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q 0 0 0 rg BT 426.68 622.25 Td ("anticipate," ) Tj ET Q
q 0 0 0 rg BT 479.28 622.25 Td ("intend," ) Tj ET Q
q 0 0 0 rg BT 518.02 622.25 Td ("estimate," ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 96.24 610.25 Td ("project," ) Tj ET Q
q 0 0 0 rg BT 138.60 610.25 Td ("plan," ) Tj ET Q
q 0 0 0 rg BT 170.41 610.25 Td ("potential," ) Tj ET Q
q 0 0 0 rg BT 220.00 610.25 Td ("will," ) Tj ET Q
q 0 0 0 rg BT 250.15 610.25 Td ("may) Tj ET Q
q 0 0 0 rg BT 270.80 610.25 Td (," ) Tj ET Q
q 0 0 0 rg BT 281.31 610.25 Td ("should," ) Tj ET Q
q 0 0 0 rg BT 322.58 610.25 Td ("expect" ) Tj ET Q
q 0 0 0 rg BT 360.77 610.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 379.14 610.25 Td (similar ) Tj ET Q
q 0 0 0 rg BT 410.84 610.25 Td (expressions ) Tj ET Q
q 0 0 0 rg BT 461.43 610.25 Td (identify ) Tj ET Q
q 0 0 0 rg BT 496.47 610.25 Td (forward-looking ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.25 Td (statements.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.39 574.25 Td (forward-looking ) Tj ET Q
q 0 0 0 rg BT 136.76 574.25 Td (statements ) Tj ET Q
q 0 0 0 rg BT 181.81 574.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 192.43 574.25 Td (this ) Tj ET Q
q 0 0 0 rg BT 209.72 574.25 Td (report ) Tj ET Q
q 0 0 0 rg BT 236.44 574.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 251.48 574.25 Td (based ) Tj ET Q
q 0 0 0 rg BT 277.09 574.25 Td (upon ) Tj ET Q
q 0 0 0 rg BT 299.93 574.25 Td (various ) Tj ET Q
q 0 0 0 rg BT 332.21 574.25 Td (assumptions, ) Tj ET Q
q 0 0 0 rg BT 386.99 574.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 427.61 574.25 Td (without ) Tj ET Q
q 0 0 0 rg BT 461.00 574.25 Td (limitation, ) Tj ET Q
q 0 0 0 rg BT 505.23 574.25 Td (management's ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.25 Td (examination ) Tj ET Q
q 0 0 0 rg BT 101.30 562.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 111.50 562.25 Td (historical ) Tj ET Q
q 0 0 0 rg BT 150.59 562.25 Td (operating ) Tj ET Q
q 0 0 0 rg BT 190.22 562.25 Td (trends, ) Tj ET Q
q 0 0 0 rg BT 219.04 562.25 Td (data ) Tj ET Q
q 0 0 0 rg BT 237.56 562.25 Td (contained ) Tj ET Q
q 0 0 0 rg BT 278.31 562.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 287.96 562.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 303.16 562.25 Td (records ) Tj ET Q
q 0 0 0 rg BT 334.46 562.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 350.77 562.25 Td (data ) Tj ET Q
q 0 0 0 rg BT 369.30 562.25 Td (available ) Tj ET Q
q 0 0 0 rg BT 407.26 562.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 428.57 562.25 Td (third ) Tj ET Q
q 0 0 0 rg BT 449.33 562.25 Td (parties. ) Tj ET Q
q 0 0 0 rg BT 479.95 562.25 Td (Although ) Tj ET Q
q 0 0 0 rg BT 519.60 562.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 533.13 562.25 Td (believe ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 67.34 550.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 90.24 550.25 Td (assumptions ) Tj ET Q
q 0 0 0 rg BT 142.04 550.25 Td (were ) Tj ET Q
q 0 0 0 rg BT 163.81 550.25 Td (reasonable ) Tj ET Q
q 0 0 0 rg BT 208.92 550.25 Td (when ) Tj ET Q
q 0 0 0 rg BT 232.92 550.25 Td (made, ) Tj ET Q
q 0 0 0 rg BT 259.43 550.25 Td (because ) Tj ET Q
q 0 0 0 rg BT 293.42 550.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 316.32 550.25 Td (assumptions ) Tj ET Q
q 0 0 0 rg BT 368.12 550.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 382.67 550.25 Td (inherently ) Tj ET Q
q 0 0 0 rg BT 425.56 550.25 Td (subject ) Tj ET Q
q 0 0 0 rg BT 456.24 550.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 466.36 550.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 510.92 550.25 Td (uncertainties ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 126.01 538.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 153.75 538.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 169.25 538.25 Td (dif) Tj ET Q
q 0 0 0 rg BT 180.18 538.25 Td (ficult ) Tj ET Q
q 0 0 0 rg BT 204.58 538.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 216.21 538.25 Td (impossible ) Tj ET Q
q 0 0 0 rg BT 262.84 538.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 273.92 538.25 Td (predict ) Tj ET Q
q 0 0 0 rg BT 304.98 538.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 322.71 538.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 338.22 538.25 Td (beyond ) Tj ET Q
q 0 0 0 rg BT 370.96 538.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 387.58 538.25 Td (control, ) Tj ET Q
q 0 0 0 rg BT 421.71 538.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 436.66 538.25 Td (cannot ) Tj ET Q
q 0 0 0 rg BT 466.62 538.25 Td (assure ) Tj ET Q
q 0 0 0 rg BT 494.90 538.25 Td (you ) Tj ET Q
q 0 0 0 rg BT 513.20 538.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 531.49 538.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 546.45 538.25 Td (will ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.25 Td (achieve ) Tj ET Q
q 0 0 0 rg BT 84.23 526.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 96.26 526.25 Td (accomplish ) Tj ET Q
q 0 0 0 rg BT 145.50 526.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 169.74 526.25 Td (expectations, ) Tj ET Q
q 0 0 0 rg BT 225.92 526.25 Td (beliefs ) Tj ET Q
q 0 0 0 rg BT 256.27 526.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 268.30 526.25 Td (projections. ) Tj ET Q
q 0 0 0 rg BT 318.67 526.25 Td (W) Tj ET Q
q 0 0 0 rg BT 327.30 526.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 335.44 526.25 Td (undertake ) Tj ET Q
q 0 0 0 rg BT 378.56 526.25 Td (no ) Tj ET Q
