346540e3835be40e852bd17c"><font style="font-family:'Times New Roman'">&#xa0;</font></a></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:12.4pt; 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: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:12.4pt; 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:23.25pt; 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: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: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:12.4pt; 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:23.25pt; 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: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: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:12.4pt; 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:23.25pt; 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: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 colspan="2" style="width:3.5pt; 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></tr><tr style="height:9.9pt"><td style="width:128.25pt; 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:19.35pt; 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="15" style="width:346.1pt; 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">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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Measurements</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">as</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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:3.1pt; 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:39.6pt"><td style="width:128.25pt; 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:19.35pt; 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:40.9pt; 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">Total</font></p></td><td style="width:12.4pt; 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:23.25pt; 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: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">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</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 style="width:12.4pt; 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:23.25pt; 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: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</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">II)</font></p></td><td style="width:12.4pt; 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:23.25pt; 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: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 colspan="2" 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></tr><tr style="height:24.75pt"><td style="width:128.25pt; 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:19.35pt; 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:12.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:12.4pt; 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:23.25pt; 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: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'">$</font></p></td><td style="width:40.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:12.4pt; 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:23.25pt; 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: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 colspan="2" style="width:3.5pt; 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><tr style="height:1.75pt"><td style="width:128.25pt; 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:19.35pt; 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:12.4pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.4pt; 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:23.25pt; 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:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; 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:12.4pt; 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:23.25pt; 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:30.15pt; 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:30.15pt; 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:12.4pt; 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:23.25pt; 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:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; 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 colspan="2" style="width:3.5pt; 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:12.4pt"><td style="width:128.25pt; 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'; font-weight:bold">Total</font></p></td><td style="width:19.35pt; 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:12.4pt; 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; 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">16,500</font></p></td><td style="width:12.4pt; 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:23.25pt; 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: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">$</font></p></td><td style="width:40.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#8212;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:30.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">16,500</font></p></td><td style="width:12.4pt; 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:23.25pt; 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: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 colspan="2" style="width:3.5pt; 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:4pt"><td style="width:128.25pt; 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:19.35pt; 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:12.4pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.4pt; 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:23.25pt; 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:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; 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:12.4pt; 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:23.25pt; 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:30.15pt; 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:30.15pt; 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:12.4pt; 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:23.25pt; 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:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40.3pt; 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 colspan="2" style="width:3.5pt; 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:0pt"><td style="width:128.25pt"></td><td style="width:19.35pt"></td><td style="width:12.4pt"></td><td style="width:28.5pt"></td><td style="width:12.4pt"></td><td style="width:23.25pt"></td><td style="width:32.9pt"></td><td style="width:40.35pt"></td><td style="width:12.4pt"></td><td style="width:23.25pt"></td><td style="width:30.15pt"></td><td style="width:30.15pt"></td><td style="width:12.4pt"></td><td style="width:23.25pt"></td><td style="width:24.05pt"></td><td style="width:40.3pt"></td><td style="width:0.35pt"></td><td style="width:3.15pt"></td></tr></table></div><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</font><font style="font-family:'Times New Roman'">&#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:23.1pt; 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:23.1pt; 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 we have 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:23.1pt; 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:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">Level III: Inputs that are unobservable.</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 colspan="2" style="width:178pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_ea58be70e76e43af85b8335854fe0029"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:10.55pt; 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:11.95pt; 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: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:11.95pt; 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:13.45pt; 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:15.05pt; 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: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:11.95pt; 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:13.45pt; 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:16.6pt; 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: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:11.95pt; 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:13.45pt; 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: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:39.4pt; 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:3.3pt; 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="vertical-align:top"></td></tr><tr style="height:9.9pt"><td colspan="2" style="width:178pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.55pt; 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="14" style="width:305.15pt; 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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Measurements</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">at</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:3.3pt; 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="vertical-align:top"></td></tr><tr style="height:9.9pt"><td colspan="2" style="width:178pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.55pt; 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:56.25pt; 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">Total</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:59.35pt; 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">I)</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:55.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; 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">II)</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:57.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; 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:3.3pt; 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="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:178pt; 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:10.55pt; 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:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">132,925</font></p></td><td style="width:11.95pt; 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></p></td><td style="width:13.45pt; 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:15.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">132,925</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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:11.95pt; 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:13.45pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:178pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:10.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">10,056</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:15.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">10,056</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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:11.95pt; 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:13.45pt; 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:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="2" style="width:178pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan receivable from affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super"> (2)</font></p></td><td style="width:10.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">34,635</font></p></td><td style="width:11.95pt; 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></p></td><td style="width:13.45pt; 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:15.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">34,635</font></p></td><td style="width:11.95pt; 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></p></td><td style="width:13.45pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:178pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Senior and ship mortgage notes</font></p></td><td style="width:10.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">(1,112,673</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:15.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,112,673</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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:11.95pt; 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:13.45pt; 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:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="2" style="width:178pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, including current portion</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super"> (1)</font></p></td><td style="width:10.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">(335,301</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; 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:15.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">(335,301</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="2" style="width:178pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term payable to affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super"> (2)</font></p></td><td style="width:10.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">(86,005</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:15.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">(86,005</font></p></td><td style="width:11.95pt; 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:13.45pt; 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: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:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; 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="vertical-align:top"></td></tr><tr style="height:3.3pt"><td colspan="2" style="width:178pt; vertical-align: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="16" style="width:319pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:9.9pt"><td colspan="2" style="width:178pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.55pt; 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="14" style="width:305.15pt; 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 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:3.3pt; 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="vertical-align:top"></td></tr><tr style="height:9.9pt"><td colspan="2" style="width:178pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.55pt; 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:56.25pt; 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">Total</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:59.35pt; 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 I)</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:55.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level II)</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:57.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; 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:3.3pt; 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="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:178pt; 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:10.55pt; 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:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:11.95pt; 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></p></td><td style="width:13.45pt; 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:15.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">127,632</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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:11.95pt; 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:13.45pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:178pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:10.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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:11.95pt; 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:13.45pt; 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:15.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,558</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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:11.95pt; 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:13.45pt; 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:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="2" style="width:178pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan receivable from affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super"> (2)</font></p></td><td style="width:10.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">30,112</font></p></td><td style="width:11.95pt; 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></p></td><td style="width:13.45pt; 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:15.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">30,112</font></p></td><td style="width:11.95pt; 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></p></td><td style="width:13.45pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="2" style="width:178pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Senior and ship mortgage notes</font></p></td><td style="width:10.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">(1,181,838</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:15.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,181,838</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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:11.95pt; 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:13.45pt; 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:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="2" style="width:178pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, including current portion</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super"> (1)</font></p></td><td style="width:10.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">(389,332</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; 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:15.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">(389,332</font></p></td><td style="width:11.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="2" style="width:178pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term payable to affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super"> (2)</font></p></td><td style="width:10.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">(76,872</font></p></td><td style="width:11.95pt; 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:13.45pt; 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:15.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">(76,872</font></p></td><td style="width:11.95pt; 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:13.45pt; 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: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:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; 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="vertical-align:top"></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'">&#xa0;</font><font style="font-family:'Times New Roman'">(1)</font></p></td><td colspan="18" 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s creditworthiness.</font></p></td></tr><tr><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 colspan="18" 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s loan receivable from/ payable to affiliate companies and long-term receivable from/payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities as well as taking into account the counterparty</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s creditworthiness.</font></p></td></tr><tr style="height:0pt"><td style="width:21.6pt"></td><td style="width:156.4pt"></td><td style="width:10.55pt"></td><td style="width:11.95pt"></td><td style="width:44.3pt"></td><td style="width:11.95pt"></td><td style="width:13.45pt"></td><td style="width:15.05pt"></td><td style="width:44.3pt"></td><td style="width:11.95pt"></td><td style="width:13.45pt"></td><td style="width:16.6pt"></td><td style="width:39.2pt"></td><td style="width:11.95pt"></td><td style="width:13.45pt"></td><td style="width:18.15pt"></td><td style="width:39.4pt"></td><td style="width:3.3pt"></td><td style="width:43pt"></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></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:218.5pt; 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:28.35pt; 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: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: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:28.35pt; 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:25.6pt; 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:4.6pt; 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:39.6pt"><td style="width:218.5pt; 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:28.35pt; 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:67pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">barges</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">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">pushboats</font></p><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:28.35pt; 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:59.1pt; 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:4.6pt; 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:218.5pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019</font></p></td><td style="width:28.35pt; 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:33.5pt; vertical-align:bottom; background-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'">116,882</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:28.35pt; 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:25.6pt; 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:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,674</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:218.5pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2020</font></p></td><td style="width:28.35pt; 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:33.5pt; 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: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'">104,591</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:28.35pt; 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:25.6pt; 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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">15,226</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:218.5pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2021</font></p></td><td style="width:28.35pt; 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:33.5pt; vertical-align:bottom; background-color:#cceeff"><p 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'">76,120</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:28.35pt; 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:25.6pt; 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:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">17,080</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:218.5pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2022</font></p></td><td style="width:28.35pt; 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:33.5pt; 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: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'">48,112</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:28.35pt; 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:25.6pt; 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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">16,883</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:218.5pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2023</font></p></td><td style="width:28.35pt; 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:33.5pt; vertical-align:bottom; background-color:#cceeff"><p 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'">37,640</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:28.35pt; 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:25.6pt; 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:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">16,463</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:218.5pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2024 and thereafter</font></p></td><td style="width:28.35pt; 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:33.5pt; 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: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'">50,350</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:28.35pt; 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:25.6pt; 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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">49,683</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:1.75pt"><td style="width:218.5pt; 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:28.35pt; 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:33.5pt; 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; vertical-align:bottom"><p 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:28.35pt; 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:25.6pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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><tr style="height:12.4pt"><td style="width:218.5pt; 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'; font-weight:bold">Total</font></p></td><td style="width:28.35pt; 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:33.5pt; vertical-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; vertical-align:bottom; 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">433,695</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:28.35pt; 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:25.6pt; 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">$</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'; font-weight:bold">122,009</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'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:218.5pt; 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:28.35pt; 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:33.5pt; 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; vertical-align:bottom"><p 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:28.35pt; 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:25.6pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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: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: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">NOTE 7: COMMITMENTS AND CONTINGENCIES</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'">As of Sept</font><font style="font-family:'Times New Roman'">ember</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, the Company was contingently liable for letters of guarantee and letters of credit amounting to $600 (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 deposi</font><font style="font-family:'Times New Roman'">ts, which are included as a component of restricted cash.</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'">In December 2017, the Company agreed to charter-in, under a ten year bareboat contract, from an unrelated third party a newbuilding bulk carrier vessel of about 82,000 dwt, expected to be delivered i</font><font style="font-family:'Times New Roman'">n 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. As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, the total amount of $2,896,</font><font style="font-family:'Times New Roman'"> including expenses and interest, is presented under the caption </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Other long-term assets</font><font style="font-family:'Times New Roman'">&#8221;.</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'">In January 2018, Navios Holdings agreed to charter-in, under two ten-year bareboat contracts, from an unrelated third party two newbuilding bulk carriers of about 82,000 dwt per vessel, 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 $5,570 was paid during the perio</font><font style="font-family:'Times New Roman'">d ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018. As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, the total amount of $5,989, including expenses and interest, is presented under the caption &#8220;</font><font style="font-family:'Times New Roman'">Other long-term assets</font><font style="font-family:'Times New Roman'">&#8221;.</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'">In April 2018, Navios Holdings agreed to charter-in, under one ten-year bareboat contract, from an unrelated third party one 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, </font><font style="font-family:'Times New Roman'">of which $2,795 was paid during the period ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018. As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, the total amount of $2,945, including expenses and interest, is presented under the caption &#8220;</font><font style="font-family:'Times New Roman'">Other long-term assets</font><font style="font-family:'Times New Roman'">&#8221;.</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 Logistics issued a guarantee and ind</font><font style="font-family:'Times New Roman'">emnity 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, 2019.</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 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s financial position, results of operations or liquidity.</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 Logistics had a dispute with Vale International S.A. (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Vale</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) regarding the termination date of a COA contract, which was under arbitration proceedings in New York. 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</font><font style="font-family:'Times New Roman'"> December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 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 was ordered to pay Navios Logistics $21,500, compensating for all unpaid invoices, late payment of invoices, and legal fees incurred. An amount of </font><font style="font-family:'Times New Roman'">$1,157 was recorded in the consolidated statements of operations under </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Other income, net</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> as part of this compensation during the first quarter of 2017. The full amount was 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:23.1pt; 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'">16, 2018, there was a fire incident at the iron ore port terminal in Nueva Palmira, Uruguay. The incident is not expected to have a material effect in Navios Logistics consolidated financial statements as Navios Logistics maintains property and </font><font style="font-family:'Times New Roman'">loss of earnings insurance coverage for such types of events (subject to applicable deductibles and other customary limitations).</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, in the normal course of business, entered into contracts to time charter-in vessels for various periods through 2030.</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-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, the Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s future minimum commitments, net of commissions under chartered-in vessels 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><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:218.5pt; 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:28.35pt; 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: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: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:28.35pt; 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:25.6pt; 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:4.6pt; 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:39.6pt"><td style="width:218.5pt; 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:28.35pt; 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:67pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">barges</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">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">pushboats</font></p><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:28.35pt; 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:59.1pt; 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:4.6pt; 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:218.5pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019</font></p></td><td style="width:28.35pt; 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:33.5pt; vertical-align:bottom; background-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'">116,882</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:28.35pt; 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:25.6pt; 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:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,674</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:218.5pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2020</font></p></td><td style="width:28.35pt; 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:33.5pt; 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: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'">104,591</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:28.35pt; 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:25.6pt; 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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">15,226</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:218.5pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2021</font></p></td><td style="width:28.35pt; 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:33.5pt; vertical-align:bottom; background-color:#cceeff"><p 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'">76,120</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:28.35pt; 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:25.6pt; 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:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">17,080</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:218.5pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2022</font></p></td><td style="width:28.35pt; 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:33.5pt; 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: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'">48,112</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:28.35pt; 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:25.6pt; 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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">16,883</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:218.5pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2023</font></p></td><td style="width:28.35pt; 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:33.5pt; vertical-align:bottom; background-color:#cceeff"><p 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'">37,640</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:28.35pt; 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:25.6pt; 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:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">16,463</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:218.5pt; 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'">September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2024 and thereafter</font></p></td><td style="width:28.35pt; 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:33.5pt; 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: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'">50,350</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:28.35pt; 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:25.6pt; 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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">49,683</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:1.75pt"><td style="width:218.5pt; 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:28.35pt; 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:33.5pt; 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; vertical-align:bottom"><p 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:28.35pt; 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:25.6pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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><tr style="height:12.4pt"><td style="width:218.5pt; 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'; font-weight:bold">Total</font></p></td><td style="width:28.35pt; 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:33.5pt; vertical-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; vertical-align:bottom; 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">433,695</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:28.35pt; 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:25.6pt; 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">$</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'; font-weight:bold">122,009</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'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:218.5pt; 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:28.35pt; 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:33.5pt; 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; vertical-align:bottom"><p 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:28.35pt; 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:25.6pt; vertical-align:bottom"><p 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; vertical-align:bottom"><p 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 8: TRANSACTIONS WITH RELATED PARTIES</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'; 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s subsidiaries. The total annual lease payments are in aggregate </font><font style="font-family:'Times New Roman'">&#8364;</font><font style="font-family:'Times New Roman'">939 (approximately $1,121) 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:23.1pt; 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 utilizes its affiliate company, Acropolis, as a broker. Commissions charged from Acropolis for each </font><font style="font-family:'Times New Roman'">of the three and nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 were $0. Included in the trade accounts payable at both September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017 was an amount due to Acropolis of $76.</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'; 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> vessels, all of which have been redelivered by April 2016.</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'">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:23.1pt; 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:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total charter hire expense for all vessels for each of the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 was $0, and for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 was $0</font><font style="font-family:'Times New Roman'"> and $651, respectively, and were included in the consolidated statements of comprehensive (loss)/income under </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Time charter, voyage and logistics business expenses</font><font style="font-family:'Times New Roman'">&#8221;.</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><p style="margin-top:0pt; margin-bottom:0pt; text-indent:23.1pt; 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> vessels for a daily fixed fee. This daily fee covers all of the vessels</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> operating expenses, including the cost of drydock and special surveys. In each of October 2013, August 2014, and February 2015, the Company amended its existing management agreement with Navios Partners to fix the fees for ship management services of its owned fleet at: (i) $4.0 daily rate per Ultra-Handymax vessel; (ii) $4.1 daily rate per Panamax vessel; (iii) $5.1 daily rate per Capesize vessel; (iv) $6.5 daily rate per container v</font><font style="font-family:'Times New Roman'">essel of TEU 6,800; (v) $7.2 daily rate per container vessel of more than TEU 8,000; and (vi) $8.5 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, 2015. In February 2016, the Company further amended its existing man</font><font style="font-family:'Times New Roman'">agement 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 vess</font><font style="font-family:'Times New Roman'">el 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 manag</font><font style="font-family:'Times New Roman'">ement 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</font><font style="font-family:'Times New Roman'"> 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 </font><font style="font-family:'Times New Roman'">at occurrence.</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 management fees for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $17,220 and $16,270, respectively, and for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $51,292 and $44,936, respectively,</font><font style="font-family:'Times New Roman'"> and are presented net under the caption </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Direct vessel expenses</font><font style="font-family:'Times New Roman'">&#8221;.</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 provides commercial and technical management services to Navios Acquisition</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s vessels for a daily fee that was fixed. This daily fee covers all of the vessels</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> operating exp</font><font style="font-family:'Times New Roman'">enses, 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 agreeme</font><font style="font-family:'Times New Roman'">n</font><font style="font-family:'Times New Roman'">t 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 produc</font><font style="font-family:'Times New Roman'">t</font><font style="font-family:'Times New Roman'"> 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 MR</font><font style="font-family:'Times New Roman'">2 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:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total management fees for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $23,340 and $23,938, respectively, and for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $69,652 and $71,0</font><font style="font-family:'Times New Roman'">35, respectively, and are presented net under the caption </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Direct vessel expenses</font><font style="font-family:'Times New Roman'">&#8221;.</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'">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;</font><font style="font-family:'Times New Roman'">s tanker and container </font><font style="font-family:'Times New Roman'">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 three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $5,942 and $5,</font><font style="font-family:'Times New Roman'">2</font><font style="font-family:'Times New Roman'">27, respectively, and for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $16,318 and $15,820, respectively, and are presented net under the caption &#8220;</font><font style="font-family:'Times New Roman'">Direct vessel expenses</font><font style="font-family:'Times New Roman'">&#8221;.</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'">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, </font><font style="font-family:'Times New Roman'">as further amended in October 2016, Navios Holdings provides commercial and technical management services to Navios Midstream</font><font style="font-family:'Times New Roman'">&#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 thi</font><font style="font-family:'Times New Roman'">s</font><font style="font-family:'Times New Roman'"> agreement will be reimbursed at cost at occurrence for all vessels. The term of this agreement is for a period of five years. Total management fees for each of the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $5,244, and for the nine</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'">month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $15,</font><font style="font-family:'Times New Roman'">495 and $15,561, respectively, and are presented net under the caption </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Direct vessel expenses</font><font style="font-family:'Times New Roman'">&#8221;.</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><p style="margin-top:0pt; margin-bottom:0pt; text-indent:23.1pt; 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 serv</font><font style="font-family:'Times New Roman'">ices to Navios Europe II</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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 each of the three month periods end</font><font style="font-family:'Times New Roman'">ed September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $5,556 and $5,058, respectively, and for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $16,357 and $16,244, respectively, and are presented net under the caption &#8220;</font><font style="font-family:'Times New Roman'">Direct vessel expenses</font><font style="font-family:'Times New Roman'">&#8221;.</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'">Pu</font><font style="font-family:'Times New Roman'">rsuant 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;</font><font style="font-family:'Times New Roman'"> 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 a</font><font style="font-family:'Times New Roman'">t cost. Total management fees for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $14,490 and $6,576, respectively, and for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $38,578 and $7,491, respectively, and ar</font><font style="font-family:'Times New Roman'">e presented net under the caption </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Direct vessel expenses</font><font style="font-family:'Times New Roman'">&#8221;.</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'; 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 </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Navios Partners Guarantee</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) 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 t</font><font style="font-family:'Times New Roman'">o the management agreement. Navios Partners has submitted one claim under this agreement to the Company. As at both September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and December 31, 2017, the fair value of the claim was estimated at $20,000 and was included in &#8220;</font><font style="font-family:'Times New Roman'">Other long-term liabilities and deferred income</font><font style="font-family:'Times New Roman'">&#8221; in the consolidated balance sheet. The final settlement of the amount due will take place at any time 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. During the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2015, the Company initially recognized this claim as &#8220;</font><font style="font-family:'Times New Roman'">Other expense</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> in the consolidated statements of comprehensive (loss)/income.</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'; 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 e</font><font style="font-family:'Times New Roman'">xisting 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 three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $2,357 and $2,176, resp</font><font style="font-family:'Times New Roman'">e</font><font style="font-family:'Times New Roman'">ctively, and for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $6,938 and $6,042, 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'">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</font><font style="font-family:'Times New Roman'"> 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 an</font><font style="font-family:'Times New Roman'">d administrative fees for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $2,188 and $2,250, respectively, and for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $6,623 and $6,750, 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'">Navios Holdings p</font><font style="font-family:'Times New Roman'">rovides 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 reimbu</font><font style="font-family:'Times New Roman'">r</font><font style="font-family:'Times New Roman'">sed for reasonable costs and expenses incurred in connection with the provision of these services. Total general and administrative fees for each of the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $250, and for each of the nine month</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'">periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $750. The general and administrative fees have been eliminated upon consolidation.</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:23.1pt; 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;</font><font style="font-family:'Times New Roman'">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 th</font><font style="font-family:'Times New Roman'">e three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $335 and $299, respectively, and for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $995 and $887, 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'">Pursuant to an administrative services agreement date</font><font style="font-family:'Times New Roman'">d 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 </font><font style="font-family:'Times New Roman'">o</font><font style="font-family:'Times New Roman'">f these services. Total general and administrative fees for each of the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $375, and for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $1,119 and $1,125, 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'">Pu</font><font style="font-family:'Times New Roman'">rsuant 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;</font><font style="font-family:'Times New Roman'">s dry bulk and container vessels. The term of this agreement is for a period of six years. Navios Holdings is reimbursed</font><font style="font-family:'Times New Roman'"> for reasonable costs and expenses incurred in connection with the provision of these services. Total general and administrative fees charged for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $514 and $445, respectively, and for th</font><font style="font-family:'Times New Roman'">e</font><font style="font-family:'Times New Roman'"> nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $1,526 and $1,321, 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'">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 </font><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'"> of termination is received by either party. Total general and administrative fees attributable to this agreement for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, amounted to $1,587 and $738, respectively, and for the nine month periods ende</font><font style="font-family:'Times New Roman'">d</font><font style="font-family:'Times New Roman'"> September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 amounted to $4,287 and $817, 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'">Administrative services under these agreements include bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, investor relations and other services.</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'; font-weight:bold">Balance due to/from affiliates (excluding Navios Europe I and Navios Europe II):</font><font style="font-family:'Times New Roman'"> Balance due to Navios Partners as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 amounted to $8,694 (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 $31,555 (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 September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 amounted to $538 (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</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'">to Navios Acquisition amounted to $9,273 (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 September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 amounted to $2,264 (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, 20</font><font style="font-family:'Times New Roman'">1</font><font style="font-family:'Times New Roman'">7: $4,554). Balance due to Navios Containers as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 amounted to $4,875 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017: $3,334), and the Long-term payable to Navios Containers amounted to $7,551 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017: $7,965).</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 balances mainly consisted of management fees, administrative fees, drydocking 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:23.1pt; 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 </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Partners Omnibus Agreement</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) in connection with the closing of Navios Partners</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> 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: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:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Holdings entered into an omnibus agreement with Navios Acquisition and Navios Partners (the </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Acquisition Omnibus Agreement</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) in connection with the closing of Navios Acquisition</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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 o</font><font style="font-family:'Times New Roman'">ffer 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 oth</font><font style="font-family:'Times New Roman'">e</font><font style="font-family:'Times New Roman'">r 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:23.1pt; 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:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Holdings entered into an omnibus agreement with Navios Containers, Navios Acquisition, Navios Partners and Navios Midstream, pursuant to which Navios Acquisition, Navios Holdings, Navios Partners, Navios Midstream 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, Navios Partners and Navios Midstream 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:23.1pt; 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 (</font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Midstream General Partner</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">), 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</font><font style="font-family:'Times New Roman'"> November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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 September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, Navios Holdings had not exercised any part of that option.</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'; 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 </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">deferred gain</font><font style="font-family:'Times New Roman'">&#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;</font><font style="font-family:'Times New Roman'">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</font><font style="font-family:'Times New Roman'">&#8217;s ownership interest in Navios Partners. As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, the unamortized deferred gain for all vessels and rights sold totaled $8,536 and $9,955, respectively. For each of the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, Navios Holdings recognized $473 of the deferred gain in &#8220;</font><font style="font-family:'Times New Roman'">Equity in net (losses)/earnings of affiliated companies</font><font style="font-family:'Times New Roman'">&#8221; and for each of the nine months ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, Navios Hol</font><font style="font-family:'Times New Roman'">dings recognized $1,419 of the deferred gain in </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Equity in net (losses)/earnings of affiliated companies</font><font style="font-family:'Times New Roman'">&#8221;.</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-bottom:0pt; text-indent:23.1pt; 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 13 for Navios Holdings</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> participation in Navios Acquisition</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s and Navios Partners</font><font style="font-family:'Times New Roman'">&#8217; offerings. On February</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">4, 2015, Nav</font><font style="font-family:'Times New Roman'">ios 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 cer</font><font style="font-family:'Times New Roman'">tain 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 and February</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">21, 2018 for the purchas</font><font style="font-family:'Times New Roman'">e up to a total of 1,717,318 general partnership interests.</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'; font-weight:bold">The Navios Acquisition Credit Facility:</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</font><font style="font-family:'Times New Roman'"> up to $70,000 with Navios Acquisition. This credit facility was secured by all of the Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> interest in Navios Acquisition and 78.5% of the Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s interest in Navios Logistics, representing a majority of the shares outstanding of Navios Logistics.</font><font style="font-family:'Times New Roman'"> 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:23.1pt; 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'"> Ba</font><font style="font-family:'Times New Roman'">lance due from Navios Europe I as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 amounted to $17,050 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017: $7,176) which included the net current receivable amount of $13,088 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017: $4,002) mainly consisting of management fees, accrued interest income e</font><font style="font-family:'Times New Roman'">arned under the Navios Revolving Loans I (as defined in Note 13) and other expenses and the non-current amount receivable of $3,962 (December 31, 2017: $3,174) related to the accrued interest income earned under the Navios Term Loans I (as defined in Note 13).</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 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:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, the outstanding amount relating to Navios Holdings&#8217;</font><font style="font-family:'Times New Roman'"> portion under the Navios Revolving Loans I is $11,125 (December 31, 2017: $11,125), under the caption </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Loan receivable from affiliate companies</font><font style="font-family:'Times New Roman'">&#8221;. As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, the amount undrawn under the Revolving Loans I was $0.</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'">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</font><font style="font-family:'Times New Roman'"> Navios Partners with a fair value of $29,423 (based on Navios Partners</font><font style="font-family:'Times New Roman'">&#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 o</font><font style="font-family:'Times New Roman'">f this transaction, the Company recognized a long-term liability of $33,473, including a premium of $12,089 which will be amortized through </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Interest expense and finance cost, net</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> over the term of the loans until 2023, and is included within </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Long-term payable to affiliate companies</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">. 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 N</font><font style="font-family:'Times New Roman'">ote</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">13. As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, the long-term payable to Navios Partners amounted to $35,061, including the unamortized premium of $8,854.</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'; 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 September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, amounted to $2,423 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017: $2,440), which included the net current payable amount of $2,813 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017: $1,310), mainly consisting of management fees and net of accrued interest income earned under the Navios Revolving Loans II (as defined in Note 13) and</font><font style="font-family:'Times New Roman'"> other expenses and the non-current amount receivable of $5,236 (December 31, 2017: $3,750) related to the accrued interest income earned under the Navios Term Loans II (as defined in Note 13).</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 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: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:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, the outstanding amount relating to Navios Holdings&#8217;</font><font style="font-family:'Times New Roman'"> portion under the Navios Revolving Loans II was $14,313 (December 31, 2017: $12,063), under the caption </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Loan receivable from affiliate companies.</font><font style="font-family:'Times New Roman'">&#8221; In March 2017, the amount undrawn from the Navios Revolving Loans II increased by $14,000. As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, the amount undrawn from the Navios Revolving Loans II was $9,753, of which Navios Holdings may be required to fund an amount ranging from</font><font style="font-family:'Times New Roman'"> $0 to $9,753.</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 9: PREFERRED AND COMMON STOCK</font></p><p style="margin-top:6.6pt; 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:6.6pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">During the nine month period ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, 3,333 restricted stock units issued to the Company&#8217;</font><font style="font-family:'Times New Roman'">s employees in 2016 vested.</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'">During the nine month period ended Sept</font><font style="font-family:'Times New Roman'">ember</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2017, 0 restricted stock units issued to the Company&#8217;</font><font style="font-family:'Times New Roman'">s employees vested.</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'">During the nine month period ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, 4,500 restricted shares of common stock were forfeited upon termination of employment.</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'">During the nine month period ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2017, 0 restricted shares of common stock 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:6.6pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">During the nine month period ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2017, 2,436 shares of convertible preferred stock were converted into 1,740,000 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 </font><font style="font-family:'Times New Roman'">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 ($10,000</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">per share) by a conversion price equal to </font><font style="font-family:'Times New Roman'">$</font><font style="font-family:'Times New Roman'">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. The cancelled undeclared dividend was converted to 50,150 shares of common stock with a fair value of $84 </font><font style="font-family:'Times New Roman'">at the date of issuance (See also note 12).</font></p><p style="margin-top:19.8pt; 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:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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 and Series 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 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. 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></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; 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 $1,914 ($1,843 net of fees). Navios Holdings paid for tender offer expenses $485, and issued a total of 625,815 shares of common stock with a fair value of</font><font style="font-family:'Times New Roman'"> $1,127. Following the completion of the offer, the Company cancelled the undeclared preferred dividend of Series G and Series H of $270.</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'">In February 2016, Navios Holdings announced the suspension of payment of quarterly dividends on its preferred stock, in</font><font style="font-family:'Times New Roman'">cluding the Series G and Series H. Total undeclared preferred dividends as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 were $27,372.</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 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 respe</font><font style="font-family:'Times New Roman'">ctive dividend rate increased by 0.25%.</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">Issuances to Employees, Officers and Directors</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'">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, 4,320,975 shares of common stock were 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:13.2pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Holdings had outstanding as of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, 124,706,280 and 120,386,472 shares of common stock, respectively, 14,191 Series G, 28,612 Series H and 3,499 shares of convertible preferred stock for bot</font><font style="font-family:'Times New Roman'">h 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">&#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">&#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 10: OTHER EXPENSE, NET</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'">In February 2017, two self-propelled barges of Navios Logistics</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> fleet, Formosa and San Lorenzo, were sold for a total 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s option at no cost at the end of the lease period. Gain on sale of assets of $1,030 was included in the statement of comprehensive (loss)/income within the caption of </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Other (expense)/income, net</font><font style="font-family:'Times New Roman'">&#8221;.</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'">During the nine month period ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, taxes other-than income taxes of Navios Logistics amounted to $5,117 and $6,885, respectively, and were included in the statements of compreh</font><font style="font-family:'Times New Roman'">ensive (loss)/income within the caption </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Other (expense)/income, net</font><font style="font-family:'Times New Roman'">&#8221;.</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:540.25pt; border-collapse:collapse"><tr style="height:3.3pt"><td style="width:69.5pt; 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:5.7pt; 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:23.85pt; 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: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:14.85pt; 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:14.85pt; 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:23.85pt; 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:39.3pt; 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:7.45pt; 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:3.3pt; 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:23.85pt; 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:37.5pt; 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:9.95pt; 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: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></p></td><td style="width:23.85pt; 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:37.55pt; 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:7.45pt; 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:3.3pt; 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:23.85pt; 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: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:7.45pt; 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:3.3pt; 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:23.85pt; 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:39.3pt; 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: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:9pt"><td style="width:69.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><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:155.9pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Drybulk</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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Operations</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="6" style="width:142.65pt; 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:7pt"><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></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="6" style="width:136.95pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:36pt"><td style="width:69.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><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:63.05pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.15pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:61.35pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><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:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:61.4pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.05pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.15pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><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:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Revenue</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">85,533</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">60,976</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">55,920</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">59,579</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</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:9pt"><font style="font-family:'Times New Roman'">141,453</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">120,555</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:33.75pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Administrative fee revenue from affiliates</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">7,357</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,284</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">7,357</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,284</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:33.75pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Interest expense and finance cost, net</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(22,778</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">(21,379</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(9,956</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(7,446</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(32,734</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">(28,825</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation and amortization</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(17,389</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(19,023</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(7,255</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(7,156</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(24,644</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(26,179</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:44.95pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Equity in net (losses)/earnings of affiliated companies</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(4,231</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">901</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(4,231</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">901</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:67.45pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Net (loss)/income attributable to Navios Holdings common stockholders</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(6,111</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(29,509</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,295</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,177</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(1,816</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(28,332</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Total assets</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">1,806,177</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">1,996,951</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">682,680</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">663,656</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">2,488,857</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">2,660,607</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Goodwill</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">56,240</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">56,240</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">104,096</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">104,096</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">160,336</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">160,336</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Capital expenditures</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(1,301</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">(161</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(10,083</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(7,234</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(11,384</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">(7,395</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Investments in affiliates</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">166,888</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">185,548</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">166,888</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">185,548</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">50,378</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">46,155</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">82,547</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">68,043</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">132,925</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">114,198</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">10,056</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5,040</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">10,056</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5,040</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:56.2pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term debt (including current and non-current portion)</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">1,066,080</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,204,234</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">533,251</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">438,981</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</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:9pt"><font style="font-family:'Times New Roman'">1,599,331</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">1,643,215</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:3.3pt"><td style="width:69.5pt; 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:5.7pt; 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:23.85pt; 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: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:14.85pt; 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:14.85pt; 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:23.85pt; 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:39.3pt; 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:7.45pt; 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:3.3pt; 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:23.85pt; 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:37.5pt; 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:9.95pt; 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: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></p></td><td style="width:23.85pt; 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:37.55pt; 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:7.45pt; 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:3.3pt; 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:23.85pt; 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: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:7.45pt; 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:3.3pt; 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:23.85pt; 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:39.3pt; 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: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:9pt"><td style="width:69.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><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:155.9pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Drybulk</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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Operations</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="6" style="width:142.65pt; 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:7pt"><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></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="6" style="width:136.95pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:36pt"><td style="width:69.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><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:63.05pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nine</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.15pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nine</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:61.35pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nine</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><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:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:61.4pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nine</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.05pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nine</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.15pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nine</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><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:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Revenue</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">222,135</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">171,758</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">168,251</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">162,761</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</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:9pt"><font style="font-family:'Times New Roman'">390,386</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">334,519</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:33.75pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Administrative fee revenue from affiliates</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">21,488</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">16,942</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">21,488</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">16,942</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:33.75pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Interest expense and finance cost, net</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(68,599</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">(64,290</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(29,198</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(19,522</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(97,797</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">(83,812</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation and amortization</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(53,612</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(58,269</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(21,635</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(19,624</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(75,247</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(77,893</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:44.95pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Equity in net (losses)/earnings of affiliated companies</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(13,720</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">2,208</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(13,720</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">2,208</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:67.45pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Net (loss)/income attributable to Navios Holdings common stockholders</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(74,141</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(116,394</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,176</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,085</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(67,965</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(114,309</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Total assets</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">1,806,177</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">1,996,951</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">682,680</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">663,656</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">2,488,857</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">2,660,607</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Goodwill</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">56,240</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">56,240</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">104,096</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">104,096</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">160,336</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">160,336</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Capital expenditures</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(13,747</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">(261</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(16,129</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(36,304</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(29,876</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">(36,565</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Investments in affiliates</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">166,888</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">185,548</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">166,888</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">185,548</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">50,378</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">46,155</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">82,547</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">68,043</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">132,925</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">114,198</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">10,056</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5,040</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">10,056</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5,040</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:56.2pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term debt (including current and non-current portion)</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">1,066,080</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,204,234</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">533,251</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">438,981</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</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:9pt"><font style="font-family:'Times New Roman'">1,599,331</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">1,643,215</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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"><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 11: SEGMENT INFORMATION</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'">The Company currently has two reportable segments from which it derives its revenues: Dry Bulk Vessel Operations and Logistics Business. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Dry Bulk Vessel Operations consists of the transportation and handling of bulk cargoes through the ownership, operation, and trading of vessels, freight and FFAs. 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: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'">The Company measures segment performance based on net income or 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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><table cellspacing="0" cellpadding="0" style="width:540.25pt; border-collapse:collapse"><tr style="height:3.3pt"><td style="width:69.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_0b4b174d971b49aab12a7defd05ef7a5"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:5.7pt; 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:23.85pt; 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: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:14.85pt; 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:14.85pt; 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:23.85pt; 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:39.3pt; 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:7.45pt; 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:3.3pt; 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:23.85pt; 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:37.5pt; 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:9.95pt; 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: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></p></td><td style="width:23.85pt; 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:37.55pt; 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:7.45pt; 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:3.3pt; 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:23.85pt; 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: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:7.45pt; 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:3.3pt; 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:23.85pt; 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:39.3pt; 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: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:9pt"><td style="width:69.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><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:155.9pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Drybulk</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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Operations</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="6" style="width:142.65pt; 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:7pt"><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></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="6" style="width:136.95pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:36pt"><td style="width:69.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><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:63.05pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.15pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:61.35pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><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:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:61.4pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.05pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.15pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><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:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Revenue</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">85,533</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">60,976</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">55,920</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">59,579</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</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:9pt"><font style="font-family:'Times New Roman'">141,453</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">120,555</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:33.75pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Administrative fee revenue from affiliates</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">7,357</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,284</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">7,357</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,284</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:33.75pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Interest expense and finance cost, net</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(22,778</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">(21,379</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(9,956</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(7,446</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(32,734</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">(28,825</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation and amortization</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(17,389</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(19,023</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(7,255</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(7,156</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(24,644</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(26,179</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:44.95pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Equity in net (losses)/earnings of affiliated companies</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(4,231</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">901</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(4,231</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">901</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:67.45pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Net (loss)/income attributable to Navios Holdings common stockholders</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(6,111</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(29,509</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,295</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,177</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(1,816</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(28,332</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Total assets</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">1,806,177</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">1,996,951</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">682,680</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">663,656</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">2,488,857</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">2,660,607</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Goodwill</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">56,240</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">56,240</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">104,096</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">104,096</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">160,336</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">160,336</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Capital expenditures</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(1,301</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">(161</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(10,083</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(7,234</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(11,384</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">(7,395</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Investments in affiliates</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">166,888</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">185,548</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">166,888</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">185,548</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">50,378</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">46,155</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">82,547</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">68,043</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">132,925</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">114,198</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">10,056</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5,040</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">10,056</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5,040</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:56.2pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term debt (including current and non-current portion)</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">1,066,080</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,204,234</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">533,251</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">438,981</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</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:9pt"><font style="font-family:'Times New Roman'">1,599,331</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">1,643,215</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:3.3pt"><td style="width:69.5pt; 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:5.7pt; 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:23.85pt; 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: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:14.85pt; 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:14.85pt; 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:23.85pt; 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:39.3pt; 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:7.45pt; 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:3.3pt; 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:23.85pt; 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:37.5pt; 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:9.95pt; 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: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></p></td><td style="width:23.85pt; 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:37.55pt; 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:7.45pt; 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:3.3pt; 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:23.85pt; 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: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:7.45pt; 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:3.3pt; 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:23.85pt; 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:39.3pt; 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: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:9pt"><td style="width:69.