7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-09-30 2023-06-30 2023-03-31 2022-09-30 2022-06-30 2022-03-31 2021-09-30 2021-06-30 2021-03-31 2020-09-30 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-03-31 2013-12-31 2013-09-30 2013-06-30 2013-03-31 2012-12-31 2012-09-30 2012-06-30 2012-03-31 2011-12-31 2011-09-30 2011-06-30 2011-03-31 2010-12-31 2010-09-30 2010-06-30 2010-03-31 2009-12-31 2009-09-30 2009-06-30 2009-03-31 2008-12-31 2008-09-30 2008-06-30 2008-03-31 2007-12-31 2007-09-30 2007-06-30 2007-03-31 
      
    		                                                        
      cash flows from operating activities:
    		                                                        
      net income
    		-1,078,000 12,486,000 21,574,000 23,493,000 18,943,000 -31,864,000 11,541,000 2,860,000 41,048,000 47,625,000 41,865,000 57,132,000 32,037,000 1,985,000 -21,098,000 883,000 -14,591,000 -34,476,000 -7,801,000 18,284,000 5,707,000 -1,118,000 -55,813,000 2,570,000 -31,183,000 -14,512,000 -15,600,000 -54,483,000 -19,155,000 -36,976,000 -48,940,000 -51,950,000 -48,861,000 -42,038,000 -30,494,000 -36,383,000 1,650,000 1,419,000 9,828,000 12,171,000 37,546,000 38,106,000 38,656,000 33,101,000 35,493,000 34,272,000 37,618,000 41,241,000 -111,304,000 62,998,000 60,899,000 73,987,000 56,931,000 16,320,000 13,721,000 19,837,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                                                        
      depreciation and amortization
    		19,298,000 17,727,000 16,620,000 17,096,000 17,223,000 17,026,000 16,792,000 15,944,000 15,583,000 14,520,000 14,059,000 14,200,000 13,768,000 13,441,000 16,115,000 18,292,000 18,184,000 18,272,000 18,076,000 18,371,000 17,269,000 16,450,000 16,886,000 17,582,000 17,836,000 18,185,000 18,173,000 20,339,000 36,421,000 35,222,000 34,722,000 34,378,000 35,109,000 35,038,000 34,491,000 34,425,000 34,719,000 34,378,000 34,025,000 33,081,000 34,572,000 29,997,000 26,260,000 24,834,000 23,971,000 22,297,000 20,933,000 20,949,000 19,942,000 18,841,000 16,748,000 15,864,000 11,600,000 8,159,000 7,433,000 7,186,000 
      amortization of deferred financing costs
    		603,000 505,000 504,000 498,000 499,000 483,000 422,000 418,000 427,000 423,000 418,000 875,000 1,259,000 976,000 997,000 960,000 961,000 952,000 915,000 925,000 871,000 666,000 573,000 586,000 586,000 580,000 573,000 729,000 2,254,000 3,171,000 1,856,000 1,835,000 1,858,000 1,596,000 979,000 980,000 820,000 796,000 794,000 778,000 776,000 589,000 338,000 264,000 270,000 270,000 267,000 230,000 4,359,000 214,000 151,000 191,000 162,000 3,694,000 176,000 96,000 
      right-of-use asset amortization
    		337,000 326,000 373,000 371,000 368,000 363,000 361,000 360,000 355,000 354,000 351,000 347,000 346,000 344,000                                           
      amortization of nonvested stock compensation expense
    		1,919,000 1,509,000 1,508,000 1,451,000 1,382,000 1,397,000 1,219,000 1,559,000 840,000 826,000 690,000 597,000 551,000 522,000 534,000 461,000 575,000 569,000 452,000 455,000 645,000 638,000 493,000 517,000 1,255,000 1,570,000 711,000 5,486,000 1,012,000 1,090,000 1,147,000 1,233,000 1,273,000 1,472,000 1,469,000 1,650,000 1,721,000 2,094,000 2,084,000 2,439,000 1,902,000 2,034,000 2,028,000 1,255,000 865,000 1,032,000 1,091,000 1,232,000 1,282,000 1,476,000 1,607,000 1,588,000 437,000 470,000 585,000 586,000 
      impairment of vessel assets
    		0 0 961,000            21,896,000 1,315,000 12,181,000   0 0 184,000 56,402,000 0 18,654,000   1,685,000                             
      net gain on sale of vessels
    		 225,000 -4,465,000                                                      
      loss on debt extinguishment
    		                   0 0                                    
      amortization of premium on derivatives
    		 0 0 0 45,000 59,000                                                   
      insurance proceeds for protection and indemnity claims
    		1,000 15,000 5,000 149,000 117,000 84,000 134,000 34,000 540,000 70,000 99,000 812,000 60,000 41,000 52,000 81,000 24,000 163,000 226,000 35,000 81,000 119,000 68,000                                  
      insurance proceeds for loss of hire claims
    		0 407,000    354,000         0     0 0                                    
      change in assets and liabilities:
    		                                                        