q 0 0 0 rg BT 392.26 526.25 Td (obligation ) Tj ET Q
q 0 0 0 rg BT 436.51 526.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 447.98 526.25 Td (update ) Tj ET Q
q 0 0 0 rg BT 478.34 526.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 496.47 526.25 Td (forward-looking ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 174.40 514.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 185.23 514.25 Td (new ) Tj ET Q
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q 0 0 0 rg BT 282.98 514.25 Td (events ) Tj ET Q
q 0 0 0 rg BT 311.03 514.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 321.86 514.25 Td (otherwise.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.25 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.50 490.25 Td (addition ) Tj ET Q
q 0 0 0 rg BT 97.44 490.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 108.39 490.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 132.10 490.25 Td (important ) Tj ET Q
q 0 0 0 rg BT 174.15 490.25 Td (factors ) Tj ET Q
q 0 0 0 rg BT 204.53 490.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 222.13 490.25 Td (matters ) Tj ET Q
q 0 0 0 rg BT 254.73 490.25 Td (discussed ) Tj ET Q
q 0 0 0 rg BT 296.23 490.25 Td (elsewhere ) Tj ET Q
q 0 0 0 rg BT 339.38 490.25 Td (herein ) Tj ET Q
q 0 0 0 rg BT 367.53 490.25 Td (and ) Tj ET Q
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q 0 0 0 rg BT 396.08 490.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 411.47 490.25 Td (documents ) Tj ET Q
q 0 0 0 rg BT 457.96 490.25 Td (incorporated ) Tj ET Q
q 0 0 0 rg BT 511.66 490.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 524.83 490.25 Td (reference ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 122.68 478.25 Td (factors ) Tj ET Q
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q 0 0 0 rg BT 225.55 478.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 250.92 478.25 Td (cause ) Tj ET Q
q 0 0 0 rg BT 276.28 478.25 Td (actual ) Tj ET Q
q 0 0 0 rg BT 303.31 478.25 Td (results ) Tj ET Q
q 0 0 0 rg BT 332.57 478.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 343.50 478.25 Td (dif) Tj ET Q
q 0 0 0 rg BT 354.43 478.25 Td (fer ) Tj ET Q
q 0 0 0 rg BT 368.68 478.25 Td (materially ) Tj ET Q
q 0 0 0 rg BT 412.37 478.25 Td (from ) Tj ET Q
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q 0 0 0 rg BT 500.71 478.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 511.65 478.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 527.02 478.25 Td (forward-) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.25 Td (looking ) Tj ET Q
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q 0 0 0 rg BT 125.99 466.25 Td (include ) Tj ET Q
q 0 0 0 rg BT 157.03 466.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 170.86 466.25 Td (strength ) Tj ET Q
q 0 0 0 rg BT 204.69 466.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 214.63 466.25 Td (world ) Tj ET Q
q 0 0 0 rg BT 239.57 466.25 Td (economies, ) Tj ET Q
q 0 0 0 rg BT 286.44 466.25 Td (fluctuations ) Tj ET Q
q 0 0 0 rg BT 335.26 466.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 344.65 466.25 Td (currencies ) Tj ET Q
q 0 0 0 rg BT 387.35 466.25 Td (and ) Tj ET Q
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q 0 0 0 rg BT 434.44 466.25 Td (rates, ) Tj ET Q
q 0 0 0 rg BT 457.43 466.25 Td (general ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 140.24 454.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 150.65 454.25 Td (charterhire ) Tj ET Q
q 0 0 0 rg BT 196.58 454.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 218.08 454.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 235.15 454.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 262.22 454.25 Td (values, ) Tj ET Q
q 0 0 0 rg BT 292.89 454.25 Td (changes ) Tj ET Q
q 0 0 0 rg BT 327.73 454.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 338.13 454.25 Td (demand ) Tj ET Q
q 0 0 0 rg BT 372.42 454.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 382.83 454.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 397.67 454.25 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 425.28 454.25 Td (market, ) Tj ET Q
q 0 0 0 rg BT 458.18 454.25 Td (changes ) Tj ET Q
q 0 0 0 rg BT 493.01 454.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 503.42 454.25 Td (world ) Tj ET Q
q 0 0 0 rg BT 529.38 454.25 Td (wide ) Tj ET Q
q 0 0 0 rg BT 551.44 454.25 Td (oil ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.25 Td (production ) Tj ET Q
q 0 0 0 rg BT 95.44 442.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 111.99 442.25 Td (consumption ) Tj ET Q
q 0 0 0 rg BT 165.77 442.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 182.32 442.25 Td (storage, ) Tj ET Q
q 0 0 0 rg BT 215.82 442.25 Td (changes ) Tj ET Q
q 0 0 0 rg BT 250.14 442.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 260.03 442.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 274.36 442.25 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 321.05 442.25 Td (operating ) Tj ET Q
q 0 0 0 rg BT 360.93 442.25 Td (expenses, ) Tj ET Q
q 0 0 0 rg BT 401.65 442.25 Td (including ) Tj ET Q
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q 0 0 0 rg BT 471.42 442.25 Td (prices, ) Tj ET Q
q 0 0 0 rg BT 499.91 442.25 Td (drydocking ) Tj ET Q
q 0 0 0 rg BT 547.57 442.25 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 116.31 430.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 131.28 430.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 161.79 430.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 176.20 430.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 191.16 430.25 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 238.49 430.25 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 272.07 430.25 Td (availability ) Tj ET Q