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><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:155.9pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Drybulk</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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Operations</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="6" style="width:142.65pt; 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:7pt"><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></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="6" style="width:136.95pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:36pt"><td style="width:69.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><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:63.05pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nine</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.15pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nine</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:61.35pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nine</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><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:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:61.4pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nine</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.05pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nine</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.15pt; 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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nine</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period</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:7pt"><font style="font-family:'Times New Roman'; font-weight:bold">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:7pt"><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:7pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Revenue</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">222,135</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">171,758</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">168,251</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">162,761</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</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:9pt"><font style="font-family:'Times New Roman'">390,386</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">334,519</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:33.75pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Administrative fee revenue from affiliates</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">21,488</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">16,942</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">21,488</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">16,942</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:33.75pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Interest expense and finance cost, net</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(68,599</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">(64,290</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(29,198</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(19,522</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(97,797</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">(83,812</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation and amortization</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(53,612</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(58,269</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(21,635</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(19,624</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(75,247</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(77,893</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:44.95pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Equity in net (losses)/earnings of affiliated companies</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(13,720</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">2,208</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(13,720</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">2,208</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:67.45pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Net (loss)/income attributable to Navios Holdings common stockholders</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(74,141</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(116,394</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,176</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,085</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(67,965</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(114,309</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Total assets</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">1,806,177</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">1,996,951</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">682,680</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">663,656</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">2,488,857</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">2,660,607</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Goodwill</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">56,240</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">56,240</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">104,096</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">104,096</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">160,336</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">160,336</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Capital expenditures</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(13,747</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">(261</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(16,129</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(36,304</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">(29,876</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">(36,565</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Investments in affiliates</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">166,888</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">185,548</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">166,888</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">185,548</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">50,378</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">46,155</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">82,547</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">68,043</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">132,925</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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:9pt"><font style="font-family:'Times New Roman'">114,198</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="width:69.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">10,056</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5,040</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:37.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">10,056</font></p></td><td style="width:7.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5,040</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:56.2pt"><td style="width:69.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term debt (including current and non-current portion)</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">1,066,080</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,204,234</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:37.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">533,251</font></p></td><td style="width:9.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:37.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">438,981</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">$</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:9pt"><font style="font-family:'Times New Roman'">1,599,331</font></p></td><td style="width:7.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><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:9pt"><font style="font-family:'Times New Roman'">1,643,215</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</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><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="width:100%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:3.1pt"><td style="width:42.4%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; vertical-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:28.1pt"><td style="width:42.4%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; 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="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><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 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; 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="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><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 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; 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="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nine Month</font></p><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><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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; 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="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nine Month</font></p><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><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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:1.08%; vertical-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:11.7pt"><td style="width:42.4%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:28.35pt"><td style="width:42.4%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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</font></p></td><td style="width:1.08%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(28,332</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(67,965</font></p></td><td style="width:1.08%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(114,309</font></p></td><td style="width:1.08%; 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><tr style="height:11.7pt"><td style="width:42.4%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:25.5pt"><td style="width:42.4%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(2,566</font></p></td><td style="width:1.08%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(2,555</font></p></td><td style="width:1.08%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(7,679</font></p></td><td style="width:1.08%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(7,859</font></p></td><td style="width:1.08%; 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:11.7pt"><td style="width:42.4%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:39.7pt"><td style="width:42.4%; 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 </font><font style="font-family:'Times New Roman'">&#8211;</font><font style="font-family:'Times New Roman'"> Redemption of preferred stock Series G and Series H including $702 and $972 of undeclared preferred dividend cancelled for the three and nine months of 2017, respectively</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; 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:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">615</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; 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:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,119</font></p></td><td style="width:1.08%; vertical-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:1.6pt"><td style="width:42.4%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:19.85pt"><td style="width:42.4%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-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:11.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(4,382</font></p></td><td style="width:1.08%; vertical-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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:11.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(30,272</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:11.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(75,644</font></p></td><td style="width:1.08%; vertical-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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-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:11.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(121,049</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font></p></td></tr><tr style="height:1.6pt"><td style="width:42.4%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:11.7pt"><td style="width:42.4%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; vertical-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:34pt"><td style="width:42.4%; 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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'"> weighted average shares</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">119,423,135</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">117,535,234</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">119,423,025</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">116,260,640</font></p></td><td style="width:1.08%; vertical-align:bottom; background-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:3.75pt"><td style="width:42.4%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:8.5pt"><td style="width:42.4%; 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 losses per share attributable to Navios Holdings common stockholders</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(0.04</font></p></td><td style="width:1.08%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(0.26</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(0.63</font></p></td><td style="width:1.08%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1.04</font></p></td><td style="width:1.08%; 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><tr style="height:3.75pt"><td style="width:42.4%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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></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 12: LOSS PER COMMON SHARE</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:20.9pt; 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:20.9pt; font-size:12pt"><font style="font-family:'Times New Roman'">For the three month period ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, 7,012,813 potential common shares and 3,499,000 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that inc</font><font style="font-family:'Times New Roman'">rease 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; text-indent:20.9pt; font-size:12pt"><font style="font-family:'Times New Roman'">For the three month period ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2017, 5,035,167 potential common shares and 3,499,000 potential shares of convertible preferred stock </font><font style="font-family:'Times New Roman'">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:20.9pt; font-size:12pt"><font style="font-family:'Times New Roman'">For the nine month period ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, 6,761,637 potential commo</font><font style="font-family:'Times New Roman'">n shares and 3,499,000 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:20.9pt; font-size:12pt"><font style="font-family:'Times New Roman'">For th</font><font style="font-family:'Times New Roman'">e nine month period ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2017, 5,307,928 potential common shares and 4,926,692 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 there</font><font style="font-family:'Times New Roman'">fore excluded from the calculation of diluted net loss per share.</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:100%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:3.1pt"><td style="width:42.4%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; vertical-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:28.1pt"><td style="width:42.4%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; 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="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><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 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; 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="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Month</font></p><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 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; 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="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nine Month</font></p><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><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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; 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="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nine Month</font></p><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><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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:1.08%; vertical-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:11.7pt"><td style="width:42.4%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:28.35pt"><td style="width:42.4%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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</font></p></td><td style="width:1.08%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(28,332</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(67,965</font></p></td><td style="width:1.08%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(114,309</font></p></td><td style="width:1.08%; 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><tr style="height:11.7pt"><td style="width:42.4%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:25.5pt"><td style="width:42.4%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(2,566</font></p></td><td style="width:1.08%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(2,555</font></p></td><td style="width:1.08%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(7,679</font></p></td><td style="width:1.08%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(7,859</font></p></td><td style="width:1.08%; 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:11.7pt"><td style="width:42.4%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; 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:1.08%; 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:39.7pt"><td style="width:42.4%; 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 </font><font style="font-family:'Times New Roman'">&#8211;</font><font style="font-family:'Times New Roman'"> Redemption of preferred stock Series G and Series H including $702 and $972 of undeclared preferred dividend cancelled for the three and nine months of 2017, respectively</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; 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:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">615</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; 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:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,119</font></p></td><td style="width:1.08%; vertical-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:1.6pt"><td style="width:42.4%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:19.85pt"><td style="width:42.4%; 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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-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:11.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(4,382</font></p></td><td style="width:1.08%; vertical-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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:11.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(30,272</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:11.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(75,644</font></p></td><td style="width:1.08%; vertical-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:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-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:11.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(121,049</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font></p></td></tr><tr style="height:1.6pt"><td style="width:42.4%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:11.7pt"><td style="width:42.4%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; vertical-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:34pt"><td style="width:42.4%; 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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'"> weighted average shares</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">119,423,135</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">117,535,234</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">119,423,025</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">116,260,640</font></p></td><td style="width:1.08%; vertical-align:bottom; background-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:3.75pt"><td style="width:42.4%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:8.5pt"><td style="width:42.4%; 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 losses per share attributable to Navios Holdings common stockholders</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(0.04</font></p></td><td style="width:1.08%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(0.26</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(0.63</font></p></td><td style="width:1.08%; 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:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.12%; 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:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1.04</font></p></td><td style="width:1.08%; 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><tr style="height:3.75pt"><td style="width:42.4%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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:0.92%; 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:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.08%; 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 14: SUBSEQUENT EVENTS</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><ol type="a" style="margin:0pt; padding-left:0pt"><li style="margin-left:31.33pt; padding-left:4.67pt; font-family:'Times New Roman'; font-size:12pt"><font>Navios Holdings agreed to charter-in, under one ten-year bareboat contract, from an unrelated third party one 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.</font></li></ol><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ol start="2" type="a" style="margin:0pt; padding-left:0pt"><li style="margin-left:32pt; padding-left:4pt; font-family:'Times New Roman'; font-size:12pt"><font>In November 2018, Navios Primavera, a 2007-built, 53,464 dwt vessel, was delivered to the owned fleet. In August 2018, Navios Holdings had exercised the option to acquire the above chartered-in vessel, for a purchase price of $10,501, as determined based on the actual delivery date of the vessel.</font></li></ol><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ol start="3" type="a" style="margin:0pt; padding-left:0pt"><li style="margin-left:31.33pt; padding-left:4.67pt; font-family:'Times New Roman'; font-size:12pt"><font>In November 2018, Navios Holdings agreed to sell to an unrelated third party, the Navios Magellan, a 2000-built Panamax vessel of 74,333 dwt, for a total net sale price of $6,950 to be paid in cash, with delivery expected in December 2018. The impairment loss due to the sale is expected to be approximately $5,402.</font></li></ol><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><ol start="4" type="a" style="margin:0pt; padding-left:0pt"><li style="margin-left:32pt; padding-left:4pt; font-family:'Times New Roman'; font-size:12pt"><font>On November</font><font>&#xa0;</font><font>12, 2018, Navios Logistics acquired approximately 3.5 hectares of undeveloped land located in Port Murtinho region, Brazil for a total consideration of $1,093. Navios Logistics</font><font> plans to develop this land for its port operations.</font></li></ol></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:110.55pt; 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:13.95pt; 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:27.9pt; 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: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:11.3pt; 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:17.75pt; 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:32.6pt; 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:41.1pt; 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: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:13.95pt; 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:27.9pt; 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: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:10.9pt; 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:17.5pt; 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:32.6pt; 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:41.1pt; 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: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:9.9pt"><td style="width:110.55pt; 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:13.95pt; 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="6" style="width:171.65pt; 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><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:13.95pt; 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="6" style="width:171pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><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:9.9pt"><td style="width:110.55pt; 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:13.95pt; 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:68.9pt; 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">Navios</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Partners</font></p></td><td style="width:11.3pt; 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:17.75pt; 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:73.7pt; 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">Navios</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Acquisition</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:13.95pt; 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:68.9pt; 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">Navios</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Partners</font></p></td><td style="width:10.9pt; 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:17.5pt; 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:73.7pt; 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">Navios</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Acquisition</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:110.55pt; 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'; font-weight:bold">Balance</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Sheet</font></p></td><td style="width:13.95pt; 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:27.9pt; 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:41pt; 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:11.3pt; 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:17.75pt; 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:32.6pt; 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:41.1pt; 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: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:13.95pt; 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:27.9pt; 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:41pt; 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:10.9pt; 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:17.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.6pt; 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:41.1pt; 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: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:37.1pt"><td style="width:110.55pt; 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'">Cash and cash equivalents, including restricted cash</font></p></td><td style="width:13.95pt; 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:27.9pt; 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'">58,322</font></p></td><td style="width:11.3pt; 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:17.75pt; 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:32.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">48,313</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">29,933</font></p></td><td style="width:10.9pt; 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:17.5pt; 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:32.6pt; 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:41.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">86,458</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:12.4pt"><td style="width:110.55pt; 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'">Current assets</font></p></td><td style="width:13.95pt; 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:27.9pt; 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: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'">89,350</font></p></td><td style="width:11.3pt; 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 style="width:17.75pt; 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:32.6pt; 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:41.1pt; 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'">90,536</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:13.95pt; 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:27.9pt; 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: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'">60,306</font></p></td><td style="width:10.9pt; 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:17.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.6pt; 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:41.1pt; 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'">119,733</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:12.4pt"><td style="width:110.55pt; 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'">Non-current assets</font></p></td><td style="width:13.95pt; 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:27.9pt; 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: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'">1,239,273</font></p></td><td style="width:11.3pt; 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:17.75pt; 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:32.6pt; 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:41.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,365,936</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:13.95pt; 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:27.9pt; 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: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'">1,244,996</font></p></td><td style="width:10.9pt; 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:17.5pt; 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:32.6pt; 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:41.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,453,048</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:12.4pt"><td style="width:110.55pt; 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'">Current liabilities</font></p></td><td style="width:13.95pt; 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:27.9pt; 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: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'">54,075</font></p></td><td style="width:11.3pt; 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 style="width:17.75pt; 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:32.6pt; 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:41.1pt; 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'">136,826</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:13.95pt; 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:27.9pt; 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: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'">54,247</font></p></td><td style="width:10.9pt; 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:17.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.6pt; 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:41.1pt; 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'">74,618</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:37.1pt"><td style="width:110.55pt; 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'">Long- term debt including current portion, net</font></p></td><td style="width:13.95pt; 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:27.9pt; 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: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'">511,669</font></p></td><td style="width:11.3pt; 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:17.75pt; 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:32.6pt; 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:41.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,016,324</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:13.95pt; 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:27.9pt; 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: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'">493,463</font></p></td><td style="width:10.9pt; 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:17.5pt; 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:32.6pt; 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:41.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,065,369</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:12.4pt"><td style="width:110.55pt; 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'">Non-current liabilities</font></p></td><td style="width:13.95pt; 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:27.9pt; 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: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'">491,262</font></p></td><td style="width:11.3pt; 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 style="width:17.75pt; 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:32.6pt; 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:41.1pt; 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'">941,694</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:13.95pt; 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:27.9pt; 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: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'">483,345</font></p></td><td style="width:10.9pt; 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:17.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.6pt; 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:41.1pt; 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'">1,035,688</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></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:19.8pt"><td style="width:110.55pt; 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:13.95pt; 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="6" style="width:171.65pt; 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">Nine Month Period 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30, 2018</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:13.95pt; 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="6" style="width:171pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nine Month Period 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30, 2017</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></tr><tr style="height:9.9pt"><td style="width:110.55pt; 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:13.95pt; 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:68.9pt; 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">Navios Partners</font></p></td><td style="width:11.3pt; 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:17.75pt; 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:73.6pt; 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">Navios Acquisition</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:13.95pt; 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:68.9pt; 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">Navios Partners</font></p></td><td style="width:10.9pt; 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:17.5pt; 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:73.6pt; 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">Navios Acquisition</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:110.55pt; 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'; font-weight:bold">Income Statement</font></p></td><td style="width:13.95pt; 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:27.9pt; 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:41pt; 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:11.3pt; 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:17.75pt; 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:32.6pt; 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:41pt; 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:13.95pt; 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:27.9pt; 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:41pt; 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:10.9pt; 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:17.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.6pt; 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:41pt; 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:12.4pt"><td style="width:110.55pt; 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'">Revenue</font></p></td><td style="width:13.95pt; 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:27.9pt; 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'">173,819</font></p></td><td style="width:11.3pt; 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:17.75pt; 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:32.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">129,218</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">152,383</font></p></td><td style="width:10.9pt; 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:17.5pt; 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:32.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">176,961</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:110.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Net (loss)/ income</font></p></td><td style="width:13.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">(13,598</font></p></td><td style="width:11.3pt; 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><td style="width:17.75pt; 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:32.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(69,942</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">7,965</font></p></td><td style="width:10.9pt; 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:17.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.6pt; 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: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'">(66,907</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:3.3pt"><td style="width:110.55pt; 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="8" style="width:193.4pt; 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="8" style="width:192.8pt; 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:19.8pt"><td style="width:110.55pt; 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:13.95pt; 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="6" style="width:171.65pt; 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">Three Month Period 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30, 2018</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:13.95pt; 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="6" style="width:171pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three Month Period 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30, 2017</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></tr><tr style="height:9.9pt"><td style="width:110.55pt; 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:13.95pt; 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:68.9pt; 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">Navios Partners</font></p></td><td style="width:11.3pt; 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:17.75pt; 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:73.6pt; 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">Navios Acquisition</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:13.95pt; 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:68.9pt; 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">Navios Partners</font></p></td><td style="width:10.9pt; 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:17.5pt; 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:73.6pt; 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">Navios Acquisition</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:110.55pt; 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'; font-weight:bold">Income Statement</font></p></td><td style="width:13.95pt; 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:27.9pt; 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:41pt; 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:11.3pt; 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:17.75pt; 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:32.6pt; 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:41pt; 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:13.95pt; 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:27.9pt; 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:41pt; 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:10.9pt; 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:17.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.6pt; 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:41pt; 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:12.4pt"><td style="width:110.55pt; 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'">Revenue</font></p></td><td style="width:13.95pt; 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:27.9pt; 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'">62,571</font></p></td><td style="width:11.3pt; 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:17.75pt; 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:32.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">41,589</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">59,954</font></p></td><td style="width:10.9pt; 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:17.5pt; 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:32.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">54,021</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:110.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Net income / (loss)</font></p></td><td style="width:13.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">10,457</font></p></td><td style="width:11.3pt; 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 style="width:17.75pt; 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:32.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(23,408</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">9,173</font></p></td><td style="width:10.9pt; 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:17.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.6pt; 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: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'">(8,105</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></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: INVESTMENT IN AFFILIATES AND AVAILABLE-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:23.1pt; 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. Navios GP L.L.C. (the &#8220;</font><font style="font-family:'Times New Roman'">General Partner</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">), a wholly owned subsidiary of Navios Holdings, was also formed on that date to act as the general partner of Navios Partners and received a 2.0% general partner interest.</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'">17, 2017, Navios Holdings transferred to Navios Partners its participation in the Navios Revolving Loans I and th</font><font style="font-family:'Times New Roman'">e Navios Term Loans I, both as defined herein, and relating to Navios Europe I. Concurrently, Navios Holdings acquired 266,876 common units in Navios Partners in order to maintain its 2.0% general partner interest for a cash consideration of $468. See also Note 8.</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'">20, 2017, Navios Partners announced that it has closed an offering of 47,795,000 common units. Navios Holdings acquired 975,408 common units in Navios Partners in order to maintain its 2.0% general partner interest for a cash consideratio</font><font style="font-family:'Times New Roman'">n of $2,048.</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'">During the first quarter of 2017, Navios Partners also issued 2,040,000 of common units to certain Navios Partners</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> directors and/or officers, and 1,200,442 common units pursuant to Navios Partners</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> Continuous Offering Program Sales Agreement. Concurrently, Navios Holdings acquired 66,131 common units in Navios Partners in order to maintain its 2.0% general partner interest for a cash consideration of $110.</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'">During the first quarter of 2018, Navios Partners also issued 1,370,044 of common units to Navios Partners</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> 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:23.1pt; 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 close</font><font style="font-family:'Times New Roman'">d 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:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, Navios Holdings held a total of</font><font style="font-family:'Times New Roman'"> 31,053,233 common units and 3,420,203 general partners units, representing a 20.2% 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:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of Septe</font><font style="font-family:'Times New Roman'">mber</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, the unamortized difference between the carrying amount of the investment in Navios Partners and the amount of the Company&#8217;</font><font style="font-family:'Times New Roman'">s underlying equity in net assets of Navios Partners was $81,777 and $98,608, respectively and is amortized through </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Equity in net (losses)/earnings of affiliated companies</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> over the remaining life of Navios Partners</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> tangible and intangible assets.</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 and amortization of deferred gain of $4,915 and $3,360 were recognized in </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Equity in net (losses)/earnings of affiliated companies</font><font style="font-family:'Times New Roman'">&#8221; for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively and total equity method income and amortization of deferred gain of $14,363 and $6,670 were recognized for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 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 September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 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 Partners was $84,116 and $66,773, 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'">Dividends received during each of the three month periods</font><font style="font-family:'Times New Roman'"> ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 were $690 and $0 respectively, and for each of the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 were $1,379 and $0, 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 September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, the market value of the investment in Navios Partners was</font><font style="font-family:'Times New Roman'"> $60,329.</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">Acropolis</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'">Navios Holdings has a 50% interest in Acropolis, a brokerage firm for freight and shipping charters. Although Navios Holdings owns 50% of Acropolis</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> stock, Navios Holdings agreed with the other shareholder that the earnings and amounts declared by way of d</font><font style="font-family:'Times New Roman'">ividends will be allocated 35% to the Company with the balance to the other shareholder. As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 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 was $123 and $228, respectively. During each of the three month periods ended Se</font><font style="font-family:'Times New Roman'">p</font><font style="font-family:'Times New Roman'">tember</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, the Company received dividends of $0, and during the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, the Company received dividends of $170 and $55, 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 Acquisition</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'">As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, </font><font style="font-family:'Times New Roman'">2017, the unamortized difference between the carrying amount of the investment in Navios Acquisition and the amount of the Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s underlying equity in net assets of Navios Acquisition was $114,741 and $113,597, respectively and is amortized through </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Equity in net (losses)/earnings of affiliated companies</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> over the remaining life of Navios Acquisition tangible and intangible assets.</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 loss of $9,856 and $2,744 were recognized in </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Equity in net (losses)/earnings of affiliated companies</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> f</font><font style="font-family:'Times New Roman'">or the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively, and total equity method loss of $30,048 and $5,319 was recognized for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 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 September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 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 Acquisition was $65,164 and $99,590, 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'">Dividends received for each of the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 were $1,460 and $3,649, respectively, and for each of the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017 were $4,379 and $10,947, 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 September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, the market value of the investment in Navios Acquisition was $37,233.</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:23.1pt; 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;</font><font style="font-family:'Times New Roman'">Senior Loans I</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) 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 </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Navios Term Loans I</font><font style="font-family:'Times New Roman'">&#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;</font><font style="font-family:'Times New Roman'">Junior Loan I</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">). 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 </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Navios Revolving Loans I</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">). The Navios Term Loans I will be repaid from the future sale of vessels owned by Navios Europe I.</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 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:23.1pt; 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:23.1pt; 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: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; text-indent:23.1pt; 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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 </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Equity in net (losses)/earnings of affiliated companies</font><font style="font-family:'Times New Roman'">&#8221; over the remaining life of Navios Europe I. As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, the unamortized ba</font><font style="font-family:'Times New Roman'">sis difference of Navios Europe I was $3,526, and $4,034, 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 September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, the estimated maximum potential loss by Navios Holdings in Navios Europe</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">I would have been $26,207 and $23,838, respectively, which repr</font><font style="font-family:'Times New Roman'">esents the Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s carrying value of its investment and balance of Navios Term Loans I of $8,712 and $7,924, respectively, including accrued interest, plus the Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s balance of the Navios Revolving Loans I of $17,496 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:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loss of $0 and $5 was recognized in </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Equity in net (losses)/earnings of affiliated companies</font><font style="font-family:'Times New Roman'">&#8221; for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively, and income of $0 and $153 was recognized for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 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 September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 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 I and balance of Navios T</font><font style="font-family:'Times New Roman'">erm 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:23.1pt; 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;</font><font style="font-family:'Times New Roman'">Senior Loans II</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) 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 </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Navios Term Loans II</font><font style="font-family:'Times New Roman'">&#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;</font><font style="font-family:'Times New Roman'">Junior Loan II</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">). 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 </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Navios Revolving Loans II</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">). 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:23.1pt; 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:23.1pt; 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:23.1pt; 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:23.1pt; 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</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">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 </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Equity in net (losses)/earnings of affiliated companies</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> over the remaining life</font><font style="font-family:'Times New Roman'"> of Navios Europe II. As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 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 $6,305 and $7,011, 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:0pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, the estimated maximum potential loss by Navios Holdings in Navios</font><font style="font-family:'Times New Roman'"> Europe II would have been $26,198 and $22,463, respectively, which represents the Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s carrying value of its investment and balance of Navios Term Loans II of $11,886 and $10,400, respectively, plus the Company</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s balance of the Navios Revolving Loans II of $14,313 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:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">Income of $523 and $244 was recognized in </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Equity in net (losses)/earnings of affiliated companies</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> for the thr</font><font style="font-family:'Times New Roman'">ee month period ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively, and income of $1,485 and $445 was recognized for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 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 September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 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</font><font style="font-family:'Times New Roman'"> the investment in Navios Europe II and balance of Navios Term 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</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'">On June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">8, 2017, Navios Containers closed a private placement of 10,057,645 shares of its common stock at a subscription price of $5.00 p</font><font style="font-family:'Times New Roman'">er share resulting in gross proceeds of $50,288. Navios Holdings invested $5,000, and Navios Partners invested $30,000 in Navios Containers. 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 Containers. The warrants can be exercised for shares of common stock of Navios Containers at the holder</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'">s option at an exercise price of $5.00 per share. The warrants have a five year-term, which may be reduced to an earlier expiration date in the event of conversion of Navios Containers into a limited partnership.</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 Containers 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'">As of September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, and following </font><font style="font-family:'Times New Roman'">Navios Containers</font><font style="font-family:'Times New Roman'">&#8217;</font><font style="font-family:'Times New Roman'"> private placements in August and November 2017 and March 2018, Navios Holdings owned 3.1% in Navios Containers and warrants for the purchase of an additional 1.7% 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'">Navios Holdings evaluated its investment in the common stock of Navios Containers under ASC 323 and concluded that it has the ability to exercise significant influence over the operating and financial policies of Navios Containers and, therefore, its investment in Navios Containers is accounted for under the equity method.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total equity method income of $171 and $7 were recognized in </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Equity in net (losses)/earnings of affiliated companies</font><font style="font-family:'Times New Roman'">&#8221; for the three month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively, and total equity method income of $415 and $95 was recognized for the nine month periods ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and 2017, respectively.</font></p><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:41.1pt; 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: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:9.9pt"><td style="width:110.55pt; 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:13.95pt; 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="6" style="width:171.65pt; border-bottom-style:solid; 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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'; 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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><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:9.9pt"><td style="width:110.55pt; 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:13.95pt; 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:68.9pt; 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">Navios</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Partners</font></p></td><td style="width:11.3pt; 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:17.75pt; 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:73.7pt; 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">Navios</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Acquisition</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:13.95pt; 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:68.9pt; 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">Navios</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Partners</font></p></td><td style="width:10.9pt; 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:17.5pt; 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:73.7pt; 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">Navios</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Acquisition</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:110.55pt; 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'; font-weight:bold">Balance</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Sheet</font></p></td><td style="width:13.95pt; 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:27.9pt; 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:41pt; 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:11.3pt; 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:17.75pt; 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:32.6pt; 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:41.1pt; 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: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:13.95pt; 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:27.9pt; 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:41pt; 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:10.9pt; 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:17.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.6pt; 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:41.1pt; 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: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:37.1pt"><td style="width:110.55pt; 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'">Cash and cash equivalents, including restricted cash</font></p></td><td style="width:13.95pt; 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:27.9pt; 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'">58,322</font></p></td><td style="width:11.3pt; 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:17.75pt; 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:32.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">48,313</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">29,933</font></p></td><td style="width:10.9pt; 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:17.5pt; 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:32.6pt; 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:41.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">86,458</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:12.4pt"><td style="width:110.55pt; 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'">Current assets</font></p></td><td style="width:13.95pt; 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:27.9pt; 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: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'">89,350</font></p></td><td style="width:11.3pt; 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 style="width:17.75pt; 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:32.6pt; 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:41.1pt; 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'">90,536</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:13.95pt; 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:27.9pt; 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: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'">60,306</font></p></td><td style="width:10.9pt; 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:17.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.6pt; 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:41.1pt; 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'">119,733</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:12.4pt"><td style="width:110.55pt; 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'">Non-current assets</font></p></td><td style="width:13.95pt; 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:27.9pt; 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: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'">1,239,273</font></p></td><td style="width:11.3pt; 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:17.75pt; 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:32.6pt; 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:41.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,365,936</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:13.95pt; 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:27.9pt; 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: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'">1,244,996</font></p></td><td style="width:10.9pt; 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:17.5pt; 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:32.6pt; 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:41.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,453,048</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:12.4pt"><td style="width:110.55pt; 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'">Current liabilities</font></p></td><td style="width:13.95pt; 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:27.9pt; 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: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'">54,075</font></p></td><td style="width:11.3pt; 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 style="width:17.75pt; 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:32.6pt; 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:41.1pt; 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'">136,826</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:13.95pt; 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:27.9pt; 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: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'">54,247</font></p></td><td style="width:10.9pt; 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:17.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.6pt; 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:41.1pt; 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'">74,618</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:37.1pt"><td style="width:110.55pt; 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'">Long- term debt including current portion, net</font></p></td><td style="width:13.95pt; 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:27.9pt; 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: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'">511,669</font></p></td><td style="width:11.3pt; 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:17.75pt; 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:32.6pt; 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:41.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,016,324</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:13.95pt; 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:27.9pt; 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: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'">493,463</font></p></td><td style="width:10.9pt; 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:17.5pt; 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:32.6pt; 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:41.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,065,369</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:12.4pt"><td style="width:110.55pt; 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'">Non-current liabilities</font></p></td><td style="width:13.95pt; 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:27.9pt; 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: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'">491,262</font></p></td><td style="width:11.3pt; 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 style="width:17.75pt; 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:32.6pt; 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:41.1pt; 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'">941,694</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:13.95pt; 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:27.9pt; 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: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'">483,345</font></p></td><td style="width:10.9pt; 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:17.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.6pt; 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:41.1pt; 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'">1,035,688</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></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 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:110.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_41fffba7beba4ffea1298bcae4152f9a"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:13.95pt; 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="6" style="width:171.65pt; 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">Nine Month Period 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30, 2018</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:13.95pt; 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="6" style="width:171pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Nine Month Period 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30, 2017</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></tr><tr style="height:9.9pt"><td style="width:110.55pt; 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:13.95pt; 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:68.9pt; 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">Navios Partners</font></p></td><td style="width:11.3pt; 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:17.75pt; 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:73.6pt; 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">Navios Acquisition</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:13.95pt; 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:68.9pt; 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">Navios Partners</font></p></td><td style="width:10.9pt; 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:17.5pt; 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:73.6pt; 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">Navios Acquisition</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:110.55pt; 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'; font-weight:bold">Income Statement</font></p></td><td style="width:13.95pt; 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:27.9pt; 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:41pt; 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:11.3pt; 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:17.75pt; 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:32.6pt; 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:41pt; 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:13.95pt; 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:27.9pt; 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:41pt; 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:10.9pt; 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:17.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.6pt; 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:41pt; 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:12.4pt"><td style="width:110.55pt; 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'">Revenue</font></p></td><td style="width:13.95pt; 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:27.9pt; 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'">173,819</font></p></td><td style="width:11.3pt; 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:17.75pt; 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:32.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">129,218</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">152,383</font></p></td><td style="width:10.9pt; 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:17.5pt; 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:32.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">176,961</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:110.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Net (loss)/ income</font></p></td><td style="width:13.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">(13,598</font></p></td><td style="width:11.3pt; 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><td style="width:17.75pt; 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:32.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(69,942</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:27.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">7,965</font></p></td><td style="width:10.9pt; 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:17.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:32.6pt; 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: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'">(66,907</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:3.3pt"><td style="width:110.55pt; 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="8" style="width:193.4pt; 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="8" style="width:192.8pt; 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:19.8pt"><td style="width:110.55pt; 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:13.95pt; 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="6" style="width:171.65pt; 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">Three Month Period 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30, 2018</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:13.95pt; 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="6" style="width:171pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three Month Period 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">September</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30, 2017</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></tr><tr style="height:9.9pt"><td style="width:110.55pt; 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:13.95pt; 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:68.9pt; 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">Navios Partners</font></p></td><td style="width:11.3pt; 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:17.75pt; 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:73.6pt; 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">Navios Acquisition</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:13.95pt; 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:68.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; 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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">Income Statement</font></p></td><td style="width:13.95pt; 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:27.9pt; 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:41pt; 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:11.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; 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Ltd (&#8220;</font><font style="font-family:'Times New Roman'">STX</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'">) as partial compensation for the claims filed under the Korean court for all unpaid amounts in respect of the employment of the Company</font><font style="font-family:'Times New Roman'">&#8217;s vessels. The shares were recorded at fair value upon their issuance and subsequent changes in market value are recognized within accumulated other comprehensive income/(loss) or since January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2018 within</font><font style="font-family:'Times New Roman'"> consolidated statements of comprehensive (loss)/income.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">The shares received from STX were accounted for under the guidance for AFS Securities. The Company has no other types of AFS securities. On January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2018, the Company adopted ASU 2016-01, &#8220;</font><font style="font-family:'Times New Roman'">Financial Instruments </font><font style="font-family:'Times New Roman'">&#8211;</font><font style="font-family:'Times New Roman'"> Overall (Subtopic 825-10) </font><font style="font-family:'Times New Roman'">&#8211;</font><font style="font-family:'Times New Roman'"> Recognition and Measurement of Financial Assets and Financial Liabilities</font><font style="font-family:'Times New Roman'">&#8221;.</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 September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 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 available-for-sale securities related to STX was $227 and $23</font><font style="font-family:'Times New Roman'">8, respectively and was recorded under </font><font style="font-family:'Times New Roman'">&#8220;</font><font style="font-family:'Times New Roman'">Other long-term assets</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> in the consolidated balance sheet.</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 unrealized holding losses related to these AFS Securities included in &#8220;</font><font style="font-family:'Times New Roman'">Accumulated Other Comprehensive Loss</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> were $2. During the</font><font style="font-family:'Times New Roman'"> three and nine month period ended September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, the unrealized holding gains/(losses) related to these AFS Securities included in &#8220;</font><font style="font-family:'Times New Roman'">Other (expense)/income, net</font><font style="font-family:'Times New Roman'">&#8221;</font><font style="font-family:'Times New Roman'"> was $16 and $(11), respectively.</font></p></div> The fair value of the Company’s loan receivable from/ payable to affiliate companies and long-term receivable from/payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rates 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. 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4764000 5843000 5154000 30 months 60 months 96 months 160336000 104096000 -3000000 1600000 1646000 P32Y P10Y straight line straight line straight line 2631000 3129000 P3Y 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' 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 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'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. 0 0 19325000 0 3681000 16025000 0.4 8041000 15115000 1825000 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. 0.02 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 0.3 10 20 14 10 14 84,872 dwt 181,259 dwt 7344000 2016-01-12 2016 34352000 55458000 30708000 16156000 February 2018 120735000 3384000 1934000 3032000 350000000 2011-01-28 650000000 2013-11-29 375000000 2014-04-22 2022-05-01 0.06 six-month LIBOR 0.08125 0.0725 1 2010-09-30 2011-08-31 2011-12-31 2013-12-20 2009-06-30 2012-03-23 2014-06-27 2013-09-30 2016-01-31 2014-11-06 2016-11-03 25000000 41964000 40000000 23000000 23000000 22500000 42000000 40000000 41000000 31000000 16125000 monthly quarterly semi-annual quarterly quarterly quarterly quarterly quarterly quarterly 253000 321000 15319000 quarterly quarterly quarterly quarterly 6000 0.06 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. LIBOR (180 days) plus 325 basis points 5949000 0.0325 0.0275 0.0275 0.0325 0.03 0.0285 0.036 0.0275 0.0325 0.0255 0.03 0.03 20000 16000 1000 1000 1000 1000 1000 9000 10000 10000 15000 20000 2411000 681000 700000 563000 1125000 362000 269000 469000 730000 450000 6810000 7264000 7450000 2812000 2812000 14400000 6354000 18750000 7302000 16600000 10725000 LIBOR plus 275 basis points LIBOR plus 275 basis points LIBOR plus 325 basis points LIBOR plus 300 basis points LIBOR plus 285 basis points LIBOR plus 360 basis points LIBOR plus 275 basis points LIBOR plus 325 basis points LIBOR plus 255 basis points LIBOR plus 300 basis points LIBOR plus 300 basis points 2000 2000 2000 26000000 16000000 30000000 2000 13802000 1517000 53600000 54500000 1000 1000 16000 16000 4000 16000 quarterly quarterly quarterly quarterly 492000 377000 369000 220000 250000 275000 0.0711 0.0687 0.0698 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 2020. As of December 31, 2017, the first tranche is repayable in nine quarterly installments of $362, with a final balloon payment of $14,400 on the last repayment date, the second tranche is repayable in ten quarterly installments of $269, with a final balloon payment of $6,354 on the last repayment date and the third tranche is repayable in ten quarterly installments of $469, with a final balloon payment of $18,750 on the last repayment date. As of December 31, 2017, the facility is repayable in 15 quarterly installments of $730, with a final balloon payment of $7,302 payable on the last repayment date. The first tranche is repayable in one quarterly installment of $563, followed by seven equal semi-annual installments of $563, with a final balloon payment of $2,812 on the last repayment date. The second tranche is repayable in one quarterly installment of $1,125, followed by seven equal semi-annual installments of $563, with a final balloon payment of $2,812 on the last repayment date. 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. As of December 31, 2017, the facility is repayable in 20 quarterly installments of $450, with a final balloon payment of $16,600 on the last repayment date. As of December 31, 2017, the outstanding amount under the loan facility was repayable in one quarterly installment of $700 after the drawdown date, followed by nine semi-annual equal installments of $700, with a final balloon payment of $7,450 on the last payment date. As of December 31, 2017, the facility is repayable in one quarterly installment of $681, followed by nine semi-annual equal installments of $681, with a final balloon payment of $7,264 on the last payment date. 48600000 25707000 7286000 0 0 0 -1181838000 0 135992000 5386000 0 23008000 11105000 17617000 -17617000 -974170000 304682000 -308080000 -51240000 -6399000 148095000 148095000 228026000 135992000 135992000 5386000 5386000 30112000 30112000 23008000 23008000 -17617000 -17617000 -1181838000 -1181838000 -974170000 -974170000 -389332000 -389332000 -308080000 -308080000 -76872000 -76872000 5804594 6644766 8796246 1500476 730592 1000000 2500000 4.57 4.09 3.2 1.2 1.2 P4Y4M28D P4Y2M23D P4Y7M20D 9804000 8410000 8769000 -193000 -159828 -348520 -891670 1997344 3720959 4502534 10899000 8186000 6100000 2540000 2540000 4353975 812847 1755017 1839195 3538 3408 1643665 730592 3048000 3048000 42000 5746000 5122000 2630000 -15000 -12000 552000 115000 69000 96000 22000 0 14000 4296000 3446000 5591000 Black-Scholes method 0 0 0 143189 153556 29251 130578 4.5 years 0.78 0.55 1.14 P3Y P2Y P7Y 0.8471 0.5517 0.0181 0.0146 7271000 785000 P2Y11M4D 2615000 0 0 0 0.55 0 0 0 1.27 1.2 1.2 0.333 0.333 0.334 50000000 775000 2016-06-09 2016-04-01 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, 2019. 119023000 8725000 1992000 96048000 19316000 1314000 82638000 20945000 509000 63040000 10807000 184000 43689000 10109000 0 77828000 19371000 0 482266000 89273000 3999000 35420000 138384000 2458000 104721000 0 77209000 0 62290000 0 55450000 699388000 37878000 1137442000 122668000 84114000 134364000 1564000 1521000 1307000 41380000 2648000 2748000 2508000 5 years 700000 8347000 7751000 6205000 9000000 9427000 7608000 1000000 1000000 760000 1187000 1300000 800000 1500000 1500000 1014000 1766000 1820000 December 31, 2022 May 2020 1065000 943000 11846000 1892000 1833000 2621000 60000000 0 LIBOR plus 300 basis points LIBOR plus 300 basis points 0.03 2017-01-02 2015-12-31 0 11602000 7125000 4000000 0.25 0.06 0.03 2376000 10453000 145000 8402000 2231000 2051000 0.127 40000000 200000000 15003000 15003000 1313399 0 14000000 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, 2016, Navios Holdings had not exercised any part of that option. 0 0 6000 76000 one year one year one year one year 9 months 12 months 12500 12000 12000 10000 11400 7600 12500 12000 11500 0.5 0.5 0.5 0.5 0.5 2015-04-30 2015-04-30 2015-04-30 2015-04-30 2016-11-30 62157 59209 56504 Effective August 31, 2016, Navios Partners could, upon request to Navios Holdings, partially or fully defer the reimbursement of dry docking and other extraordinary fees and expenses under the management agreement to a later date, but not later than January 5, 2018, and if reimbursed on a later date, such amounts would bear interest at a rate of 1% per annum over LIBOR. 94973000 97866000 95336000 21472000 20855000 20383000 20805000 20862000 17613000 22055000 23527000 6000 6350 7000 7150 9500 9500 9500 P2Y P2Y P2Y 2018-12-31 2018-05-31 651000 1711000 39727000 0.07375 19693000 972000 2540000 4232 2908 843332 24970 16960 1000000 360 406 14551 29018 5935 -2436 25000000 948584 1147908 818000 1070000 0.05 0.05 0.01 0.1 0.34 0.5 0.3 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. -345000 -1783000 5303000 9018000 9740000 11976000 13000000 1871000 14871000 1127000 49910000 39900000 2009-10-29 817000 240000000 4 60000000 0.35 As of December 31, 2017, the outstanding amount under the loan facility was repayable in one quarterly installment of $2,411, followed by seven semi-annual equal installments of $1,205 with a final balloon payment of $6,810 on the last payment date. Furthermore, 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 2022 Co-Issuers were in compliance with the covenants as of December 31, 2017. 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 in excess of 6% per annum of the net proceeds received by or contributed to Navios Logistics in or from any public offering, 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. P2Y0M0D P2Y5M13D P2Y6M19D Sub-Holding Company Operating Company Sub-Holding Company Operating Company 1 1 11/3 - 12/31 12/15 - 12/31 1/12 - 12/31 1/12 - 12/31 10/9 - 12/31 10/9 - 12/31 P4Y 0.3 0.25 9971000 6862000 205000 14854000 12400000 6141000 Q2 2018 137357000 29695000 2017-06-16 2017-07-13 2000 2001 52,067 dwt 50,346 dwt 9098000 5141000 551000 495000 5280000 6548000 11239000 16,871 dwt 16,871 dwt 1109000 318000 500000 2016-01-12 2016-01-12 2016 1115000 629000 11/2 - 12/31 56240000 1336000 3397000 7427000 6200000 0.5 1075000 305000000 2017-11-21 0.97 -2695000 1205000 7 semi-annual 15607000 17322000 1715000 9 semi-annual 681000 9 semi-annual 700000 7 semi-annual 563000 7 semi-annual 563000 2017-05-23 15300000 15 quarterly 383000 8798000 LIBOR plus 300 basis points 0.03 14760000 8764000 1.1 1.35 30000000 0.75 0.8 0.9 70000000 14000000 P5Y LIBOR (90 days) plus 315 basis points 0.0315 20 quarterly 7000000 100000000 LIBOR plus 475 basis points 0.0475 P4Y 0.01 70000000 44677000 25323000 2017-11-03 15607000 17332000 1715000 0.1125 0.05 0.03 0.01 0.35 0.1 0.3 0.25 0 11105000 11105000 -6399000 -6399000 -51240000 -51240000 130577 1.27 0.78 1210824 1210824 quarterly quarterly 1.08438 1.05531 1.01 1.05438 1.01 2021-08-31 2021-08-31 2021-09-30 -2837000 7904576 2.98 P3Y9M18D 7539000 7017314 P3Y2M16D 3512000 4200 4300 5250 6700 7400 8750 9581000 550000 6100 6100 6100 P5Y 16702000 P5Y 1868000 11105000 8664000 0 19383000 6399000 4800000 0 0 0 2016-09-19 21000000 10390000 34227000 25 25 1843000 0.0025 10000000 14 1740000 50150 702000 84000 82,000 dwt Q4 2019 2724000 5410000 580000 9024000 486000 39900000 1 bulk carrier 1 newbuilding Panamax and 1 newbuilding Capesize vessel 4320975 5449 18982 61078000 9323000 7589176 7893000 1157000 2000 0 571000 LIBOR plus 300 bps 2017-01-02 0.18 19739000 50000000 5 tanker vessels 135992000 5386000 65829000 8548000 28489000 28896000 136891000 1821101000 32945000 37781000 23008000 11105000 160071000 4856000 2647000 126815000 2479755000 2752895000 85538000 91749000 9183000 32847000 0 2639000 29827000 1296537000 274855000 0 14978000 43388000 0 49876000 6399000 11526000 1949342000 678531000 0 -256000 678287000 125266000 2752895000 49504 49504 117131407 117131407 23667000 21799000 16177000 213929000 175072000 247882000 116713000 127396000 128168000 23667000 21799000 16177000 269000 1304000 59000 6831000 4947000 2370000 121611000 113639000 113151000 -981000 29187000 0 6140000 18175000 4840000 13761000 11665000 34982000 -172378000 -96105000 -190705000 50565000 0 0 4399000 -202779000 61484000 -167979000 -298884000 -129221000 -3192000 1265000 -3154000 -164787000 -300149000 -126067000 1123000 3674000 8045000 -165910000 -303823000 -134112000 2000 100000 -1649000 0 -345000 -1782000 2000 445000 133000 1123000 3674000 8045000 463049000 419782000 480820000 1064000 0 0 27521000 25295000 34183000 104112000 113825000 120310000 -164785000 -299704000 -125934000 -165908000 -303378000 -133979000 -175298000 -273105000 -150314000 -1.5 -2.54 -1.42 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137357000 0 0 0 0 -2643000 -2259000 -1356000 0 -1240000 0 -815000 0 0 0 0 210000 4050000 0 0 843000 0 0 29423000 0 0 4296000 3446000 5591000 50784000 36920000 43478000 -55132000 50000000 0 25323000 0 0 0 345000 1782000 291094000 30671000 0 3081000 2724000 0 0 75069 105831718 73935 110468753 0 11000 721465000 432065000 -578000 1152963000 113547000 1266510000 0 11000 726791000 262603000 -445000 988960000 121592000 -134112000 -134112000 8045000 -303823000 -303823000 3674000 -165910000 -165910000 1123000 133000 133000 445000 445000 2000 2000 -2436 -1134 1790150 1134000 5578000 5578000 5578000 3446000 3446000 4296000 4296000 24970 3711678 4232 2908 9319 -6000 -6000 -6000 252000 252000 252000 818000 818000 199324 843332 766 24431 7589176 625815 1000 -50888000 41564000 -9323000 -9323000 -716000 145000 -571000 948584 600000 600000 35350000 35350000 35350000 1110552000 3446000 818000 600000 -571000 4296000 25323000 25323000 0.208 0 0.462 0.034 0.02 0.017 0.429 5 5 0.5 0.5 0 7 7 0.5 0.5 0 0.638 127625000 126584000 7000 9408000 80037000 85266000 19706000 19437000 18464000 18278000 269000 1304000 59000 0 145000 245000 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 0.147 0.131 0.151 0 8022000 8352000 12307000 9822000 4520000 4279000 18000 4486000 2516000 1957000 1841140000 1841140000 1930950000 1814965000 106399000 108686000 109224000 251641000 464966000 470944000 475378000 472081000 376794000 447688000 521535000 536518000 32628000 27391000 23898000 20467000 111137000 131144000 150038000 164056000 1464346000 1393452000 1409415000 1278447000 85932000 84788000 81833000 219013000 353829000 339800000 325340000 308025000 13426000 13869000 13936000 14360000 2425931000 2434639000 2529488000 6390000 7948000 9423000 10620000 514788000 610678000 708387000 7036000 5921000 4513000 3740000 1911143000 1823961000 1821101000 8918000 65154000 11122000 531000 2250000 443000 6188000 738000 5531000 2287000 2051000 5060000 60115000 3431000 3493000 5237000 20007000 18894000 17603000 1558000 1475000 1257000 95890000 97709000 97114000 70894000 73847000 73017000 775000 -86972000 -32555000 -85992000 -726000 -1115000 -13819000 -18156000 -12072000 -1144000 -1442000 -177000 -70894000 -13732000 -73017000 29695000 29695000 -1513000 -1513000 3696000 3696000 -2183000 -2183000 29695000 29695000 137357000 137357000 137357000 137357000 104157000 46123000 -58034000 104157000 46123000 -58034000 -11875000 -47000 -11828000 11828000 3585000 3585000 28000 75000 3613000 15488000 -32000 -32000 32000 32000 -5243000 -5243000 -210000 -210000 -210000 -210000 -5243000 -5243000 100420000 53152000 35490000 11548000 200610000 45156000 10889000 17745000 0 73790000 0 0 0 -10398000 -10398000 55264000 42263000 17745000 1150000 116422000 100420000 53152000 35490000 82485000 271547000 246826000 41303000 10162000 15971000 6359000 73795000 0 73795000 0 0 0 -70937000 -70937000 24721000 -46216000 59117000 42990000 19519000 5189000 126815000 0 126815000 3853000 3902000 3811000 727000 706000 1006000 1775000 1775000 1775000 4038000 17260000 32444000 0 -7526000 -14615000 10393000 16117000 24420000 2811000 985000 1775000 5571000 2811000 985000 1775000 5571000 2818000 985000 1775000 5578000 2811000 985000 1775000 5571000 2811000 985000 1775000 5571000 41202000 37338000 8870000 87410000 1180000 10398000 70937000 7001000 57930000 -13007000 7315000 0 24721000 17406000 17000000 6800000 10200000 2014-12-15 24721000 55264000 42263000 17745000 115272000 -3397000 19185000 16882000 25088000 10785000 16916000 22417000 28403000 56349000 15980000 19487000 145940000 195784000 1212231000 169925000 232363000 21284000 25805000 98950000 18490000 24126000 75472000 109223000 523776000 86060000 119234000 125283000 164276000 489421000 155387000 184530000 211652000 37468000 38633000 190524000 40589000 30893000 223676000 41437000 -15090000 -20778000 22749000 -52549000 -2174000 -25062000 41805000 -1347000 -15090000 9762000 -9086000 -52549000 16137000 -34059000 41805000 -1118000 0.02 4600000 60214000 14967000 33473000 0.02 12000 7376 28421233 3016284 0.208 112417000 12570000 -5979000 15462000 24033000 74193000 105000 55000 85000 454000 Navios Holdings has a 50% interest in Acropolis, a brokerage firm for freight and shipping charters. Although Navios Holdings owns 50% of Acropolis' stock, Navios Holdings agreed with the other shareholder that the earnings and amounts declared by way of dividends will be allocated 35% to the Company with the balance to the other shareholder. 0.429 0.462 140131000 -9875000 29801000 43299000 124062000 14595000 14595000 18244000 81005000 4710000 7953000 5967000 5894000 -1089000 1303000 1293000 2456000 -14000 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. 7944000 14343000 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. 14501000 21371000 245440000 49559000 119033000 76534000 39188000 2638000 2638000 20767000 1673000 77252000 0 0 27993000 18268000 8198000 22287000 0.034 161000 5581000 10070000 83596000 144430000 1120547 22868 2.1 1229000 18889000 14730000 32555000 36273000 4843000 2217000 23812000 21394000 364000 266000 5376000 5092000 2236000 1707000 4153000 6941000 0 19857000 14535000 0 17674000 18880000 14074000 14755000 14450000 15150000 50140000 54540000 33816000 37293000 15188000 16313000 18254000 28000000 25600000 27400000 16125000 16125000 0 51240000 0 291094000 0 650000000 1174856000 1240647000 375000000 31109000 34447000 23250000 25000000 13300000 0 100000000 0 253000 321000 542912000 434768000 1675415000 24320000 1621268000 35988000 33326000 71454000 154825000 1414638000 7537000 115099000 107787000 108488000 121000 199000 139000 250433000 212616000 199446000 220336000 229772000 251048000 23667000 0 21799000 0 16177000 0 6593000 238000 6831000 4132000 815000 4947000 1801000 569000 2370000 93264000 28347000 89399000 24240000 86069000 27082000 77245000 26867000 87197000 26628000 92341000 27969000 4399000 0 -202779000 0 61484000 0 -167892000 1982000 -310306000 6483000 -148306000 14194000 1947777000 682204000 2083526000 669369000 2359299000 599514000 56240000 104096000 56240000 104096000 56240000 104096000 -347000 -46521000 -46868000 -60420000 -91173000 -151593000 -7882000 -27039000 -34921000 183160000 0 160071000 0 381746000 0 47744000 79888000 70810000 65182000 81905000 81507000 6558000 0 2486000 2900000 13480000 0 1149742000 532746000 1682488000 1223146000 427949000 1651095000 1213740000 367568000 1581308000 5513000 6218000 22317000 124857000 109267000 109347000 91552000 73073000 87658000 212616000 220336000 253746000 28511000 10888000 7752000 563887000 544065000 1278447000 1409415000 13480000 381746000 2958813000 2 10421000 15909000 16202000 1033000 46627000 0 166673459 5033156 3411270 1698569 4566836 5935000 6522556 2 10 years 82,000 dwt 82,000 dwt 171,191 dwt 52,061dwt Q4 2019 Q1 2020 5700 5564 2000 2000 10000000 7682000 2018-03-31 6715000 18422000 5000000 1.9 714000 0.02 0.202 5454546 5.5 0.032 500000 11140000 5570000 <div class="Section1"><p style="margin-top:13.2pt; margin-left:28.6pt; 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-left:28.6pt; margin-bottom:0pt; text-indent:28.6pt; 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-left:28.6pt; 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-left:28.6pt; margin-bottom:0pt; text-indent:28.6pt; 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, 2017, Navios Holdings owned 63.8% of Navios Logistics.