      decrease (increase) in due from charterers
    		153,000     171,000        1,748,000  6,690,000 -4,673,000 1,547,000 5,041,000              -3,098,000 2,340,000      1,115,000       -983,000 1,150,000 -782,000        
      decrease (increase) in prepaid expenses and other current assets
    		   723,000 651,000             -762,000 927,000         811,000      298,000                       
      decrease in inventories
    		-1,073,000              1,875,000                                          
      increase in accounts payable and accrued expenses
    		7,549,000 1,783,000 4,930,000 -2,932,000 5,831,000 7,732,000   -1,258,000 11,436,000 -2,834,000 -3,917,000 3,480,000 1,548,000 -502,000 8,111,000 4,233,000 2,942,000 -2,114,000 -5,598,000 5,885,000 1,190,000 1,094,000 728,000     2,619,000 -1,540,000 1,597,000 89,000         2,306,000 5,629,000 477,000 1,636,000 -2,886,000 2,057,000 818,000 885,000 -1,235,000 2,149,000 2,404,000 -804,000 2,695,000 2,257,000 497,000 715,000 
      increase in deferred revenue
    		 -1,221,000 -1,683,000 1,890,000 -3,067,000 -1,411,000 2,916,000 71,000 8,675,000 -4,344,000 52,000 5,066,000 1,986,000 -1,032,000 3,950,000 302,000 -1,938,000   -3,827,000 3,832,000 1,295,000 -110,000 2,090,000 984,000 132,000 28,000  175,000 85,000               331,000 1,305,000 -40,000 -1,419,000 -85,000 902,000 1,916,000 551,000 2,402,000 1,941,000 646,000 919,000 
      decrease in operating lease liabilities
    		-533,000 -512,000 -577,000 -570,000 -563,000 -548,000 -523,000 -480,000 -467,000 -461,000 -456,000 -443,000 -439,000 -432,000 -422,000 -405,000 -401,000 -396,000 -390,000                                      
      deferred drydock costs incurred
    		-22,233,000 -4,795,000 -9,554,000 -4,015,000 -2,194,000 -2,986,000 -3,632,000 -4,112,000 -8,058,000 -12,519,000 -1,685,000 -63,000 -883,000 -939,000 -1,206,000 -2,676,000 -6,477,000 -5,078,000 -410,000 -3,000 -774,000 -13,000 -1,446,000 -97,000 -2,394,000 -2,463,000 -2,828,000  -2,859,000                -653,000 -1,479,000 -1,622,000 -837,000 -2,020,000 -3,132,000 -689,000 -506,000 -838,000 -832,000 -986,000 -861,000 
      net cash from operating activities
    		7,690,000 29,994,000 35,572,000 29,032,000 32,251,000 13,218,000 19,382,000 19,566,000 54,289,000 46,604,000 52,555,000 72,435,000 49,058,000 13,494,000 24,992,000 30,768,000 13,935,000 3,211,000 11,612,000 22,532,000 18,356,000 15,558,000 9,461,000 22,076,000 5,024,000 5,398,000 -5,983,000  21,482,000        36,847,000 38,371,000 42,813,000 40,152,000 72,952,000 71,713,000 63,022,000 54,993,000 53,449,000 56,520,000 54,274,000 55,486,000 59,990,000 75,799,000 75,916,000 55,711,000 45,022,000 28,300,000 24,211,000 23,329,000 
      ​
    		                                                        