q 0 0 0 rg BT 319.80 430.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 330.88 430.25 Td (financing ) Tj ET Q
q 0 0 0 rg BT 371.39 430.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 388.58 430.25 Td (refinancing, ) Tj ET Q
q 0 0 0 rg BT 439.36 430.25 Td (changes ) Tj ET Q
q 0 0 0 rg BT 474.31 430.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 484.84 430.25 Td (governmental ) Tj ET Q
q 0 0 0 rg BT 542.57 430.25 Td (rules ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 67.25 418.25 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 114.49 418.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 125.63 418.25 Td (actions ) Tj ET Q
q 0 0 0 rg BT 156.76 418.25 Td (taken ) Tj ET Q
q 0 0 0 rg BT 181.22 418.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 194.03 418.25 Td (regulatory ) Tj ET Q
q 0 0 0 rg BT 237.93 418.25 Td (authorities, ) Tj ET Q
q 0 0 0 rg BT 285.45 418.25 Td (potential ) Tj ET Q
q 0 0 0 rg BT 323.25 418.25 Td (liability ) Tj ET Q
q 0 0 0 rg BT 357.16 418.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 379.41 418.25 Td (pending ) Tj ET Q
q 0 0 0 rg BT 414.43 418.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 425.57 418.25 Td (future ) Tj ET Q
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q 0 0 0 rg BT 493.67 418.25 Td (general ) Tj ET Q
q 0 0 0 rg BT 525.90 418.25 Td (domestic ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.51 406.25 Td (international ) Tj ET Q
q 0 0 0 rg BT 119.11 406.25 Td (political ) Tj ET Q
q 0 0 0 rg BT 153.95 406.25 Td (conditions, ) Tj ET Q
q 0 0 0 rg BT 200.19 406.25 Td (potential ) Tj ET Q
q 0 0 0 rg BT 237.25 406.25 Td (disruption ) Tj ET Q
q 0 0 0 rg BT 279.87 406.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 290.27 406.25 Td (shipping ) Tj ET Q
q 0 0 0 rg BT 326.79 406.25 Td (routes ) Tj ET Q
q 0 0 0 rg BT 353.30 406.25 Td (due ) Tj ET Q
q 0 0 0 rg BT 369.80 406.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 379.65 406.25 Td (accidents, ) Tj ET Q
q 0 0 0 rg BT 421.42 406.25 Td (political ) Tj ET Q
q 0 0 0 rg BT 456.26 406.25 Td (events ) Tj ET Q
q 0 0 0 rg BT 483.88 406.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 494.28 406.25 Td (acts ) Tj ET Q
q 0 0 0 rg BT 511.89 406.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 523.96 406.25 Td (terrorists, ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 67.41 394.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 90.92 394.25 Td (important ) Tj ET Q
q 0 0 0 rg BT 132.77 394.25 Td (factors ) Tj ET Q
q 0 0 0 rg BT 162.95 394.25 Td (described ) Tj ET Q
q 0 0 0 rg BT 204.23 394.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 226.64 394.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 247.38 394.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 258.13 394.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 278.87 394.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 289.62 394.25 Td (the ) Tj ET Q
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q 0 0 0 rg BT 335.54 394.25 Td (filed ) Tj ET Q
q 0 0 0 rg BT 356.84 394.25 Td (by ) Tj ET Q
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q 0 0 0 rg BT 505.18 394.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 522.59 394.25 Td (Exchange ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 103.07 382.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 113.90 382.25 Td (Commission.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 58.64 358.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.85 358.25 Td (caution ) Tj ET Q
q 0 0 0 rg BT 98.06 358.25 Td (readers ) Tj ET Q
q 0 0 0 rg BT 129.70 358.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 140.80 358.25 Td (this ) Tj ET Q
q 0 0 0 rg BT 158.02 358.25 Td (report ) Tj ET Q
q 0 0 0 rg BT 184.67 358.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 200.22 358.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 210.78 358.25 Td (place ) Tj ET Q
q 0 0 0 rg BT 234.64 358.25 Td (undue ) Tj ET Q
q 0 0 0 rg BT 261.86 358.25 Td (reliance ) Tj ET Q
q 0 0 0 rg BT 296.27 358.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 309.04 358.25 Td (these ) Tj ET Q
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q 0 0 0 rg BT 475.37 358.25 Td (speak ) Tj ET Q
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q 0 0 0 rg BT 521.46 358.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 532.57 358.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 543.67 358.25 Td (their ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 167.50 346.25 Td (statements ) Tj ET Q
q 0 0 0 rg BT 211.85 346.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 226.18 346.25 Td (not ) Tj ET Q
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q 0 0 0 rg BT 285.98 346.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 296.44 346.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 311.90 346.25 Td (future ) Tj ET Q
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q 0 0 0 rg BT 409.63 346.25 Td (actual ) Tj ET Q
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q 0 0 0 rg BT 463.88 346.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 480.45 346.25 Td (future ) Tj ET Q
q 0 0 0 rg BT 506.46 346.25 Td (developments ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 69.82 334.25 Td (vary ) Tj ET Q
q 0 0 0 rg BT 90.19 334.25 Td (materially ) Tj ET Q