</font></p><p style="margin-top:19.8pt; margin-left:28.6pt; 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-left:28.6pt; margin-bottom:0pt; text-indent:28.6pt; 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-left:28.6pt; margin-bottom:0pt; text-indent:28.6pt; 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, Navios Holdings owned a 20.8% interest in Navios Partners, including a 2.0% general partner interest.</font></p><p style="margin-top:19.8pt; margin-left:28.6pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Acquisition</font></p><p style="margin-top:6.6pt; margin-left:28.6pt; margin-bottom:0pt; text-indent:28.6pt; 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-left:28.6pt; margin-bottom:0pt; text-indent:28.6pt; 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, Navios Holdings&#8217; ownership of the outstanding voting stock of Navios Acquisition was 42.9% and its economic interest was 46.2%.</font></p><p style="margin-top:19.8pt; margin-left:28.6pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Midstream</font></p><p style="margin-top:6.6pt; margin-left:28.6pt; margin-bottom:0pt; text-indent:28.6pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Maritime Midstream Partners L.P. (&#8220;Navios Midstream&#8221;) (NYSE: NAP) is a publicly traded master limited partnership which owns and operates crude oil tankers under long-term employment contracts.</font></p><p style="margin-top:13.2pt; margin-left:28.6pt; margin-bottom:0pt; text-indent:28.6pt; 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, Navios Holdings owned no direct equity interest in Navios Midstream.</font></p><p style="margin-top:19.8pt; margin-left:28.6pt; 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-left:28.6pt; margin-bottom:0pt; text-indent:28.6pt; 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-left:28.6pt; 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-left:28.6pt; margin-bottom:0pt; text-indent:28.6pt; 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><p style="margin-top:6.6pt; margin-left:28.6pt; margin-bottom:0pt; text-indent:28.6pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.6pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.6pt; 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-left:28.6pt; margin-bottom:0pt; text-indent:28.6pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Maritime Containers Inc. (&#8220;Navios Containers&#8221;) is a growth vehicle dedicated to the container sector of the maritime industry. On June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">8, 2017, Navios Containers completed a private placement in which Navios Holdings invested $5,000. Navios Containers 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;. On August 29, 2017 and on November 9, 2017, Navios Containers closed additional private placements. As of December 31, 2017, Navios Holdings owned 3.4% of Navios Containers&#8217; common stock and warrants, for 1.7% of the equity of Navios Containers.</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:548.7pt; border-collapse:collapse"><tr style="height:3.3pt"><td colspan="3" style="width:134.65pt; 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:8.6pt; 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 colspan="3" style="width:106.55pt; 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:8.6pt; 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 colspan="2" 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 colspan="2" 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 colspan="3" 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:7.5pt; 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="3" style="width:52.65pt; 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:8.6pt; 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 colspan="2" style="width:47.15pt; 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 colspan="2" style="width:9.7pt; 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 colspan="2" style="width:47.15pt; 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 colspan="2" style="width:9.7pt; 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:47.35pt; 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="vertical-align:top"></td></tr><tr style="height:9.9pt"><td colspan="3" style="width:134.65pt; 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:8.6pt; 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:106.55pt; 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:8.6pt; 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="4" style="width:38.75pt; 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 colspan="3" 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'">&#xa0;</font></p></td><td style="width:7.5pt; 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="3" style="width:52.65pt; 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:8.6pt; 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="9" style="width:161.05pt; 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">Statement of Operations</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:19.8pt"><td colspan="3" style="width:134.65pt; 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">Company Name</font></p></td><td style="width:8.6pt; 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:106.55pt; 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">Nature</font></p></td><td style="width:8.6pt; 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="4" 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 colspan="3" 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'">&#xa0;</font></p></td><td style="width:7.5pt; 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="3" style="width:52.65pt; 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">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:8.6pt; 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:47.15pt; 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">2017</font></p></td><td colspan="2" style="width:9.7pt; 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:47.15pt; 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">2016</font></p></td><td colspan="2" style="width:9.7pt; 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 style="width:47.35pt; 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">2015</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="3" style="width:134.65pt; 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'">Navios Maritime Holdings Inc.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Holding Company</font></p></td><td style="width:8.6pt; 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: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 colspan="2" 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'">&#xa0;</font></p></td><td colspan="3" 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'">&#xa0;</font></p></td><td style="width:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Navios Corporation</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Sub-Holding Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Navios International Inc.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Navimax Corporation</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Navios Handybulk Inc.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Hestia Shipping Ltd</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Malta</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Anemos Maritime Holdings Inc.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Sub-Holding Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Navios Shipmanagement Inc.</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Management Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">NAV Holdings Limited</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Sub-Holding Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Malta</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:50.6pt"><td colspan="3" style="width:134.65pt; 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'">Kleimar N.V.</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Company/</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'">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><p style="margin-top:0pt; margin-bottom:1.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">Management Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Belgium</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Kleimar Ltd.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Bulkinvest S.A.</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Luxembourg</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Primavera Shipping Corporation</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Ginger Services Co.</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Aquis Marine Corp.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Sub-Holding Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Astra Maritime Corporation</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; 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vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Apollon Shipping Corporation</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Herakles Shipping Corporation</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; 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font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; 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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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; 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: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:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; 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margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Corsair Shipping Ltd.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; 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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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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:47.15pt; 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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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:47.35pt; 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'">1/1 - 12/31</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Pueblo Holdings Ltd</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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:47.15pt; 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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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:47.35pt; 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'">1/1 - 12/31</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">&#xa0;</font><font style="font-family:'Times New Roman'">Highbird Management Inc.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Ducale Marine Inc.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><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:8.45pt; 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 colspan="3" style="width:15.1pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Rawlin Services Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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'">1/1 - 12/31</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Mauve International S.A.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Serenity Shipping Enterprises Inc.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; 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'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">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 colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">- 12/31</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Mandora Shipping Ltd</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Solange Shipping Ltd.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">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 colspan="2" style="width:9.7pt; 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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'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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vertical-align:bottom; background-color:#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:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Iris Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Jasmine Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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vertical-align:bottom; background-color:#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:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">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 colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">- 12/31</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Lavender Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Esmeralda Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">1/12</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 colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Triangle Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/12 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times 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><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Roselite Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">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 colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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'">10/9</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></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Smaltite Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">10/9 - 12/31</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Motiva Trading Ltd</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">11/2 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Alpha Merit Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Sub-Holding Company </font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">11/3 - 12/31</font></p></td><td colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New 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:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times 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><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Thalassa Marine S.A.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company </font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">12/15 - 12/31</font></p></td><td colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">&#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:9.7pt; 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="3" style="width:58.3pt; 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'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:124.75pt"></td><td style="width:8.45pt"></td><td style="width:1.45pt"></td><td style="width:8.6pt"></td><td style="width:95.45pt"></td><td style="width:8.45pt"></td><td style="width:2.65pt"></td><td style="width:8.6pt"></td><td style="width:3.85pt"></td><td style="width:15.5pt"></td><td style="width:8.8pt"></td><td style="width:10.6pt"></td><td style="width:2.4pt"></td><td style="width:7.15pt"></td><td style="width:3.25pt"></td><td style="width:7.5pt"></td><td style="width:39.05pt"></td><td style="width:8.45pt"></td><td style="width:5.15pt"></td><td style="width:8.6pt"></td><td style="width:46.55pt"></td><td style="width:0.6pt"></td><td style="width:1.85pt"></td><td style="width:7.85pt"></td><td style="width:45.15pt"></td><td style="width:2pt"></td><td style="width:7.7pt"></td><td style="width:2pt"></td><td style="width:47.35pt"></td><td style="width:8.95pt"></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:3.3pt"><td style="width:311.55pt; 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: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:26.65pt; 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: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></tr><tr style="height:12.4pt"><td style="width:311.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Intangible assets/liabilities</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:26.65pt; 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:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Years</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></tr><tr style="height:12.4pt"><td style="width:311.55pt; border-top-style:solid; border-top-width:0.75pt; 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'">Trade name</font></p></td><td style="width:10.45pt; 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></p></td><td style="width:26.65pt; 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'">30</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></tr><tr style="height:12.4pt"><td style="width:311.55pt; 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'">Favorable lease terms</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:26.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">8</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></tr><tr style="height:12.4pt"><td style="width:311.55pt; 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'">Port terminal operating rights</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:26.65pt; vertical-align:bottom; 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:4.5pt; vertical-align:bottom; background-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:311.55pt; 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'">Customer relationships</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:26.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">20</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></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: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:124.85pt; 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:12.4pt"><td style="width:228pt; 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'">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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:124.85pt; vertical-align:bottom"><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: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 terminals</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:124.85pt; 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'">to</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">40</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: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'">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:124.85pt; 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: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'">Furniture, fixtures and equipment</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:124.85pt; vertical-align:bottom"><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: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'">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:124.85pt; 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: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'">Leasehold improvements</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:124.85pt; vertical-align:bottom"><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"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(a) 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:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company elected to early adopt the requirements of ASU 2017-01 &#8220;Business Combinations&#8221; effective beginning the second quarter ending June 30, 2017 and applied this guidance prospectively in the current period presented in the Company&#8217;s consolidated financial information. The early 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(b)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:21.3pt; 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) 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) 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) 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:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">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, which is 63.8% owned by Navios Holdings.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">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:6.6pt; margin-left:21.3pt; 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:21.3pt; 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) Navios Partners and its subsidiaries (ownership interest as of December 31, 2017 was 20.8%, which includes a 2.0% general partner interest); (ii) Navios Acquisition and its subsidiaries (economic interest as of December 31, 2017 was 46.2%); (iii) Acropolis Chartering and Shipping Inc. (&#8220;Acropolis&#8221;) (economic interest as of December 31, 2017 was 35.0%), (iv) Navios Europe I and its subsidiaries (economic interest as of December 31, 2017 was 47.5%); (v) Navios Europe II and its subsidiaries (economic interest as of December 31, 2017 was 47.5%); and (vi) Navios Containers and its subsidiaries (economic interest as of December 31, 2017 was 3.4%).</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; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Subsidiaries Included in the Consolidation:</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:548.7pt; border-collapse:collapse"><tr style="height:3.3pt"><td colspan="3" style="width:134.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_5134af8e7e2a4504b13a019f287528f4"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; 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:8.6pt; 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 colspan="2" 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 colspan="2" 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 colspan="3" 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:7.5pt; 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="3" style="width:52.65pt; 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:8.6pt; 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 colspan="2" style="width:47.15pt; 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 colspan="2" style="width:9.7pt; 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 colspan="2" style="width:47.15pt; 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 colspan="2" style="width:9.7pt; 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:47.35pt; 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="vertical-align:top"></td></tr><tr style="height:9.9pt"><td colspan="3" style="width:134.65pt; 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:8.6pt; 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:106.55pt; 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:8.6pt; 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="4" style="width:38.75pt; 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 colspan="3" 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'">&#xa0;</font></p></td><td style="width:7.5pt; 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="3" style="width:52.65pt; 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:8.6pt; 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="9" style="width:161.05pt; 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">Statement of Operations</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:19.8pt"><td colspan="3" style="width:134.65pt; 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">Company Name</font></p></td><td style="width:8.6pt; 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:106.55pt; 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">Nature</font></p></td><td style="width:8.6pt; 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="4" 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 colspan="3" 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'">&#xa0;</font></p></td><td style="width:7.5pt; 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="3" style="width:52.65pt; 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">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:8.6pt; 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:47.15pt; 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">2017</font></p></td><td colspan="2" style="width:9.7pt; 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:47.15pt; 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">2016</font></p></td><td colspan="2" style="width:9.7pt; 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 style="width:47.35pt; 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">2015</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="3" style="width:134.65pt; 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'">Navios Maritime Holdings Inc.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Holding Company</font></p></td><td style="width:8.6pt; 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: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 colspan="2" 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'">&#xa0;</font></p></td><td colspan="3" 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'">&#xa0;</font></p></td><td style="width:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Navios Corporation</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Sub-Holding Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Navios International Inc.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Navimax Corporation</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Navios Handybulk Inc.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Hestia Shipping Ltd</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Malta</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Anemos Maritime Holdings Inc.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Sub-Holding Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Navios Shipmanagement Inc.</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Management Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">NAV Holdings Limited</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Sub-Holding Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Malta</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:50.6pt"><td colspan="3" style="width:134.65pt; 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'">Kleimar N.V.</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Company/</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'">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><p style="margin-top:0pt; margin-bottom:1.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">Management Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Belgium</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Kleimar Ltd.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Bulkinvest S.A.</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Luxembourg</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Primavera Shipping Corporation</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Ginger Services Co.</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Aquis Marine Corp.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Sub-Holding Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Navios Tankers Management Inc.</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Management Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Astra Maritime Corporation</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Achilles Shipping Corporation</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Apollon Shipping Corporation</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Kypros Shipping Corporation</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Meridian Shipping Enterprises Inc.</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><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:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; 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: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:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; 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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></p></td><td colspan="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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vertical-align:bottom; background-color:#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:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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:47.15pt; 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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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:47.35pt; 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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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Ducale Marine Inc.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><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:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Vector Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; 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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></p></td><td colspan="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Liberia</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Navios Maritime Finance (US) Inc.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Delaware</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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'">1/1 - 12/31</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Navios Maritime Finance II (US) Inc.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:60.3pt; 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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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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 colspan="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Serenity Shipping Enterprises Inc.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; 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'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; 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font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">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 colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Solange Shipping Ltd.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">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 colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">- 12/31</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Diesis Ship Management Ltd</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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vertical-align:bottom; background-color:#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:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; 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margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Navios Asia LLC</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Sub-Holding Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Iris Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">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 colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">- 12/31</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Jasmine Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Emery Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">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 colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">- 12/31</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Lavender Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Esmeralda Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">1/12</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 colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Triangle Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/12 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times 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><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Roselite Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">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 colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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'">10/9</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></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Smaltite Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">10/9 - 12/31</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Motiva Trading Ltd</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">11/2 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Alpha Merit Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Sub-Holding Company </font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">11/3 - 12/31</font></p></td><td colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New 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:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times 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><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Thalassa Marine S.A.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company </font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">12/15 - 12/31</font></p></td><td colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">&#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:9.7pt; 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="3" style="width:58.3pt; 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'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:124.75pt"></td><td style="width:8.45pt"></td><td style="width:1.45pt"></td><td style="width:8.6pt"></td><td style="width:95.45pt"></td><td style="width:8.45pt"></td><td style="width:2.65pt"></td><td style="width:8.6pt"></td><td style="width:3.85pt"></td><td style="width:15.5pt"></td><td style="width:8.8pt"></td><td style="width:10.6pt"></td><td style="width:2.4pt"></td><td style="width:7.15pt"></td><td style="width:3.25pt"></td><td style="width:7.5pt"></td><td style="width:39.05pt"></td><td style="width:8.45pt"></td><td style="width:5.15pt"></td><td style="width:8.6pt"></td><td style="width:46.55pt"></td><td style="width:0.6pt"></td><td style="width:1.85pt"></td><td style="width:7.85pt"></td><td style="width:45.15pt"></td><td style="width:2pt"></td><td style="width:7.7pt"></td><td style="width:2pt"></td><td style="width:47.35pt"></td><td style="width:8.95pt"></td></tr></table><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:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(c)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</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font><font style="font-family:'Times New Roman'">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:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(d) 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:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(e)Restricted Cash: </font><font style="font-family:'Times New Roman'">As of December 31, 2017 and 2016, restricted cash included $5,968 and $1,896, 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 31, 2017 and 2016 are amounts held as security in the form of letters of guarantee or letters of credit totaling $590 for both reporting periods. As of December 31, 2016, restricted cash also included $2,900 which related to amounts held in a Navios Logistics&#8217; retention account as part of the Vale International S.A. (&#8220;Vale&#8221;) arbitration in New York. See also Note 13.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(f)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 31 of each reporting period, which are probable to be recovered from insurance companies. Any remaining costs to complete the claims are included in accrued liabilities. The classification of insurance claims into current and non-current assets is based on management&#8217;s expectations as to their collection dates.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(g)Inventories: </font><font style="font-family:'Times New Roman'">Inventories, which are comprised of lubricants, bunkers (when applicable) and stock provisions on board of the vessels, as well as petroleum products held by Navios Logistics, are valued at cost as determined on the first-in, first-out basis.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> (h) Vessels, Port Terminals, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net: </font><font style="font-family:'Times New Roman'">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 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:21.3pt; 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:21.3pt; 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:21.3pt; 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:6.6pt; margin-left:21.3pt; 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><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:3.3pt"><td style="width:228pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_5ecba163357b4781bb6a93d2641089ae"><font style="font-family:'Times New Roman'">&#xa0;</font></a></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:124.85pt; 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:12.4pt"><td style="width:228pt; 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'">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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:124.85pt; vertical-align:bottom"><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: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 terminals</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:124.85pt; 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'">to</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">40</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: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'">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:124.85pt; 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: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'">Furniture, fixtures and equipment</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:124.85pt; vertical-align:bottom"><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: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'">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:124.85pt; 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: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'">Leasehold improvements</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:124.85pt; vertical-align:bottom"><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:6pt"><font style="font-family:'Times New Roman'">&#160;</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:6pt"><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><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:6pt"><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><p style="margin-top:6.6pt; margin-left:21.3pt; 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 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:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Management estimates the useful life of its vessels to be 25 years from the vessel&#8217;s original construction. However, when regulations place limitations on the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. An increase in the useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation charge and extending it into later periods. A decrease in the useful life of a vessel or in its residual value would have the effect of increasing the annual depreciation charge.</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(i) 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 31, 2017, 2016 and 2015 amounted to $4,764, $5,843 and $5,154, respectively.</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(j) 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><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> (k) 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:21.3pt; margin-bottom:0pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">During the fourth quarter of fiscal year 2017, 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:21.3pt; 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 0.3% after 2018 and a utilization rate of 99.2% based on the fleet&#8217;s historical performance.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of December 31, 2017, our assessment concluded that step two of the impairment analysis was required for one of our 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 $32,930 for this 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 and 2015 did not indicate a step two was necessary for the Company&#8217;s other vessels held and used. See also Note 6.</font><font style="font-family:'Times New Roman'; font-size:6pt"> </font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(l)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:21.3pt; 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 31, 2017, 2016 and 2015, the amortization of deferred drydock and special survey costs was $14,727, $13,768, and $13,340, respectively.</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(m) 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 31, 2017, 2016 and 2015 were $6,391, $5,653 and $4,524, respectively. See also Note 17.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(n) Goodwill and Other Intangibles</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(i) Goodwill: </font><font style="font-family:'Times New Roman'">Goodwill is tested for impairment at the reporting unit level at least annually.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of December 31, 2017, 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of December 31, 2017, 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:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of December 31, 2017, 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. The Logistics Business has not been affected by the same volatile industry and market conditions as experienced in the Dry Bulk Vessel Operations reporting unit. In addition, the cash flows of the long-lived assets in the Logistics Business reporting unit have not experienced a significant decline.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; 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 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 years. Navios Logistics&#8217; trade name is being amortized under the straight line method over 10 years.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; 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:21.3pt; 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:21.3pt; 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:21.3pt; 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:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">During the fourth quarter of fiscal year 2017, management concluded that circumstances had changed, which indicated that potential impairment of Navios Holdings&#8217; intangible assets other than goodwill 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 expectations for the future, consistent with those used in its vessel impairment assessment.&#160; As of December 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. There were no other impairment losses recognized for the Company&#8217;s intangible assets other than goodwill for any of the years ended December 31, 2016 and 2015.</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:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:311.55pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_85d2a9c03eec49c4872fe53ea14e7b13"><font style="font-family:'Times New Roman'">&#xa0;</font></a></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:26.65pt; 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: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></tr><tr style="height:12.4pt"><td style="width:311.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Intangible assets/liabilities</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:26.65pt; 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:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Years</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></tr><tr style="height:12.4pt"><td style="width:311.55pt; border-top-style:solid; border-top-width:0.75pt; 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'">Trade name</font></p></td><td style="width:10.45pt; 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></p></td><td style="width:26.65pt; 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'">30</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></tr><tr style="height:12.4pt"><td style="width:311.55pt; 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'">Favorable lease terms</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:26.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">8</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></tr><tr style="height:12.4pt"><td style="width:311.55pt; 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'">Port terminal operating rights</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:26.65pt; vertical-align:bottom; 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:4.5pt; vertical-align:bottom; background-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:311.55pt; 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'">Customer relationships</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:26.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">20</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></tr></table></div><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">See also Note 7.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(o)Foreign Currency Translation: </font><font style="font-family:'Times New Roman'">The Company&#8217;s functional and reporting currency is the U.S. dollar. The Company engages in worldwide commerce with a variety of entities. Although its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. The Company&#8217;s subsidiaries in Uruguay, Argentina, Brazil and Paraguay transact a nominal amount of their operations in Uruguayan pesos, Argentinean pesos, Brazilian reales and Paraguayan guaranies, whereas the Company&#8217;s wholly-owned vessel subsidiaries and the vessel management subsidiaries transact a nominal amount of their operations in Euros; however, all of the subsidiaries&#8217; primary cash flows are U.S. dollar denominated. The financial statements of the foreign operations are translated using the exchange rate at the balance sheet date except for property and equipment and equity, which are translated at historical rates. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the statements of comprehensive (loss)/income. The foreign currency gains/(losses) recognized 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 31, 2017, 2016 and 2015, were $(3,000), $1,600 and $1,646, respectively.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(p)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 13.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company participates in Protection and Indemnity (P&amp;I) 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:21.3pt; 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 31, 2017 and 2016, the balance for this provision was $2,631 and $3,129, respectively.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(q)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 two reportable segments: the Dry Bulk Vessel Operations segment and the Logistics Business segment. </font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(r)Revenue and Expense Recognition:</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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'; font-weight:bold; font-style:italic"> </font><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:21.3pt; 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, the Company agrees to provide a vessel for the transportation of specific goods between specific ports in return for payment of an agreed upon freight rate per ton of cargo.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenue from time chartering and bareboat chartering is earned and recognized on a daily basis as the service is delivered. Revenue from contracts of affreightment (&#8220;COA&#8221;)/voyage contracts relating to our barges is recognized based upon the percentage of voyage completion. 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 voyage completion 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:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenues arising from contracts that provide our customers with continuous access to convoy capacity are recognized ratably over the period of the contracts.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenues from time chartering of vessels 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 at the charterer&#8217;s disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Short period charters for less than three months are referred to as spot-charters. Charters extending three months to a year are generally referred to as medium-term charters. All other charters are considered long-term. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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 when an agreement with the pool exists, price is fixed, service is provided and the collectability is reasonably assured. Revenue for vessels operating in pooling arrangements amounted to $8,041, $15,115 and $1,825, for the years ended December 31, 2017, 2016 and 2015, respectively. The allocation of such net revenue may be subject to future adjustments by the pool, however, such changes are not expected to be material.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenues from 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. 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. Storage fees are assessed and recognized when the product remains in the silo storage beyond the contractually agreed time allowed. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the ocean-going vessel.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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. 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Recovery of lost revenue under credit default insurance for charterers is accounted for as gain contingency and is recognized when all contingencies are resolved. The amount of recovery of lost revenue is recorded within the caption &#8220;Revenue&#8221; and any amount recovered in excess of the lost revenue is recorded within the caption &#8220;Other income&#8221;.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; 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 15). 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:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Forward Freight Agreements (&#8220;FFAs&#8221;):</font><font style="font-family:'Times New Roman'"> Realized gains or losses from FFAs are recognized monthly concurrent with cash settlements. In addition, FFAs are &#8220;marked-to-market&#8221; quarterly to determine the fair values which generate unrealized gains or losses. The Company has not entered into FFA trades for any of the periods presented.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; 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.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; 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:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(s)Employee benefits:</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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, they are not liable for any pension or post-retirement benefits.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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 $1,336 and $1,127 at December 31, 2017 and 2016, respectively.&#8195;</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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 12.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; 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 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. In December 2015, the Company authorized the issuance of shares of restricted common stock, restricted stock units and stock options in accordance with the Company&#8217;s stock option plan for its employees, officers and directors. 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. In December 2014, the Company also authorized the issuance of shares of restricted common stock, restricted stock units and stock options for its employees, officers and directors that vest upon achievement of certain internal performance criteria including certain targets on operational performance and cost efficiency. See also Note 12.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(t)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:21.3pt; 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:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest Rate Risk:</font><font style="font-family:'Times New Roman'"> Any differential to be paid or received on an interest rate swap agreement is recognized as a component of gain/loss on derivatives over the period of the agreement. Gains and losses on early termination of interest rate swaps are reflected in the consolidated statements of comprehensive (loss)/income. The effective portion of changes in the fair value of interest rate swap agreements that are designated and qualify as cash flow hedges are recognized in equity.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; 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:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accounting for Derivative Financial Instruments and Hedging Activities:</font><font style="font-family:'Times New Roman'"> The Company may enter into dry bulk shipping FFAs as economic hedges relating to identifiable ship and/or cargo positions and as economic hedges of transactions the Company expects to carry out in the normal course of its shipping business. By utilizing certain derivative instruments, including dry bulk shipping FFAs, the Company manages the financial risk associated with fluctuating market conditions. The Company records all of its derivative financial instruments and hedges as economic hedges. The Company classifies cash flows related to derivative financial instruments within cash provided by operating activities in the consolidated statements of cash flows. </font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(u)(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 19.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(v)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 31, 2017, 2016 and 2015 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:21.3pt; 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:21.3pt; 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 introducing changes to the income tax law in Argentina. The new law modifies the rates for income taxes applicable in the next years. In measuring its income tax assets and liabilities, Navios Logistics 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. During the year ended December 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:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(w) 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, $0 and $19,325 to its common stockholders during the years ended December 31, 2017, 2016 and 2015, respectively, and $0, $3,681 and $16,025 to its preferred stockholders during the years ended December 31, 2017, 2016 and 2015, 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><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(x)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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">On November 15, 2012, the Company agreed to provide Navios Partners with guarantees against counterparty default on certain existing charters (see also Note 15). </font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(y)Leases:</font><font style="font-family:'Times New Roman'"> Vessel leases where Navios Holdings is regarded as the lessor are classified as either finance leases or operating leases based on an assessment of the terms of the lease.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">For charters classified as operating leases where Navios Holdings is regarded as the lessor, refer to Note 2(r).</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">For charters classified as operating leases where Navios Holdings is regarded as the lessee, the expense is recognized on a straight line basis over the rental periods of such charter agreements. The expense is included under the line item &#8220;Time charter, voyage and logistics business expenses&#8221;.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(z)Treasury Stock:</font><font style="font-family:'Times New Roman'"> Treasury stock is accounted for using the cost method. Excess of the purchase price of the treasury stock acquired, plus direct acquisition costs over its par value is recorded in additional paid-in capital. </font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; 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 and FFA counterparties, 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><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; 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 16.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; 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 28, 2019, the Series G may be redeemed at the Company&#8217;s option and at any time on or after July 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 16.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; 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 excluded from earnings and reported directly in stockholders&#8217; equity as a component of other comprehensive (loss)/income unless an unrealized loss is considered &#8220;other-than-temporary,&#8221; in which case it is transferred to the consolidated statements of comprehensive (loss)/income. Management evaluates securities for other-than-temporary impairment (&#8220;OTTI&#8221;) on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the investee, and (iii) 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:21.3pt; 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, Navios Europe II and Navios Containers for OTTI on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than the carrying value, (ii) the financial condition and near-term prospects of Navios Partners, Navios Acquisition, Navios Europe I, Navios Europe II and Navios Containers, and (iii) the intent and ability of the Company to retain its investment in Navios Acquisition, Navios Partners, Navios Europe I, Navios Europe II and Navios Containers, for a period of time sufficient to allow for any anticipated recovery in fair value. If we consider any decline to be &#8220;other-than-temporary&#8221;, then we would write down the carrying amount of the investment to its estimated fair value.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; 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:21.3pt; 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:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(af) Recent Accounting Pronouncements:</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In May 2017, the&#160; Financial Accounting Standards Board (&#8220;FASB&#8221;) issued ASU 2017-09, &#8220;Compensation &#8212; Stock Compensation (Topic 718)&#8221;. This update provides clarity and reduces both diversity in practice and cost and complexity when applying the guidance in Topic 718 to a change to the terms or conditions of a share-based payment award. The amendments in this update affect any entity that changes the terms or conditions of a share-based payment award and are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not yet been issued and all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this update should be applied prospectively to an award modified on or after the adoption date. The adoption of this new accounting standard is not expected to have material impact on the Company&#8217;s results of operations, financial position or cash flows.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In February 2017, FASB issued ASU 2017-05, &#8220;Other Income&#8212;Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)&#8221;. This update clarifies the scope of Subtopic 610-20 &#8220;Other Income&#8212;Gains and Losses from the Derecognition of Nonfinancial Assets&#8221; and provides guidance for partial sales of nonfinancial assets. Subtopic 610-20, which was issued in May 2014 as a part of ASU 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606)&#8221;, provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. The amendments in ASU 2017-05 are effective at the same time as the amendments in ASU 2014-09. Therefore, for public entities, the amendments are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The adoption of this new standard is not expected to have material impact on the Company&#8217;s results of operations, financial position or cash flows.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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 concern 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:21.3pt; 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 statement 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In December 2016, FASB issued ASU 2016-20, &#8220;Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers&#8221;. The amendments in this ASU affect narrow aspects of the guidance issued in ASU 2014-09, which is not yet effective, and are of a similar nature to the items typically addressed in the Technical Corrections and Improvements project. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). ASU 2015-14, &#8220;Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date&#8221;, defers the effective date of Update 2014-09 by one year, as noted below.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In November 2016, FASB issued ASU 2016-18, &#8220;Statement of Cash Flows (Topic 230): Restricted Cash&#8221;. This update addresses the classification and presentation of changes in restricted cash on the statement of cash flows under Topic 230, Statement of Cash Flows. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Retrospective transition method is required. Early adoption is permitted for all entities. The Company currently presents changes in restricted cash and cash equivalents depending on the nature of the cash flow within the consolidated statement of cash flows. The new guidance will not impact financial results, but will result in a change in the presentation of restricted cash and cash equivalents within the statement of cash flows. The Company currently plans to adopt this guidance from January 1, 2018.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In August 2016, FASB issued ASU 2016-15, &#8220;Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments&#8221;. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This update will be adopted as from January 1, 2018 and applied on a retrospective basis. The Company has assessed each of the eight specific presentation issues and determined that the adoption of this ASU does not have a material impact on the Company&#8217;s consolidated financial statements.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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 matter. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The standard is effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted for interim and annual periods beginning after December 15, 2018. The Company 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:21.3pt; 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:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In January 2018, the FASB issued a proposed amendment to ASC 842, Leases, that would provide an entity the optional transition method to initially account for the impact of the adoption with a cumulative adjustment to accumulated deficit on the effective date of the ASU, January 1, 2019 rather than January 1, 2017, which would eliminate the need to restate amounts presented prior to January 1, 2019. In addition, this proposed amendment, lessors can elect, as a practical expedient, not to allocate the total consideration to lease and non-lease components based on their relative standalone selling prices. If adopted, this practical expedient will allow lessors to elect a combined single lease component presentation if (i) the timing and pattern of the revenue recognition of the combined single lease component is the same, and (ii) the related lease component and, the combined single lease component would be classified as an operating lease.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; 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. If the proposed amendment to ASC 842 is adopted, the Company would elect the 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 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:21.3pt; 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. If the proposed practical expedient mentioned above is adopted and elected, good and services embedded in the charter-out contract that qualify as non-lease components will be combined under a single lease component presentation. However, without the proposed practical expedient, the Company expects that it will continue to recognize the lease revenue component using an approach that is substantially equivalent to existing guidance. The components of the charter hire that are categorized as lease components will generally be a fixed rate per day with revenue recognized straight line over the lease contract. Other goods and services that are categorized as non-lease components will be recognized at either a point in time or over time based on the pattern of transfer of the underlying goods or services to our charterers.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company is continuing its assessment of other miscellaneous leases, which have lease terms greater than 12 months and the Company is the lessee and may identify additional impacts this guidance will have on the consolidated financial statements and disclosures.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In January 2016, FASB issued ASU 2016-01, &#8220;Financial Instruments&#8212;Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities&#8221;. The amendments in this ASU require an entity (i) to measure equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) at fair value with changes in fair value recognized in net income; (ii) to perform a qualitative assessment to identify impairment in equity investments without readily determinable fair values; (iii) to present separately in other comprehensive income the fair value of a liability resulting from a change in the instrument-specific credit risk; and (iv) to present separately financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet. The amendments also eliminate the requirement, for public business entities, to disclose the methods and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost on the balance sheet and clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity&#8217;s other deferred tax assets. For public business entities, ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this new standard is not expected to have a material impact on the Company&#8217;s results of operations, financial position or cash flows.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In May 2014, FASB issued ASU 2014-09, &#8220;Revenue from Contracts with Customers&#8221;, clarifying the method used to determine the timing and requirements for revenue recognition on the statements of income. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 for all entities by one year. The standard will be effective for public entities for annual reporting periods beginning after December 15, 2017 and interim periods therein. The Company will adopt the standard as of January 1, 2018 and will utilize the modified retrospective approach and is expecting that the adoption will not have a material effect on its financial statements. The Company has chartered certain of its vessels since inception in time charter agreements and in this respect revenue is accounted under ASC 840, Leases.&#160; The Company also operates certain of its vessels under voyage contracts and/or contracts of affreightment, contracts for which currently revenue is recognized ratably from when a vessel becomes available for loading to the completion of the discharge of the current cargo, provided an agreed non-cancelable charter between the Company and the charterer is in existence.&#160; Upon adoption, the Company will recognize revenue ratably from the vessel&#8217;s arrival at the loading port, as applicable under the contract, to when the charterer&apos;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 estimated impact of the adoption of this standard is expected to be minimal in operating revenues and expenses and net income/(loss).</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:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_134018dd1a4c43759d870ec619518bd0"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(a) 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:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company elected to early adopt the requirements of ASU 2017-01 &#8220;Business Combinations&#8221; effective beginning the second quarter ending June 30, 2017 and applied this guidance prospectively in the current period presented in the Company&#8217;s consolidated financial information. The early 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:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_f83fcc1663b64df694d405887415ecdf"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(b)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:21.3pt; 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) 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) 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) 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:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">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, which is 63.8% owned by Navios Holdings.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">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:6.6pt; margin-left:21.3pt; 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:21.3pt; 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) Navios Partners and its subsidiaries (ownership interest as of December 31, 2017 was 20.8%, which includes a 2.0% general partner interest); (ii) Navios Acquisition and its subsidiaries (economic interest as of December 31, 2017 was 46.2%); (iii) Acropolis Chartering and Shipping Inc. (&#8220;Acropolis&#8221;) (economic interest as of December 31, 2017 was 35.0%), (iv) Navios Europe I and its subsidiaries (economic interest as of December 31, 2017 was 47.5%); (v) Navios Europe II and its subsidiaries (economic interest as of December 31, 2017 was 47.5%); and (vi) Navios Containers and its subsidiaries (economic interest as of December 31, 2017 was 3.4%).</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; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Subsidiaries Included in the Consolidation:</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:548.7pt; border-collapse:collapse; text-align:left"><tr style="height:3.3pt"><td colspan="3" style="width:134.65pt; vertical-align:middle"><p style="margin-top:0pt; 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margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.6pt; 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="9" style="width:161.05pt; 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">Statement of Operations</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:19.8pt"><td colspan="3" style="width:134.65pt; 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">Company Name</font></p></td><td style="width:8.6pt; 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:106.55pt; 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">Nature</font></p></td><td style="width:8.6pt; 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="4" 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 colspan="3" 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'">&#xa0;</font></p></td><td style="width:7.5pt; 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="3" style="width:52.65pt; 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">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:8.6pt; 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:47.15pt; 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">2017</font></p></td><td colspan="2" style="width:9.7pt; 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:47.15pt; 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">2016</font></p></td><td colspan="2" style="width:9.7pt; 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 style="width:47.35pt; 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">2015</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td colspan="3" style="width:134.65pt; 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'">Navios Maritime Holdings Inc.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Holding Company</font></p></td><td style="width:8.6pt; 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: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 colspan="2" 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'">&#xa0;</font></p></td><td colspan="3" 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'">&#xa0;</font></p></td><td style="width:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Navios Corporation</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Sub-Holding Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Navios International Inc.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Navimax Corporation</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Navios Handybulk Inc.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Hestia Shipping Ltd</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Malta</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Anemos Maritime Holdings Inc.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Sub-Holding Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Navios Shipmanagement Inc.</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Management Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">NAV Holdings Limited</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Sub-Holding Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Malta</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:50.6pt"><td colspan="3" style="width:134.65pt; 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'">Kleimar N.V.</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Company/</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'">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><p style="margin-top:0pt; margin-bottom:1.1pt; font-size:12pt"><font style="font-family:'Times New Roman'">Management Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Belgium</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Kleimar Ltd.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Bulkinvest S.A.</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Luxembourg</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Primavera Shipping Corporation</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Ginger Services Co.</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Aquis Marine Corp.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Sub-Holding Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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:47.35pt; 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'">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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Navios Tankers Management Inc.</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Management Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; 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font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Hios Shipping Corporation</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">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 colspan="2" style="width:9.7pt; 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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'">Ionian Shipping Corporation</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; 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font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; 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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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; 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margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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vertical-align:bottom; background-color:#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:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; 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font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; 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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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:47.15pt; 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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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:47.35pt; 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'">1/1 - 12/31</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Rumer Holding Ltd.</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Pharos Navigation S.A.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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:47.15pt; 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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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:47.35pt; 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'">1/1 - 12/31</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Pueblo Holdings Ltd</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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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'">Aramis Navigation Inc.</font></p></td><td style="width:8.6pt; 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 colspan="3" style="width:106.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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vertical-align:bottom; background-color:#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:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; 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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'">Operating Company</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:19.35pt; 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 colspan="2" style="width:19.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="3" style="width:12.8pt; 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:7.5pt; 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="3" style="width:52.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.6pt; 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 colspan="2" style="width:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:47.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:24.75pt"><td colspan="3" style="width:134.65pt; 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'">Red Rose Shipping Corp.</font></p></td><td style="width:8.6pt; 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="3" style="width:106.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.6pt; 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:19.35pt; 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 colspan="2" style="width:19.4pt; 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</font></p></td><td colspan="3" style="width:12.8pt; vertical-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:7.5pt; vertical-align:bottom; background-color:#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:52.65pt; 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'">Marshall Is.</font></p></td><td style="width:8.6pt; 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:47.15pt; 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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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:47.15pt; 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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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:47.35pt; 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'">1/1 - 12/31</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">&#xa0;</font><font style="font-family:'Times New Roman'">Highbird Management Inc.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Ducale Marine Inc.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><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:8.45pt; 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 colspan="3" style="width:15.1pt; 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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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Vector Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Navios Maritime Finance (US) Inc.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Delaware</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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'">1/1 - 12/31</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Navios Maritime Finance II (US) Inc.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Tulsi Shipmanagement Co.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Rawlin Services Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; 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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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">1/1 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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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></p></td><td colspan="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Serenity Shipping Enterprises Inc.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; 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'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">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 colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">- 12/31</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Mandora Shipping Ltd</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Solange Shipping Ltd.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">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 colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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'">1/1</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">- 12/31</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Diesis Ship Management Ltd</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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vertical-align:bottom; background-color:#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:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom; 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margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">1/12</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 colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Triangle Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Vessel Owning Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/1 - 12/31</font></p></td><td colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">1/12 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times 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><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Roselite Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">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 colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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'">10/9</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></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Smaltite Shipping Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><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 colspan="2" style="width:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">10/9 - 12/31</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Motiva Trading Ltd</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; 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'">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 colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; 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'">11/2 - 12/31</font></p></td><td colspan="2" style="width:9.7pt; 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="3" style="width:58.3pt; 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'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Alpha Merit Corporation</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Sub-Holding Company </font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">100</font></p></td><td colspan="2" style="width:13pt; 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:7.15pt; 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 colspan="3" style="width:49.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">Marshall Is.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New Roman'">11/3 - 12/31</font></p></td><td colspan="2" style="width:2.45pt; 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 colspan="2" style="width:53pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times New 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:9.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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="3" style="width:58.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:12pt"><font style="font-family:'Times 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><tr style="height:22.3pt"><td style="width:124.75pt; 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'">Thalassa Marine S.A.</font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:105.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Operating Company </font></p></td><td style="width:8.45pt; 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 colspan="3" style="width:15.1pt; 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="2" style="width:24.3pt; 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'">100</font></p></td><td colspan="2" style="width:13pt; vertical-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:7.15pt; 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 colspan="3" style="width:49.8pt; 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'">Marshall Is.</font></p></td><td style="width:8.45pt; 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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</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font><font style="font-family:'Times New Roman'">receivables and demurrages, provisions for legal disputes, pension benefits, contingencies and guarantees. 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Also included in restricted cash as of December 31, 2017 and 2016 are amounts held as security in the form of letters of guarantee or letters of credit totaling $590 for both reporting periods. As of December 31, 2016, restricted cash also included $2,900 which related to amounts held in a Navios Logistics&#8217; retention account as part of the Vale International S.A. (&#8220;Vale&#8221;) arbitration in New York. See also Note 13.</font></a></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_8db787b600a54166907a93de9e769d72"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(f)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 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. 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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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">During the fourth quarter of fiscal year 2017, 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:21.3pt; 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 0.3% after 2018 and a utilization rate of 99.2% based on the fleet&#8217;s historical performance.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of December 31, 2017, our assessment concluded that step two of the impairment analysis was required for one of our 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 $32,930 for this 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 and 2015 did not indicate a step two was necessary for the Company&#8217;s other vessels held and used. See also Note 6.</font><font style="font-family:'Times New Roman'; font-size:6pt"> </font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_a861ab5be1cc40aaa6b331600a7e6878"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(l)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></a></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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 31, 2017, 2016 and 2015, the amortization of deferred drydock and special survey costs was $14,727, $13,768, and $13,340, respectively.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_706e15bdd8714fa8ad9e404c14eaaa71"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(m) 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 31, 2017, 2016 and 2015 were $6,391, $5,653 and $4,524, respectively. See also Note 17.</font></a></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_3f5f6467632d4344a1f0c11c723463ea"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(n) Goodwill and Other Intangibles</font></a></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(i) Goodwill: </font><font style="font-family:'Times New Roman'">Goodwill is tested for impairment at the reporting unit level at least annually.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of December 31, 2017, 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of December 31, 2017, 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:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of December 31, 2017, 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. The Logistics Business has not been affected by the same volatile industry and market conditions as experienced in the Dry Bulk Vessel Operations reporting unit. In addition, the cash flows of the long-lived assets in the Logistics Business reporting unit have not experienced a significant decline.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; 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 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 years. Navios Logistics&#8217; trade name is being amortized under the straight line method over 10 years.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; 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:21.3pt; 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:21.3pt; 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:21.3pt; 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:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">During the fourth quarter of fiscal year 2017, management concluded that circumstances had changed, which indicated that potential impairment of Navios Holdings&#8217; intangible assets other than goodwill 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 expectations for the future, consistent with those used in its vessel impairment assessment.&#160; As of December 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. There were no other impairment losses recognized for the Company&#8217;s intangible assets other than goodwill for any of the years ended December 31, 2016 and 2015.</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:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:311.55pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_85d2a9c03eec49c4872fe53ea14e7b13"><font style="font-family:'Times New Roman'">&#xa0;</font></a></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:26.65pt; 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: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></tr><tr style="height:12.4pt"><td style="width:311.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Intangible assets/liabilities</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:26.65pt; 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:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Years</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></tr><tr style="height:12.4pt"><td style="width:311.55pt; border-top-style:solid; border-top-width:0.75pt; 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'">Trade name</font></p></td><td style="width:10.45pt; 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></p></td><td style="width:26.65pt; 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'">30</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></tr><tr style="height:12.4pt"><td style="width:311.55pt; 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'">Favorable lease terms</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:26.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">8</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></tr><tr style="height:12.4pt"><td style="width:311.55pt; 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'">Port terminal operating rights</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:26.65pt; vertical-align:bottom; 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:4.5pt; vertical-align:bottom; background-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:311.55pt; 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'">Customer relationships</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:26.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">20</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></tr></table></div><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">See also Note 7.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_e7fb2a2c47894375b573a1f415819790"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(o)Foreign Currency Translation: </font><font style="font-family:'Times New Roman'">The Company&#8217;s functional and reporting currency is the U.S. dollar. The Company engages in worldwide commerce with a variety of entities. Although its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. The Company&#8217;s subsidiaries in Uruguay, Argentina, Brazil and Paraguay transact a nominal amount of their operations in Uruguayan pesos, Argentinean pesos, Brazilian reales and Paraguayan guaranies, whereas the Company&#8217;s wholly-owned vessel subsidiaries and the vessel management subsidiaries transact a nominal amount of their operations in Euros; however, all of the subsidiaries&#8217; primary cash flows are U.S. dollar denominated. The financial statements of the foreign operations are translated using the exchange rate at the balance sheet date except for property and equipment and equity, which are translated at historical rates. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the statements of comprehensive (loss)/income. The foreign currency gains/(losses) recognized 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 31, 2017, 2016 and 2015, were $(3,000), $1,600 and $1,646, respectively.</font></a></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_d76ac5b1c7d34ad3ad0684eed0556564"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(p)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 13.</font></a></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company participates in Protection and Indemnity (P&amp;I) 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:21.3pt; 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 31, 2017 and 2016, the balance for this provision was $2,631 and $3,129, respectively.