      cash flows from investing activities:
    		                                                        
      purchase of vessels and ballast water treatment systems, including deposits
    		-9,935,000 -49,711,000 -2,565,000 -472,000 -930,000 -354,000 -1,128,000 -2,003,000 -2,533,000 -2,864,000 -45,482,000 -88,521,000 -23,488,000 -1,190,000 -1,104,000                                          
      purchase of other fixed assets
    		-1,160,000 -731,000 -886,000 -1,142,000 -240,000 -367,000 -717,000 -1,085,000 -1,002,000 -444,000 -1,483,000 -470,000 -279,000 -152,000 -968,000 -1,124,000 -1,096,000 -1,295,000 -1,199,000 -574,000 -397,000 -333,000 -158,000 -92,000 -133,000 -44,000 -21,000  -778,000                -395,000 -326,000 -307,000 -45,000 -45,000 -85,000 -63,000 -14,000 -18,000 -261,000 -136,000 -144,000 
      net proceeds from sale of vessels
    		 24,274,000 11,362,000 49,238,000 18,505,000       7,600,000 7,824,000 21,272,000 15,128,000 20,654,000 0 -42,000 6,351,000 33,704,000    0 0 2,916,000 12,597,000                              
      insurance proceeds for hull and machinery claims
    		0 300,000 687,000 0 159,000 959,000 1,167,000 235,000 0   0 234,000 61,000 0 0 0   163,000 359,000 1,500,000 1,607,000                                  
      net cash from investing activities
    		-11,095,000 -25,868,000 8,598,000 47,624,000 17,494,000 238,000 -678,000 -2,853,000 -3,535,000 -3,015,000 -46,965,000 -81,458,000 -15,794,000 19,950,000 12,947,000 8,948,000 -18,100,000 -9,575,000 -4,122,000 31,116,000 -228,360,000 420,000 1,449,000 -3,176,000 1,115,000 3,835,000 13,187,000 389,000 -105,031,000                -96,083,000 -207,727,000 -1,187,000 -1,213,000 -88,010,000 -124,278,000 -169,649,000 -132,351,000 -329,354,000 -564,595,000 -103,218,000 12,817,000 
      cash flows from financing activities:
    		                                                        