q 0 0 0 rg BT 133.33 334.25 Td (from ) Tj ET Q
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q 0 0 0 rg BT 179.08 334.25 Td (projected ) Tj ET Q
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434.50 628.50 4.00 -25.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
438.50 628.50 60.00 -25.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
498.50 628.50 4.00 -25.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
502.50 628.50 60.00 -25.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 588.50 192.00 -25.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
242.50 588.50 4.00 -25.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
246.50 588.50 60.00 -25.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
306.50 588.50 4.00 -25.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
310.50 588.50 60.00 -25.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
370.50 588.50 4.00 -25.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
374.50 588.50 60.00 -25.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
434.50 588.50 4.00 -25.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
438.50 588.50 60.00 -25.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
498.50 588.50 4.00 -25.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
502.50 588.50 60.00 -25.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 538.50 192.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
242.50 538.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
246.50 538.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
306.50 538.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
310.50 538.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
370.50 538.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
374.50 538.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
434.50 538.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
438.50 538.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
498.50 538.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
502.50 538.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 508.50 192.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
242.50 508.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
246.50 508.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
306.50 508.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
310.50 508.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
370.50 508.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
374.50 508.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
434.50 508.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
438.50 508.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
498.50 508.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
502.50 508.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 478.50 192.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
242.50 478.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
246.50 478.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
306.50 478.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
310.50 478.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
370.50 478.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
374.50 478.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
434.50 478.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
438.50 478.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
498.50 478.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
502.50 478.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 448.50 192.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
242.50 448.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
246.50 448.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
306.50 448.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
310.50 448.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
370.50 448.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
374.50 448.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
434.50 448.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
438.50 448.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
498.50 448.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
502.50 448.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 418.50 192.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
242.50 418.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
246.50 418.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
306.50 418.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
310.50 418.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
370.50 418.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
374.50 418.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
434.50 418.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
438.50 418.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
498.50 418.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
502.50 418.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 388.50 192.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
242.50 388.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
246.50 388.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
306.50 388.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
310.50 388.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
370.50 388.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
374.50 388.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
434.50 388.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
438.50 388.50 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
498.50 388.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