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_22548c1653fa44a3a8242ba820841923"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(q)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 two reportable segments: the Dry Bulk Vessel Operations segment and the Logistics Business segment. </font></a></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_aae3638f1fc84b4291fb5618b9f6b839"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(r)Revenue and Expense Recognition:</font></a></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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'; font-weight:bold; font-style:italic"> </font><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:21.3pt; 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, the Company agrees to provide a vessel for the transportation of specific goods between specific ports in return for payment of an agreed upon freight rate per ton of cargo.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenue from time chartering and bareboat chartering is earned and recognized on a daily basis as the service is delivered. Revenue from contracts of affreightment (&#8220;COA&#8221;)/voyage contracts relating to our barges is recognized based upon the percentage of voyage completion. 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 voyage completion 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:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenues arising from contracts that provide our customers with continuous access to convoy capacity are recognized ratably over the period of the contracts.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenues from time chartering of vessels 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 at the charterer&#8217;s disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Short period charters for less than three months are referred to as spot-charters. Charters extending three months to a year are generally referred to as medium-term charters. All other charters are considered long-term. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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 when an agreement with the pool exists, price is fixed, service is provided and the collectability is reasonably assured. Revenue for vessels operating in pooling arrangements amounted to $8,041, $15,115 and $1,825, for the years ended December 31, 2017, 2016 and 2015, respectively. The allocation of such net revenue may be subject to future adjustments by the pool, however, such changes are not expected to be material.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Revenues from 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. 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. Storage fees are assessed and recognized when the product remains in the silo storage beyond the contractually agreed time allowed. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the ocean-going vessel.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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. 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Recovery of lost revenue under credit default insurance for charterers is accounted for as gain contingency and is recognized when all contingencies are resolved. The amount of recovery of lost revenue is recorded within the caption &#8220;Revenue&#8221; and any amount recovered in excess of the lost revenue is recorded within the caption &#8220;Other income&#8221;.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; 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 15). 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:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Forward Freight Agreements (&#8220;FFAs&#8221;):</font><font style="font-family:'Times New Roman'"> Realized gains or losses from FFAs are recognized monthly concurrent with cash settlements. In addition, FFAs are &#8220;marked-to-market&#8221; quarterly to determine the fair values which generate unrealized gains or losses. The Company has not entered into FFA trades for any of the periods presented.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; 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.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; 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:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_784a4ccc1f4e48cd9860a36780fcd3e0"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(s)Employee benefits:</font></a></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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, they are not liable for any pension or post-retirement benefits.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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 $1,336 and $1,127 at December 31, 2017 and 2016, respectively.&#8195;</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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 12.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; 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 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. In December 2015, the Company authorized the issuance of shares of restricted common stock, restricted stock units and stock options in accordance with the Company&#8217;s stock option plan for its employees, officers and directors. 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. In December 2014, the Company also authorized the issuance of shares of restricted common stock, restricted stock units and stock options for its employees, officers and directors that vest upon achievement of certain internal performance criteria including certain targets on operational performance and cost efficiency. See also Note 12.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_737291cb1d194e81bf507d08e7050d9c"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(t)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:21.3pt; 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:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest Rate Risk:</font><font style="font-family:'Times New Roman'"> Any differential to be paid or received on an interest rate swap agreement is recognized as a component of gain/loss on derivatives over the period of the agreement. Gains and losses on early termination of interest rate swaps are reflected in the consolidated statements of comprehensive (loss)/income. The effective portion of changes in the fair value of interest rate swap agreements that are designated and qualify as cash flow hedges are recognized in equity.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; 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:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accounting for Derivative Financial Instruments and Hedging Activities:</font><font style="font-family:'Times New Roman'"> The Company may enter into dry bulk shipping FFAs as economic hedges relating to identifiable ship and/or cargo positions and as economic hedges of transactions the Company expects to carry out in the normal course of its shipping business. By utilizing certain derivative instruments, including dry bulk shipping FFAs, the Company manages the financial risk associated with fluctuating market conditions. The Company records all of its derivative financial instruments and hedges as economic hedges. The Company classifies cash flows related to derivative financial instruments within cash provided by operating activities in the consolidated statements of cash flows. </font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_29b79e18805e413f9a8870d3fac8bbdf"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(u)(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 19.</font></a></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_61a70dc68f854f36ad43f7de1179a66a"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(v)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 31, 2017, 2016 and 2015 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:21.3pt; 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:21.3pt; 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 introducing changes to the income tax law in Argentina. The new law modifies the rates for income taxes applicable in the next years. In measuring its income tax assets and liabilities, Navios Logistics 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. During the year ended December 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:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_7d7dae6d62f546d6a957658717933247"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(w) 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, $0 and $19,325 to its common stockholders during the years ended December 31, 2017, 2016 and 2015, respectively, and $0, $3,681 and $16,025 to its preferred stockholders during the years ended December 31, 2017, 2016 and 2015, 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:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_c7eda66867684ad581e5aceff37f0061"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(x)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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">On November 15, 2012, the Company agreed to provide Navios Partners with guarantees against counterparty default on certain existing charters (see also Note 15). </font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_ef0e5216f2214448afef0c9481d864f1"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(y)Leases:</font><font style="font-family:'Times New Roman'"> Vessel leases where Navios Holdings is regarded as the lessor are classified as either finance leases or operating leases based on an assessment of the terms of the lease.</font></a></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">For charters classified as operating leases where Navios Holdings is regarded as the lessor, refer to Note 2(r).</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">For charters classified as operating leases where Navios Holdings is regarded as the lessee, the expense is recognized on a straight line basis over the rental periods of such charter agreements. The expense is included under the line item &#8220;Time charter, voyage and logistics business expenses&#8221;.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_023ef5c1c2d84901a94b1c5313e0f403"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(z)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:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_50b710f2c75642d1bda01ead99c5889b"><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 and FFA counterparties, 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:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_5c056ac465f1465e86e569fe17cbcb56"><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 16.</font></a></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_2c656cc7ecee4656bd1ebd1af7549a9a"><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 28, 2019, the Series G may be redeemed at the Company&#8217;s option and at any time on or after July 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 16.</font></a></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_7356386632984d66b9431c9d594f9e06"><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 excluded from earnings and reported directly in stockholders&#8217; equity as a component of other comprehensive (loss)/income unless an unrealized loss is considered &#8220;other-than-temporary,&#8221; in which case it is transferred to the consolidated statements of comprehensive (loss)/income. Management evaluates securities for other-than-temporary impairment (&#8220;OTTI&#8221;) on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the investee, and (iii) 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:21.3pt; 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, Navios Europe II and Navios Containers for OTTI on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than the carrying value, (ii) the financial condition and near-term prospects of Navios Partners, Navios Acquisition, Navios Europe I, Navios Europe II and Navios Containers, and (iii) the intent and ability of the Company to retain its investment in Navios Acquisition, Navios Partners, Navios Europe I, Navios Europe II and Navios Containers, for a period of time sufficient to allow for any anticipated recovery in fair value. If we consider any decline to be &#8220;other-than-temporary&#8221;, then we would write down the carrying amount of the investment to its estimated fair value.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_a79dcbedaf844209961c88c15654a37a"><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:21.3pt; 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:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><a name="DM_MAP_10e537c2a27345df87a661251cd03369"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(af) Recent Accounting Pronouncements:</font></a></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In May 2017, the&#160; Financial Accounting Standards Board (&#8220;FASB&#8221;) issued ASU 2017-09, &#8220;Compensation &#8212; Stock Compensation (Topic 718)&#8221;. This update provides clarity and reduces both diversity in practice and cost and complexity when applying the guidance in Topic 718 to a change to the terms or conditions of a share-based payment award. The amendments in this update affect any entity that changes the terms or conditions of a share-based payment award and are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not yet been issued and all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this update should be applied prospectively to an award modified on or after the adoption date. The adoption of this new accounting standard is not expected to have material impact on the Company&#8217;s results of operations, financial position or cash flows.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In February 2017, FASB issued ASU 2017-05, &#8220;Other Income&#8212;Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)&#8221;. This update clarifies the scope of Subtopic 610-20 &#8220;Other Income&#8212;Gains and Losses from the Derecognition of Nonfinancial Assets&#8221; and provides guidance for partial sales of nonfinancial assets. Subtopic 610-20, which was issued in May 2014 as a part of ASU 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606)&#8221;, provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. The amendments in ASU 2017-05 are effective at the same time as the amendments in ASU 2014-09. Therefore, for public entities, the amendments are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The adoption of this new standard is not expected to have material impact on the Company&#8217;s results of operations, financial position or cash flows.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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 concern 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:21.3pt; 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 statement 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In December 2016, FASB issued ASU 2016-20, &#8220;Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers&#8221;. The amendments in this ASU affect narrow aspects of the guidance issued in ASU 2014-09, which is not yet effective, and are of a similar nature to the items typically addressed in the Technical Corrections and Improvements project. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). ASU 2015-14, &#8220;Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date&#8221;, defers the effective date of Update 2014-09 by one year, as noted below.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In November 2016, FASB issued ASU 2016-18, &#8220;Statement of Cash Flows (Topic 230): Restricted Cash&#8221;. This update addresses the classification and presentation of changes in restricted cash on the statement of cash flows under Topic 230, Statement of Cash Flows. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Retrospective transition method is required. Early adoption is permitted for all entities. The Company currently presents changes in restricted cash and cash equivalents depending on the nature of the cash flow within the consolidated statement of cash flows. The new guidance will not impact financial results, but will result in a change in the presentation of restricted cash and cash equivalents within the statement of cash flows. The Company currently plans to adopt this guidance from January 1, 2018.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In August 2016, FASB issued ASU 2016-15, &#8220;Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments&#8221;. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This update will be adopted as from January 1, 2018 and applied on a retrospective basis. The Company has assessed each of the eight specific presentation issues and determined that the adoption of this ASU does not have a material impact on the Company&#8217;s consolidated financial statements.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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 matter. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The standard is effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted for interim and annual periods beginning after December 15, 2018. The Company 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:21.3pt; 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:21.3pt; 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:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In January 2018, the FASB issued a proposed amendment to ASC 842, Leases, that would provide an entity the optional transition method to initially account for the impact of the adoption with a cumulative adjustment to accumulated deficit on the effective date of the ASU, January 1, 2019 rather than January 1, 2017, which would eliminate the need to restate amounts presented prior to January 1, 2019. In addition, this proposed amendment, lessors can elect, as a practical expedient, not to allocate the total consideration to lease and non-lease components based on their relative standalone selling prices. If adopted, this practical expedient will allow lessors to elect a combined single lease component presentation if (i) the timing and pattern of the revenue recognition of the combined single lease component is the same, and (ii) the related lease component and, the combined single lease component would be classified as an operating lease.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; 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:21.3pt; 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. If the proposed amendment to ASC 842 is adopted, the Company would elect the 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 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:21.3pt; 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. If the proposed practical expedient mentioned above is adopted and elected, good and services embedded in the charter-out contract that qualify as non-lease components will be combined under a single lease component presentation. However, without the proposed practical expedient, the Company expects that it will continue to recognize the lease revenue component using an approach that is substantially equivalent to existing guidance. The components of the charter hire that are categorized as lease components will generally be a fixed rate per day with revenue recognized straight line over the lease contract. Other goods and services that are categorized as non-lease components will be recognized at either a point in time or over time based on the pattern of transfer of the underlying goods or services to our charterers.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">The Company is continuing its assessment of other miscellaneous leases, which have lease terms greater than 12 months and the Company is the lessee and may identify additional impacts this guidance will have on the consolidated financial statements and disclosures.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In January 2016, FASB issued ASU 2016-01, &#8220;Financial Instruments&#8212;Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities&#8221;. The amendments in this ASU require an entity (i) to measure equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) at fair value with changes in fair value recognized in net income; (ii) to perform a qualitative assessment to identify impairment in equity investments without readily determinable fair values; (iii) to present separately in other comprehensive income the fair value of a liability resulting from a change in the instrument-specific credit risk; and (iv) to present separately financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet. The amendments also eliminate the requirement, for public business entities, to disclose the methods and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost on the balance sheet and clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity&#8217;s other deferred tax assets. For public business entities, ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this new standard is not expected to have a material impact on the Company&#8217;s results of operations, financial position or cash flows.</font></p><p style="margin-top:6.6pt; margin-left:21.3pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">In May 2014, FASB issued ASU 2014-09, &#8220;Revenue from Contracts with Customers&#8221;, clarifying the method used to determine the timing and requirements for revenue recognition on the statements of income. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 for all entities by one year. The standard will be effective for public entities for annual reporting periods beginning after December 15, 2017 and interim periods therein. The Company will adopt the standard as of January 1, 2018 and will utilize the modified retrospective approach and is expecting that the adoption will not have a material effect on its financial statements. The Company has chartered certain of its vessels since inception in time charter agreements and in this respect revenue is accounted under ASC 840, Leases.&#160; The Company also operates certain of its vessels under voyage contracts and/or contracts of affreightment, contracts for which currently revenue is recognized ratably from when a vessel becomes available for loading to the completion of the discharge of the current cargo, provided an agreed non-cancelable charter between the Company and the charterer is in existence.&#160; Upon adoption, the Company will recognize revenue ratably from the vessel&#8217;s arrival at the loading port, as applicable under the contract, to when the charterer&apos;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 estimated impact of the adoption of this standard is expected to be minimal in operating revenues and expenses and net income/(loss).</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: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: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:4.5pt; 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></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">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: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">2016</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></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'">127,625</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'">126,584</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></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; 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'">7</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; 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'">9,408</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></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'; font-weight:bold">Cash and cash equivalents</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; 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">127,632</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: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; 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">135,992</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></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:4.5pt; 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 3: CASH AND CASH EQUIVALENTS</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 consisted of the following:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height: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_fa7b4eca6b864f89be6360549d78f6d1"><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:4.5pt; 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></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">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: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">2016</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></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'">127,625</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'">126,584</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></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; 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'">7</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; 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'">9,408</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></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'; font-weight:bold">Cash and cash equivalents</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; 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">127,632</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: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; 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">135,992</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></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:4.5pt; 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'">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: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:19.55pt"><td style="width:248.15pt; 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:27.65pt; 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:64.6pt; 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">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:23.35pt; 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:66.85pt; 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">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:1.05pt; 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:12.25pt"><td style="width:248.15pt; 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:27.65pt; 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:11.5pt; vertical-align:bottom; background-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:53.1pt; 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'"> 80,037 </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><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:48.5pt; 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'">85,266</font></p></td><td style="width:1.05pt; 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:12.25pt"><td style="width:248.15pt; 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:27.65pt; 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:11.5pt; 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:53.1pt; 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: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><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'">&#xa0;</font></p></td><td style="width:48.5pt; 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'">(19,437)</font></p></td><td style="width:1.05pt; 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:12.25pt"><td style="width:248.15pt; 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">Accounts receivable, net</font></p></td><td style="width:27.65pt; 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:11.5pt; 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:53.1pt; 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; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold"> 60,331 </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><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:48.5pt; 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">65,829</font></p></td><td style="width:1.05pt; 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></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:230.2pt; 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:13.7pt; 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:14pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.7pt; 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:13.3pt; 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:32.55pt; 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:13.7pt; 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: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: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:8.8pt; 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:7.1pt; 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:43.65pt; 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:29.7pt"><td style="width:230.2pt; 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:13.7pt; 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: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:13.7pt; 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: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:13.7pt; 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:38pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><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:8.8pt; 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:50.75pt; 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">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></tr><tr style="height:12.4pt"><td style="width:230.2pt; 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, 2015</font></p></td><td style="width:13.7pt; 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:14pt; vertical-align:bottom; background-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:40pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(18,464)</font></p></td><td style="width:13.7pt; 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:13.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:32.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(59)</font></p></td><td style="width:13.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:23.5pt; 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'">245</font></p></td><td style="width:8.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:43.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(18,278)</font></p></td></tr><tr style="height:12.4pt"><td style="width:230.2pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016</font></p></td><td style="width:13.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:40pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(18,278)</font></p></td><td style="width:13.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:32.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,304)</font></p></td><td style="width:13.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:23.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">145</font></p></td><td style="width:8.8pt; 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:7.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:43.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(19,437)</font></p></td></tr><tr style="height:12.4pt"><td style="width:230.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017</font></p></td><td style="width:13.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:40pt; vertical-align:bottom; 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:13.7pt; 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:13.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:32.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(269)</font></p></td><td style="width:13.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:23.5pt; 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></p></td><td style="width:8.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; 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:43.65pt; vertical-align:bottom; 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></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: 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><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:19.55pt"><td style="width:248.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_2e970c682fb947039cbc1bfb086529e9"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:27.65pt; 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:64.6pt; 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">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:23.35pt; 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:66.85pt; 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">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:1.05pt; 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:12.25pt"><td style="width:248.15pt; 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:27.65pt; 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:11.5pt; vertical-align:bottom; background-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:53.1pt; 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'"> 80,037 </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><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:48.5pt; 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'">85,266</font></p></td><td style="width:1.05pt; 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:12.25pt"><td style="width:248.15pt; 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:27.65pt; 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:11.5pt; 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:53.1pt; 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: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><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'">&#xa0;</font></p></td><td style="width:48.5pt; 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'">(19,437)</font></p></td><td style="width:1.05pt; 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:12.25pt"><td style="width:248.15pt; 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">Accounts receivable, net</font></p></td><td style="width:27.65pt; 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:11.5pt; 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:53.1pt; 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; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold"> 60,331 </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><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:48.5pt; 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">65,829</font></p></td><td style="width:1.05pt; 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></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:230.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_fea9aa7e49584293aca160d5aed4557e"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:13.7pt; 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:14pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:40pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.7pt; 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:13.3pt; 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:32.55pt; 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:13.7pt; 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: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: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:8.8pt; 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:7.1pt; 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:43.65pt; 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:29.7pt"><td style="width:230.2pt; 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:13.7pt; 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: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:13.7pt; 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: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:13.7pt; 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:38pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><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:8.8pt; 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:50.75pt; 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">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></tr><tr style="height:12.4pt"><td style="width:230.2pt; 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, 2015</font></p></td><td style="width:13.7pt; 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:14pt; vertical-align:bottom; background-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:40pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(18,464)</font></p></td><td style="width:13.7pt; 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:13.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:32.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(59)</font></p></td><td style="width:13.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:23.5pt; 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'">245</font></p></td><td style="width:8.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:43.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(18,278)</font></p></td></tr><tr style="height:12.4pt"><td style="width:230.2pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016</font></p></td><td style="width:13.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:40pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(18,278)</font></p></td><td style="width:13.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:32.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,304)</font></p></td><td style="width:13.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:23.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">145</font></p></td><td style="width:8.8pt; 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:7.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:43.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(19,437)</font></p></td></tr><tr style="height:12.4pt"><td style="width:230.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017</font></p></td><td style="width:13.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:40pt; vertical-align:bottom; 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:13.7pt; 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:13.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:32.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(269)</font></p></td><td style="width:13.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:23.5pt; 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></p></td><td style="width:8.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; 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:43.65pt; vertical-align:bottom; 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></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, 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. For the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2015, one customer accounted for 15.1% of the Company&#8217;s revenue being the customer who accounted for 14.7% in the year ended December 31, 2016.</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:233.65pt; 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:26.15pt; 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:23.8pt; 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:26.15pt; 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:23.8pt; 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></tr><tr style="height:19.8pt"><td style="width:233.65pt; 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:26.15pt; 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: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:4.5pt; 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:26.15pt; 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: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">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:4.5pt; 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:12.4pt"><td style="width:233.65pt; 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'">Prepaid voyage and operating costs</font></p></td><td style="width:26.15pt; 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:23.8pt; vertical-align:bottom; background-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:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:26.15pt; 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:23.8pt; vertical-align:bottom; background-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'">8,352</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></tr><tr style="height:12.4pt"><td style="width:233.65pt; 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'">Claims receivable</font></p></td><td style="width:26.15pt; 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:23.8pt; vertical-align:bottom"><p 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:4.5pt; 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:26.15pt; 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:23.8pt; vertical-align:bottom"><p 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'">9,822</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></tr><tr style="height:12.4pt"><td style="width:233.65pt; 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'">Prepaid other taxes</font></p></td><td style="width:26.15pt; 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:23.8pt; vertical-align:bottom; background-color:#cceeff"><p 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:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:26.15pt; 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:23.8pt; vertical-align:bottom; background-color:#cceeff"><p 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'">4,279</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></tr><tr style="height:12.4pt"><td style="width:233.65pt; 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'">Advances for working capital purposes</font></p></td><td style="width:26.15pt; 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:23.8pt; vertical-align:bottom"><p 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:26.15pt; 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:23.8pt; vertical-align:bottom"><p 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'">4,486</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></tr><tr style="height:12.4pt"><td style="width:233.65pt; 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</font></p></td><td style="width:26.15pt; 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:23.8pt; 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:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:26.15pt; 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:23.8pt; 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:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,957</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></tr><tr style="height:12.4pt"><td style="width:233.65pt; 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'; font-weight:bold">Total prepaid expenses and other current assets</font></p></td><td style="width:26.15pt; 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:23.8pt; 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:4.5pt; 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:26.15pt; 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:23.8pt; 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: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">28,896</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></tr><tr style="height:4pt"><td style="width:233.65pt; 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:26.15pt; 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:23.8pt; 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:4.5pt; 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:26.15pt; 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:23.8pt; 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; 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: 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><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:233.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_2e0bb4fc698b4998a9c379be5a529e9e"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:26.15pt; 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:23.8pt; 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:26.15pt; 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:23.8pt; 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></tr><tr style="height:19.8pt"><td style="width:233.65pt; 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:26.15pt; 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: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:4.5pt; 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:26.15pt; 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: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">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:4.5pt; 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:12.4pt"><td style="width:233.65pt; 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'">Prepaid voyage and operating costs</font></p></td><td style="width:26.15pt; 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:23.8pt; vertical-align:bottom; background-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:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:26.15pt; 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:23.8pt; vertical-align:bottom; background-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'">8,352</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></tr><tr style="height:12.4pt"><td style="width:233.65pt; 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'">Claims receivable</font></p></td><td style="width:26.15pt; 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:23.8pt; vertical-align:bottom"><p 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:4.5pt; 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:26.15pt; 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:23.8pt; vertical-align:bottom"><p 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'">9,822</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></tr><tr style="height:12.4pt"><td style="width:233.65pt; 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'">Prepaid other taxes</font></p></td><td style="width:26.15pt; 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:23.8pt; vertical-align:bottom; background-color:#cceeff"><p 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:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:26.15pt; 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:23.8pt; vertical-align:bottom; background-color:#cceeff"><p 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'">4,279</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></tr><tr style="height:12.4pt"><td style="width:233.65pt; 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'">Advances for working capital purposes</font></p></td><td style="width:26.15pt; 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:23.8pt; vertical-align:bottom"><p 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:26.15pt; 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:23.8pt; vertical-align:bottom"><p 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'">4,486</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></tr><tr style="height:12.4pt"><td style="width:233.65pt; 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</font></p></td><td style="width:26.15pt; 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:23.8pt; 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:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:26.15pt; 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:23.8pt; 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:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,957</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></tr><tr style="height:12.4pt"><td style="width:233.65pt; 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'; font-weight:bold">Total prepaid expenses and other current assets</font></p></td><td style="width:26.15pt; 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:23.8pt; 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:4.5pt; 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:26.15pt; 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:23.8pt; 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: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">28,896</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></tr><tr style="height:4pt"><td style="width:233.65pt; 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:26.15pt; 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:23.8pt; 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:4.5pt; 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:26.15pt; 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:23.8pt; 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; 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: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:236.75pt; 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:9.9pt; 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: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:9.9pt; 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:7.7pt; 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:54.65pt; 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:9.9pt; 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:10.85pt; 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></tr><tr style="height:19.8pt"><td style="width:236.75pt; 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:9.9pt; 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:9.9pt; 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:9.9pt; 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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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, 2014</font></p></td><td style="width:9.9pt; 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><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">1,841,140</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:54.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(376,794)</font></p></td><td style="width:9.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font><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">1,464,346</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Additions</font></p></td><td style="width:9.9pt; 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 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'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.9pt; 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 style="width:7.7pt; 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:54.65pt; 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'">(70,894)</font></p></td><td style="width:9.9pt; 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 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'">(70,894)</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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:9.9pt; 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><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">1,841,140</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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:54.65pt; 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">(447,688)</font></p></td><td style="width:9.9pt; 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><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">1,393,452</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Additions</font></p></td><td style="width:9.9pt; 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 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:9.9pt; 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 style="width:7.7pt; 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><td style="width:54.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(73,847)</font></p></td><td style="width:9.9pt; 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 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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Transfers</font></p></td><td style="width:9.9pt; 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><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:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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:54.65pt; 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:9.9pt; 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><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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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:9.9pt; 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 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:9.9pt; 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 style="width:7.7pt; 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:54.65pt; 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:9.9pt; 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 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></tr><tr style="height:12.4pt"><td style="width:236.75pt; vertical-align:top; 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:9.9pt; 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><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:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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><td style="width:54.65pt; vertical-align:bottom; 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:9.9pt; 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><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></tr><tr style="height:12.4pt"><td style="width:236.75pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Impairment losses</font></p></td><td style="width:9.9pt; 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: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:9.9pt; 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:7.7pt; 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><td style="width:54.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">58,034</font></p></td><td style="width:9.9pt; 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:10.85pt; 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></tr><tr style="height:12.4pt"><td style="width:236.75pt; vertical-align:top; 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:9.9pt; 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><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:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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:54.65pt; 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:9.9pt; 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><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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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:9.9pt; 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 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">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,814,965</font></p></td><td style="width:9.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:54.65pt; 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; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(536,518)</font></p></td><td style="width:9.9pt; 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 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: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></tr><tr style="height:4pt"><td style="width:236.75pt; 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:9.9pt; vertical-align:bottom"><p 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:9.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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:54.65pt; 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:9.9pt; vertical-align:bottom"><p 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></tr><tr style="height:19.8pt"><td style="width:236.75pt; 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:9.9pt; 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:9.9pt; 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:9.9pt; 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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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, 2014</font></p></td><td style="width:9.9pt; 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><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">106,399</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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-weight:bold">$</font></p></td><td style="width:54.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(20,467)</font></p></td><td style="width:9.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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">85,932</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Additions</font></p></td><td style="width:9.9pt; 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 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'">2,287</font></p></td><td style="width:9.9pt; 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 style="width:7.7pt; 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><td style="width:54.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(3,431)</font></p></td><td style="width:9.9pt; 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 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'">(1,144)</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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:9.9pt; 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><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">108,686</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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:54.65pt; 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">(23,898)</font></p></td><td style="width:9.9pt; 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><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">84,788</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Additions</font></p></td><td style="width:9.9pt; 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 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:9.9pt; 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 style="width:7.7pt; 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><td style="width:54.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(3,493)</font></p></td><td style="width:9.9pt; 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 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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Transfers</font></p></td><td style="width:9.9pt; 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><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:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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:54.65pt; 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:9.9pt; 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><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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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:9.9pt; 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 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:9.9pt; 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 style="width:7.7pt; 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:54.65pt; 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:9.9pt; 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 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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Additions</font></p></td><td style="width:9.9pt; 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><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'; font-size:10pt">5,060</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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><td style="width:54.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(5,237)</font></p></td><td style="width:9.9pt; 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><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:10pt"><font style="font-family:'Times New Roman'">(177)</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:1.65pt; margin-bottom:0pt; text-indent:-1.65pt; 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:9.9pt; 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><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-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; 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'; font-size:10pt">137,357</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; 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'">&#xa0;</font></p></td><td style="width:54.65pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.9pt; 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><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-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; 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'; font-size:10pt">137,357</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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:9.9pt; 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><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">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">251,641</font></p></td><td style="width:9.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:54.65pt; 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; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(32,628)</font></p></td><td style="width:9.9pt; 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><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:bottom; 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></tr><tr style="height:4pt"><td style="width:236.75pt; 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:9.9pt; 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:9.9pt; 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:7.7pt; 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:54.65pt; 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:9.9pt; 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></tr><tr style="height:3.3pt"><td style="width:236.75pt; 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 colspan="5" style="width:76.75pt; 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="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:19.8pt"><td style="width:236.75pt; 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:9.9pt; 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:9.9pt; 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:9.9pt; 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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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, 2014</font></p></td><td style="width:9.9pt; 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><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">464,966</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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-weight:bold">$</font></p></td><td style="width:54.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(111,137)</font></p></td><td style="width:9.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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">353,829</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Additions</font></p></td><td style="width:9.9pt; 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 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'">6,188</font></p></td><td style="width:9.9pt; 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 style="width:7.7pt; 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><td style="width:54.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(20,007)</font></p></td><td style="width:9.9pt; 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 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'">(13,819)</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Restructure of capital lease</font></p></td><td style="width:9.9pt; 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><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'">(210)</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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:54.65pt; 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:9.9pt; 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><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'">(210)</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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:9.9pt; 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 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">470,944</font></p></td><td style="width:9.9pt; 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 style="width:7.7pt; 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:54.65pt; 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">(131,144)</font></p></td><td style="width:9.9pt; 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 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">339,800</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Additions</font></p></td><td style="width:9.9pt; 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><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'">738</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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><td style="width:54.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(18,894)</font></p></td><td style="width:9.9pt; 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><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'">(18,156)</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Transfers</font></p></td><td style="width:9.9pt; 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 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'">3,696</font></p></td><td style="width:9.9pt; 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 style="width:7.7pt; 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:54.65pt; 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:9.9pt; 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 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'">3,696</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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:9.9pt; 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><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">475,378</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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:54.65pt; 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">(150,038)</font></p></td><td style="width:9.9pt; 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><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">325,340</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; vertical-align:top"><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:9.9pt; 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 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'">5,531</font></p></td><td style="width:9.9pt; 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 style="width:7.7pt; 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><td style="width:54.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(17,603)</font></p></td><td style="width:9.9pt; 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 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:middle"><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></tr><tr style="height:12.4pt"><td style="width:236.75pt; vertical-align:top; 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:9.9pt; 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: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'">(3,585)</font></p></td><td style="width:9.9pt; 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:7.7pt; 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><td style="width:54.65pt; 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'">3,585</font></p></td><td style="width:9.9pt; 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:10.85pt; 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: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></tr><tr style="height:12.4pt"><td style="width:236.75pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; 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:9.9pt; 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 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'">(5,243)</font></p></td><td style="width:9.9pt; 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 style="width:7.7pt; 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:54.65pt; 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'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.9pt; 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 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:middle"><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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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:9.9pt; 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><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">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">472,081</font></p></td><td style="width:9.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:54.65pt; 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">(164,056)</font></p></td><td style="width:9.9pt; 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><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">308,025</font></p></td></tr><tr style="height:4pt"><td style="width:236.75pt; 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:9.9pt; 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:9.9pt; 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:7.7pt; 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:54.65pt; 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:9.9pt; 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></tr><tr style="height:0pt"><td style="width:236.75pt"></td><td style="width:9.9pt"></td><td style="width:8.25pt"></td><td style="width:41pt"></td><td style="width:9.9pt"></td><td style="width:7.7pt"></td><td style="width:54.65pt"></td><td style="width:9.9pt"></td><td style="width:10.85pt"></td><td style="width:41pt"></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><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:2.85pt"><td style="width:229.2pt; 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:14.65pt; 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: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:47.35pt; 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:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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:14.65pt; 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: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:42.05pt; 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:17.25pt"><td style="width:229.2pt; 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:14.65pt; 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:55.85pt; 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">Cost</font></p></td><td style="width:9.35pt; 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="3" style="width:63.95pt; 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">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:14.65pt; 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:53.15pt; 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">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></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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">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, 2014</font></p></td><td style="width:14.65pt; 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:8.45pt; 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">$</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:47.35pt; 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">13,426</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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">$</font></p></td><td style="width:44.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(6,390)</font></p></td><td style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:42.05pt; vertical-align:bottom; 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">7,036</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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:14.65pt; 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:8.45pt; 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:47.35pt; 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'">443</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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'">(1,558)</font></p></td><td style="width:14.65pt; 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:11.15pt; 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:42.05pt; 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'">(1,115)</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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">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:14.65pt; 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:8.45pt; 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:47.35pt; 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">13,869</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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">(7,948)</font></p></td><td style="width:14.65pt; 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:11.15pt; 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:42.05pt; 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">5,921</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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:14.65pt; 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:8.45pt; 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:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,250</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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'">(1,475)</font></p></td><td style="width:14.65pt; 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:11.15pt; 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:42.05pt; 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></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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:14.65pt; 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:8.45pt; 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:47.35pt; 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:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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:14.65pt; 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:11.15pt; 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:42.05pt; 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></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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">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:14.65pt; 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:8.45pt; 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:47.35pt; 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:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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:14.65pt; 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:11.15pt; 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:42.05pt; 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></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:14.65pt; 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:8.45pt; 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:47.35pt; 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'">531</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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'">(1,257)</font></p></td><td style="width:14.65pt; 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: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'">&#xa0;</font></p></td><td style="width:42.05pt; vertical-align:bottom; 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></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:top"><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:14.65pt; 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><td style="width:8.45pt; 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:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(75)</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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</font></p></td><td style="width:14.65pt; 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><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'">&#xa0;</font></p></td><td style="width:42.05pt; 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></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Write offs</font></p></td><td style="width:14.65pt; 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:8.45pt; 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:47.35pt; 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:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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:14.65pt; 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:11.15pt; 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:42.05pt; 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><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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">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:14.65pt; 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:8.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:47.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">14,360</font></p></td><td style="width:9.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:19.75pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:44.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom: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:14.65pt; 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:11.15pt; 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:42.05pt; 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; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,740</font></p></td></tr><tr style="height:3.5pt"><td style="width:229.2pt; 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 style="width:14.65pt; 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:8.45pt; 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:47.35pt; 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:9.35pt; 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:19.75pt; 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:44.2pt; 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:14.65pt; 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:11.15pt; 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:42.05pt; 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></tr><tr style="height:2.85pt"><td style="width:229.2pt; 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="5" style="width:86.7pt; 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="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:17.25pt"><td style="width:229.2pt; 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:14.65pt; 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:55.85pt; 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">Cost</font></p></td><td style="width:9.35pt; 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="3" style="width:63.95pt; 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">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:14.65pt; 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:53.15pt; 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">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></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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">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, 2014</font></p></td><td style="width:14.65pt; 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:8.45pt; 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">$</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:47.35pt; 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">2,425,931</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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">$</font></p></td><td style="width:44.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(514,788)</font></p></td><td style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:42.05pt; vertical-align:bottom; 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">1,911,143</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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:14.65pt; 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:8.45pt; 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:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">8,918</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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'">(95,890)</font></p></td><td style="width:14.65pt; 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:11.15pt; 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:42.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(86,972)</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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'">Restructure of capital lease</font></p></td><td style="width:14.65pt; 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:8.45pt; 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:47.35pt; 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'">(210)</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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:14.65pt; 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:11.15pt; 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:42.05pt; 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'">(210)</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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">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:14.65pt; 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:8.45pt; 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:47.35pt; 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">2,434,639</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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">(610,678)</font></p></td><td style="width:14.65pt; 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:11.15pt; 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:42.05pt; 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">1,823,961</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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:14.65pt; 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:8.45pt; 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:47.35pt; 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'">65,154</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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'">(97,709)</font></p></td><td style="width:14.65pt; 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: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'">&#xa0;</font></p></td><td style="width:42.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(32,555)</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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</font></p></td><td style="width:14.65pt; 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:8.45pt; 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:47.35pt; 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'">29,695</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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:14.65pt; 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:11.15pt; 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:42.05pt; 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'">29,695</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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">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:14.65pt; 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:8.45pt; 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:47.35pt; 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">2,529,488</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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">(708,387)</font></p></td><td style="width:14.65pt; 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:11.15pt; 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:42.05pt; 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">1,821,101</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:bottom"><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:14.65pt; 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:8.45pt; 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:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">11,122</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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'">(97,114)</font></p></td><td style="width:14.65pt; 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:11.15pt; 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:42.05pt; vertical-align:bottom"><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></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Impairment losses</font></p></td><td style="width:14.65pt; 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><td style="width:8.45pt; 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:47.35pt; 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'">(104,157)</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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'">58,034</font></p></td><td style="width:14.65pt; 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><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'">&#xa0;</font></p></td><td style="width:42.05pt; vertical-align:bottom; background-color:#cceeff"><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></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:bottom"><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:14.65pt; 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><td style="width:8.45pt; 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:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(15,488)</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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'">3,613</font></p></td><td style="width:14.65pt; 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><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'">&#xa0;</font></p></td><td style="width:42.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(11,875)</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Write offs</font></p></td><td style="width:14.65pt; 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><td style="width:8.45pt; 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:47.35pt; 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'">(32)</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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'">32</font></p></td><td style="width:14.65pt; 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><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'">&#xa0;</font></p></td><td style="width:42.05pt; vertical-align:bottom; 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><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:14.65pt; 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><td style="width:8.45pt; 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:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(5,243)</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; 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><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'">&#xa0;</font></p></td><td style="width:42.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(5,243)</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers from deposits for vessels, port terminals and other fixed assets</font></p></td><td style="width:14.65pt; 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:8.45pt; 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:47.35pt; 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'">137,357</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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:14.65pt; 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:11.15pt; 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:42.05pt; 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'">137,357</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:bottom"><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, 2017</font></p></td><td style="width:14.65pt; 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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:47.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,553,047</font></p></td><td style="width:9.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:19.75pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:44.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom: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:14.65pt; 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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:11.15pt; 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:42.05pt; 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; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,809,225</font></p></td></tr><tr style="height:3.5pt"><td style="width:229.2pt; 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 style="width:14.65pt; 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:8.45pt; 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:47.35pt; 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:9.35pt; 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:19.75pt; 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:44.2pt; 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:14.65pt; 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:11.15pt; 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:42.05pt; 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></tr><tr style="height:0pt"><td style="width:229.2pt"></td><td style="width:14.65pt"></td><td style="width:8.45pt"></td><td style="width:47.4pt"></td><td style="width:9.35pt"></td><td style="width:6.85pt"></td><td style="width:12.9pt"></td><td style="width:44.2pt"></td><td style="width:14.65pt"></td><td style="width:11.15pt"></td><td style="width:42.05pt"></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 6: 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:236.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_b03cdba85fbc4ae4ba4bd259cd007f34"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:9.9pt; 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: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:9.9pt; 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:7.7pt; 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:54.65pt; 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:9.9pt; 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:10.85pt; 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></tr><tr style="height:19.8pt"><td style="width:236.75pt; 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:9.9pt; 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:9.9pt; 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:9.9pt; 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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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, 2014</font></p></td><td style="width:9.9pt; 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><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">1,841,140</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:54.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(376,794)</font></p></td><td style="width:9.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font><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">1,464,346</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Additions</font></p></td><td style="width:9.9pt; 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 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'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.9pt; 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 style="width:7.7pt; 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:54.65pt; 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'">(70,894)</font></p></td><td style="width:9.9pt; 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 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'">(70,894)</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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:9.9pt; 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><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">1,841,140</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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:54.65pt; 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">(447,688)</font></p></td><td style="width:9.9pt; 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><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">1,393,452</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Additions</font></p></td><td style="width:9.9pt; 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 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:9.9pt; 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 style="width:7.7pt; 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><td style="width:54.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(73,847)</font></p></td><td style="width:9.9pt; 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 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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Transfers</font></p></td><td style="width:9.9pt; 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><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:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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:54.65pt; 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:9.9pt; 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><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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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:9.9pt; 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 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:9.9pt; 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 style="width:7.7pt; 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:54.65pt; 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:9.9pt; 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 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></tr><tr style="height:12.4pt"><td style="width:236.75pt; vertical-align:top; 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:9.9pt; 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><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:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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><td style="width:54.65pt; vertical-align:bottom; 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:9.9pt; 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><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></tr><tr style="height:12.4pt"><td style="width:236.75pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Impairment losses</font></p></td><td style="width:9.9pt; 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: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:9.9pt; 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:7.7pt; 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><td style="width:54.