      proceeds from the 600 million revolver
    		                                                        
      proceeds from the 500 million revolver
    		0                                                        
      repayments on the 500 million revolver
    		 -10,000,000 -25,000,000 -65,000,000 -30,000,000                                                    
      cash dividends paid
    		-6,445,000 -17,101,000 -14,538,000 -17,987,000 -17,885,000 -6,381,000 -6,459,000 -21,666,000 -21,141,000 -33,283,000 -28,289,000 -4,192,000 -2,095,000 -888,000 -837,000                                  -31,519,000 -31,795,000 -29,078,000 -24,717,000 -19,056,000 -16,839,000 -16,840,000 -16,842,000 
      payment of deferred financing costs
    		-5,953,000 0 0 0 -38,000    0 0 -11,000    -179,000 0 0 -20,000 -591,000 -346,000 -1,820,000        -794,000                 0 -108,000 -3,444,000 -146,000 -3,269,000 0 -344,000 -25,000 -6,393,000   
      net cash from financing activities
    		57,602,000 -7,101,000 -39,538,000 -82,987,000 -47,923,000 -15,131,000 -15,209,000 -30,416,000 -29,891,000 -42,033,000 -77,050,000 -71,691,000 -36,088,000 -49,098,000 -20,056,000 -43,658,000 4,920,000 -21,175,000 -17,276,000 -16,926,000 105,732,000 53,134,000 -14,657,000 -2,133,000 -781,000 -953,000 -1,731,000  96,779,000 80,568,000     -8,089,000 28,231,000   245,000 461,000 8,040,000 487,674,000 -4,196,000 198,642,000 -12,856,000 166,200,000 -108,000 -3,444,000 10,521,000 94,970,000 141,402,000 53,439,000 304,590,000 519,735,000 59,647,000 -22,542,000 
      net increase in cash, cash equivalents and restricted cash
    		    1,822,000               36,722,000 -104,272,000 69,112,000 -3,747,000                                  
      cash, cash equivalents and restricted cash at beginning of period
    		0 0 0 0 46,857,000 0 0 64,100,000 0 0 120,531,000 0 0 179,679,000 0 0 0 0 202,761,000 0 0 0 204,946,000                                  
      cash, cash equivalents and restricted cash at end of period
    		54,197,000 -2,975,000 4,632,000 -6,331,000 48,679,000 -1,675,000 3,495,000 50,397,000 20,863,000 1,556,000 49,071,000 -80,714,000 -2,824,000 164,025,000 17,883,000 -3,942,000 755,000 -27,539,000 192,975,000 36,722,000 -104,272,000 69,112,000 201,199,000                                  
      decrease in prepaid expenses and other current assets
    		                                                        
      decrease in deferred revenue
    		                  -1,907,000                                      
      net decrease in cash, cash equivalents and restricted cash
    		     -1,675,000 3,495,000 -13,703,000 20,863,000 1,556,000 -71,460,000 -80,714,000 -2,824,000 -15,654,000 17,883,000    -9,786,000                                      
      net income on sale of vessels
    		                                                        
      increase in inventories
    		    -3,889,000 -4,605,000 2,067,000 -3,428,000 -441,000   2,719,000 -2,293,000 -2,565,000     -1,077,000 432,000 -6,916,000 -3,170,000 -4,561,000                                  
      increase in due from charterers
    		 -942,000 9,235,000 -7,781,000 -4,073,000    -903,000   -8,157,000        -3,770,000 -4,128,000 -1,122,000 -1,079,000 -1,987,000     539,000                      -1,204,000 -353,000 407,000 -869,000 -897,000 -513,000 
      increase in prepaid expenses and other current assets
    		 -203,000    -1,139,000 -1,480,000 -2,263,000   -1,350,000 701,000 1,798,000 -2,692,000  -134,000    -660,000 -3,056,000 830,000 -3,740,000 -60,000 -178,000 -6,200,000 -483,000  -675,000                1,447,000 852,000 701,000 -3,236,000 55,000 -1,435,000 125,000 -1,808,000 -509,000 110,000 -330,000 -1,512,000 
      decrease (increase) in inventories
    		 2,684,000 -511,000        1,226,000     -4,226,000 6,343,000                                        
      proceeds from the 450 million credit facility
    		                                                        
      repayments on the 450 million credit facility
    		     -8,750,000 -8,750,000 -8,750,000 -8,750,000 -8,750,000 -48,750,000                                              
      loss on sale of vessels
    		    978,000       159,000 15,000 720,000                                           
      amortization of premium on derivative
    		       59,000 -47,000 67,000 43,000 42,000 42,000 69,000                                           
      decrease in due from charterers
    		       8,641,000   77,000    2,464,000           2,627,000 1,313,000 2,213,000        2,449,000                     
      decrease in accounts payable and accrued expenses
    		       -97,000                  1,778,000 -3,184,000                              
      amortization of fair market value of time charters acquired
    		                                                        