502.50 388.50 60.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 718.5 m
242.5 718.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
246.5 718.5 m
306.5 718.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
310.5 718.5 m
370.5 718.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
374.5 718.5 m
434.5 718.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
438.5 718.5 m
498.5 718.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
502.5 718.5 m
562.5 718.5 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 738.17 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 336.55 738.18 Td (Fiscal year ended December 31,) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 723.17 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 283.00 723.18 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 347.35 723.17 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 411.00 723.17 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 475.00 723.17 Td (2009) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 539.00 723.17 Td (2008) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 708.21 Td (\(in thousands of $, except ordinary shares and ratios\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 693.18 Td (Balance Sheet Data \(at end of year\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 203.53 693.18 Td ( \(1\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 217.69 693.18 Td (:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 249.00 693.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 313.00 693.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 377.00 693.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 441.00 693.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 505.00 693.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 678.17 Td (Cash and cash equivalents) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 263.50 678.18 Td (137,603) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 329.15 678.17 Td (160,566) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 393.15 678.17 Td (176,639) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 462.15 678.17 Td (82,575) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 521.15 678.17 Td (190,819) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 663.17 Td (Newbuildings) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 268.50 663.18 Td (26,913) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 334.15 663.17 Td (13,049) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 393.15 663.17 Td (224,319) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 663.17 Td (413,968) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 521.15 663.17 Td (454,227) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 648.17 Td (Vessels and equipment, net) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 263.50 648.18 Td (282,946) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 329.15 648.17 Td (312,292) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 385.60 648.17 Td (1,430,124) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 648.17 Td (678,694) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 521.15 648.17 Td (438,161) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 633.17 Td (Vessels and equipment under capital lease, net) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 263.50 633.18 Td (893,089) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 321.60 633.17 Td (1,022,172) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 385.60 633.17 Td (1,427,526) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 449.60 633.17 Td (1,740,666) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 513.60 633.17 Td (2,100,717) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 618.17 Td (Investment in unconsolidated subsidiaries and) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 608.17 Td (associated companies) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 268.50 608.18 Td (40,633) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 334.15 608.17 Td (27,340) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 403.15 608.17 Td (3,408) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 467.15 608.17 Td (3,923) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 608.17 Td (4,467) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 593.17 Td (Total assets) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 256.00 593.18 Td (1,688,221) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 321.60 593.17 Td (1,840,569) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 385.60 593.17 Td (3,797,920) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 449.60 593.17 Td (3,715,218) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 513.60 593.17 Td (4,027,728) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 578.17 Td (Short-term debt and current portion of long-) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 568.17 Td (term debt) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 268.50 568.18 Td (20,700) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 334.15 568.17 Td (19,521) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 393.15 568.17 Td (173,595) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 568.17 Td (123,884) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 521.15 568.17 Td (293,471) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 553.17 Td (Current portion of obligations under capital) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 543.17 Td (leases) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 268.50 543.18 Td (52,070) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 334.15 543.17 Td (55,805) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 393.15 543.17 Td (193,379) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 543.17 Td (285,753) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 521.15 543.17 Td (243,293) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 528.17 Td (Long-term debt) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 263.50 528.18 Td (463,292) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 329.15 528.17 Td (493,992) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 385.60 528.17 Td (1,190,763) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 528.17 Td (760,698) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 521.15 528.17 Td (614,676) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 513.17 Td (Obligations under capital leases) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 263.50 513.18 Td (898,490) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 329.15 513.17 Td (957,431) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 385.60 513.17 Td (1,336,908) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 449.60 513.17 Td (1,579,708) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 513.60 513.17 Td (1,969,919) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 498.17 Td (Share capital) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 263.50 498.18 Td (194,646) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 329.15 498.17 Td (194,646) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 393.15 498.17 Td (194,646) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 498.17 Td (194,646) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 521.15 498.17 Td (194,646) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 483.17 Td (Totalequity attributable to Frontline Ltd.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 263.50 483.18 Td (119,675) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 329.15 483.17 Td (200,984) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 393.15 483.17 Td (747,133) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 483.17 Td (741,340) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 521.15 483.17 Td (702,217) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 468.17 Td (Ordinary shares outstanding) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 251.00 468.18 Td (77,858,502) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 316.60 468.17 Td (77,858,502) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 380.60 468.17 Td (77,858,502) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 444.60 468.17 Td (77,858,502) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 508.60 468.17 Td (77,858,502) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 453.17 Td (Weighted average ordinary shares outstanding) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 251.00 453.18 Td (77,858,502) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 316.60 453.17 Td (77,858,502) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 380.60 453.17 Td (77,858,502) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 444.60 453.17 Td (77,858,502) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 508.60 453.17 Td (76,352,673) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 438.18 Td (Other Financial Data:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 313.00 438.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 377.00 438.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 441.00 438.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 505.00 438.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 423.17 Td (Equity to assets ratio \(percentage\) \(2\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 283.50 423.18 Td (7.1) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 296.00 423.18 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 344.15 423.17 Td (10.9) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 361.65 423.17 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 408.15 423.17 Td (19.7) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 425.65 423.17 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 472.15 423.17 Td (20.0) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 423.17 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 536.15 423.17 Td (17.4) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 423.17 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 408.17 Td (Debt to equity ratio \(3\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 285.50 408.18 Td (12.0) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 349.15 408.17 Td (7.6) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 413.15 408.17 Td (3.9) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 477.15 408.17 Td (3.7) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 541.15 408.17 Td (4.4) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 393.17 Td (Price earnings ratio \(4\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 280.15 393.18 Td (\(3.1) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 296.00 393.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 345.80 393.22 Td (\(0.6) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 361.65 393.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 408.15 393.17 Td (12.3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 472.15 393.17 Td (20.7) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 541.15 393.17 Td (3.2) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 378.17 Td (T) Tj ET Q