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">58,034</font></p></td><td style="width:9.9pt; 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:10.85pt; 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></tr><tr style="height:12.4pt"><td style="width:236.75pt; vertical-align:top; 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:9.9pt; 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><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:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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:54.65pt; 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:9.9pt; 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><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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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:9.9pt; 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 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">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,814,965</font></p></td><td style="width:9.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:54.65pt; 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; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(536,518)</font></p></td><td style="width:9.9pt; 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 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: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></tr><tr style="height:4pt"><td style="width:236.75pt; 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:9.9pt; vertical-align:bottom"><p 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:9.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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:54.65pt; 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:9.9pt; vertical-align:bottom"><p 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></tr><tr style="height:19.8pt"><td style="width:236.75pt; 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:9.9pt; 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:9.9pt; 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:9.9pt; 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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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, 2014</font></p></td><td style="width:9.9pt; 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><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">106,399</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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-weight:bold">$</font></p></td><td style="width:54.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(20,467)</font></p></td><td style="width:9.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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">85,932</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Additions</font></p></td><td style="width:9.9pt; 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 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'">2,287</font></p></td><td style="width:9.9pt; 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 style="width:7.7pt; 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><td style="width:54.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(3,431)</font></p></td><td style="width:9.9pt; 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 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'">(1,144)</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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:9.9pt; 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><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">108,686</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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:54.65pt; 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">(23,898)</font></p></td><td style="width:9.9pt; 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><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">84,788</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Additions</font></p></td><td style="width:9.9pt; 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 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:9.9pt; 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 style="width:7.7pt; 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><td style="width:54.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(3,493)</font></p></td><td style="width:9.9pt; 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 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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Transfers</font></p></td><td style="width:9.9pt; 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><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:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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:54.65pt; 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:9.9pt; 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><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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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:9.9pt; 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 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:9.9pt; 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 style="width:7.7pt; 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:54.65pt; 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:9.9pt; 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 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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Additions</font></p></td><td style="width:9.9pt; 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><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'; font-size:10pt">5,060</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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><td style="width:54.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(5,237)</font></p></td><td style="width:9.9pt; 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><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:10pt"><font style="font-family:'Times New Roman'">(177)</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:1.65pt; margin-bottom:0pt; text-indent:-1.65pt; 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:9.9pt; 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><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-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; 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'; font-size:10pt">137,357</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; 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'">&#xa0;</font></p></td><td style="width:54.65pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.9pt; 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><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-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; 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'; font-size:10pt">137,357</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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:9.9pt; 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><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">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">251,641</font></p></td><td style="width:9.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:54.65pt; 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; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(32,628)</font></p></td><td style="width:9.9pt; 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><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:bottom; 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></tr><tr style="height:4pt"><td style="width:236.75pt; 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:9.9pt; 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:9.9pt; 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:7.7pt; 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:54.65pt; 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:9.9pt; 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></tr><tr style="height:3.3pt"><td style="width:236.75pt; 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 colspan="5" style="width:76.75pt; 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="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:19.8pt"><td style="width:236.75pt; 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:9.9pt; 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:9.9pt; 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:9.9pt; 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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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, 2014</font></p></td><td style="width:9.9pt; 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><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">464,966</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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-weight:bold">$</font></p></td><td style="width:54.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(111,137)</font></p></td><td style="width:9.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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">353,829</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Additions</font></p></td><td style="width:9.9pt; 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 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'">6,188</font></p></td><td style="width:9.9pt; 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 style="width:7.7pt; 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><td style="width:54.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(20,007)</font></p></td><td style="width:9.9pt; 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 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'">(13,819)</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Restructure of capital lease</font></p></td><td style="width:9.9pt; 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><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'">(210)</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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:54.65pt; 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:9.9pt; 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><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'">(210)</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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:9.9pt; 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 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">470,944</font></p></td><td style="width:9.9pt; 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 style="width:7.7pt; 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:54.65pt; 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">(131,144)</font></p></td><td style="width:9.9pt; 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 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">339,800</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Additions</font></p></td><td style="width:9.9pt; 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><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'">738</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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><td style="width:54.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(18,894)</font></p></td><td style="width:9.9pt; 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><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'">(18,156)</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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'">Transfers</font></p></td><td style="width:9.9pt; 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 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'">3,696</font></p></td><td style="width:9.9pt; 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 style="width:7.7pt; 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:54.65pt; 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:9.9pt; 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 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'">3,696</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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:9.9pt; 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><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">475,378</font></p></td><td style="width:9.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; 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:54.65pt; 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">(150,038)</font></p></td><td style="width:9.9pt; 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><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">325,340</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.75pt; vertical-align:top"><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:9.9pt; 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 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'">5,531</font></p></td><td style="width:9.9pt; 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 style="width:7.7pt; 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><td style="width:54.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(17,603)</font></p></td><td style="width:9.9pt; 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 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:middle"><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></tr><tr style="height:12.4pt"><td style="width:236.75pt; vertical-align:top; 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:9.9pt; 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: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'">(3,585)</font></p></td><td style="width:9.9pt; 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:7.7pt; 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><td style="width:54.65pt; 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'">3,585</font></p></td><td style="width:9.9pt; 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:10.85pt; 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: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></tr><tr style="height:12.4pt"><td style="width:236.75pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; 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:9.9pt; 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 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'">(5,243)</font></p></td><td style="width:9.9pt; 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 style="width:7.7pt; 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:54.65pt; 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'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.9pt; 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 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:middle"><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></tr><tr style="height:12.4pt"><td style="width:236.75pt; 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">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:9.9pt; 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><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">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">472,081</font></p></td><td style="width:9.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:54.65pt; 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">(164,056)</font></p></td><td style="width:9.9pt; 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><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">308,025</font></p></td></tr><tr style="height:4pt"><td style="width:236.75pt; 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:9.9pt; 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:9.9pt; 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:7.7pt; 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:54.65pt; 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:9.9pt; 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></tr><tr style="height:0pt"><td style="width:236.75pt"></td><td style="width:9.9pt"></td><td style="width:8.25pt"></td><td style="width:41pt"></td><td style="width:9.9pt"></td><td style="width:7.7pt"></td><td style="width:54.65pt"></td><td style="width:9.9pt"></td><td style="width:10.85pt"></td><td style="width:41pt"></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><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:2.85pt"><td style="width:229.2pt; 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:14.65pt; 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: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:47.35pt; 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:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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:14.65pt; 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: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:42.05pt; 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:17.25pt"><td style="width:229.2pt; 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:14.65pt; 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:55.85pt; 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">Cost</font></p></td><td style="width:9.35pt; 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="3" style="width:63.95pt; 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">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:14.65pt; 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:53.15pt; 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">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></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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">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, 2014</font></p></td><td style="width:14.65pt; 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:8.45pt; 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">$</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:47.35pt; 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">13,426</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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">$</font></p></td><td style="width:44.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(6,390)</font></p></td><td style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:42.05pt; vertical-align:bottom; 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">7,036</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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:14.65pt; 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:8.45pt; 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:47.35pt; 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'">443</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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'">(1,558)</font></p></td><td style="width:14.65pt; 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:11.15pt; 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:42.05pt; 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'">(1,115)</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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">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:14.65pt; 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:8.45pt; 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:47.35pt; 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">13,869</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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">(7,948)</font></p></td><td style="width:14.65pt; 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:11.15pt; 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:42.05pt; 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">5,921</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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:14.65pt; 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:8.45pt; 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:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,250</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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'">(1,475)</font></p></td><td style="width:14.65pt; 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:11.15pt; 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:42.05pt; 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></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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:14.65pt; 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:8.45pt; 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:47.35pt; 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:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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:14.65pt; 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:11.15pt; 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:42.05pt; 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></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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">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:14.65pt; 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:8.45pt; 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:47.35pt; 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:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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:14.65pt; 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:11.15pt; 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:42.05pt; 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></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Additions</font></p></td><td style="width:14.65pt; 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:8.45pt; 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:47.35pt; 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'">531</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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'">(1,257)</font></p></td><td style="width:14.65pt; 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: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'">&#xa0;</font></p></td><td style="width:42.05pt; vertical-align:bottom; 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></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:top"><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:14.65pt; 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><td style="width:8.45pt; 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:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(75)</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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</font></p></td><td style="width:14.65pt; 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><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'">&#xa0;</font></p></td><td style="width:42.05pt; 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></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Write offs</font></p></td><td style="width:14.65pt; 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:8.45pt; 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:47.35pt; 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:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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:14.65pt; 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:11.15pt; 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:42.05pt; 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><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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">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:14.65pt; 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:8.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:47.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">14,360</font></p></td><td style="width:9.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:19.75pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:44.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom: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:14.65pt; 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:11.15pt; 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:42.05pt; 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; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,740</font></p></td></tr><tr style="height:3.5pt"><td style="width:229.2pt; 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 style="width:14.65pt; 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:8.45pt; 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:47.35pt; 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:9.35pt; 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:19.75pt; 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:44.2pt; 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:14.65pt; 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:11.15pt; 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:42.05pt; 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></tr><tr style="height:2.85pt"><td style="width:229.2pt; 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="5" style="width:86.7pt; 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="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:17.25pt"><td style="width:229.2pt; 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:14.65pt; 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:55.85pt; 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">Cost</font></p></td><td style="width:9.35pt; 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="3" style="width:63.95pt; 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">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:14.65pt; 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:53.15pt; 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">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></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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">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, 2014</font></p></td><td style="width:14.65pt; 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:8.45pt; 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">$</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:47.35pt; 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">2,425,931</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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">$</font></p></td><td style="width:44.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(514,788)</font></p></td><td style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:42.05pt; vertical-align:bottom; 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">1,911,143</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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:14.65pt; 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:8.45pt; 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:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">8,918</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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'">(95,890)</font></p></td><td style="width:14.65pt; 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:11.15pt; 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:42.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(86,972)</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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'">Restructure of capital lease</font></p></td><td style="width:14.65pt; 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:8.45pt; 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:47.35pt; 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'">(210)</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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:14.65pt; 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:11.15pt; 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:42.05pt; 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'">(210)</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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">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:14.65pt; 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:8.45pt; 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:47.35pt; 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">2,434,639</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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">(610,678)</font></p></td><td style="width:14.65pt; 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:11.15pt; 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:42.05pt; 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">1,823,961</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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:14.65pt; 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:8.45pt; 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:47.35pt; 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'">65,154</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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'">(97,709)</font></p></td><td style="width:14.65pt; 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: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'">&#xa0;</font></p></td><td style="width:42.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(32,555)</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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</font></p></td><td style="width:14.65pt; 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:8.45pt; 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:47.35pt; 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'">29,695</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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:14.65pt; 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:11.15pt; 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:42.05pt; 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'">29,695</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; 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">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:14.65pt; 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:8.45pt; 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:47.35pt; 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">2,529,488</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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">(708,387)</font></p></td><td style="width:14.65pt; 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:11.15pt; 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:42.05pt; 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">1,821,101</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:bottom"><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:14.65pt; 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:8.45pt; 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:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">11,122</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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'">(97,114)</font></p></td><td style="width:14.65pt; 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:11.15pt; 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:42.05pt; vertical-align:bottom"><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></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Impairment losses</font></p></td><td style="width:14.65pt; 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><td style="width:8.45pt; 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:47.35pt; 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'">(104,157)</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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'">58,034</font></p></td><td style="width:14.65pt; 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><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'">&#xa0;</font></p></td><td style="width:42.05pt; vertical-align:bottom; background-color:#cceeff"><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></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:bottom"><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:14.65pt; 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><td style="width:8.45pt; 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:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(15,488)</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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'">3,613</font></p></td><td style="width:14.65pt; 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><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'">&#xa0;</font></p></td><td style="width:42.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(11,875)</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Write offs</font></p></td><td style="width:14.65pt; 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><td style="width:8.45pt; 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:47.35pt; 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'">(32)</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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'">32</font></p></td><td style="width:14.65pt; 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><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'">&#xa0;</font></p></td><td style="width:42.05pt; vertical-align:bottom; 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><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; 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:14.65pt; 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><td style="width:8.45pt; 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:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(5,243)</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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: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'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; 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><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'">&#xa0;</font></p></td><td style="width:42.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(5,243)</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">Transfers from deposits for vessels, port terminals and other fixed assets</font></p></td><td style="width:14.65pt; 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:8.45pt; 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:47.35pt; 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'">137,357</font></p></td><td style="width:9.35pt; 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 colspan="2" style="width:19.75pt; 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:44.2pt; 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:14.65pt; 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:11.15pt; 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:42.05pt; 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'">137,357</font></p></td></tr><tr style="height:10.8pt"><td style="width:229.2pt; vertical-align:bottom"><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, 2017</font></p></td><td style="width:14.65pt; 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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:47.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,553,047</font></p></td><td style="width:9.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:19.75pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:44.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom: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:14.65pt; 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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:11.15pt; 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:42.05pt; 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; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,809,225</font></p></td></tr><tr style="height:3.5pt"><td style="width:229.2pt; 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 style="width:14.65pt; 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:8.45pt; 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:47.35pt; 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:9.35pt; 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:19.75pt; 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:44.2pt; 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:14.65pt; 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:11.15pt; 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:42.05pt; 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></tr><tr style="height:0pt"><td style="width:229.2pt"></td><td style="width:14.65pt"></td><td style="width:8.45pt"></td><td style="width:47.4pt"></td><td style="width:9.35pt"></td><td style="width:6.85pt"></td><td style="width:12.9pt"></td><td style="width:44.2pt"></td><td style="width:14.65pt"></td><td style="width:11.15pt"></td><td style="width:42.05pt"></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'">On February</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">11, 2014, Navios Logistics entered into an agreement, as amended on June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">3, 2016, for the construction of three new pushboats with a purchase price of $7,344 for each pushboat. As of 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, Navios Logistics had paid $30,708 and $16,156, respectively, for the construction of the new pushboats which were delivered in February 2018. </font><font style="font-family:'Times New Roman'">Capitalized interest included in deposits for vessels, port terminals and other fixed assets for the construction of the three new pushboats amounted to $3,384 and $1,934 as of 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><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 signed a shipbuilding contract for the construction of a river and estuary tanker for a total consideration of $14,854 (&#8364;12,400). As of December 31, 2017, Navios Logistics had paid $6,141 (including supervision costs). Capitalized interest included in deposits for vessels, port terminals and other fixed assets for the construction of the vessel amounted to $205 as of December 31, 2017. The vessel is expected to be delivered in the second quarter of 2018. Navios Logistics has secured a credit from the shipbuilder to finance up to 50% of the purchase price, with a maximum amount of $7,427 (&#8364;6,200).</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 second quarter of 2017, Navios Logistics substantially completed the expansion of its dry port in Uruguay. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016, Navios Logistics had paid $120,735 for the expansion of its dry port in Uruguay. Capitalized interest included in deposits for vessels, port terminals and other fixed assets for the expansion of dry port amounted to $6,862 as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">Impairment losses</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 year ended December 31, 2017, Navios Holdings recorded an impairment loss of $32,930 for one of its 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'">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 March</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 September 4, 2017, Navios Logistics has signed an agreement for the construction of covers for dry barges for a total consideration of $1,115. 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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">18, 2017, Navios Logistics acquired two product tankers, Ferni</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">H (16,871</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">DWT) and San San</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">H (16,871</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">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. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016, the obligations for these vessels were accounted for as capital leases and the lease payments during the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016 for both vessels were $3,032.</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 fully depreciated self-propelled barges of Navios Logistics&#8217; fleet, Formosa and San Lorenzo, were sold for a total amount of $1,109, to be paid in cash. Sale prices for the barges 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. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, the current portion of the outstanding receivable amounted to $318 and is included in &#8220;Prepaid expenses and other current assets&#8221; and the non-current portion of the outstanding receivable amounted to $500 and is included in &#8220;Other long-term assets&#8221; in the consolidated balance sheet. 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></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:167.1pt; 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:12.3pt; 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:11.5pt; 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:42.05pt; 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: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:12.3pt; 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:23.35pt; 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:39.25pt; 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: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:12.3pt; 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:30.25pt; 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:39.25pt; 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: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:12.3pt; 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:27.35pt; 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:39.25pt; 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: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></tr><tr style="height:29.7pt"><td style="width:167.1pt; 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:12.3pt; 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: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: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:12.3pt; 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:62.6pt; 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:12.3pt; 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:69.5pt; 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">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:12.3pt; 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:66.6pt; 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">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:4.5pt; 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:12.4pt"><td style="width:167.1pt; 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'">Trade name</font></p></td><td style="width:12.3pt; 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:11.5pt; vertical-align:bottom; background-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:42.05pt; vertical-align:bottom; 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: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:12.3pt; 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:23.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (45,156)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">&#8212;</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:12.3pt; 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: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: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'"> 55,264 </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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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:12.3pt; 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:11.5pt; 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:42.05pt; 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: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:12.3pt; 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:23.35pt; 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'">&#xa0;</font></p></td><td style="width:12.3pt; 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:30.25pt; 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:12.3pt; 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: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: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'"> 42,263 </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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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'">Customer relationships</font></p></td><td style="width:12.3pt; 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:11.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:42.05pt; vertical-align:bottom; 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: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:12.3pt; 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:23.35pt; 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'">&#xa0;</font></p></td><td style="width:12.3pt; 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:30.25pt; 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:12.3pt; 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: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: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: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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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:12.3pt; 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:11.5pt; 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:42.05pt; 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: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:12.3pt; 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:23.35pt; 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><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:12.3pt; 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:30.25pt; 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:39.25pt; 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; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.3pt; 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: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: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'"> 1,150 </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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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'; font-weight:bold">Total Intangible assets</font></p></td><td style="width:12.3pt; 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:11.5pt; 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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:42.05pt; 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; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold"> 200,610 </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:12.3pt; 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:23.35pt; 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">$</font></p></td><td style="width:39.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold"> (73,790)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; 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; vertical-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:12.3pt; 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: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: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'">&#160;</font><font style="font-family:'Times New Roman'; font-weight:bold">116,422 </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></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'; font-weight:bold">Net Book Value of Intangible Assets/Liabilities 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, 2016</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:167.1pt; 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:12.3pt; 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:11.5pt; 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:42.05pt; 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: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:12.3pt; 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:23.35pt; 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:39.25pt; 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: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:12.3pt; 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:30.25pt; 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:39.25pt; 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: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:12.3pt; 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:27.35pt; 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:39.25pt; 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: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></tr><tr style="height:29.7pt"><td style="width:167.1pt; 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:12.3pt; 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: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: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:12.3pt; 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:62.6pt; 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:12.3pt; 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:69.5pt; 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">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:12.3pt; 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:66.6pt; 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">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">2016</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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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'">Trade name</font></p></td><td style="width:12.3pt; 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:11.5pt; vertical-align:bottom; background-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:42.05pt; vertical-align:bottom; 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: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:12.3pt; 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:23.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(41,303</font><font style="font-family:'Times New Roman'">)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">&#8212;</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:12.3pt; 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: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: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'">59,117</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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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:12.3pt; 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:11.5pt; 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:42.05pt; 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: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:12.3pt; 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:23.35pt; 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'">(10,162)</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:12.3pt; 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:30.25pt; 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:12.3pt; 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: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: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'">42,990</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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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'">Customer relationships</font></p></td><td style="width:12.3pt; 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:11.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:42.05pt; vertical-align:bottom; 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: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:12.3pt; 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:23.35pt; 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'">(15,971)</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:12.3pt; 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:30.25pt; 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:12.3pt; 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: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: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'">19,519</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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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:12.3pt; 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:11.5pt; 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:42.05pt; 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'">82,485</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:12.3pt; 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:23.35pt; 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'">(6,359)</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:12.3pt; 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:30.25pt; 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:39.25pt; 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'">(70,937)</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:12.3pt; 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: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: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'">5,189</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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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'; font-weight:bold">Total Intangible assets</font></p></td><td style="width:12.3pt; 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:11.5pt; 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:42.05pt; 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">271,547</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:12.3pt; 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:23.35pt; 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:39.25pt; 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">(73,795)</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:12.3pt; 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:30.25pt; 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:39.25pt; 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">(70,937)</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:12.3pt; 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:27.35pt; 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:39.25pt; 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">126,815</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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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'">Unfavorable lease terms(**)</font></p></td><td style="width:12.3pt; 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:11.5pt; 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:42.05pt; 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'">(24,721)</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:12.3pt; 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:23.35pt; 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; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.3pt; 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:30.25pt; 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:39.25pt; 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'">24,721</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:12.3pt; 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: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: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: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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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'; font-weight:bold">Total</font></p></td><td style="width:12.3pt; 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:11.5pt; 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:42.05pt; 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; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">246,826</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:12.3pt; 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:23.35pt; 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">$</font></p></td><td style="width:39.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(73,795)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; 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">(46,216)</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:12.3pt; 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: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: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">126,815</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></tr></table></div><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:74.25pt"><td style="width:21.55pt; 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:518.35pt; vertical-align:top"><p style="margin-top:0pt; 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 and 2016, intangible assets associated with the favorable lease terms included an amount of $1,150 and $1,180, respectively related to purchase options for the vessels (see also Note 2(n)). During the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, acquisition costs of $10,398 and accumulated amortization of $7,001 of favorable lease terms considered impaired and were written off resulting in a loss of $3,397. During the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016, acquisition costs of $70,937 and accumulated amortization of $57,930 of favorable lease terms were written off resulting in a loss of $13,007. This write-off resulted from the early redelivery of one vessel.</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:4pt"><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:59.15pt"><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:518.35pt; vertical-align:top"><p style="margin-top:0pt; 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, 2016, the intangible liability associated with the unfavorable lease terms included an amount of&#160; $0, related to purchase options held by third parties (see also Note 2(n)). During the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016, acquisition costs of $24,721 and accumulated amortization of $17,406 of unfavorable lease terms were written off resulting in an income of $7,315. This write-off resulted from the early redelivery of one vessel. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016, no purchase options held by third parties have been exercised.</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:3.3pt"><td style="width:210pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.9pt; 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:17.4pt; 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:34.9pt; 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:19.9pt; 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: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:19.9pt; 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: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></tr><tr style="height:59.4pt"><td style="width:210pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.9pt; 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:19.9pt; 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:19.9pt; 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: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">2015</font></p></td></tr><tr style="height:12.4pt"><td style="width:210pt; 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:19.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:34.9pt; 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'"> 3,853 </font></p></td><td style="width:19.9pt; 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><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'">$</font></p></td><td style="width:31.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,902</font></p></td><td style="width:19.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:35.25pt; 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'">3,811</font></p></td></tr><tr style="height:12.4pt"><td style="width:210pt; 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:19.9pt; 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 style="width:17.4pt; 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:34.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 727 </font></p></td><td style="width:19.9pt; 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 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:19.9pt; 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 style="width:17.05pt; 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 colspan="2" style="width:35.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,006</font></p></td></tr><tr style="height:12.4pt"><td style="width:210pt; 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:19.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.4pt; 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:34.9pt; 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'"> 1,775 </font></p></td><td style="width:19.9pt; 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><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:19.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.05pt; 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 colspan="2" style="width:35.25pt; 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'">1,775</font></p></td></tr><tr style="height:12.4pt"><td style="width:210pt; 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:19.9pt; 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 style="width:17.4pt; 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:34.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 4,038 </font></p></td><td style="width:19.9pt; 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 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:19.9pt; 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 style="width:17.05pt; 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 colspan="2" style="width:35.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">32,444</font></p></td></tr><tr style="height:12.4pt"><td style="width:210pt; 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:19.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.4pt; 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:34.9pt; 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:19.9pt; 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><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><font style="font-family:'Times New Roman'">)</font></p></td><td style="width:19.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.05pt; 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'">&#xa0;</font></p></td><td colspan="2" style="width:35.25pt; 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'">(14,615)</font></p></td></tr><tr style="height:12.4pt"><td style="width:210pt; 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">Total</font></p></td><td style="width:19.9pt; 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 style="width:17.4pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:34.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">10,393</font></p></td><td style="width:19.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:19.9pt; 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 style="width:17.05pt; 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">$</font></p></td><td colspan="2" style="width:35.25pt; 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; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">24,420</font></p></td></tr><tr style="height:4pt"><td style="width:210pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.9pt; 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:17.4pt; 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:34.9pt; 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:19.9pt; 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:19.9pt; 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: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></tr><tr style="height:0pt"><td style="width:210pt"></td><td style="width:19.9pt"></td><td style="width:17.4pt"></td><td style="width:34.9pt"></td><td style="width:19.9pt"></td><td style="width:23.8pt"></td><td style="width:31.85pt"></td><td style="width:19.9pt"></td><td style="width:17.05pt"></td><td style="width:6.75pt"></td><td style="width:28.5pt"></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 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 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></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="2" 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="2" 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></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: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'">$</font></p></td><td style="width:23.5pt; 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'">2,811</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:17.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:23.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,811</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:23.5pt; vertical-align:bottom; 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: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'">$</font></p></td><td style="width:23.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,811</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:23.5pt; vertical-align:bottom; 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'">$</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">41,202</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; 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></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: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></p></td><td style="width:23.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">985</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:17.45pt; 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:23.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">985</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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">985</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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">985</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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">985</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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">37,338</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: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></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:19.5pt; 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:23.5pt; 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'">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:17.45pt; 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:23.5pt; 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'">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; 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:23.5pt; 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'">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; 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:23.5pt; 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'">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; 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:23.5pt; 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'">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; 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'">8,870</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; 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'">17,745</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'; font-weight:bold">Total amortization</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:19.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:23.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,571</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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: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">5,571</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><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"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:23.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,578</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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: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">5,571</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><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"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:23.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,571</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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">87,410</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><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"><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">115,272</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 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 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></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:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 7: 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">Net Book Value of Intangible Assets/Liabilities 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><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:167.1pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_5c797277a3604ecea86fc1af5712a32a"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:12.3pt; 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:11.5pt; 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:42.05pt; 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: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:12.3pt; 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:23.35pt; 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:39.25pt; 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: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:12.3pt; 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:30.25pt; 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:39.25pt; 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: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:12.3pt; 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:27.35pt; 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:39.25pt; 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: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></tr><tr style="height:29.7pt"><td style="width:167.1pt; 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:12.3pt; 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: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: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:12.3pt; 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:62.6pt; 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:12.3pt; 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:69.5pt; 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">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:12.3pt; 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:66.6pt; 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">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:4.5pt; 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:12.4pt"><td style="width:167.1pt; 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'">Trade name</font></p></td><td style="width:12.3pt; 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:11.5pt; vertical-align:bottom; background-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:42.05pt; vertical-align:bottom; 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: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:12.3pt; 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:23.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (45,156)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">&#8212;</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:12.3pt; 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: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: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'"> 55,264 </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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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:12.3pt; 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:11.5pt; 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:42.05pt; 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: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:12.3pt; 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:23.35pt; 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'">&#xa0;</font></p></td><td style="width:12.3pt; 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:30.25pt; 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:12.3pt; 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: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: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'"> 42,263 </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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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'">Customer relationships</font></p></td><td style="width:12.3pt; 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:11.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:42.05pt; vertical-align:bottom; 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: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:12.3pt; 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:23.35pt; 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'">&#xa0;</font></p></td><td style="width:12.3pt; 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:30.25pt; 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:12.3pt; 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: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: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: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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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:12.3pt; 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:11.5pt; 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:42.05pt; 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: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:12.3pt; 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:23.35pt; 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><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:12.3pt; 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:30.25pt; 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:39.25pt; 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; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.3pt; 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: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: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'"> 1,150 </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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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'; font-weight:bold">Total Intangible assets</font></p></td><td style="width:12.3pt; 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:11.5pt; 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><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:42.05pt; 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; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold"> 200,610 </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:12.3pt; 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:23.35pt; 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">$</font></p></td><td style="width:39.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold"> (73,790)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; 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; vertical-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:12.3pt; 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: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: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'">&#160;</font><font style="font-family:'Times New Roman'; font-weight:bold">116,422 </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></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'; font-weight:bold">Net Book Value of Intangible Assets/Liabilities 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, 2016</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:167.1pt; 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:12.3pt; 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:11.5pt; 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:42.05pt; 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: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:12.3pt; 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:23.35pt; 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:39.25pt; 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: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:12.3pt; 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:30.25pt; 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:39.25pt; 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: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:12.3pt; 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:27.35pt; 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:39.25pt; 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: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></tr><tr style="height:29.7pt"><td style="width:167.1pt; 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:12.3pt; 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: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: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:12.3pt; 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:62.6pt; 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:12.3pt; 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:69.5pt; 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">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:12.3pt; 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:66.6pt; 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">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">2016</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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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'">Trade name</font></p></td><td style="width:12.3pt; 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:11.5pt; vertical-align:bottom; background-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:42.05pt; vertical-align:bottom; 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: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:12.3pt; 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:23.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(41,303</font><font style="font-family:'Times New Roman'">)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">&#8212;</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:12.3pt; 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: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: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'">59,117</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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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:12.3pt; 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:11.5pt; 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:42.05pt; 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: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:12.3pt; 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:23.35pt; 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'">(10,162)</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:12.3pt; 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:30.25pt; 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:12.3pt; 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: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: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'">42,990</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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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'">Customer relationships</font></p></td><td style="width:12.3pt; 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:11.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:42.05pt; vertical-align:bottom; 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: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:12.3pt; 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:23.35pt; 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'">(15,971)</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:12.3pt; 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:30.25pt; 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:12.3pt; 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: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: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'">19,519</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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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:12.3pt; 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:11.5pt; 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:42.05pt; 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'">82,485</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:12.3pt; 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:23.35pt; 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'">(6,359)</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:12.3pt; 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:30.25pt; 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:39.25pt; 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'">(70,937)</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:12.3pt; 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: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: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'">5,189</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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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'; font-weight:bold">Total Intangible assets</font></p></td><td style="width:12.3pt; 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:11.5pt; 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:42.05pt; 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">271,547</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:12.3pt; 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:23.35pt; 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:39.25pt; 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">(73,795)</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:12.3pt; 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:30.25pt; 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:39.25pt; 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">(70,937)</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:12.3pt; 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:27.35pt; 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:39.25pt; 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">126,815</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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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'">Unfavorable lease terms(**)</font></p></td><td style="width:12.3pt; 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:11.5pt; 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:42.05pt; 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'">(24,721)</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:12.3pt; 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:23.35pt; 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; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.3pt; 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:30.25pt; 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:39.25pt; 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'">24,721</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:12.3pt; 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: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: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: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></tr><tr style="height:12.4pt"><td style="width:167.1pt; 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'; font-weight:bold">Total</font></p></td><td style="width:12.3pt; 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:11.5pt; 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:42.05pt; 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; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">246,826</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:12.3pt; 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:23.35pt; 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">$</font></p></td><td style="width:39.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">(73,795)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:12.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:39.25pt; 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">(46,216)</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:12.3pt; 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: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: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">126,815</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></tr></table></div><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:74.25pt"><td style="width:21.55pt; 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:518.35pt; vertical-align:top"><p style="margin-top:0pt; 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 and 2016, intangible assets associated with the favorable lease terms included an amount of $1,150 and $1,180, respectively related to purchase options for the vessels (see also Note 2(n)). During the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, acquisition costs of $10,398 and accumulated amortization of $7,001 of favorable lease terms considered impaired and were written off resulting in a loss of $3,397. During the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016, acquisition costs of $70,937 and accumulated amortization of $57,930 of favorable lease terms were written off resulting in a loss of $13,007. This write-off resulted from the early redelivery of one vessel.</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:4pt"><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:59.15pt"><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:518.35pt; vertical-align:top"><p style="margin-top:0pt; 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, 2016, the intangible liability associated with the unfavorable lease terms included an amount of&#160; $0, related to purchase options held by third parties (see also Note 2(n)). During the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016, acquisition costs of $24,721 and accumulated amortization of $17,406 of unfavorable lease terms were written off resulting in an income of $7,315. This write-off resulted from the early redelivery of one vessel. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016, no purchase options held by third parties have been exercised.</font></p></td></tr></table><p style="margin-top:13.2pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:20.9pt; 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, 2014, Navios Logistics acquired two companies for a total consideration of $17,000, of which $10,200 was paid in 2014 and $6,800 was paid in 2015. These companies, as free zone direct users, hold the right to occupy approximately 53 acres of undeveloped riverfront land located in the Nueva Palmira free zone in Uruguay, adjacent to Navios Logistics&#8217; existing port.</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:210pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_85676f9d4d1942e6b2384af8fae2a3a6"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:19.9pt; 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:17.4pt; 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:34.9pt; 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:19.9pt; 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: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:19.9pt; 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: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></tr><tr style="height:59.4pt"><td style="width:210pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.9pt; 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:19.9pt; 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:19.9pt; 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: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">2015</font></p></td></tr><tr style="height:12.4pt"><td style="width:210pt; 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:19.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:34.9pt; 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'"> 3,853 </font></p></td><td style="width:19.9pt; 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><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'">$</font></p></td><td style="width:31.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">3,902</font></p></td><td style="width:19.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:35.25pt; 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'">3,811</font></p></td></tr><tr style="height:12.4pt"><td style="width:210pt; 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:19.9pt; 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 style="width:17.4pt; 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:34.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 727 </font></p></td><td style="width:19.9pt; 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 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:19.9pt; 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 style="width:17.05pt; 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 colspan="2" style="width:35.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,006</font></p></td></tr><tr style="height:12.4pt"><td style="width:210pt; 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:19.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.4pt; 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:34.9pt; 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'"> 1,775 </font></p></td><td style="width:19.9pt; 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><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:19.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.05pt; 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 colspan="2" style="width:35.25pt; 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'">1,775</font></p></td></tr><tr style="height:12.4pt"><td style="width:210pt; 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:19.9pt; 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 style="width:17.4pt; 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:34.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 4,038 </font></p></td><td style="width:19.9pt; 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 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:19.9pt; 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 style="width:17.05pt; 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 colspan="2" style="width:35.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">32,444</font></p></td></tr><tr style="height:12.4pt"><td style="width:210pt; 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:19.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.4pt; 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:34.9pt; 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:19.9pt; 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><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><font style="font-family:'Times New Roman'">)</font></p></td><td style="width:19.9pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.05pt; 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'">&#xa0;</font></p></td><td colspan="2" style="width:35.25pt; 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'">(14,615)</font></p></td></tr><tr style="height:12.4pt"><td style="width:210pt; 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">Total</font></p></td><td style="width:19.9pt; 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 style="width:17.4pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:34.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">10,393</font></p></td><td style="width:19.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:19.9pt; 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 style="width:17.05pt; 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">$</font></p></td><td colspan="2" style="width:35.25pt; 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; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">24,420</font></p></td></tr><tr style="height:4pt"><td style="width:210pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.9pt; 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:17.4pt; 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:34.9pt; 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:19.9pt; 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:19.9pt; 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: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></tr><tr style="height:0pt"><td style="width:210pt"></td><td style="width:19.9pt"></td><td style="width:17.4pt"></td><td style="width:34.9pt"></td><td style="width:19.9pt"></td><td style="width:23.8pt"></td><td style="width:31.85pt"></td><td style="width:19.9pt"></td><td style="width:17.05pt"></td><td style="width:6.75pt"></td><td style="width:28.5pt"></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, 2017 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"><a name="DM_MAP_7ac0c61e0be34a18b84b59a1bd93dad1"><font style="font-family:'Times New Roman'">&#xa0;</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></p></td><td 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 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></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="2" 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="2" 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></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: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'">$</font></p></td><td style="width:23.5pt; 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'">2,811</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:17.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:23.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,811</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:23.5pt; vertical-align:bottom; 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: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'">$</font></p></td><td style="width:23.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">2,811</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:23.5pt; vertical-align:bottom; 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'">$</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">41,202</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; 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></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: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></p></td><td style="width:23.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">985</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:17.45pt; 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:23.