      interest rate cap premium payment
    		           0 0 -240,000                                           
      purchase of scrubbers
    		           -67,000 -85,000 -41,000 -109,000 -7,014,000 -14,366,000                                        
      repayments on the 133 million credit facility
    		           -90,620,000 -1,580,000 -22,740,000 -2,380,000                                          
      repayments on the 495 million credit facility
    		           -276,405,000 -32,413,000 -25,470,000 -16,660,000 -21,201,000 -15,000,000 -19,575,000 -15,000,000                                      
      proceeds from the 133 million credit facility
    		              0                                          
      proceeds from the 495 million credit facility
    		              0                                          
      noncash operating lease expense
    		              340,000 335,000 334,000 292,000 285,000                                      
      impairment of right-of-use asset
    		               0 0                                        
      gain on sale of vessels
    		              358,000 779,000 0 0 -611,000 -2,004,000       -6,369,000                         -26,227,000     
      payment of common stock issuance costs
    		               0 0 0 -105,000 0 -448,000                                    
      pik interest
    		                       -33,000 1,547,000 1,525,000 1,503,000                              
      payment of pik interest
    		                   0 0                                    
      decrease in other noncurrent assets
    		                   0 0 0 514,000                                  
      increase in deferred rent
    		                                                        
      proceeds from the 108 million credit facility
    		                   0                                     
      repayments on the 108 million credit facility
    		               -1,580,000 -1,580,000 -1,580,000 -1,580,000                                      
      proceeds from 495 million credit facility
    		               0                                         
      repayments on the 400 million credit facility
    		                   0 0 -388,166,000 -11,434,000 -100,000 -100,000 -100,000 -100,000                              
      repayments on the 98 million credit facility
    		                   0 0 -91,397,000 -2,542,000                                  
      repayments on the 2014 term loan facilities
    		                   0 0 -24,863,000 -681,000 -701,000 -681,000 -700,000 -681,000                              
      payment of debt extinguishment costs
    		                   0 0                                    
      proceeds from issuance of common stock
    		                   0 0            0 0 0 50,721,000     0                
      payment of series a preferred stock issuance costs
    		                       0 0 -153,000 -950,000                              
      purchase of vessels, including deposits
    		                -2,638,000 1,520,000 -9,274,000 -2,177,000 -238,948,000   -10,000 0 -217,000 -35,000                              
      proceeds from 460 million credit facility
    		                                                        
      impairment of investment
    		                                                        
      realized gain on sale of investment
    		                                                        
      increase in lease obligations
    		                   -108,000 449,000 359,000 180,000 180,000 180,000 180,000 180,000 180,000 -9,000 27,000 0 125,000 449,000 268,000 209,000 398,000                     
      sale of afs securities
    		                           859,000                             
      proceeds from the 460 million credit facility
    		                   0 0                                    
      repayments on the 460 million credit facility
    		                                                        
      proceeds from 400 million credit facility
    		                                                        
      repayments on the 100 million term loan facility
    		                                                        
      repayments on the 253 million term loan facility
    		                                                        
      repayments on the 2015 revolving credit facility
    		                                                        
      repayments on the 44 million term loan facility
    		                                                        
      repayments on the 148 million credit facility
    		                                                        
      repayments on the 22 million term loan facility
    		                                                        
      cash settlement of non-accredited note holders
    		                                                        
      proceeds from issuance of series a preferred stock
    		                                                        
      (gain) loss on sale of vessels
    		                       0 0                                
      realized (gain) loss on sale of investment
    		                                                        