q 0 0 0 rg BT 58.76 378.17 Td (ime charter equivalent revenue \(5\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 263.50 378.18 Td (368,190) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 329.15 378.17 Td (493,346) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 393.15 378.17 Td (861,829) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 378.17 Td (896,843) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 513.60 378.17 Td (1,493,912) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 350.00 Td (Notes:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 326.00 Td (1. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 326.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 103.81 326.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 144.96 326.00 Td (completed ) Tj ET Q
q 0 0 0 rg BT 188.87 326.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 195.57 326.00 Td (restructuring ) Tj ET Q
q 0 0 0 rg BT 248.92 326.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 259.51 326.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 271.22 326.00 Td (business ) Tj ET Q
q 0 0 0 rg BT 307.37 326.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 317.41 326.00 Td (December ) Tj ET Q
q 0 0 0 rg BT 360.76 326.00 Td (201) Tj ET Q
q 0 0 0 rg BT 375.38 326.00 Td (1, ) Tj ET Q
q 0 0 0 rg BT 385.15 326.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 411.84 326.00 Td (involved ) Tj ET Q
q 0 0 0 rg BT 449.10 326.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 463.58 326.00 Td (sale ) Tj ET Q
q 0 0 0 rg BT 481.39 326.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 491.98 326.00 Td (15 ) Tj ET Q
q 0 0 0 rg BT 504.24 326.00 Td (wholly-owned ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 314.00 Td (special ) Tj ET Q
q 0 0 0 rg BT 117.07 314.00 Td (purpose ) Tj ET Q
q 0 0 0 rg BT 152.03 314.00 Td (companies ) Tj ET Q
q 0 0 0 rg BT 198.10 314.00 Td (\(which ) Tj ET Q
q 0 0 0 rg BT 229.17 314.00 Td (owned ) Tj ET Q
q 0 0 0 rg BT 259.14 314.00 Td (six ) Tj ET Q
q 0 0 0 rg BT 273.88 314.00 Td (VLCCs, ) Tj ET Q
q 0 0 0 rg BT 310.24 314.00 Td (including ) Tj ET Q
q 0 0 0 rg BT 351.32 314.00 Td (one ) Tj ET Q
q 0 0 0 rg BT 369.06 314.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 382.37 314.00 Td (time ) Tj ET Q
q 0 0 0 rg BT 403.45 314.00 Td (charter) Tj ET Q
q 0 0 0 rg BT 430.80 314.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 436.60 314.00 Td (four ) Tj ET Q
q 0 0 0 rg BT 456.57 314.00 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 496.53 314.00 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 528.71 314.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 546.45 314.00 Td (five ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 302.00 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 139.87 302.00 Td (contracts\) ) Tj ET Q
q 0 0 0 rg BT 183.18 302.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 194.83 302.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 208.15 302.00 Td (equity ) Tj ET Q
q 0 0 0 rg BT 237.02 302.00 Td (method ) Tj ET Q
q 0 0 0 rg BT 270.90 302.00 Td (investee ) Tj ET Q
q 0 0 0 rg BT 307.54 302.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 319.75 302.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 335.84 302.00 Td (Company) Tj ET Q
q 0 0 0 rg BT 374.08 302.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 380.46 302.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 398.77 302.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 414.87 302.00 Td (renegotiation ) Tj ET Q
q 0 0 0 rg BT 471.51 302.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 483.72 302.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 499.81 302.00 Td (majority ) Tj ET Q
q 0 0 0 rg BT 537.57 302.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 549.78 302.00 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 290.00 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 132.28 290.00 Td (charter ) Tj ET Q
q 0 0 0 rg BT 161.74 290.00 Td (parties ) Tj ET Q
q 0 0 0 rg BT 190.09 290.00 Td (relating ) Tj ET Q
q 0 0 0 rg BT 222.34 290.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 231.82 290.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 261.85 290.00 Td (chartered ) Tj ET Q
q 0 0 0 rg BT 300.74 290.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 310.22 290.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 321.93 290.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 335.84 290.00 Td (Company) Tj ET Q
q 0 0 0 rg BT 374.08 290.00 Td (. ) Tj ET Q
q 0 0 0 rg BT 377.91 290.00 Td (A) Tj ET Q
q 0 0 0 rg BT 384.58 290.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 386.28 290.00 Td (summary ) Tj ET Q
q 0 0 0 rg BT 425.20 290.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 435.23 290.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 449.15 290.00 Td (major ) Tj ET Q
q 0 0 0 rg BT 474.17 290.00 Td (changes ) Tj ET Q
q 0 0 0 rg BT 508.08 290.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 517.56 290.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 531.48 290.00 Td (balance ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 278.00 Td (sheet ) Tj ET Q
q 0 0 0 rg BT 109.05 278.00 Td (at ) Tj ET Q
q 0 0 0 rg BT 118.76 278.00 Td (December ) Tj ET Q
q 0 0 0 rg BT 162.35 278.00 Td (31, ) Tj ET Q
q 0 0 0 rg BT 177.35 278.00 Td (201) Tj ET Q
q 0 0 0 rg BT 191.98 278.00 Td (1is ) Tj ET Q