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">985</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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">985</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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">985</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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">985</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:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">37,338</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: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></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:19.5pt; 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:23.5pt; 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'">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:17.45pt; 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:23.5pt; 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'">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; 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:23.5pt; 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'">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; 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:23.5pt; 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'">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; 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:23.5pt; 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'">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; 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'">8,870</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; 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'">17,745</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'; font-weight:bold">Total amortization</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:19.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:23.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,571</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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: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">5,571</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><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"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:23.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,578</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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: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">5,571</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><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"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:23.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,571</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:8.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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">87,410</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><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"><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">115,272</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 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 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></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"><table cellspacing="0" cellpadding="0" style="width:99.18%; border-collapse:collapse"><tr style="height:2.1pt"><td style="width:18.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="8" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:6pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:6pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="6" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:6pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:2.1pt"><td style="width:18.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#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:6pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31, 2017</font></p></td><td style="width:4.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:6pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="6" 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:6pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31, 2016</font></p></td></tr><tr style="height:2.1pt"><td style="width:18.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><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:6pt"><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:6pt"><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; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:6pt"><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">II</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:6pt"><font style="font-family:'Times New Roman'; font-weight:bold">Navios Containers</font></p></td><td style="width:4.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:6pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</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:6pt"><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:6pt"><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; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:6pt"><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">II</font></p></td></tr><tr style="height:2.1pt"><td style="width:18.44%; 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'">Cash and cash equivalents, including restricted cash</font></p></td><td style="width:3.4%; 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="width:8.44%; 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:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 29,933 </font></p></td><td style="width:3.14%; 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="width:7.7%; 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:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 19,185 </font></p></td><td style="width:3.42%; 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="width:7.38%; 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:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 16,882 </font></p></td><td style="width:3.42%; 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="width:5.94%; 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:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 14,501 </font></p></td><td style="width:4.48%; 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:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.22%; 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="width:10.54%; 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:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 25,088 </font></p></td><td style="width:4.22%; 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="width:5.92%; 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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="width:10.54%; 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:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160; 523,776 </font></p></td><td style="width:4.22%; 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="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:6pt"><font style="font-family:'Times New Roman'">86,060 </font></p></td><td style="width:3.42%; 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="width:5.94%; 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:6pt"><font style="font-family:'Times New Roman'">119,234 </font></p></td></tr><tr style="height:6pt"><td style="width:18.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">Non-current liabilities</font></p></td><td style="width:3.4%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160; 483,345 </font></p></td><td style="width:3.14%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.7%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160; 125,283 </font></p></td><td style="width:3.42%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.38%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160; 164,276 </font></p></td><td style="width:3.42%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.94%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">76,534 </font></p></td><td style="width:4.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.22%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.54%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160; 489,421 </font></p></td><td style="width:4.22%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.92%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">155,387 </font></p></td><td style="width:3.42%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.94%; padding-right:5.4pt; padding-left:5.4pt; 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margin-bottom:0pt; text-align:center; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="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">&#xa0;</font></p></td><td colspan="3" style="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">&#xa0;</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; text-align:center; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="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">&#xa0;</font></p></td><td colspan="3" style="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">&#xa0;</font></p></td><td colspan="3" style="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">&#xa0;</font></p></td><td colspan="3" style="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">&#xa0;</font></p></td><td colspan="5" style="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">&#xa0;</font></p></td><td colspan="3" style="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">&#xa0;</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; text-align:center; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:0.95pt"><td style="width:13.68%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="12" style="border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; 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211,652 </font></p></td><td style="width:2.58%; 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 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; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 37,468 </font></p></td><td style="width:2.58%; 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 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; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160; 38,633 </font></p></td><td style="width:2.58%; 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 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; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 39,188 </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; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:2.58%; 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 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; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160; 190,524 </font></p></td><td style="width:2.58%; 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 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; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160; 40,589 </font></p></td><td style="width:2.58%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160; 223,676 </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:6pt"><font style="font-family:'Times New Roman'"> $ </font></p></td><td style="width:5.32%; 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:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160; 41,437 </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:6pt"><font style="font-family:'Times New Roman'"> $ </font></p></td><td style="width:5.14%; 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:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160; 20,767 </font></p></td></tr><tr style="height:0.95pt"><td style="width:13.68%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">Net (loss)/ income before non-cash change in fair value of Junior Loan I and Junior Loan II</font></p></td><td style="width:2.58%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'"> $ </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; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160; 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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:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 8: 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. Navios GP L.L.C. (the &#8220;General Partner&#8221;), a wholly owned subsidiary of Navios Holdings, was also formed on that date to act as the general partner of Navios Partners and received a 2.0% general partner 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 February 2015, Navios Partners completed a public offering of 4,600,000 common units, raising gross proceeds of $60,214. Following this transaction, Navios Holdings paid $1,229 to retain its 2.0% general partner interest. In addition, Navios Partners completed a private placement of 1,120,547 common units and 22,868 general partner units to Navios Holdings raising additional gross proceeds of $14,967.</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 participation in the Navios Revolving Loans I and the Navios Term Loans I, both as defined herein, and relating to Navios Europe I, for a 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). Concurrently, Navios Holdings acquired 266,876 common units in Navios Partners in order to maintain its 2% general partner interest for a cash consideration of $468. See also Note 15.</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 March</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">20, 2017, Navios Partners announced that it has closed an offering of 47,795,000 common units at $2.10 per common unit. Navios Holdings acquired 975,408 common units in Navios Partners in order to maintain its 2% general partner interest for a cash consideration of $2,048.</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 2017, Navios Partners also issued 2,040,000 of common units to certain Navios Partners&#8217; directors and/or officers, and 1,200,442 common units pursuant to Navios Partners&#8217; Continuous Offering Program Sales Agreement. 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The Navios Term Loans I will be repaid from the future sale of vessels owned by 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'">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. 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As of 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, the unamortized basis difference of Navios Europe I was $4,034, and $4,710, 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, 2017 and 2016, the estimated maximum potential loss by Navios Holdings in Navios Europe I would have been $23,838 and $18,268, respectively, which represents the Company&#8217;s carrying value of its investment and balance of Navios Term Loans I of $7,924 and $8,198, respectively, including accrued interest, plus the Company&#8217;s balance of the Navios Revolving Loans I of $15,914 and $10,070, 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 $(1,089), $1,303 and $1,293 was recognized in &#8220;Equity/(loss) in net 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, 2017, 2016 and 2015, 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, 2017 and 2016, the carrying amount of the investment in Navios Europe I was $4,750 and $5,967, 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 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/(loss) in net 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, 2017 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016, the unamortized basis difference of Navios Europe II was $7,011 and $7,953, 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, 2017 and 2016, the estimated maximum potential loss by Navios Holdings in Navios Europe II would have been $22,463 and $22,287, respectively, which represents the Company&#8217;s carrying value of its investment and balance of Navios Term Loans II of $10,400 and $7,944, respectively, plus the Company&#8217;s balance of the Navios Revolving Loans II of $12,063 and $14,343, 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 $2,456 and $(14) was recognized in &#8220;Equity/(loss) in net 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, 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, 2017 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016, the carrying amount of the investment in Navios Europe II was $6,650 and $5,894, 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 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'">On June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">8, 2017, Navios Containers 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 Containers. 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 Containers. The warrants can be exercised for shares of common stock of Navios Containers at the holder&#8217;s option at an exercise price of $5.00 per share. The warrants have a five year-term, which may be reduced to an earlier expiration date in the event of conversion of Navios Containers into a partnership.</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, 2017, and following Navios Containers&#8217; private placements in August and November 2017, Navios Holdings owned 3.4% in Navios Containers and warrants, for the purchase of an additional 1.7% of the equity of&#160; 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 Holdings evaluated its investment in the common stock of Navios Containers under ASC 323 and concluded that it has the ability to exercise significant influence over the operating and financial policies of Navios Containers and, therefore, its investment in Navios Containers is accounted for under the equity method.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">Total equity method income of $161 was recognized in &#8220;Equity/(loss) in net earnings of affiliated companies&#8221; for the year ended December 31, 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'">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. As of December 31, 2017, the market value of the investment in Navios Containers was $5,581.</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 one affiliate 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:99.18%; border-collapse:collapse"><tr style="height:2.1pt"><td style="width:18.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><a name="DM_MAP_32a180057f1e4223971186775bdecb3a"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></a></p></td><td colspan="8" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:6pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:6pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="6" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:6pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:2.1pt"><td style="width:18.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#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:6pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31, 2017</font></p></td><td style="width:4.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:6pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td colspan="6" 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:6pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31, 2016</font></p></td></tr><tr style="height:2.1pt"><td style="width:18.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><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:6pt"><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:6pt"><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'; 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29,933 </font></p></td><td style="width:3.14%; 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="width:7.7%; 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:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 19,185 </font></p></td><td style="width:3.42%; 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="width:7.38%; 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:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 16,882 </font></p></td><td style="width:3.42%; 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="width:5.94%; 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:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 14,501 </font></p></td><td style="width:4.48%; 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:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.22%; 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="width:10.54%; 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:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 25,088 </font></p></td><td style="width:4.22%; 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="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:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160; 10,785 </font></p></td><td style="width:3.42%; padding-right:5.4pt; padding-left:5.4pt; 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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'; color:#ff0000">&#xa0;</font></p></td><td style="width:5.94%; 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:6pt"><font style="font-family:'Times New Roman'">119,033 </font></p></td><td style="width:4.48%; 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:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.22%; 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="width:10.54%; 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:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160; 523,776 </font></p></td><td style="width:4.22%; 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="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:6pt"><font style="font-family:'Times New Roman'">86,060 </font></p></td><td style="width:3.42%; 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="width:5.94%; 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:6pt"><font style="font-family:'Times New Roman'">119,234 </font></p></td></tr><tr style="height:6pt"><td style="width:18.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">Non-current liabilities</font></p></td><td style="width:3.4%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.44%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160; 483,345 </font></p></td><td style="width:3.14%; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:5.94%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">76,534 </font></p></td><td style="width:4.48%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.22%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.54%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; 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padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160; (20,778)</font></p></td><td style="width:2.58%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'"> $ </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; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160; 22,749 </font></p></td><td style="width:2.58%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'"> $ </font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:6pt"><font style="font-family:'Times New Roman'"> $ </font></p></td><td style="width:5.14%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,673 </font></p></td></tr><tr style="height:0.95pt"><td style="width:13.68%; 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'">Net (loss)/income</font></p></td><td style="width:2.58%; 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 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; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160; (15,090)</font></p></td><td style="width:2.58%; 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 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; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9,762 </font></p></td><td style="width:2.58%; 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 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; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160; (9,086)</font></p></td><td style="width:2.58%; 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 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; text-align:right; font-size:6pt"><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; 2,638 </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; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:2.58%; 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 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; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160; (52,549)</font></p></td><td style="width:2.58%; 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 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; text-align:right; font-size:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 16,137 </font></p></td><td style="width:2.58%; 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 colspan="3" 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:6pt"><font style="font-family:'Times New Roman'">&#160; (34,059)</font></p></td><td colspan="3" 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:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:2.58%; 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="width:5.7%; 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:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 41,805 </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:6pt"><font style="font-family:'Times New Roman'"> $ </font></p></td><td style="width:5.32%; 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:6pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1,118)</font></p></td><td colspan="2" style="padding-right:5.4pt; padding-left:5.4pt; 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margin-bottom:0pt; 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-weight:bold">Available-for-sale securities (&#8220;AFS Securities&#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'">During the year ended December 31, 2017, the Company received shares of Pan Ocean Co.Ltd (&#8220;STX&#8221;) as partial compensation for the claims filed under the Korean court for all unpaid amounts in respect of the employment of the Company&#8217;s vessels. 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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:4.5pt; 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:22.8pt; 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: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></tr><tr style="height:19.8pt"><td style="width:235.3pt; 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:22.8pt; 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: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">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:22.8pt; 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">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></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'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'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 18,889</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">14,730</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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'">Accrued interest</font></p></td><td style="width:22.8pt; 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: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'"> 32,555</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:22.8pt; 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'">36,273</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'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:bottom; 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:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'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'">2,217</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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'">Accrued running costs</font></p></td><td style="width:22.8pt; 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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></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'">21,394</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'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:bottom; 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:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'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'">3,129</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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'">Audit fees and related services</font></p></td><td style="width:22.8pt; 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: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'"> 364</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:22.8pt; 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'">266</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'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:bottom; 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:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'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'">5,092</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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'">Professional fees</font></p></td><td style="width:22.8pt; 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: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'"> 2,236</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:22.8pt; 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'">1,707</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'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:bottom; 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:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'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'">6,941</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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'; font-weight:bold">Total accrued expenses</font></p></td><td style="width:22.8pt; 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">$</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">94,859</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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">91,749</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 9: ACCRUED EXPENSES AND OTHER LIABILITIES</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:16.5pt; 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, 2017 and 2016 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:235.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_ee7931a2c25146f3bbf07f8281cf251b"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:22.8pt; 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: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:22.8pt; 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: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></tr><tr style="height:19.8pt"><td style="width:235.3pt; 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:22.8pt; 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: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">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:22.8pt; 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">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></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'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'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 18,889</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">14,730</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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'">Accrued interest</font></p></td><td style="width:22.8pt; 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: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'"> 32,555</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:22.8pt; 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'">36,273</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'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:bottom; 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:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'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'">2,217</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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'">Accrued running costs</font></p></td><td style="width:22.8pt; 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: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'"> 23,812</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:22.8pt; 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'">21,394</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'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:bottom; 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:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'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'">3,129</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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'">Audit fees and related services</font></p></td><td style="width:22.8pt; 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: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'"> 364</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:22.8pt; 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'">266</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'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:bottom; 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:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'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'">5,092</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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'">Professional fees</font></p></td><td style="width:22.8pt; 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: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'"> 2,236</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:22.8pt; 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'">1,707</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'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:bottom; 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:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'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'">6,941</font></p></td></tr><tr style="height:12.4pt"><td style="width:235.3pt; 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'; font-weight:bold">Total accrued expenses</font></p></td><td style="width:22.8pt; 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">$</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">94,859</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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">91,749</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:3.3pt"><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:15.95pt; 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:48.85pt; 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:7.85pt; 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></tr><tr style="height:19.8pt"><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 Holdings 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">2017</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">2016</font></p></td></tr><tr style="height:12.4pt"><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'">Commerzbank A.G. ($240,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:15.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:48.85pt; 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'">&#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'">$</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'">19,857</font></p></td></tr><tr style="height:12.4pt"><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 Nordbank ($15,300)</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:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 14,535 </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></tr><tr style="height:12.4pt"><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:15.95pt; 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></p></td><td style="width:48.85pt; 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'"> 17,674 </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'">18,880</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 14,074 </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'">14,755</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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></p></td><td style="width:48.85pt; 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'"> 14,450 </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'">15,150</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 50,140 </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'">54,540</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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></p></td><td style="width:48.85pt; 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'"> 33,816 </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'">37,293</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 15,188 </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'">16,313</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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></p></td><td style="width:48.85pt; 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'"> 18,254 </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'">28,000</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 25,600 </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'">27,400</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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></p></td><td style="width:48.85pt; 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'"> 16,125 </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></tr><tr style="height:12.4pt"><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 Acquisition 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:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</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'">51,240</font></p></td></tr><tr style="height:12.4pt"><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'">2019 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:15.95pt; 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></p></td><td style="width:48.85pt; 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'">&#8212;</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'">291,094</font></p></td></tr><tr style="height:12.4pt"><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></p></td><td style="width:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">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></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></tr><tr style="height:12.4pt"><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:15.95pt; 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:48.85pt; 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'">650,000</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; 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></tr><tr style="height:12.4pt"><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:15.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:48.85pt; 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'">1,174,856</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'">1,240,647</font></p></td></tr><tr style="height:4pt"><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:15.95pt; 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:48.85pt; 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: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></tr><tr style="height:3.3pt"><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 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 style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:19.8pt"><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">2017</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">2016</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:48.85pt; 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'"> 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></tr><tr style="height:12.4pt"><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:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 31,109 </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'">34,447</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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></p></td><td style="width:48.85pt; 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'"> 23,250 </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'">25,000</font></p></td></tr><tr style="height:12.4pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt"><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></p></td><td style="width:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 13,300 </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: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></tr><tr style="height:12.4pt"><td style="width:231.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt"><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></p></td><td style="width:15.95pt; 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></p></td><td style="width:48.85pt; 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'"> 100,000 </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></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></tr><tr style="height:12.4pt"><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'">Other long-term loans</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:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 253 </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'">321</font></p></td></tr><tr style="height:12.4pt"><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 Navios Logistics 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:15.95pt; 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; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:48.85pt; 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; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 542,912 </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; 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></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">434,768</font></p></td></tr><tr style="height:4pt"><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:15.95pt; 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:48.85pt; 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: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></tr><tr style="height:3.3pt"><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 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 style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:19.8pt"><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">2017</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">2016</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:48.85pt; 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'"> 1,717,768 </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'">1,675,415</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (33,885)</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'">(29,827)</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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:48.85pt; 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'"> (35,280)</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'">(24,320)</font></p></td></tr><tr style="height:12.4pt"><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'; 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:15.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:48.85pt; 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"> 1,648,603 </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'; 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">1,621,268</font></p></td></tr><tr style="height:0pt"><td style="width:231.9pt"></td><td style="width:16.55pt"></td><td style="width:15.95pt"></td><td style="width:48.85pt"></td><td style="width:7.85pt"></td><td style="width:16.55pt"></td><td style="width:23.8pt"></td><td style="width:41pt"></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: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:17.7pt; 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: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: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></tr><tr style="height:12.4pt"><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:8pt"><font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline">Year</font></p></td><td style="width:17.7pt; 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><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></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'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><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'">2018</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'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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'">$</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'">35,988</font></p></td></tr><tr style="height:12.4pt"><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'">2019</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><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: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'">33,326</font></p></td></tr><tr style="height:12.4pt"><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'">2020</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'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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></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'">71,454</font></p></td></tr><tr style="height:12.4pt"><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'">2021</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><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: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'">154,825</font></p></td></tr><tr style="height:12.4pt"><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'">2022</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'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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></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'">1,414,638</font></p></td></tr><tr style="height:12.4pt"><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'">2023 and thereafter</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width: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'">&#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'">7,537</font></p></td></tr><tr style="height:12.4pt"><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: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'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom: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; 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">1,717,768</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 10: 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, 2017 and 2016 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:231.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_6425455446ba4401ba882b9c7f896dfc"><font style="font-family:'Times New Roman'">&#xa0;</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></p></td><td style="width:15.95pt; 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:48.85pt; 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:7.85pt; 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></tr><tr style="height:19.8pt"><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 Holdings 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">2017</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">2016</font></p></td></tr><tr style="height:12.4pt"><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'">Commerzbank A.G. ($240,000)</font></p></td><td style="width:16.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:15.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:48.85pt; 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'">&#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'">$</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'">19,857</font></p></td></tr><tr style="height:12.4pt"><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 Nordbank ($15,300)</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:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 14,535 </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></tr><tr style="height:12.4pt"><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:15.95pt; 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></p></td><td style="width:48.85pt; 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'"> 17,674 </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'">18,880</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 14,074 </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'">14,755</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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></p></td><td style="width:48.85pt; 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'"> 14,450 </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'">15,150</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 50,140 </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'">54,540</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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></p></td><td style="width:48.85pt; 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'"> 33,816 </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'">37,293</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 15,188 </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'">16,313</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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></p></td><td style="width:48.85pt; 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'"> 18,254 </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'">28,000</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 25,600 </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'">27,400</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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></p></td><td style="width:48.85pt; 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'"> 16,125 </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></tr><tr style="height:12.4pt"><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 Acquisition 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:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</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'">51,240</font></p></td></tr><tr style="height:12.4pt"><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'">2019 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:15.95pt; 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></p></td><td style="width:48.85pt; 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'">&#8212;</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'">291,094</font></p></td></tr><tr style="height:12.4pt"><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></p></td><td style="width:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">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></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></tr><tr style="height:12.4pt"><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:15.95pt; 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:48.85pt; 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'">650,000</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; 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></tr><tr style="height:12.4pt"><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:15.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:48.85pt; 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'">1,174,856</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'">1,240,647</font></p></td></tr><tr style="height:4pt"><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:15.95pt; 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:48.85pt; 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: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></tr><tr style="height:3.3pt"><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 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 style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:19.8pt"><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">2017</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">2016</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:48.85pt; 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'"> 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></tr><tr style="height:12.4pt"><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:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 31,109 </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'">34,447</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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></p></td><td style="width:48.85pt; 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'"> 23,250 </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'">25,000</font></p></td></tr><tr style="height:12.4pt"><td style="width:231.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt"><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></p></td><td style="width:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 13,300 </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: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></tr><tr style="height:12.4pt"><td style="width:231.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt"><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></p></td><td style="width:15.95pt; 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></p></td><td style="width:48.85pt; 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'"> 100,000 </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></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></tr><tr style="height:12.4pt"><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'">Other long-term loans</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:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 253 </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'">321</font></p></td></tr><tr style="height:12.4pt"><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 Navios Logistics 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:15.95pt; 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; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:48.85pt; 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; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 542,912 </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; 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></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">434,768</font></p></td></tr><tr style="height:4pt"><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:15.95pt; 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:48.85pt; 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: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></tr><tr style="height:3.3pt"><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 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 style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:19.8pt"><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">2017</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">2016</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:48.85pt; 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'"> 1,717,768 </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'">1,675,415</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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:48.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (33,885)</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'">(29,827)</font></p></td></tr><tr style="height:12.4pt"><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:15.95pt; 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:48.85pt; 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'"> (35,280)</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'">(24,320)</font></p></td></tr><tr style="height:12.4pt"><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'; 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:15.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width:48.85pt; 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"> 1,648,603 </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'; 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">1,621,268</font></p></td></tr><tr style="height:0pt"><td style="width:231.9pt"></td><td style="width:16.55pt"></td><td style="width:15.95pt"></td><td style="width:48.85pt"></td><td style="width:7.85pt"></td><td style="width:16.55pt"></td><td style="width:23.8pt"></td><td style="width:41pt"></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; font-style:italic">Navios Holdings 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">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:6.6pt; 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 </font><font style="font-family:'Times New Roman'">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 </font><font style="font-family:'Times New Roman'">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 </font><font style="font-family:'Times New Roman'">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;(Loss)/gain on bond and debt extinguishment&#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'">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 21, 2017 at a fixed price of 108.438%, which price declines ratably until it reaches par in 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, 2017.</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) to repay, in full, the outstanding amount of the 2019 Notes; and (ii) 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, Navios Holdings completed the sale of $650,000 of its 7.375% First Priority Ship Mortgage Notes due 2022 (the &#8220;2022 Notes&#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 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. 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 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'">Furthermore, 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 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, 2017.</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. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, the outstanding amount under the loan facility was repayable in one quarterly installment of $2,411, followed by seven semi-annual equal installments of $1,205 with a final balloon payment of $6,810 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 financial covenants. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, the outstanding amount under this facility was $17,674.</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, 2017, the facility is repayable in one quarterly installment of $681, followed by nine 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, 2017, the outstanding amount under this facility was $14,074.</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, 2017, the outstanding amount under the loan facility was repayable in one quarterly installment of $700 after the drawdown date, followed by nine 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, 2017, the outstanding amount under this facility was $14,450.</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 first tranche is repayable in one quarterly installment of $563, followed by seven equal semi-annual installments of $563, with a final balloon payment of $2,812 on the last repayment date. The second tranche is repayable in one quarterly installment of $1,125, followed by seven equal semi-annual installments of $563, with a final balloon payment of $2,812 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, 2017, the outstanding amount of the loan was $15,188. </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'"> </font><font style="font-family:'Times New Roman'">On May 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. </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, 2017, the facility is repayable in 15 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, 2017, the outstanding amount under this facility was $14,535.</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. 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, 2017, the first tranche is repayable in nine quarterly installments of $362, with a final balloon payment of $14,400 on the last repayment date, the second tranche is repayable in ten quarterly installments of $269, with a final balloon payment of $6,354 on the last repayment date and the third tranche is repayable in ten 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, 2017, the total outstanding amount was $50,140.</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, 2017, the facility is repayable in 15 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, 2017, the outstanding amount was $18,254.</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. The first tranche is repayable in one quarterly installment of $492, followed by 16 quarterly installments of $369 each, and a final balloon payment of $14,760 on the last payment day. The second tranche is repayable in one quarterly installment of approximately $377, followed by 16 quarterly installments of $220 each, and a final balloon payment of $8,764 on the last payment day. The loan facility also 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, 2017, the outstanding amount was $33,816.</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, 2017, the facility is repayable in 20 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, 2017, the outstanding amount was $25,600.</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 four quarterly installments of $250 each, followed by 16 quarterly installments of $275 each, with a final balloon payment of $10,725 payable on the last repayment date. The first instalment will be due 15 months from the loan drawdown 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, 2017, the outstanding amount was $16,125.</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:47.3pt; 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 either charter-adjusted valuations, or charter-free valuations, ranging from over 110% 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 waived for a specific period of time up to a maximum of four quarters (from the current balance sheet date) and/or amended to include net total debt divided by total assets, 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, 2017, 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:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">On November 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 15.</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:19.8pt; 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;) completed the sale of $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;), which do not guarantee the 2022 Logistics Senior Notes pursuant to certain exceptions under the indenture, 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 in excess of 6% per annum of the net proceeds received by or contributed to Navios Logistics in or from any public offering, 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, including failure to pay principal and interest on the 2022 Logistics Senior Notes, a failure to comply with covenants, a failure by Navios Logistics or any significant subsidiary or any group of restricted subsidiaries that, taken together, would constitute a significant subsidiary to pay material judgments or indebtedness and bankruptcy and insolvency events with respect to us or any significant subsidiary or any group of restricted subsidiaries that, taken together, would constitute a significant subsidiary.</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, 2017, all subsidiaries, including Logistics Finance, Horamar do Brasil, Naviera Alto Parana and Terra Norte are 100% owned. Logistics Finance, Horamar do Brasil, Naviera Alto Parana and Terra Norte do not have any independent assets or operations.</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 2022 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, 2017.</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 Navios Logistics. </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, 2017, Navios Logistics had drawn the total available amount and the outstanding balance of Notes Payable was $31,109.</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: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'">15, 2016, Navios Logistics entered into a facility with Banco Bilbao Vizcaya Argentaria Uruguay S.A. (&#8220;BBVA&#8221;) for an amount of $25,000, 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, starting 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, 2017, the outstanding amount of the loan was $23,250.</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: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 enter into a $14,000 term loan facility in order to finance the acquisition of two product tankers (&#8220;Navios Logistics Alpha Bank Loan&#8221;).&#160; 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 31, 2017, the outstanding amount of the loan was $13,300.</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 Faciliy</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 Navega&#231;&#227;o Ltda (&#8220;Horamar do Brasil&#8221;), Naviera Alto Parana S.A. (&#8220;Naviera Alto Parana&#8221;) and Terra Norte Group S.A. (&#8220;Terra Norte&#8221;), which are deemed to be immaterial, and Logistics Finance, which is the co-issuer of the Term Loan B Facility. The subsidiary guarantees are &#8220;full and unconditional,&#8221; except that the credit agreement 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. The net proceeds of the Term Loan B Facility were used: (i) to finance a $70,000 dividend of which $44,677 was paid to Navios Holdings, and was eliminated in the consolidated financial statements, and $25,323 to its noncontrolling shareholders, (ii) for general corporate purposes and (iii) to pay fees and expenses relating to the 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'">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:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">As of December 31, 2017, a balance of $100,000 was outstanding under the 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'">Navios Logistics was in compliance with the covenants set forth in the Term Loan B Facility as of December 31, 2017.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-style:italic">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, 2017, the outstanding loan balance was $253 ($321 as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016). 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: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, 2017, the Company paid $48,600, of which $25,707 related to scheduled repayment installments for the year 2017, $7,286 related to prepayments of indebtedness originally maturing the third quarter of 2018, and $15,607 related to the refinancing of one of its secured credit facilities which had an outstanding balance of $17,332, thus achieving a </font><font style="font-family:'Times New Roman'">$1,715 benefit to nominal value</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 annual weighted average interest rates of the Company&#8217;s total borrowings were 7.11%, 6.87% and 6.98% for the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, 2016 and 2015, 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) outstanding as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, 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:3.3pt"><td style="width:297.95pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_de9d220ec1ba476dbd96ffc8078997e1"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:17.7pt; 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: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: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></tr><tr style="height:12.4pt"><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:8pt"><font style="font-family:'Times New Roman'; font-weight:bold; text-decoration:underline">Year</font></p></td><td style="width:17.7pt; 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><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></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'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><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'">2018</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'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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'">$</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'">35,988</font></p></td></tr><tr style="height:12.4pt"><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'">2019</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><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: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'">33,326</font></p></td></tr><tr style="height:12.4pt"><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'">2020</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'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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></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'">71,454</font></p></td></tr><tr style="height:12.4pt"><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'">2021</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><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: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'">154,825</font></p></td></tr><tr style="height:12.4pt"><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'">2022</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'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</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></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'">1,414,638</font></p></td></tr><tr style="height:12.4pt"><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'">2023 and thereafter</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width: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'">&#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'">7,537</font></p></td></tr><tr style="height:12.4pt"><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: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'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom: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; 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">1,717,768</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: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="width:579.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:1.15pt"><td style="width:221.25pt; 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:7.25pt; 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="6" style="width:163.3pt; 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, 2017</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></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="6" style="width:159.15pt; 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">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 colspan="2" style="width:9.55pt; 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:1.15pt"><td style="width:221.25pt; 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:7.25pt; 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:77.05pt; 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">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:8.85pt; 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:11.75pt; 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:65.65pt; 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">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:8.75pt; 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: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:72.9pt; 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">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:8.85pt; 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:11.75pt; 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:65.65pt; 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">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:8.75pt; 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="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; 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'">Cash and cash equivalents</font></p></td><td style="width:7.25pt; 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:14.2pt; 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:62.85pt; 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'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 127,632 </font></p></td><td style="width:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 127,632 </font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; vertical-align:bottom; 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><td style="width:8.85pt; 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:11.75pt; 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:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">135,992</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:62.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6,558 </font></p></td><td style="width:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 6,558 </font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; 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><td style="width:8.85pt; 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:11.75pt; 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:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,386</font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investments in available-for-sale-securities</font></p></td><td style="width:7.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:62.85pt; 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'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 238 </font></p></td><td style="width:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; vertical-align:bottom; 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:8.85pt; 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:11.75pt; 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:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan receivable from affiliate companies</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:62.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 30,112 </font></p></td><td style="width:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 30,112 </font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">23,008</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">23,008</font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term receivable from affiliate companies</font></p></td><td style="width:7.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:62.85pt; 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:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">11,105</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">11,105</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Capital lease obligations, including current portion</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:62.85pt; 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:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(17,617)</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(17,617)</font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Senior and ship mortgage notes, net</font></p></td><td style="width:7.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:62.85pt; 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'">&#160;&#160;&#160;&#160;&#160; (1,301,999)</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (1,181,838)</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,296,537)</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(974,170)</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, including current portion</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:62.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (380,489)</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (389,332)</font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(304,682)</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(308,080)</font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan payable to affiliate company</font></p></td><td style="width:7.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:62.85pt; 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'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(49,876)</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(51,240)</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term payable to affiliate companies</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:62.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (76,872)</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (76,872)</font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(6,399)</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:21.2pt; 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:44.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(6,399)</font></p></td><td style="width:8.75pt; 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="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:221.25pt"></td><td style="width:7.25pt"></td><td style="width:14.2pt"></td><td style="width:62.85pt"></td><td style="width:8.85pt"></td><td style="width:11.75pt"></td><td style="width:13.15pt"></td><td style="width:52.5pt"></td><td style="width:8.75pt"></td><td style="width:10.4pt"></td><td style="width:22.9pt"></td><td style="width:50pt"></td><td style="width:8.85pt"></td><td style="width:11.75pt"></td><td style="width:21.2pt"></td><td style="width:44.45pt"></td><td style="width:8.75pt"></td><td style="width:0.8pt"></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:146.8pt; 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:22.4pt; 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: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:22.4pt; 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: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: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:22.4pt; 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: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: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:22.4pt; 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: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:39.4pt; 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: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></tr><tr style="height:9.9pt"><td style="width:146.8pt; 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:22.4pt; 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:323pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><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:4.5pt; 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:39.6pt"><td style="width:146.8pt; 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:22.4pt; 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: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:4.5pt; 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:22.4pt; 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:66.4pt; 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">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:22.4pt; 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:69.35pt; 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><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:22.4pt; 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:63.45pt; 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">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:4.5pt; 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:12.4pt"><td style="width:146.8pt; 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:22.4pt; 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:9.6pt; 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:bottom; 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:22.4pt; 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: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'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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:22.4pt; 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: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:39.4pt; 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'">&#8212;</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></tr><tr style="height:1pt"><td style="width:146.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#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:5pt"><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:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#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:5pt"><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:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><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:5pt"><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:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:5pt"><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:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:146.8pt; 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">Total</font></p></td><td style="width:22.4pt; 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: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: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'; 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:22.4pt; 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><font style="font-family:'Times New Roman'; font-weight:bold">&#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">$</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">238</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width: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">&#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:22.4pt; 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><font style="font-family:'Times New Roman'; font-weight:bold">&#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:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; 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></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:212.3pt; 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:7.95pt; 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 colspan="2" 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:36.8pt; 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:13.35pt; 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 colspan="2" style="width:9.1pt; 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: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 colspan="2" style="width:46pt; vertical-align:middle"><p 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 colspan="4" 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 colspan="2" 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 colspan="3" 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 colspan="3" style="width:14.65pt; 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 colspan="3" 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 colspan="2" style="width:39.4pt; 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="3" 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="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:9.9pt"><td style="width:212.3pt; 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:7.95pt; 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="29" style="width:272pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><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 colspan="3" 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="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:9.9pt"><td style="width:212.3pt; 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:7.95pt; 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="3" style="width:46.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:13.35pt; 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 colspan="2" style="width:9.1pt; 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="5" style="width:64.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level I)</font></p></td><td style="width: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="4" style="width:14.65pt; 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="5" 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:10.3pt; 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 colspan="3" style="width:12.15pt; 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="8" style="width:57.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; 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:4.5pt; 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:12.4pt"><td style="width:212.3pt; 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'">Cash and cash equivalents</font></p></td><td style="width:7.95pt; 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:6.25pt; 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 colspan="3" style="width:53.5pt; 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'"> 127,632 </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="2" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="4" style="width:53.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 127,632 </font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:42.95pt; 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'"> &#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:4.05pt; 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 colspan="3" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="2" style="width:26.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:7.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:53.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 6,558 </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="2" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="4" style="width:53.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 6,558 </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:14.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:42.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#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:4.05pt; 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 colspan="3" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="2" style="width:26.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investments in available-for-sale-securities</font></p></td><td style="width:7.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:53.5pt; 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'"> 238</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="2" style="width:14.65pt; 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><td colspan="2" 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'">$</font></p></td><td colspan="4" style="width:53.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:42.95pt; 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'"> &#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:4.05pt; 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 colspan="3" style="width:14.65pt; 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><td colspan="2" 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'">$</font></p></td><td colspan="2" style="width:26.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan receivable from affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:7.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:53.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 30,112 </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="2" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="4" style="width:53.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:14.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:42.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 30,112 </font></p></td><td style="width:4.05pt; 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 colspan="3" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="2" style="width:26.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:13.85pt"><td style="width:212.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Senior and ship mortgage notes</font></p></td><td style="width:7.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:53.5pt; 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'"> (1,181,838)</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="2" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="4" style="width:53.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (1,181,838)</font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:42.95pt; 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'"> &#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:4.05pt; 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 colspan="3" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="2" style="width:26.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:14.05pt"><td style="width:212.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, including current portion</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(1)</font></p></td><td style="width:7.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:53.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (389,332)</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="2" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="4" style="width:53.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:14.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:42.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (389,332)</font></p></td><td style="width:4.05pt; 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 colspan="3" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="2" style="width:26.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term payable to affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:7.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:53.5pt; 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'"> (76,872)</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="2" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="4" style="width:53.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:42.95pt; 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'"> (76,872)</font></p></td><td style="width:4.05pt; 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 colspan="3" style="width:14.65pt; 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 colspan="2" 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 colspan="2" style="width:26.9pt; 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><font style="font-family:'Times New Roman'"> </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 style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:212.3pt"></td><td style="width:7.95pt"></td><td style="width:6.25pt"></td><td style="width:3.35pt"></td><td style="width:36.8pt"></td><td style="width:13.35pt"></td><td style="width:1pt"></td><td style="width:8.1pt"></td><td style="width:6.55pt"></td><td style="width:4.6pt"></td><td style="width:6.55pt"></td><td style="width:39.45pt"></td><td style="width:7.8pt"></td><td style="width:1pt"></td><td style="width:5.55pt"></td><td style="width:1pt"></td><td style="width:0.3pt"></td><td style="width:7.8pt"></td><td style="width:3.35pt"></td><td style="width:3.2pt"></td><td style="width:11.15pt"></td><td style="width:24.85pt"></td><td style="width:7.8pt"></td><td style="width:10.3pt"></td><td style="width:4.05pt"></td><td style="width:0.3pt"></td><td style="width:7.8pt"></td><td style="width:6.55pt"></td><td style="width:3.8pt"></td><td style="width:14.35pt"></td><td style="width:25.05pt"></td><td style="width:1.85pt"></td><td style="width:1pt"></td><td style="width:1.65pt"></td><td style="width:3.3pt"></td><td style="width:32.7pt"></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: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:212.3pt; 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:7.1pt; 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:7.1pt; 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:40.15pt; 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 colspan="2" 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:14.65pt; 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: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:42.1pt; 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: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:14.65pt; 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:6.35pt; 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:44pt; vertical-align:middle"><p 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:14.65pt; 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: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:39.4pt; 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: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></tr><tr style="height:9.9pt"><td style="width:212.3pt; 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:7.1pt; 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="15" style="width:272.85pt; 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 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, 2016</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></tr><tr style="height:9.9pt"><td style="width:212.3pt; 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:7.1pt; 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:47.25pt; 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">Total</font></p></td><td colspan="2" 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:14.65pt; 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: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 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:14.65pt; 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: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:14.65pt; 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:57.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; 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:4.5pt; 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:12.4pt"><td style="width:212.3pt; 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:7.1pt; 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:7.1pt; 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 colspan="2" style="width:42.5pt; 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'">135,992</font></p></td><td style="width:5.45pt; 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:14.65pt; 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: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'">$</font></p></td><td style="width:42.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">135,992</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44pt; vertical-align:bottom; 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:14.65pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:7.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:42.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,386</font></p></td><td style="width:5.45pt; 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:14.65pt; 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:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:42.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,386</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44pt; 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:14.65pt; 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:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan receivable from affiliate company</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:7.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:42.5pt; 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'">23,008</font></p></td><td style="width:5.45pt; 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:14.65pt; 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: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'">$</font></p></td><td style="width:42.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">23,008</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:14.65pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:10.05pt"><td style="width:212.3pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term receivable from affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super"> (2)</font></p></td><td style="width:7.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:42.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">11,105</font></p></td><td style="width:5.45pt; 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:14.65pt; 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:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:42.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">11,105</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:14.65pt; 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:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:13.25pt"><td style="width:212.3pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Capital lease obligations, including current portion</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super"> (1)</font></p></td><td style="width:7.