      proceeds from the 2015 revolving credit facility
    		                                                        
      proceeds from the 98 million credit facility
    		                                                        
      proceeds from the 148 million credit facility
    		                                                        
      repayments on the 2010 credit facility
    		                                                        
      changes in deposits of restricted cash
    		                        1,248,000 1,180,000 646,000                              
      net increase in cash and cash equivalents
    		                        5,358,000 8,280,000 5,473,000  13,230,000      -665,000 18,715,000  5,555,000 10,764,000 4,589,000 6,010,000 68,728,000 -209,344,000 217,216,000 -55,490,000 14,993,000 52,979,000 50,829,000         
      cash and cash equivalents at beginning of period
    		                        0 0 133,400,000 121,074,000  0 0 72,600,000  0 0 227,968,000  0 0 270,877,000  0 0 188,267,000 0 0 0 124,956,000 0 0 0 71,496,000 0 0 0 73,554,000 
      cash and cash equivalents at end of period
    		                        5,358,000 8,280,000 138,873,000 75,604,000  39,937,000 14,506,000 55,049,000  -158,240,000 -665,000 246,683,000  5,555,000 10,764,000 275,466,000  68,728,000 -209,344,000 405,483,000 -55,490,000 14,993,000 52,979,000 175,785,000 -17,499,000 46,491,000 47,669,000 48,295,000 20,258,000 -16,560,000 -19,360,000 87,158,000 
      realized loss on sale of investment
    		                           73,000                             
      non-cash reorganization items and fresh-start reporting adjustments
    		                                                        
      goodwill impairment
    		                                                        
      amortization of time charters acquired
    		                            -51,000                            
      amortization of discount on convertible senior notes
    		                            1,310,000 1,265,000 1,209,000 1,179,000 1,192,000 1,157,000 1,098,000 1,090,000 1,073,000 1,047,000 985,000 967,000 1,013,000                
      interest expense related to the de-designation of the interest rate swap
    		                                                        
      proceeds from the 2014 term loan facilities
    		                                                        
      payment of dividend by subsidiary
    		                            -1,005,000                            
      proceeds from rights offering
    		                                                        
      payment of common stock issuance costs by subsidiary
    		                            -327,000                            
      net decrease in cash and cash equivalents
    		                                                        
      receipt of stock in lieu of cash payment
    		                                                        
      unrealized gain on derivative instruments
    		                            1,000 -2,000 1,000 4,000                4,000    -45,000     
      increase in other noncurrent assets
    		                                                        
      repayments on the 2007 credit facility
    		                                                -53,000,000 0 -195,000,000 -73,000,000     
      proceeds from the 100 million term loan facility
    		                                    20,000,000 20,000,000   0                
      proceeds from the 253 million term loan facility
    		                                    0 0 0 21,500,000 0                
      proceeds from the 2010 baltic trading credit facility
    		                            0            31,425,000                
      proceeds from the baltic trading 22 million term loan facility
    		                                                        
      repayments on the baltic trading 22 million term loan facility
    		                                                        
      proceeds from the baltic trading 44 million term loan facility
    		                                                        
      payment of convertible senior notes issuance costs
    		                                                        
      proceeds from issuance of common stock by subsidiary
    		                            55,280,000 59,862,000           0 0 0 214,508,000             
      cash and cash equivalents at beginning of year
    		                                                        
      cash and cash equivalents at end of year
    		                                                        
      purchase of vessels
    		                                            -96,096,000 -190,864,000 -204,000 -473,000 -98,377,000 -164,828,000 -93,864,000 -153,276,000 -416,283,000    
      proceeds from the 2013 baltic trading credit facility
    		                                                        
      proceeds on the 2010 baltic trading credit facility
    		                                                        
      deposits on vessels
    		                                             463,000 -676,000 -695,000 53,919,000 23,233,000 -80,178,000 -463,000     
      proceeds from sale of vessels
    		                                                   43,080,000     
      proceeds from the baltic trading 2010 credit facility
    		                                                        
      proceeds from issuance of convertible senior notes
    		                                        0                
      payment of subsidiary common stock issuance costs
    		                                                        
      unrealized (gain) loss on derivative instruments
    		                                                        
      increase in deferred rent credit
    		                                    213,000 377,000               -5,000 -4,000 -5,000 -5,000 
      proceeds from the 2007 credit facility
    		                                                  169,750,000 151,500,000     
      payment of deferred financing costs and deferred registration costs
    		                                                        
      deposits on vessels to be sold
    		                                                        
      proceeds from sale of vessel
    		                                                 4,000    0 0 13,004,000 
      payments of subsidiary common stock issuance costs
    		                                                        
      decrease in deferred rent credit
    		                                            -5,000 -4,000 -5,000 -5,000  -5,000 -4,000 -5,000     
      deposits of restricted cash
    		                                            -500,000            
      realized gain on forward currency contracts
    		                                                        
      unrealized loss on hedged investment
    		                                                        
      unrealized gain on forward currency contract
    		                                                   -1,678,000     
      realized income on investments
    		                                                        
      gain on sale of vessel
    		                                                0 0   -23,472,000 0 0 -3,575,000 
      loss on forfeiture of vessel deposits
    		                                                        
      purchase of investments
    		                                                        
      proceeds from forward currency contracts
    		                                                10,297,000        
      payments on forfeiture of vessel deposits
    		                                                        
      payments to acquire and retire common stock
    		                                                -1,502,000        
      amortization of time charterers acquired
    		                                                        
      amortization of fair market value of time charterers acquired
    		                                             -4,813,000 -4,761,000 -4,708,000         
      amortization of fair market value of time charter acquired
    		                                                   -6,849,000     
      realized (gain) loss on forward currency contracts
    		                                                -10,309,000        
      unrealized gain on hedged investment
    		                                                        
      unrealized (gain) loss on forward currency contract
    		                                                        
      payments on forward currency contracts
    		                                                  1,866,000 -11,428,000 -2,895,000    
      proceeds from the 2005 credit facility, short-term line and original credit facility
    		                                                        
      repayments on the 2005 credit facility, short-term line and original credit facility
    		                                                        
      net proceeds from issuance of common stock
    		                                                -112,000 -176,000       
      see accompanying notes to consolidated financial statements.
    		                                                        
      unrealized loss on derivative instruments
    		                                             14,000    -11,000       
      unrealized gain on forward currency contracts
    		                                                        
      realized income on investment
    		                                                        
      proceeds from 2007 credit facility
    		                                                        
      realized losses on forward currency contracts
    		                                                  -1,866,000 11,473,000     
      unrealized loss on forward currency contracts
    		                                                        
      amortization of value of time charterers acquired
    		                                                        
      unrealized gain on hedged short-term investment
    		                                                 18,742,000 -226,000 -9,668,000 1,016,000    
      unrealized (gain) loss on forward currency contracts
    		                                                        
      realized income on short-term investments
    		                                                 -4,411,000       
      purchase of short-term investments
    		                                                 -1,000 0 -10,250,000 -51,000 -12,444,000   
      proceeds from 2005 credit facility and short-term line
    		                                                        
      repayment of 2005 credit facility and short-term line
    		                                                        
      net increase increase in cash
    		                                                        
      amortization of value of time charters acquired
    		                                                        
      unrealized loss on forward currency contract
    		                                                        
      proceeds from the 2005 credit facility and short-term line
    		                                                        
      repayments on the 2005 credit facility and short-term line
    		                                                        
      net increase in cash
    		                                                  47,669,000 -23,201,000 20,258,000 -16,560,000 -19,360,000 13,604,000 
      realized losses on forward currency contract
    		                                                        
      capital contributions from shareholder
    		                                                        
      deposits on vessels to be acquired
    		                                                        
      supplemental disclosure of cash flow information:
    		                                                        
      cash paid during the period for interest, net of amounts capitalized
    		                                                        
      amortization of value of time charter acquired
    		                                                      461,000 456,000 
      purchase of vessels, net of deposits
    		                                                      0 -43,000 
      repayment of credit facilities
    		                                                      0 -5,700,000 
      proceeds from short-term line
    		                                                        
      cash paid during the period for interest
    		                                                      3,627,000 2,675,000 
      proceeds from credit facilities
    		                                                        
      repayments on credit facilities
    		                                                        
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.