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:42.5pt; 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'">(17,617)</font></p></td><td style="width:5.45pt; 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:14.65pt; 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: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'">$</font></p></td><td style="width:42.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(17,617)</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:14.65pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Senior and ship mortgage notes</font></p></td><td style="width:7.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:42.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(974,170)</font></p></td><td style="width:5.45pt; 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:14.65pt; 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:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:42.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(974,170)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44pt; 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:14.65pt; 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:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, including current portion</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(1)</font></p></td><td style="width:7.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:42.5pt; 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'">(308,080)</font></p></td><td style="width:5.45pt; 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:14.65pt; 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: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'">$</font></p></td><td style="width:42.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(308,080)</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:14.65pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan payable to affiliate company</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:7.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:42.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(51,240)</font></p></td><td style="width:5.45pt; 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:14.65pt; 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:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:42.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(51,240)</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'">&#xa0;</font></p></td><td style="width:14.65pt; 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:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term payable to affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:7.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:42.5pt; 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'">(6,399)</font></p></td><td style="width:5.45pt; 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:14.65pt; 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: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'">$</font></p></td><td style="width:42.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(6,399)</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:14.65pt; 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: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:39.4pt; 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'">&#8212;</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></tr><tr style="height:0pt"><td style="width:212.3pt"></td><td style="width:7.1pt"></td><td style="width:7.1pt"></td><td style="width:40.15pt"></td><td style="width:2.35pt"></td><td style="width:5.45pt"></td><td style="width:14.65pt"></td><td style="width:8.25pt"></td><td style="width:42.1pt"></td><td style="width:7.8pt"></td><td style="width:14.65pt"></td><td style="width:6.35pt"></td><td style="width:44pt"></td><td style="width:7.8pt"></td><td style="width:14.65pt"></td><td style="width:18.15pt"></td><td style="width:39.4pt"></td><td style="width:4.5pt"></td></tr></table><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: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/ Capital lease obligations 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/ payable to affiliate companies and long-term receivable from/payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty&#8217;s creditworthiness.</font></p></td></tr></table><p style="margin-top: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:146.8pt; 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:22.4pt; 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: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:22.4pt; 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: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: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:22.4pt; 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: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: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:22.4pt; 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: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:39.4pt; 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: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></tr><tr style="height:9.9pt"><td style="width:146.8pt; 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:22.4pt; 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:323pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><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:4.5pt; 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:39.6pt"><td style="width:146.8pt; 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:22.4pt; 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: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:4.5pt; 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:22.4pt; 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:66.4pt; 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">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:22.4pt; 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:69.35pt; 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><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:22.4pt; 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:63.45pt; 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">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:4.5pt; 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:12.4pt"><td style="width:146.8pt; 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:22.4pt; 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: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'">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:22.4pt; 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: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'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">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:22.4pt; 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: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:39.4pt; 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'">&#8212;</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></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 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:146.8pt; 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:22.4pt; 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: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:22.4pt; 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: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: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:22.4pt; 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: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: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:22.4pt; 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: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: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></tr><tr style="height:9.9pt"><td style="width:146.8pt; 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:22.4pt; 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:323pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><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, 2016</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></tr><tr style="height:39.6pt"><td style="width:146.8pt; 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:22.4pt; 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: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:4.5pt; 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:22.4pt; 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:66.4pt; 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">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:22.4pt; 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:69.35pt; 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><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:22.4pt; 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: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">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:4.5pt; 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:12.4pt"><td style="width:146.8pt; 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 affiliates</font></p></td><td style="width:22.4pt; 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: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'">148,095</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:22.4pt; 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: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'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">148,095</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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:22.4pt; 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: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:39.2pt; 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></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: 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, the Navios Acquisition Loan and one Navios Logistics&#8217; loan 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">Capital leases:</font><font style="font-family:'Times New Roman'"> The capital leases are fixed rate obligations and their carrying amounts approximate their fair value</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'; 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: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 payable to affiliate company:</font><font style="font-family:'Times New Roman'"> The carrying amount of the fixed rate loan approximates its fair value.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Long-term receivable from affiliate company:</font><font style="font-family:'Times New Roman'"> The carrying amount of the floating rate receivable approximates its 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'; font-weight:bold; font-style:italic">Long-term payable to affiliate companies:</font><font style="font-family:'Times New Roman'"> The carrying amount of the long-term payable approximates its 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'; 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 are reflected directly in equity unless an unrealized loss is considered &#8220;other-than-temporary&#8221;, in which case it is transferred to the consolidated statements of comprehensive (loss)/income.</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Long-term payable to affiliate companies:</font><font style="font-family:'Times New Roman'"> The carrying amount of other 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><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:579.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:1.15pt"><td style="width:221.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_3e5144f53e594609b4720b817076718c"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:7.25pt; 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="6" style="width:163.3pt; 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, 2017</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></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="6" style="width:159.15pt; 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">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 colspan="2" style="width:9.55pt; 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:1.15pt"><td style="width:221.25pt; 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:7.25pt; 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:77.05pt; 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">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:8.85pt; 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:11.75pt; 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:65.65pt; 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">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:8.75pt; 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: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:72.9pt; 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">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:8.85pt; 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:11.75pt; 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:65.65pt; 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">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:8.75pt; 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="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; 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'">Cash and cash equivalents</font></p></td><td style="width:7.25pt; 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:14.2pt; 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:62.85pt; 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'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 127,632 </font></p></td><td style="width:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 127,632 </font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; vertical-align:bottom; 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><td style="width:8.85pt; 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:11.75pt; 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:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">135,992</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:62.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6,558 </font></p></td><td style="width:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 6,558 </font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; 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><td style="width:8.85pt; 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:11.75pt; 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:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,386</font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investments in available-for-sale-securities</font></p></td><td style="width:7.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:62.85pt; 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'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 238 </font></p></td><td style="width:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; vertical-align:bottom; 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:8.85pt; 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:11.75pt; 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:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan receivable from affiliate companies</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:62.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 30,112 </font></p></td><td style="width:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 30,112 </font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">23,008</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">23,008</font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term receivable from affiliate companies</font></p></td><td style="width:7.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:62.85pt; 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:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">11,105</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">11,105</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Capital lease obligations, including current portion</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:62.85pt; 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:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(17,617)</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(17,617)</font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Senior and ship mortgage notes, net</font></p></td><td style="width:7.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:62.85pt; 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'">&#160;&#160;&#160;&#160;&#160; (1,301,999)</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (1,181,838)</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,296,537)</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(974,170)</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, including current portion</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:62.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (380,489)</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (389,332)</font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(304,682)</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(308,080)</font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan payable to affiliate company</font></p></td><td style="width:7.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:62.85pt; 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'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(49,876)</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(51,240)</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:1.15pt"><td style="width:221.25pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term payable to affiliate companies</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:62.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (76,872)</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:13.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:52.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (76,872)</font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:10.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:50pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(6,399)</font></p></td><td style="width:8.85pt; 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:11.75pt; 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:21.2pt; 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:44.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(6,399)</font></p></td><td style="width:8.75pt; 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="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:221.25pt"></td><td style="width:7.25pt"></td><td style="width:14.2pt"></td><td style="width:62.85pt"></td><td style="width:8.85pt"></td><td style="width:11.75pt"></td><td style="width:13.15pt"></td><td style="width:52.5pt"></td><td style="width:8.75pt"></td><td style="width:10.4pt"></td><td style="width:22.9pt"></td><td style="width:50pt"></td><td style="width:8.85pt"></td><td style="width:11.75pt"></td><td style="width:21.2pt"></td><td style="width:44.45pt"></td><td style="width:8.75pt"></td><td style="width:0.8pt"></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 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. There were no assets and/or liabilities measured at fair value on a recurring basis as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:47.3pt; font-size:1pt"><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:146.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_9329c94407dc429b974d0757875cad24"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:22.4pt; 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: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:22.4pt; 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: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: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:22.4pt; 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: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: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:22.4pt; 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: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:39.4pt; 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: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></tr><tr style="height:9.9pt"><td style="width:146.8pt; 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:22.4pt; 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:323pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><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:4.5pt; 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:39.6pt"><td style="width:146.8pt; 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:22.4pt; 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: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:4.5pt; 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:22.4pt; 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:66.4pt; 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">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:22.4pt; 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:69.35pt; 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><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:22.4pt; 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:63.45pt; 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">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:4.5pt; 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:12.4pt"><td style="width:146.8pt; 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:22.4pt; 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:9.6pt; 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:bottom; 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:22.4pt; 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: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'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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:22.4pt; 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: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:39.4pt; 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'">&#8212;</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></tr><tr style="height:1pt"><td style="width:146.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#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:5pt"><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:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:32.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#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:5pt"><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:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><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:5pt"><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:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:24.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:5pt"><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:5pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:146.8pt; 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">Total</font></p></td><td style="width:22.4pt; 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: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: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'; 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:22.4pt; 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><font style="font-family:'Times New Roman'; font-weight:bold">&#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">$</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">238</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td style="width: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">&#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:22.4pt; 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><font style="font-family:'Times New Roman'; font-weight:bold">&#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:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; 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></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'">&#xa0;</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&#8217;s assets measured at fair value on a non-recurring basis were:</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'">&#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:146.8pt; 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:22.4pt; 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: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:22.4pt; 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: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: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:22.4pt; 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: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: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:22.4pt; 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: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:39.4pt; 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: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></tr><tr style="height:9.9pt"><td style="width:146.8pt; 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:22.4pt; 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:323pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><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:4.5pt; 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:39.6pt"><td style="width:146.8pt; 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:22.4pt; 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: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:4.5pt; 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:22.4pt; 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:66.4pt; 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">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:22.4pt; 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:69.35pt; 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><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:22.4pt; 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:63.45pt; 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">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:4.5pt; 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:12.4pt"><td style="width:146.8pt; 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:22.4pt; 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: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'">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:22.4pt; 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: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'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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'">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:22.4pt; 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: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:39.4pt; 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'">&#8212;</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></tr></table></div><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 31, 2017 for one of its vessels, thus reducing vessel&#8217;s net book value to $16,500, as at December 31, 2017.</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:146.8pt; 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:22.4pt; 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: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:22.4pt; 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: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: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:22.4pt; 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: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: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:22.4pt; 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: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: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></tr><tr style="height:9.9pt"><td style="width:146.8pt; 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:22.4pt; 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:323pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><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, 2016</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></tr><tr style="height:39.6pt"><td style="width:146.8pt; 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:22.4pt; 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: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:4.5pt; 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:22.4pt; 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:66.4pt; 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">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:22.4pt; 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:69.35pt; 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><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:22.4pt; 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: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">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:4.5pt; 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:12.4pt"><td style="width:146.8pt; 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 affiliates</font></p></td><td style="width:22.4pt; 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: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'">148,095</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:22.4pt; 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: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'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">148,095</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width: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:22.4pt; 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: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:39.2pt; 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></tr></table></div><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 $228,026 on its investments in Navios Partners and Navios Acquisition during the year ended December 31, 2016, thus reducing their total carrying value to $148,095 as at December 31, 2016.</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 we have 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: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:212.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_077c9c5956844f138860647f0a3cc3d0"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:7.95pt; 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 colspan="2" 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:36.8pt; 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:13.35pt; 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 colspan="2" style="width:9.1pt; 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: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 colspan="2" style="width:46pt; vertical-align:middle"><p 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 colspan="4" 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 colspan="2" 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 colspan="3" 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 colspan="3" style="width:14.65pt; 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 colspan="3" 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 colspan="2" style="width:39.4pt; 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="3" 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="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:9.9pt"><td style="width:212.3pt; 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:7.95pt; 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="29" style="width:272pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><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 colspan="3" 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="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:9.9pt"><td style="width:212.3pt; 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:7.95pt; 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="3" style="width:46.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:13.35pt; 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 colspan="2" style="width:9.1pt; 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="5" style="width:64.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">(Level I)</font></p></td><td style="width: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="4" style="width:14.65pt; 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="5" 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:10.3pt; 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 colspan="3" style="width:12.15pt; 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="8" style="width:57.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; 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:4.5pt; 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:12.4pt"><td style="width:212.3pt; 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'">Cash and cash equivalents</font></p></td><td style="width:7.95pt; 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:6.25pt; 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 colspan="3" style="width:53.5pt; 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'"> 127,632 </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="2" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="4" style="width:53.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 127,632 </font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:42.95pt; 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'"> &#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:4.05pt; 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 colspan="3" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="2" style="width:26.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:7.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:53.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 6,558 </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="2" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="4" style="width:53.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 6,558 </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:14.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:42.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#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:4.05pt; 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 colspan="3" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="2" style="width:26.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Investments in available-for-sale-securities</font></p></td><td style="width:7.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:53.5pt; 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'"> 238</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="2" style="width:14.65pt; 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><td colspan="2" 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'">$</font></p></td><td colspan="4" style="width:53.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">238</font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:42.95pt; 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'"> &#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:4.05pt; 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 colspan="3" style="width:14.65pt; 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><td colspan="2" 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'">$</font></p></td><td colspan="2" style="width:26.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan receivable from affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:7.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:53.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 30,112 </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="2" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="4" style="width:53.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:14.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:42.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 30,112 </font></p></td><td style="width:4.05pt; 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 colspan="3" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="2" style="width:26.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:13.85pt"><td style="width:212.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Senior and ship mortgage notes</font></p></td><td style="width:7.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:53.5pt; 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'"> (1,181,838)</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="2" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="4" style="width:53.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (1,181,838)</font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:42.95pt; 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'"> &#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:4.05pt; 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 colspan="3" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="2" style="width:26.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:14.05pt"><td style="width:212.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, including current portion</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(1)</font></p></td><td style="width:7.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:53.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (389,332)</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="2" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="4" style="width:53.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:14.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:42.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> (389,332)</font></p></td><td style="width:4.05pt; 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 colspan="3" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="2" style="width:26.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term payable to affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:7.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:53.5pt; 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'"> (76,872)</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="2" style="width:14.65pt; 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 colspan="2" 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'">$</font></p></td><td colspan="4" style="width:53.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> &#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="3" style="width:42.95pt; 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'"> (76,872)</font></p></td><td style="width:4.05pt; 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 colspan="3" style="width:14.65pt; 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 colspan="2" 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 colspan="2" style="width:26.9pt; 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><font style="font-family:'Times New Roman'"> </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 style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:212.3pt"></td><td style="width:7.95pt"></td><td style="width:6.25pt"></td><td style="width:3.35pt"></td><td style="width:36.8pt"></td><td style="width:13.35pt"></td><td style="width:1pt"></td><td style="width:8.1pt"></td><td style="width:6.55pt"></td><td style="width:4.6pt"></td><td style="width:6.55pt"></td><td style="width:39.45pt"></td><td style="width:7.8pt"></td><td style="width:1pt"></td><td style="width:5.55pt"></td><td style="width:1pt"></td><td style="width:0.3pt"></td><td style="width:7.8pt"></td><td style="width:3.35pt"></td><td style="width:3.2pt"></td><td style="width:11.15pt"></td><td style="width:24.85pt"></td><td style="width:7.8pt"></td><td style="width:10.3pt"></td><td style="width:4.05pt"></td><td style="width:0.3pt"></td><td style="width:7.8pt"></td><td style="width:6.55pt"></td><td style="width:3.8pt"></td><td style="width:14.35pt"></td><td style="width:25.05pt"></td><td style="width:1.85pt"></td><td style="width:1pt"></td><td style="width:1.65pt"></td><td style="width:3.3pt"></td><td style="width:32.7pt"></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: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:212.3pt; 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:7.1pt; 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:7.1pt; 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:40.15pt; 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 colspan="2" 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:14.65pt; 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: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:42.1pt; 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: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:14.65pt; 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:6.35pt; 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:44pt; vertical-align:middle"><p 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:14.65pt; 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: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:39.4pt; 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: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></tr><tr style="height:9.9pt"><td style="width:212.3pt; 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:7.1pt; 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="15" style="width:272.85pt; 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 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, 2016</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></tr><tr style="height:9.9pt"><td style="width:212.3pt; 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:7.1pt; 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:47.25pt; 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">Total</font></p></td><td colspan="2" 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:14.65pt; 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: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 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:14.65pt; 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: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:14.65pt; 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:57.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; 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:4.5pt; 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:12.4pt"><td style="width:212.3pt; 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:7.1pt; 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:7.1pt; 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 colspan="2" style="width:42.5pt; 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'">135,992</font></p></td><td style="width:5.45pt; 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:14.65pt; 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: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'">$</font></p></td><td style="width:42.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">135,992</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44pt; vertical-align:bottom; 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:14.65pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:7.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:42.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,386</font></p></td><td style="width:5.45pt; 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:14.65pt; 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:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:42.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">5,386</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44pt; 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:14.65pt; 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:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan receivable from affiliate company</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:7.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:42.5pt; 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'">23,008</font></p></td><td style="width:5.45pt; 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:14.65pt; 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: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'">$</font></p></td><td style="width:42.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">23,008</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:14.65pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:10.05pt"><td style="width:212.3pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term receivable from affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super"> (2)</font></p></td><td style="width:7.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:42.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">11,105</font></p></td><td style="width:5.45pt; 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:14.65pt; 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:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:42.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">11,105</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:14.65pt; 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:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:13.25pt"><td style="width:212.3pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Capital lease obligations, including current portion</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super"> (1)</font></p></td><td style="width:7.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:42.5pt; 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'">(17,617)</font></p></td><td style="width:5.45pt; 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:14.65pt; 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: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'">$</font></p></td><td style="width:42.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(17,617)</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:14.65pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Senior and ship mortgage notes</font></p></td><td style="width:7.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:42.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(974,170)</font></p></td><td style="width:5.45pt; 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:14.65pt; 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:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:42.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(974,170)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44pt; 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:14.65pt; 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:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term debt, including current portion</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(1)</font></p></td><td style="width:7.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:42.5pt; 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'">(308,080)</font></p></td><td style="width:5.45pt; 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:14.65pt; 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: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'">$</font></p></td><td style="width:42.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(308,080)</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:14.65pt; 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: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'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Loan payable to affiliate company</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:7.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:42.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(51,240)</font></p></td><td style="width:5.45pt; 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:14.65pt; 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:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:42.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(51,240)</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'">&#xa0;</font></p></td><td style="width:14.65pt; 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:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:212.3pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:0pt; text-indent:-8.8pt; font-size:12pt"><font style="font-family:'Times New Roman'">Long-term payable to affiliate companies</font><font style="font-family:'Times New Roman'; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:7.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" style="width:42.5pt; 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'">(6,399)</font></p></td><td style="width:5.45pt; 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:14.65pt; 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: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'">$</font></p></td><td style="width:42.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:44pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(6,399)</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:14.65pt; 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: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:39.4pt; 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'">&#8212;</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></tr><tr style="height:0pt"><td style="width:212.3pt"></td><td style="width:7.1pt"></td><td style="width:7.1pt"></td><td style="width:40.15pt"></td><td style="width:2.35pt"></td><td style="width:5.45pt"></td><td style="width:14.65pt"></td><td style="width:8.25pt"></td><td style="width:42.1pt"></td><td style="width:7.8pt"></td><td style="width:14.65pt"></td><td style="width:6.35pt"></td><td style="width:44pt"></td><td style="width:7.8pt"></td><td style="width:14.65pt"></td><td style="width:18.15pt"></td><td style="width:39.4pt"></td><td style="width:4.5pt"></td></tr></table><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: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/ Capital lease obligations 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/ payable to affiliate companies and long-term receivable from/payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty&#8217;s creditworthiness.</font></p></td></tr></table><p style="margin-top: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:192.35pt; 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:12.85pt; 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:6.95pt; 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:49.4pt; 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: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:12.85pt; 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:16.9pt; 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: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:12.85pt; 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:18.05pt; 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: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:12.85pt; 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:18pt; vertical-align:middle"><p 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:middle"><p 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></tr><tr style="height:40.7pt"><td style="width:192.35pt; 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:12.85pt; 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:12.85pt; 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:12.85pt; 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:12.85pt; 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">Aggregate</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">fair 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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; font-weight:bold">Options</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; 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: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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; 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, 2014</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,804,594</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">&#xa0;</font><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">4.57</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">4.64</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">&#xa0;</font><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">8,410</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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Vested at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2014</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">1,643,665</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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Exercisable at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2014</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,500,476</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Forfeited or expired</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">(159,828</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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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'">(193</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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Granted</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,000,000</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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'">1.2</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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'">552</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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; 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:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:49.4pt; 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">6,644,766</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:12.85pt; 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><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">&#xa0;</font><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">4.09</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:12.85pt; 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><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:12.85pt; 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><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">&#xa0;</font><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">730,592</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">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:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">730,592</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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Forfeited or expired</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(348,520</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Granted</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">2,500,000</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:12.85pt; 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><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'">1.2</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:12.85pt; 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><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:12.85pt; 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><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; 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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,796,246</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">&#xa0;</font><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">3.20</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">&#xa0;</font><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,210,824</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; 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: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:12.85pt; 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: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">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:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">1,210,824</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:12.85pt; 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><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:12.85pt; 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: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:12.85pt; 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: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Forfeited or expired</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(891,670)</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; 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: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:12.85pt; 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: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Granted</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">&#8212;</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:12.85pt; 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><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:12.85pt; 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: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:12.85pt; 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: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; 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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">7,904,576</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">&#xa0;</font><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">2.98</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:12.85pt; 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: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">3.80</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:12.85pt; 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: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">7,539</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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; font-weight:bold">Restricted stock and restricted stock units</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; 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: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:12.85pt; 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><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:12.85pt; 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: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:12.85pt; 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: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; 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, 2014</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,997,344</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">&#xa0;</font><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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">2.00</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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><font style="font-family:'Times New Roman'; font-weight:bold">&#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'; font-weight:bold">10,899</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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Granted</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">2,540,000</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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Vested</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(812,847</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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'">(5,746</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'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Forfeited or expired</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">(3,538</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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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'">(15</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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; 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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,720,959</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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><font style="font-family:'Times New Roman'; font-weight:bold">&#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'; 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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">&#xa0;</font><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Granted</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">2,540,000</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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Vested</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,755,017</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Forfeited or expired</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">(3,408</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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; 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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,502,534</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Granted</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">4,353,975</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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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'">42</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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Vested</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,839,195)</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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'">(2,630</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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Forfeited or expired</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">&#8212;</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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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><font style="font-family:'Times New Roman'"> </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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; 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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">7,017,314</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">3.21</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">3,512</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></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 12: 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, 2017, 2016 and 2015, were approximately $115, $69 and $96, respectively, which included a discretionary contribution of $22, $0, and $14, 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'">On December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2014, the Company awarded shares of restricted stock and restricted stock units to its employees, officers and directors and stock options to its officers and directors, which vest all at once upon achievement of the internal performance criteria. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2015, the Company determined that it was probable that the performance criteria of these awards would be met and recognized a compensation expense of $2,615.</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, 2017, 2016 and 2015, 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: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:74.25pt"><td style="width:27pt; 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:5.35pt; 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:474.35pt; 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 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 (143,189), 2013 (153,556), 2012 (29,251), 2011 (130,578)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">and 2010 (130,577)</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 year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, 2016 and 2015. 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-left:4.4pt; margin-bottom:0pt; text-indent:22pt; 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: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:51.9pt"><td style="width:27pt; 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:5.35pt; 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:474.35pt; 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:27pt; 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:5.35pt; 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:474.35pt; 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:61.9pt"><td style="width:27pt; 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:5.35pt; 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:474.35pt; 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 2017, 2016 and 2015.</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 $1.27 and $1.27, 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 $0.78 and $1.20, 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, 2015 was $0.55 and $1.20, 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 $4,296, $3,446 and $5,591 for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, 2016 and 2015, respectively and it was reflected in general and administrative expenses on the consolidated statements of comprehensive (loss)/income. 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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:6.95pt; 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:49.4pt; 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: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:12.85pt; 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:16.9pt; 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: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:12.85pt; 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:18.05pt; 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: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:12.85pt; 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:18pt; vertical-align:middle"><p 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:middle"><p 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></tr><tr style="height:40.7pt"><td style="width:192.35pt; 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:12.85pt; 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:12.85pt; 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:12.85pt; 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:12.85pt; 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">Aggregate</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">fair 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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; font-weight:bold">Options</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; 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: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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; 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, 2014</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,804,594</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">&#xa0;</font><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">4.57</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">4.64</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">&#xa0;</font><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">8,410</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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Vested at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2014</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">1,643,665</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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Exercisable at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2014</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,500,476</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Forfeited or expired</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">(159,828</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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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'">(193</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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Granted</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,000,000</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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'">1.2</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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'">552</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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; 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:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:49.4pt; 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">6,644,766</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:12.85pt; 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><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">&#xa0;</font><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">4.09</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:12.85pt; 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><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:12.85pt; 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><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">&#xa0;</font><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">730,592</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">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:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">730,592</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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Forfeited or expired</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(348,520</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Granted</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">2,500,000</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:12.85pt; 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><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'">1.2</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:12.85pt; 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><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:12.85pt; 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><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; 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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,796,246</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">&#xa0;</font><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">3.20</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">&#xa0;</font><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,210,824</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; 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: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:12.85pt; 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: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">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:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">1,210,824</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:12.85pt; 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><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:12.85pt; 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: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:12.85pt; 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: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Forfeited or expired</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(891,670)</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; 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: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:12.85pt; 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: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Granted</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">&#8212;</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:12.85pt; 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><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:12.85pt; 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: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:12.85pt; 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: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; 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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">7,904,576</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">&#xa0;</font><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">2.98</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:12.85pt; 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: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">3.80</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:12.85pt; 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: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">7,539</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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; font-weight:bold">Restricted stock and restricted stock units</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; 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: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:12.85pt; 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><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:12.85pt; 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: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:12.85pt; 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: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; 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, 2014</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,997,344</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">&#xa0;</font><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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">2.00</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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><font style="font-family:'Times New Roman'; font-weight:bold">&#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'; font-weight:bold">10,899</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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Granted</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">2,540,000</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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Vested</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(812,847</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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'">(5,746</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'">)</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Forfeited or expired</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">(3,538</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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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'">(15</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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; 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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,720,959</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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><font style="font-family:'Times New Roman'; font-weight:bold">&#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'; 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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">&#xa0;</font><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Granted</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">2,540,000</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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Vested</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,755,017</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Forfeited or expired</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">(3,408</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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; 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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,502,534</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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: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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Granted</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">4,353,975</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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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'">42</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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Vested</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1,839,195)</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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'">(2,630</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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'">Forfeited or expired</font></p></td><td style="width:12.85pt; 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><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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></p></td><td style="width:49.4pt; 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'">&#8212;</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:12.85pt; 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><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:12.85pt; 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><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:12.85pt; 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><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><font style="font-family:'Times New Roman'"> </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></tr><tr style="height:12.4pt"><td style="width:192.35pt; 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'; 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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:6.95pt; 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:49.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">7,017,314</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">3.21</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:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size: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">3,512</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></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 $785 and $7,271, respectively, as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017 and is expected to be recognized over the weighted average period of 2.93 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 13: 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, 2017, the Company was contingently liable for letters of guarantee and letters of credit amounting to $590 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016: $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:6.6pt; 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 a newbuilding bulk carrier vessel of about 82,000 dwt, expected to be delivered in the fourth quarter of 2019. The Company has agreed to pay in total $5,410 representing a deposit for the option to acquire the vessel, of which $2,705 was paid during the year ended December 31, 2017. The total amount of $2,724, 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, 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 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'">As of December 31, 2017, Navios Logistics had operating lease obligations relating to chartered-in barges through March 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'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, Navios Logistics had obligations related to the construction of </font><font style="font-family:'Times New Roman'">three new pushboats and the construction of a river and estuary tanker (including supervision costs) and the construction of covers for barges of $580, $9,024 and $486,&#160; respectively, until the second quarter of 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'">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 31, 2016.</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'">On February 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 was 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 March</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2016, Navios Logistics received written notice from Vale stating that Vale will not be performing the service contract entered into between CNSA and Vale on September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">27, 2013, relating to the iron ore port facility in Nueva Palmira, Uruguay. Navios Logistics initiated arbitration proceedings in London on June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">10, 2016 pursuant to the dispute resolution provisions of the service contract. On December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">20, 2016, a London arbitration tribunal ruled that the Vale port contract remains in full force and effect. If Vale were to further repudiate or renounce the contract, Navios Logistics may elect to terminate the contract and then would be entitled to damages calculated by reference to guaranteed volumes and agreed tariffs for the remaining period of the 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'">On October</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">7, 2016, a putative class action complaint was filed against the Company and six of its directors in the United States District Court for the Southern District of New York by a purported holder of Series G American Depositary Shares and Series H American Depositary Shares. The complaint asserts claims for breach of fiduciary duty and contract. The complaint sought, among other things, unspecified monetary damages, a declaration regarding certain of the Company&#8217;s alleged obligations under the applicable certificates of designation, the restoration of certain alleged rights to non-tendering holders if the exchange offer that commenced on September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">19, 2016 was consummated, and an award of plaintiff&#8217;s costs. On November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">28, 2016, plaintiff&#8217;s counsel informed the Court that the litigation was moot in light of the failure of the consent solicitation (which did not attain the necessary support from the holders of Series G American Depositary Shares and Series H American Depositary Shares). On January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">10, 2017, plaintiff&#8217;s counsel submitted a motion for attorneys&#8217; fees to which the Company submitted an opposition brief on February</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">3, 2017, which requested that the Court deny the request for attorneys&#8217; fees in its entirety. Plaintiff&#8217;s counsel&#8217;s motion for attorney&#8217;s fees was fully briefed on February</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">17, 2017. On September</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">26, 2017, the Court issued a decision denying plaintiff&#8217;s application for an award of attorneys&#8217; fees and requiring that any party wishing to restore the case to the Court&#8217;s active docket do so by October</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">10, 2017. No party requested that the case be restored to the active docket by the October</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">10, 2017 deadline. No appeal of the Court&#8217;s denial of plaintiff&#8217;s application for an award of attorneys&#8217; fees has been taken to date and the time to file an appeal has expired.</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 1, 2016, Navios Holdings was named as a defendant in a putative shareholder derivative lawsuit brought by two alleged shareholders of Navios Acquisition purportedly on behalf of nominal defendant, Navios Acquisition, in the United States District Court for the Southern District of New York, captioned</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Metropolitan Capital Advisors International Ltd., et al. v. Navios Maritime</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Holdings, Inc. et al., No. 1:16-cv-02437. The lawsuit challenged the March 9, 2016 loan agreement between Navios Holdings and Navios Acquisition pursuant to which Navios Acquisition agreed to provide a $50,000 credit facility (the &#8220;Revolver&#8221;) to 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'">On April 14, 2016, Navios Holdings and Navios Acquisition announced that the Revolver had been cancelled, and that no borrowings had been made under the Revolver. In June 2016, the parties reached an agreement resolving the plaintiffs&#8217; application for attorneys&#8217; fees and expenses which was approved by an order of the Court. The litigation was dismissed upon notice of the order being provided to Navios Acquisition&#8217;s shareholders via the inclusion of the order as an attachment to a Navios Acquisition Form 6-K and the payment of $775 by Navios Acquisition in satisfaction of the plaintiffs&#8217; request for attorneys&#8217; fees and expenses. A copy of the order was provided as an exhibit to Navios Acquisition&#8217;s Form 6-K filed with the Securities and Exchange Commission on June 9, 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 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:4pt"><td style="width:202.85pt; 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: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></p></td><td style="width:7.75pt; 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:47pt; vertical-align:middle"><p 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: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></p></td><td colspan="2" style="width:25.6pt; 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 colspan="2" style="width:33pt; vertical-align:middle"><p 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 colspan="2" 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></p></td><td colspan="2" style="width:21.25pt; 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 colspan="2" 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></tr><tr style="height:29.7pt"><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="4" style="width:58.6pt; 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">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 colspan="2" 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="4" 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:4.5pt; 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:10.7pt"><td style="width:202.85pt; 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'">2018</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:7.75pt; 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 style="width:47pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 119,023 </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: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'">$</font></p></td><td colspan="2" style="width:36.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 8,725 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:21.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" 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'">1,992</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="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:202.85pt; 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'">2019</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:7.75pt; 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:47pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 96,048 </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: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 colspan="2" style="width:36.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 19,316 </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: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 colspan="2" 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 colspan="2" 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'">1,314</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="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:202.85pt; 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'">2020</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:7.75pt; 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:47pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 82,638 </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: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 colspan="2" style="width:36.1pt; 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'"> 20,945 </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 colspan="2" 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 colspan="2" 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 colspan="2" 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'">509</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="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:202.85pt; 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'">2021</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:7.75pt; 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:47pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 63,040 </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: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 colspan="2" style="width:36.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 10,807 </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: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 colspan="2" 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 colspan="2" 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'">184</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="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:202.85pt; 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'">2022</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:7.75pt; 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:47pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 43,689 </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'">&#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: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 colspan="2" style="width:36.1pt; 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'"> 10,109 </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 colspan="2" 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 colspan="2" 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 colspan="2" 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'">&#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: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="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:202.85pt; 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'">2023 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:7.75pt; 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:47pt; 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'"> 77,828 </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:18pt; 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:36.1pt; 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'"> 19,371 </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: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 colspan="2" 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 colspan="2" 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'">&#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: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="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:202.85pt; 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</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:7.75pt; 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">$</font></p></td><td style="width:47pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;</font><font style="font-family:'Times New Roman'; font-weight:bold">482,266 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td colspan="2" style="width:36.1pt; 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; 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">89,273 </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 colspan="2" 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 colspan="2" 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 colspan="2" 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'">&#160;</font><font style="font-family:'Times New Roman'; font-weight:bold">3,999 </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="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:202.85pt"></td><td style="width:22.6pt"></td><td style="width:7.75pt"></td><td style="width:47pt"></td><td style="width:4.5pt"></td><td style="width:22.6pt"></td><td style="width:18pt"></td><td style="width:7.6pt"></td><td style="width:28.5pt"></td><td style="width:4.5pt"></td><td style="width:4.5pt"></td><td style="width:18.1pt"></td><td style="width:4.5pt"></td><td style="width:16.75pt"></td><td style="width:4.5pt"></td><td style="width:34.7pt"></td><td style="width:4.5pt"></td><td style="width:4.5pt"></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:261.2pt; 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:14.15pt; 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:15.9pt; 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:39.25pt; 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: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:14.15pt; 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:15.6pt; 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: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:4.5pt; 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></tr><tr style="height:19.8pt"><td style="width:261.2pt; 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 style="width:14.15pt; 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:55.15pt; 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">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: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:14.15pt; 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:56.6pt; 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">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: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></tr><tr style="height:12.4pt"><td style="width:261.2pt; 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'">2018</font></p></td><td style="width:14.15pt; 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:15.9pt; 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'">35,420</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:14.15pt; 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:15.6pt; 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: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'">138,384</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></tr><tr style="height:12.4pt"><td style="width:261.2pt; 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'">2019</font></p></td><td style="width:14.15pt; 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:15.9pt; 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: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'">2,458</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:14.15pt; 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:15.6pt; 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: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'">104,721</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></tr><tr style="height:12.4pt"><td style="width:261.2pt; 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'">2020</font></p></td><td style="width:14.15pt; 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:15.9pt; 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: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:14.15pt; 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:15.6pt; 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: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'">77,209</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></tr><tr style="height:12.4pt"><td style="width:261.2pt; 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'">2021</font></p></td><td style="width:14.15pt; 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:15.9pt; 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: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: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:14.15pt; 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:15.6pt; 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: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'">62,290</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></tr><tr style="height:12.4pt"><td style="width:261.2pt; 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</font></p></td><td style="width:14.15pt; 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:15.9pt; 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: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:14.15pt; 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:15.6pt; 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: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'">55,450</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></tr><tr style="height:12.4pt"><td style="width:261.2pt; 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'">2023 and thereafter</font></p></td><td style="width:14.15pt; 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:15.9pt; 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></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'; font-size:8pt">&#xa0;</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: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:14.15pt; 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:15.6pt; 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'">&#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'">699,388</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></tr><tr style="height:12.4pt"><td style="width:261.2pt; 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 minimum revenue, net of commissions</font></p></td><td style="width:14.15pt; 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:15.9pt; 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: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">37,878</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:14.15pt; 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:15.6pt; 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:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,137,442</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></tr><tr style="height:4pt"><td style="width:261.2pt; 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 style="width:14.15pt; 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:15.9pt; 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: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: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:14.15pt; 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:15.6pt; 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: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: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></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 14: 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, 2017, 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: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:4pt"><td style="width:202.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_dc0e83acb14f4b7db80e7d21b845afd6"><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></p></td><td style="width:7.75pt; 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:47pt; vertical-align:middle"><p 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: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></p></td><td colspan="2" style="width:25.6pt; 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 colspan="2" style="width:33pt; vertical-align:middle"><p 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 colspan="2" 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></p></td><td colspan="2" style="width:21.25pt; 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 colspan="2" 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></tr><tr style="height:29.7pt"><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="4" style="width:58.6pt; 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">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 colspan="2" 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="4" 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:4.5pt; 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:10.7pt"><td style="width:202.85pt; 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'">2018</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:7.75pt; 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 style="width:47pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 119,023 </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: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'">$</font></p></td><td colspan="2" style="width:36.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 8,725 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:21.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td colspan="2" 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'">1,992</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="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:202.85pt; 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'">2019</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:7.75pt; 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:47pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 96,048 </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: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 colspan="2" style="width:36.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 19,316 </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: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 colspan="2" 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 colspan="2" 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'">1,314</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="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:202.85pt; 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'">2020</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:7.75pt; 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:47pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 82,638 </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: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 colspan="2" style="width:36.1pt; 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'"> 20,945 </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 colspan="2" 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 colspan="2" 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 colspan="2" 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'">509</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="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:202.85pt; 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'">2021</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:7.75pt; 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:47pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 63,040 </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: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 colspan="2" style="width:36.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 10,807 </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: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 colspan="2" 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 colspan="2" 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'">184</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="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:202.85pt; 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'">2022</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:7.75pt; 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:47pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'"> 43,689 </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'">&#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: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 colspan="2" style="width:36.1pt; 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'"> 10,109 </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 colspan="2" 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 colspan="2" 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 colspan="2" 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'">&#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: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="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:202.85pt; 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'">2023 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:7.75pt; 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:47pt; 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'"> 77,828 </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:18pt; 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:36.1pt; 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'"> 19,371 </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: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 colspan="2" 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 colspan="2" 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'">&#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: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="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:202.85pt; 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</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:7.75pt; 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">$</font></p></td><td style="width:47pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#160;</font><font style="font-family:'Times New Roman'; font-weight:bold">482,266 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:22.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</font></p></td><td colspan="2" style="width:36.1pt; 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; 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">89,273 </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 colspan="2" 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 colspan="2" 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 colspan="2" 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'">&#160;</font><font style="font-family:'Times New Roman'; font-weight:bold">3,999 </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="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:202.85pt"></td><td style="width:22.6pt"></td><td style="width:7.75pt"></td><td style="width:47pt"></td><td style="width:4.5pt"></td><td style="width:22.6pt"></td><td style="width:18pt"></td><td style="width:7.6pt"></td><td style="width:28.5pt"></td><td style="width:4.5pt"></td><td style="width:4.5pt"></td><td style="width:18.1pt"></td><td style="width:4.5pt"></td><td style="width:16.75pt"></td><td style="width:4.5pt"></td><td style="width:34.7pt"></td><td style="width:4.5pt"></td><td style="width:4.5pt"></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 $122,668, $84,114 and $134,364, 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, 2017, 2016 and 2015, respectively. 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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 in 2019. The Company also leases office space in Monaco pursuant to a lease that expires in June 2018. The Company also leases office space in Antwerp, Belgium pursuant to a lease that expires in 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'">Navios Logistics&#8217; subsidiaries lease various premises in Argentina and Paraguay that expire on various dates through 2021. The above table incorporates the lease commitments on all offices as disclosed above.</font></p><p style="margin-top:13.2pt; 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 and (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">for the Company&#8217;s logistics business, expected to be earned on non-cancelable time charters, COA&#8217;s with minimum guaranteed volumes and contracts with minimum guaranteed throughput in Navios Logistics&#8217; ports, 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="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:3.3pt"><td style="width:261.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_8d8c252bf27342a383d69dabc8613b7a"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:14.15pt; 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:15.9pt; 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:39.25pt; 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: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:14.15pt; 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:15.6pt; 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: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:4.5pt; 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></tr><tr style="height:19.8pt"><td style="width:261.2pt; 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 style="width:14.15pt; 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:55.15pt; 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">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: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:14.15pt; 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:56.6pt; 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">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: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></tr><tr style="height:12.4pt"><td style="width:261.2pt; 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'">2018</font></p></td><td style="width:14.15pt; 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:15.9pt; 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'">35,420</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:14.15pt; 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:15.6pt; 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: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'">138,384</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></tr><tr style="height:12.4pt"><td style="width:261.2pt; 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'">2019</font></p></td><td style="width:14.15pt; 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:15.9pt; 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: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'">2,458</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:14.15pt; 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:15.6pt; 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: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'">104,721</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></tr><tr style="height:12.4pt"><td style="width:261.2pt; 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'">2020</font></p></td><td style="width:14.15pt; 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:15.9pt; 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: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:14.15pt; 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:15.6pt; 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: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'">77,209</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></tr><tr style="height:12.4pt"><td style="width:261.2pt; 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'">2021</font></p></td><td style="width:14.15pt; 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:15.9pt; 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: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: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:14.15pt; 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:15.6pt; 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: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'">62,290</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></tr><tr style="height:12.4pt"><td style="width:261.2pt; 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</font></p></td><td style="width:14.15pt; 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:15.9pt; 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: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:14.15pt; 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:15.6pt; 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: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'">55,450</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></tr><tr style="height:12.4pt"><td style="width:261.2pt; 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'">2023 and thereafter</font></p></td><td style="width:14.15pt; 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:15.9pt; 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></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'; font-size:8pt">&#xa0;</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: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:14.15pt; 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:15.6pt; 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'">&#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'">699,388</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></tr><tr style="height:12.4pt"><td style="width:261.2pt; 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 minimum revenue, net of commissions</font></p></td><td style="width:14.15pt; 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:15.9pt; 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: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">37,878</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:14.15pt; 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:15.6pt; 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:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,137,442</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></tr><tr style="height:4pt"><td style="width:261.2pt; 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 style="width:14.15pt; 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:15.9pt; 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: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: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:14.15pt; 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:15.6pt; 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: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: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></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><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; future minimum revenue, as presented in the table above, expected to be earned on non-cancelable contracts under time charter after the successful completion of the construction of a river and estuary tanker, is $41,380 for a period of five years, based on current contract rates.</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: 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;943 (approximately $1,065) and the lease agreements continue to be effective until either party terminates the agreement or until they expire in 2019. 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 utilizes its affiliate company, Acropolis, as a broker. 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, 2017, 2016 and 2015 were $0, $0 and $6, respectively. 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, 2017 and 2016 was an amount due to Acropolis of $76 and $76, 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">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 May 2012 and 2013, the Company entered into two charters with Navios Partners for the Navios Aldebaran and the Navios Prosperity. On February</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">11, 2015, the Company and Navios Partners entered into a novation agreement whereby the rights to the time charter contract of the Navios Aldebaran and the Navios Prosperity were transferred to Navios Holdings on February</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">28 and March</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">5, 2015, 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'">In 2012 and 2013, the Company entered into various charters with Navios Partners for the Navios Apollon, Navios Libra, Navios Felicity and Navios Hope. In April 2015, these charters were further extended for approximately one year at a net daily rate of $12.5, $12.0, $12.0, $10.0 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 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, 2017, 2016 and 2015 was $651, $1,711 and $39,727, 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 each of October 2013, August 2014, and February 2015, the Company amended its existing management agreement with Navios Partners to fix the fees for ship management services of its owned fleet at: (i) $4.0 daily rate per Ultra-Handymax vessel; (ii) $4.1 daily rate per Panamax vessel; (iii) $5.1 daily rate per Capesize vessel; (iv) $6.5 daily rate per container vessel of TEU 6,800; (v) $7.2 daily rate per container vessel of more than TEU 8,000; and (vi) $8.5 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, 2015. In February 2016, the Company further 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, 2017, 2016 and 2015 amounted to $62,157, $59,209 and $56,504, 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'">Effective August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016, Navios Partners could, upon request to Navios Holdings, partially or fully defer the reimbursement of dry docking and other extraordinary fees and expenses under the management agreement to a later date, but not later than January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">5, 2018, and if reimbursed on a later date, such amounts would bear interest at a rate of 1% per annum over LIBOR. Total amount due from Navios Partners as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017 amounted to $0 (December 31, 2016: $11,105) and is presented under the caption &#8220;Long-term receivable from affiliate company&#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. 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, 2017, 2016 and 2015 amounted to $94,973, $97,866 and $95,336, 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, 2017, 2016 and 2015 amounted to $21,472, $20,855 and $20,383, 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 31, 2018. Drydocking expenses under this agreement will be reimbursed at cost at occurrence for all vessels. The term of this agreement is for a period of five years. 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, 2017, 2016 and 2015 amounted to $20,805, $20,862 and $17,613, 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'">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 year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, 2016 and 2015 amounted to $22,055, $23,527 and $9,581, 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, 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 for 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 4,250 TEU, 3,450</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">TEU and 5,500 TEU container vessels. Drydocking expenses under this agreement are reimbursed by Navios Containers at cost. Total management fees for the period ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017 amounted to $16,702 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, 2017, 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, 2017 and December 31, 2016, the fair value of the claim was estimated at $20,000 and $19,739, respectively and included in &#8220;Other long-term liabilities and deferred income&#8221; in the consolidated balance sheet. </font><font style="font-family:'Times New Roman'">The final settlement of the amount due will take place at anytime but in no case later than December 31, 2019, in accordance with a letter of agreement effective as of December 29, 2017. </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, 2015, the Company initially recognized this claim as &#8220;Other expense&#8221; in the consolidated statement 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'; 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, 2017, 2016 and 2015 amounted to $8,347, $7,751 and $6,205, 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, 2017, 2016 and 2015 amounted to $9,000, $9,427 and $7,608, 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 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, 2017, 2016 and 2015 amounted to $1,000, $1,000 and $760, respectively. 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, 2017, 2016 and 2015 amounted to $1,187, $1,300 and $800, 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. 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, 2017, 2016 and 2015 amounted to $1,500, $1,500 and $1,014, 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, 2017, 2016 and 2015, amounted to $1,766, $1,820 and $550, 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 December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, amounted to $1,868.</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'">Administrative services under these agreements include bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, investor relations and other 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'; 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, 2017 amounted to $8,315 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016: $8,664), and the Long-term payable to Navios Partners amounted to $14,891 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016: $0). Balance due to Navios Acquisition as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017 amounted to $2,800 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016: $19,383), and the Long-term payable to Navios Acquisition amounted to $15,236 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016: $6,399). 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, 2017 amounted to $990 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016: $4,800), and the Long-term payable to Navios Midstream amounted to $4,554 (December 31, 2016: $0). Balance due to Navios Containers as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017 amounted to $3,334 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016: $0), and the Long-term payable to Navios Containers amounted to $7,965 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016: $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 balances mainly consisted of management fees, administrative fees, drydocking 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 Partners and Navios Midstream, pursuant to which Navios Acquisition, Navios Holdings, Navios Partners, Navios Midstream 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, Navios Partners and Navios Midstream 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, 2017, 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, 2017 and 2016, the unamortized deferred gain for all vessels and rights sold totaled $9,955 and $11,846, respectively. For the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, 2016 and 2015, Navios Holdings recognized $1,892, $1,833 and $2,621 of the deferred gain, respectively, in &#8220;Equity/(loss) in net 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 8 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, and March</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">23, 2017, and March</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017 for the purchase up to a total of 1,313,399 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 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'">In 2010, Navios Acquisition entered into a $40,000 credit facility with Navios Holdings, which matured in December 2015. The facility was available for multiple drawings up to a limit of $40,000 and had a margin of LIBOR plus 300 basis points. 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, 2017 and 2016, there was no outstanding amount under this 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'; 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, 2017 and 2016, 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, 2017 amounted to $7,176 (December 31, 2016: $2,376) which included the net current amount receivable of $4,002 (December 31, 2016: $145) mainly consisting of management fees, accrued interest income earned under the Navios Revolving Loans I (as defined in Note 8) and other expenses and the non-current amount of $3,174 (December 31, 2016: $2,231) related to the accrued interest income earned under the Navios Term Loans I (as defined in Note 8).</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, 2017 and 2016, the outstanding amount relating to Navios Holdings&#8217; portion under the Navios Revolving Loans I was $11,125 and $7,125, respectively, under the caption &#8220;Loan receivable from affiliate companies&#8221;. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, the amount undrawn under the Revolving Loans I was $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'">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</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">8. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, the balance payable to Navios Partners amounted to $34,227, including the unamortized premium of $10,390.</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, 2017, amounted to $2,440 (December 31, 2016: $10,453), which included the net current payable amount of $1,310 (December 31, 2016: $8,402), mainly consisting of management fees and accrued interest income earned under the Navios Revolving Loans II (as defined in Note 8) and other expenses and the non-current amount receivable of $3,750 (December 31, 2016: $2,051) related to the accrued interest income earned under the Navios Term Loans II (as defined in Note 8).</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, 2017, the outstanding amount relating to Navios Holdings&#8217; portion under the Navios Revolving Loans II was $12,063 (December 31, 2016: $11,602), under the caption &#8220;Loan receivable from affiliate companies.&#8221; In March 2017, the amount undrawn from the Navios Revolving Loans II increased by $14,000. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, the amount undrawn from the Navios Revolving Loans II was $15,003, of which Navios Holdings may be required to fund an amount ranging from $0 to $15,003. </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: PREFERRED AND COMMON STOCK</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:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">During 2017, 843,332 restricted stock units, issued to the Company&#8217;s employees in 2016, vested.</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 2016, 24,970 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 2015, 16,960 restricted stock units, issued to the Company&#8217;s employees in 2013 and 2012, 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, 2017 and 2016, 4,232 and 2,908 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, 2017, 2,436 shares of convertible preferred stock were converted into 1,740,000 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.&#160; Following this conversion, the Company cancelled the undeclared preferred dividend of the converted shares of $702, and issued 50,150 shares of common stock with a fair value of $84 at the date of issuance (See also note 19).</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:19.8pt; 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></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 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 7,589,176 shares of common stock, with a fair value of $7,893 at the date of the issuance.</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'">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 625,815 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 19).</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, 2017 were $19,693 (net of cancelled dividends). </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</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:6.6pt; margin-bottom:0pt; text-indent:47.3pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</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">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 11, 2017, pursuant to the stock plan approved by the Board of Directors, 4,320,975 common stock was granted to Navios Holdings employees, officers and directors and issued on January 16, 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, 2015, pursuant to the stock plan approved by the Board of Directors, Navios Holdings granted to its employees, officers and directors 2,540,000 shares of restricted common stock and 1,000,000 stock options.</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:13.2pt; 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,&#160; 948,584 shares, were repurchased under this program, for a total consideration of $818. In total, up until February 2016, 1,147,908 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, 2017 and 2016, 120,386,472 and 117,131,407 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) and 49,504 (14,551 Series G, 29,018 Series H and 5,935 shares of convertible preferred stock), respectively.</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:3.3pt"><td style="width:208.6pt; 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: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></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: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></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: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></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></tr><tr style="height:39.6pt"><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">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:4.5pt; 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">2015</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></tr><tr style="height:12.4pt"><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'"> 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'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">107,787</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">108,488</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></tr><tr style="height:24.75pt"><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'"> 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:4.5pt; 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'">4,524</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></tr><tr style="height:12.4pt"><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; 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'"> 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; 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'">199</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; 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'">139</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></tr><tr style="height:12.4pt"><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'; 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><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:4.5pt; 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">113,151</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></tr><tr style="height:4pt"><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: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:19.8pt; 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: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:19.8pt; 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: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></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 17: 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:3.3pt"><td style="width:208.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_f14f72e7a3dc45cd95fa59f54adbcd98"><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></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: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></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: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></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></tr><tr style="height:39.6pt"><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">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:4.5pt; 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">2015</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></tr><tr style="height:12.4pt"><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'"> 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'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">107,787</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:19.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">108,488</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></tr><tr style="height:24.75pt"><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'"> 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:4.5pt; 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'">4,524</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></tr><tr style="height:12.4pt"><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; 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'"> 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; 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'">199</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; 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'">139</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></tr><tr style="height:12.4pt"><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'; 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><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:4.5pt; 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">113,151</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></tr><tr style="height:4pt"><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: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:19.8pt; 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: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:19.8pt; 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: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></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:3.3pt"><td style="width:173.25pt; 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: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></p></td><td style="width:28.05pt; 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: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: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></p></td><td style="width:31.25pt; 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:39.25pt; 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: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: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></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:7.8pt; 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:59.4pt"><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: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></tr><tr style="height:12.4pt"><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: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></tr><tr style="height:11.45pt"><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: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></tr><tr style="height:12.4pt"><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: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></tr><tr style="height:12.4pt"><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'">&#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'">&#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: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></tr><tr style="height:12.4pt"><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'">&#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'">&#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: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></tr><tr style="height:24.75pt"><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: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></tr><tr style="height:24.75pt"><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'">&#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: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></tr><tr style="height:12.4pt"><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: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></tr><tr style="height:12.4pt"><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: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></tr><tr style="height:12.4pt"><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'">&#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'">&#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: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></tr><tr style="height:12.4pt"><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><font style="font-family:'Times New Roman'"> </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: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></tr><tr style="height:12.4pt"><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: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></tr><tr style="height:12.4pt"><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: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></tr><tr style="height:24.75pt"><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: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></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:173.25pt; 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: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></p></td><td style="width:28.05pt; 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: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: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></p></td><td style="width:31.25pt; 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: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: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></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:7.8pt; 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:59.4pt"><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: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></tr><tr style="height:12.4pt"><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'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">220,336</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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: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></tr><tr style="height:11.45pt"><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:39.2pt; 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: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: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></tr><tr style="height:12.4pt"><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:39.2pt; 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'">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: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></tr><tr style="height:12.4pt"><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'">&#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:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(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'">&#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: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></tr><tr style="height:12.4pt"><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'">&#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:39.2pt; 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'">(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'">&#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: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></tr><tr style="height:24.75pt"><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'">&#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:39.2pt; 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: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: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></tr><tr style="height:24.75pt"><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'">&#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:39.2pt; 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'">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: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></tr><tr style="height:12.4pt"><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:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">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: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></tr><tr style="height:12.4pt"><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:39.2pt; 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'">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: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></tr><tr style="height:12.4pt"><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'">&#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:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(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'">&#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: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></tr><tr style="height:12.4pt"><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:39.2pt; 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: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: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></tr><tr style="height:12.4pt"><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:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">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: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></tr><tr style="height:12.4pt"><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:39.2pt; 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'">2,900</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: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></tr><tr style="height:24.75pt"><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:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">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: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></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: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:173.25pt; 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: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></p></td><td style="width:28.05pt; 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: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: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></p></td><td style="width:31.25pt; 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: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: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></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:7.8pt; 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:59.4pt"><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">2015</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">2015</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">2015</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></tr><tr style="height:12.4pt"><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'">229,772</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'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">251,048</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">480,820</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></tr><tr style="height:13.5pt"><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'">16,177</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:39.2pt; 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: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'">16,177</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></tr><tr style="height:12.4pt"><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'">1,801</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:39.2pt; 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'">569</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'">2,370</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></tr><tr style="height:12.4pt"><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'">(86,069)</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:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(27,082)</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: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'">(113,151)</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></tr><tr style="height:12.4pt"><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'">(92,341)</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'">&#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:39.2pt; 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'">(27,969)</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'">(120,310)</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></tr><tr style="height:24.75pt"><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 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'">61,484</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:39.2pt; 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: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'">61,484</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></tr><tr style="height:24.75pt"><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'">(148,306)</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'">&#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:39.2pt; 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'">14,194</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'">(134,112)</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></tr><tr style="height:12.4pt"><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'">2,359,299</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:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">599,514</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'">2,958,813</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></tr><tr style="height:12.4pt"><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:39.2pt; 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'">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: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></tr><tr style="height:12.4pt"><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'">(7,882)</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:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(27,039)</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'">(34,921)</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></tr><tr style="height:12.4pt"><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'">381,746</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:39.2pt; 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: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'">381,746</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></tr><tr style="height:12.4pt"><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'">81,905</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:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">81,507</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'">163,412</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></tr><tr style="height:12.4pt"><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'">13,480</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:39.2pt; 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: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'">13,480</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></tr><tr style="height:24.75pt"><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'">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,213,740</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">367,568</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'">1,581,308</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></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:207.5pt; 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: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></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: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></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: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></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></tr><tr style="height:29.7pt"><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">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:4.5pt; 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">2015</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></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom: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'">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'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,218</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">22,317</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></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom: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'">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:4.5pt; 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'">109,347</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></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom: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'">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:4.5pt; vertical-align:bottom; background-color:#cceeff"><p 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'">87,658</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></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom: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'">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:4.5pt; 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'">253,746</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></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom: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'">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:4.5pt; vertical-align:bottom; background-color:#cceeff"><p 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'">7,752</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></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom: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">$</font></p></td><td style="width:33.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">463,049</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:4.5pt; 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">480,820</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></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: 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 two reportable segments from which it derives its revenues: Dry Bulk Vessel Operations and Logistics Business. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Dry Bulk Vessel Operations consists of the transportation and handling of bulk cargoes through the ownership, operation, and trading of vessels, freight and FFAs. 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:6.6pt; 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:3.3pt"><td style="width:173.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_2be3ff3f041d4e688765020395de7f1c"><font style="font-family:'Times New Roman'">&#xa0;</font></a></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></p></td><td style="width:28.05pt; 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: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: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></p></td><td style="width:31.25pt; 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:39.25pt; 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: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: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></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:7.8pt; 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:59.4pt"><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: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></tr><tr style="height:12.4pt"><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: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></tr><tr style="height:11.45pt"><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: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></tr><tr style="height:12.4pt"><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: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></tr><tr style="height:12.4pt"><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'">&#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'">&#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: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></tr><tr style="height:12.4pt"><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'">&#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'">&#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: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></tr><tr style="height:24.75pt"><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: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></tr><tr style="height:24.75pt"><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'">&#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: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></tr><tr style="height:12.4pt"><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: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></tr><tr style="height:12.4pt"><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: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></tr><tr style="height:12.4pt"><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'">&#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'">&#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: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></tr><tr style="height:12.4pt"><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><font style="font-family:'Times New Roman'"> </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: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></tr><tr style="height:12.4pt"><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: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></tr><tr style="height:12.4pt"><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: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></tr><tr style="height:24.75pt"><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: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></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:173.25pt; 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: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></p></td><td style="width:28.05pt; 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: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: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></p></td><td style="width:31.25pt; 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: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: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></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:7.8pt; 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:59.4pt"><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: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></tr><tr style="height:12.4pt"><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'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">220,336</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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: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></tr><tr style="height:11.45pt"><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:39.2pt; 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: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: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></tr><tr style="height:12.4pt"><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:39.2pt; 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'">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: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></tr><tr style="height:12.4pt"><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'">&#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:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(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'">&#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: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></tr><tr style="height:12.4pt"><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'">&#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:39.2pt; 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'">(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'">&#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: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></tr><tr style="height:24.75pt"><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'">&#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:39.2pt; 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: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: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></tr><tr style="height:24.75pt"><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'">&#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:39.2pt; 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'">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: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></tr><tr style="height:12.4pt"><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:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">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: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></tr><tr style="height:12.4pt"><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:39.2pt; 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'">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: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></tr><tr style="height:12.4pt"><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'">&#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:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(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'">&#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: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></tr><tr style="height:12.4pt"><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:39.2pt; 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: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: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></tr><tr style="height:12.4pt"><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:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">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: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></tr><tr style="height:12.4pt"><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:39.2pt; 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'">2,900</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: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></tr><tr style="height:24.75pt"><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:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">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: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></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: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:173.25pt; 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: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></p></td><td style="width:28.05pt; 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: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: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></p></td><td style="width:31.25pt; 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: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: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></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:7.8pt; 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:59.4pt"><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">2015</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">2015</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">2015</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></tr><tr style="height:12.4pt"><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'">229,772</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'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">251,048</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">480,820</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></tr><tr style="height:13.5pt"><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'">16,177</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:39.2pt; 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: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'">16,177</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></tr><tr style="height:12.4pt"><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'">1,801</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:39.2pt; 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'">569</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'">2,370</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></tr><tr style="height:12.4pt"><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'">(86,069)</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:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(27,082)</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: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'">(113,151)</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></tr><tr style="height:12.4pt"><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'">(92,341)</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'">&#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:39.2pt; 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'">(27,969)</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'">(120,310)</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></tr><tr style="height:24.75pt"><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 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'">61,484</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:39.2pt; 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: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'">61,484</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></tr><tr style="height:24.75pt"><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'">(148,306)</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'">&#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:39.2pt; 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'">14,194</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'">(134,112)</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></tr><tr style="height:12.4pt"><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'">2,359,299</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:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">599,514</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'">2,958,813</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></tr><tr style="height:12.4pt"><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:39.2pt; 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'">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: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></tr><tr style="height:12.4pt"><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'">(7,882)</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:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(27,039)</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'">(34,921)</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></tr><tr style="height:12.4pt"><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'">381,746</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:39.2pt; 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: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'">381,746</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></tr><tr style="height:12.4pt"><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'">81,905</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:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">81,507</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'">163,412</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></tr><tr style="height:12.4pt"><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'">13,480</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:39.2pt; 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: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'">13,480</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></tr><tr style="height:24.75pt"><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'">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">1,213,740</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:31.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">367,568</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'">1,581,308</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></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:6.6pt; 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) and Logistics Business revenue are allocated on the basis of the geographic region in which the customer is located. Dry bulk 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:6.6pt; 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:19.8pt; 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:3.3pt"><td style="width:207.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_2d487f9838f846348154f27066676c59"><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></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: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></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: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></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></tr><tr style="height:29.7pt"><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">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:4.5pt; 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">2015</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></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom: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'">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'">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">6,218</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">22,317</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></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom: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'">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:4.5pt; 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'">109,347</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></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom: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'">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:4.5pt; vertical-align:bottom; background-color:#cceeff"><p 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'">87,658</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></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom: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'">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:4.5pt; 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'">253,746</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></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom: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'">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:4.5pt; vertical-align:bottom; background-color:#cceeff"><p 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'">7,752</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></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom: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">$</font></p></td><td style="width:33.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">463,049</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">$</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:4.5pt; 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">480,820</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></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 $1,278,447 and $1,409,415 at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017 and 2016, respectively. For 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 $563,887 and $544,065 at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017 and 2016, respectively.</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:3.3pt"><td style="width:153.3pt; 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:17.4pt; 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: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:51pt; vertical-align:middle"><p 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:17.4pt; 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: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:51pt; vertical-align:middle"><p 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:17.4pt; 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: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:51pt; vertical-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:153.3pt; 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:17.4pt; 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: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:7.85pt; 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:17.4pt; 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: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: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:17.4pt; 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: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">2015</font></p></td></tr><tr style="height:12.4pt"><td style="width:153.3pt; 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:17.4pt; 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: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:7.85pt; 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:17.4pt; 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: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:7.85pt; 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:17.4pt; 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: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></tr><tr style="height:24.75pt"><td style="width:153.3pt; 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'">Net loss attributable to Navios Holdings common stockholders</font></p></td><td style="width:17.4pt; 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: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:7.85pt; 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:17.4pt; 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:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(303,823)</font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">(134,112)</font></p></td></tr><tr style="height:37.1pt"><td style="width:153.3pt; 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'">Declared and undeclared dividend on preferred stock and on unvested restricted shares</font></p></td><td style="width:17.4pt; 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: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'">(10,421)</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:17.4pt; 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: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'">(15,909)</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:17.4pt; 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: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'">(16,202)</font></p></td></tr><tr style="height:49.5pt"><td style="width:153.3pt; 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'">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 31, 2017 and December 31, 2016, respectively</font></p></td><td style="width:17.4pt; 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:23.8pt; 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:51pt; 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'">1,033</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:17.4pt; 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:23.8pt; 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:51pt; 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'">46,627</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:17.4pt; 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:23.8pt; 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:51pt; 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></tr><tr style="height:37.1pt"><td style="width:153.3pt; 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 available to Navios Holdings common stockholders, basic and diluted</font></p></td><td style="width:17.4pt; 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:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(175,298)</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:17.4pt; 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:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(273,105)</font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(150,314)</font></p></td></tr><tr style="height:3.3pt"><td style="width:153.3pt; 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:100.05pt; 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 colspan="4" style="width:100.05pt; 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="vertical-align:top"></td><td style="border-top-style:solid; border-top-width:0.75pt; vertical-align:top"></td><td style="border-top-style:solid; border-top-width:0.75pt; vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:153.3pt; 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'; font-weight:bold">Denominator:</font></p></td><td style="width:17.4pt; 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: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:7.85pt; 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:17.4pt; 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: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:7.85pt; 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:17.4pt; 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: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></tr><tr style="height:49.5pt"><td style="width:153.3pt; 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 stockholders &#8212; adjusted weighted shares</font></p></td><td style="width:17.4pt; 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: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'">116,673,459</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:17.4pt; 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: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'">107,366,783</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:17.4pt; 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: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'">105,896,235</font></p></td></tr><tr style="height:4pt"><td style="width:153.3pt; 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:17.4pt; 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-bottom-style:double; border-bottom-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:51pt; border-bottom-style:double; border-bottom-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:17.4pt; 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-bottom-style:double; border-bottom-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:51pt; border-bottom-style:double; border-bottom-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:17.4pt; 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-bottom-style:double; border-bottom-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:51pt; border-bottom-style:double; border-bottom-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></tr><tr style="height:37.1pt"><td style="width:153.3pt; 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'">Basic and diluted net loss per share attributable to Navios Holdings stockholders</font></p></td><td style="width:17.4pt; 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:23.8pt; border-top-style:double; border-top-width:1.5pt; 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'">$</font></p></td><td style="width:51pt; border-top-style:double; border-top-width:1.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1.50)</font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; border-top-style:double; border-top-width:1.5pt; 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'">(2.54)</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:17.4pt; 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:23.8pt; border-top-style:double; border-top-width:1.5pt; 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:51pt; border-top-style:double; border-top-width:1.5pt; 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'">(1.42)</font></p></td></tr><tr style="height:0pt"><td style="width:153.3pt"></td><td style="width:17.4pt"></td><td style="width:23.8pt"></td><td style="width:51pt"></td><td style="width:7.85pt"></td><td style="width:17.4pt"></td><td style="width:23.8pt"></td><td style="width:51pt"></td><td style="width:7.85pt"></td><td style="width:17.4pt"></td><td style="width:23.8pt"></td><td style="width:51pt"></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: LOSS PER COMMON SHARE</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'">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:6.6pt; 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, 5,033,156 potential common shares and 4,566,836 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:6.6pt; 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, 3,411,270 potential common shares and 5,935,000 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, 2015, 1,698,569 potential common shares and 6,522,556 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: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:153.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><a name="DM_MAP_5ee58c9930114985a71d4dee3c941638"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:17.4pt; 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: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:51pt; vertical-align:middle"><p 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:17.4pt; 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: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:51pt; vertical-align:middle"><p 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:17.4pt; 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: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:51pt; vertical-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:153.3pt; 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:17.4pt; 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: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:7.85pt; 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:17.4pt; 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: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: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:17.4pt; 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: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">2015</font></p></td></tr><tr style="height:12.4pt"><td style="width:153.3pt; 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:17.4pt; 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: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:7.85pt; 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:17.4pt; 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: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:7.85pt; 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:17.4pt; 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: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></tr><tr style="height:24.75pt"><td style="width:153.3pt; 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'">Net loss attributable to Navios Holdings common stockholders</font></p></td><td style="width:17.4pt; 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: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:7.85pt; 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:17.4pt; 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:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(303,823)</font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</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'">(134,112)</font></p></td></tr><tr style="height:37.1pt"><td style="width:153.3pt; 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'">Declared and undeclared dividend on preferred stock and on unvested restricted shares</font></p></td><td style="width:17.4pt; 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: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'">(10,421)</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:17.4pt; 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: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'">(15,909)</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:17.4pt; 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: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'">(16,202)</font></p></td></tr><tr style="height:49.5pt"><td style="width:153.3pt; 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'">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 31, 2017 and December 31, 2016, respectively</font></p></td><td style="width:17.4pt; 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:23.8pt; 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:51pt; 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'">1,033</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:17.4pt; 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:23.8pt; 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:51pt; 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'">46,627</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:17.4pt; 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:23.8pt; 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:51pt; 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></tr><tr style="height:37.1pt"><td style="width:153.3pt; 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 available to Navios Holdings common stockholders, basic and diluted</font></p></td><td style="width:17.4pt; 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:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(175,298)</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:17.4pt; 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:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(273,105)</font></p></td><td style="width:7.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(150,314)</font></p></td></tr><tr style="height:3.3pt"><td style="width:153.3pt; 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:100.05pt; 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 colspan="4" style="width:100.05pt; 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="vertical-align:top"></td><td style="border-top-style:solid; border-top-width:0.75pt; vertical-align:top"></td><td style="border-top-style:solid; border-top-width:0.75pt; vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:153.3pt; 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'; font-weight:bold">Denominator:</font></p></td><td style="width:17.4pt; 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: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:7.85pt; 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:17.4pt; 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: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:7.85pt; 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:17.4pt; 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: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></tr><tr style="height:49.5pt"><td style="width:153.3pt; 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 stockholders &#8212; adjusted weighted shares</font></p></td><td style="width:17.4pt; 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: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'">116,673,459</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:17.4pt; 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: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'">107,366,783</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:17.4pt; 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: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'">105,896,235</font></p></td></tr><tr style="height:4pt"><td style="width:153.3pt; 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:17.4pt; 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-bottom-style:double; border-bottom-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:51pt; border-bottom-style:double; border-bottom-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:17.4pt; 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-bottom-style:double; border-bottom-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:51pt; border-bottom-style:double; border-bottom-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:17.4pt; 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-bottom-style:double; border-bottom-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:51pt; border-bottom-style:double; border-bottom-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></tr><tr style="height:37.1pt"><td style="width:153.3pt; 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'">Basic and diluted net loss per share attributable to Navios Holdings stockholders</font></p></td><td style="width:17.4pt; 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:23.8pt; border-top-style:double; border-top-width:1.5pt; 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'">$</font></p></td><td style="width:51pt; border-top-style:double; border-top-width:1.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">(1.50)</font></p></td><td style="width:7.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:double; border-top-width:1.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">$</font></p></td><td style="width:51pt; border-top-style:double; border-top-width:1.5pt; 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'">(2.54)</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:17.4pt; 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:23.8pt; border-top-style:double; border-top-width:1.5pt; 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:51pt; border-top-style:double; border-top-width:1.5pt; 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'">(1.42)</font></p></td></tr><tr style="height:0pt"><td style="width:153.3pt"></td><td style="width:17.4pt"></td><td style="width:23.8pt"></td><td style="width:51pt"></td><td style="width:7.85pt"></td><td style="width:17.4pt"></td><td style="width:23.8pt"></td><td style="width:51pt"></td><td style="width:7.85pt"></td><td style="width:17.4pt"></td><td style="width:23.8pt"></td><td style="width:51pt"></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 20: 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. 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:13.2pt; 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, 2017, 2016 and 2015 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 is located in a tax free zone and is 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'">Income tax liabilities of the Argentinean companies for the current and prior periods are measured at the amount expected to be paid to the taxation authorities, using a tax rate of 35% on the taxable net income. </font><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 will decrease to 30% for the year 2018, and to 25% from 2019 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, at the end of the fiscal year, local companies in Argentina have to calculate an assets tax, the Minimum Presumed Income Tax). This tax is supplementary to income tax and is calculated by applying the effective tax rate of 1% over the gross value of the corporate assets (based on tax law criteria). The subsidiaries&#8217; tax liabilities will be the higher of income tax or Minimum Presumed Income Tax. However, if the Minimum Presumed Income Tax exceeds income tax during any fiscal year, such excess may be computed as a prepayment of any income tax excess over the Minimum Presumed Income Tax that may arise in the next ten fiscal 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'">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 5.0% for the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017 (5.0% for both 2016 and 2015</font><font style="font-family:'Times New Roman'">, respectively</font><font style="font-family:'Times New Roman'">). As a result of the tax reform voted by the Argentinean Parliament in December 2017, this rate will be reduced as of January 2018, from 5.0% to 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'">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</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: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, 2017 and 2016, relate primarily to deferred tax liabilities on acquired intangible assets recognized in connection with Navios Logistics.</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 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 2014 and onwards. Argentinean companies have open tax years ranging from 2010 and onwards and Paraguayan and Brazilian companies have open tax years ranging from 2011 and onwards. In relation to these open tax years, the Company believes that there are no material uncertain tax positions.</font></p><p style="margin-top: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: OTHER INCOME &#8211; OTHER EXPENSE</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, 2017, 2016 and 2015, taxes other-than-income taxes of Navios Logistics amounted to $9,018, $9,740, and $11,976, 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"><p style="margin-top:19.8pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 22: SUBSEQUENT EVENTS</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"><tr style="height:69.75pt"><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'">a)</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'">In January 2018, Navios Holdings agreed to charter-in, under two ten-year bareboat contracts, from an unrelated third party two newbuilding bulk carriers of about 82,000 dwt per vessel, expected to be delivered in the fourth quarter of 2019 and the first quarter of 2020 respectively. Navios Holdings has agreed to pay in total $11,140, representing a deposit for the option to acquire these vessels, of which $5,570 was paid upon signing of the contracts. The average charter-in rate per day amounts to $5,700 and $5,564 respectively. </font></p></td></tr><tr style="height:35.2pt"><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'">b)</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'">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 price of $10,000 which was paid in cash. </font></p></td></tr><tr style="height:65.45pt"><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'">c)</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'">On February 21, 2018, Navios Partners announced that it has closed an offering of </font><font style="font-family:'Times New Roman'">18,422,000 common units </font><font style="font-family:Tinos">which includes the sale of $5,000 of common units to Navios Holdings, at $1.90 per common unit.</font><font style="font-family:'Times New Roman'"> In addition, Navios Holdings paid $714 to retain its 2% general partnership interest. </font><font style="font-family:Tinos">Following the closing of this offering, Navios Holdings owns a 20.2% interest in Navios Partners, including the 2% general partnership interest.</font></p></td></tr><tr style="height:47pt"><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'">d)</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'">In March 2018, Navios Holdings completed the sale to an unrelated third party the Navios Herakles, a 2000 built, 52,061 dwt vessel, for a total net sale price of $7,682 paid in cash. 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