q 0 0 0 rg BT 211.15 278.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 221.98 278.00 Td (follows;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 104.00 266.00 Td (a. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 122.00 266.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 140.05 266.00 Td (net ) Tj ET Q
q 0 0 0 rg BT 154.76 266.00 Td (book ) Tj ET Q
q 0 0 0 rg BT 177.26 266.00 Td (value ) Tj ET Q
q 0 0 0 rg BT 201.42 266.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 214.75 266.00 Td ('V) Tj ET Q
q 0 0 0 rg BT 222.66 266.00 Td (essels ) Tj ET Q
q 0 0 0 rg BT 248.49 266.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 265.43 266.00 Td (equipment, ) Tj ET Q
q 0 0 0 rg BT 312.64 266.00 Td (net' ) Tj ET Q
q 0 0 0 rg BT 329.16 266.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 347.21 266.00 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 381.36 266.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 393.86 266.00 Td ($864.9 ) Tj ET Q
q 0 0 0 rg BT 423.86 266.00 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 104.00 254.00 Td (b. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 122.00 254.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 140.05 254.00 Td (net ) Tj ET Q
q 0 0 0 rg BT 154.76 254.00 Td (book ) Tj ET Q
q 0 0 0 rg BT 177.26 254.00 Td (value ) Tj ET Q
q 0 0 0 rg BT 201.42 254.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 212.25 254.00 Td ('V) Tj ET Q
q 0 0 0 rg BT 220.16 254.00 Td (essels ) Tj ET Q
q 0 0 0 rg BT 245.99 254.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 262.93 254.00 Td (equipment ) Tj ET Q
q 0 0 0 rg BT 307.64 254.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 332.91 254.00 Td (capital ) Tj ET Q
q 0 0 0 rg BT 362.06 254.00 Td (lease, ) Tj ET Q
q 0 0 0 rg BT 387.05 254.00 Td (net' ) Tj ET Q
q 0 0 0 rg BT 403.57 254.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 421.62 254.00 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 455.76 254.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 468.26 254.00 Td ($156.3 ) Tj ET Q
q 0 0 0 rg BT 498.26 254.00 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 104.00 242.00 Td (c. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 122.00 242.00 Td (Capital ) Tj ET Q
q 0 0 0 rg BT 153.36 242.00 Td (lease ) Tj ET Q
q 0 0 0 rg BT 175.83 242.00 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 222.75 242.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 243.01 242.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 263.83 242.00 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 297.96 242.00 Td (International ) Tj ET Q
q 0 0 0 rg BT 351.53 242.00 Td (Limited ) Tj ET Q
q 0 0 0 rg BT 385.67 242.00 Td (\(NYSE: ) Tj ET Q
q 0 0 0 rg BT 420.37 242.00 Td (SFL\), ) Tj ET Q
q 0 0 0 rg BT 445.91 242.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 452.83 242.00 Td (company ) Tj ET Q
q 0 0 0 rg BT 491.96 242.00 Td (af) Tj ET Q
q 0 0 0 rg BT 499.55 242.00 Td (filiated ) Tj ET Q
q 0 0 0 rg BT 530.35 242.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 550.61 242.00 Td (us, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 122.00 230.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 132.94 230.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 153.89 230.00 Td (Finance, ) Tj ET Q
q 0 0 0 rg BT 190.66 230.00 Td (were ) Tj ET Q
q 0 0 0 rg BT 212.70 230.00 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 246.96 230.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 259.57 230.00 Td ($232.5 ) Tj ET Q
q 0 0 0 rg BT 289.69 230.00 Td (million ) Tj ET Q
q 0 0 0 rg BT 321.19 230.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 338.24 230.00 Td (capital ) Tj ET Q
q 0 0 0 rg BT 367.50 230.00 Td (lease ) Tj ET Q
q 0 0 0 rg BT 390.10 230.00 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 437.16 230.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 457.55 230.00 Td (other ) Tj ET Q
q 0 0 0 rg BT 480.71 230.00 Td (counter ) Tj ET Q
q 0 0 0 rg BT 513.30 230.00 Td (parties ) Tj ET Q
q 0 0 0 rg BT 542.57 230.00 Td (were ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 122.00 218.00 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 156.15 218.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 168.65 218.00 Td ($29.8 ) Tj ET Q
q 0 0 0 rg BT 193.65 218.00 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 104.00 206.00 Td (d. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 122.00 206.00 Td (Bank ) Tj ET Q
q 0 0 0 rg BT 145.61 206.00 Td (debt ) Tj ET Q
q 0 0 0 rg BT 165.33 206.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 183.38 206.00 Td (eliminated.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 104.00 194.00 Td (e. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 122.00 194.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 140.05 194.00 Td (net ) Tj ET Q
q 0 0 0 rg BT 154.76 194.00 Td (book ) Tj ET Q
q 0 0 0 rg BT 177.26 194.00 Td (value ) Tj ET Q
q 0 0 0 rg BT 201.42 194.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 212.25 194.00 Td ('Newbuildings' ) Tj ET Q
q 0 0 0 rg BT 274.46 194.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 292.51 194.00 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 326.66 194.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 339.16 194.00 Td ($237.1 ) Tj ET Q
q 0 0 0 rg BT 369.16 194.00 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 104.00 182.00 Td (f. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 122.00 182.00 Td (Newbuilding ) Tj ET Q
q 0 0 0 rg BT 176.72 182.00 Td (commitments ) Tj ET Q
q 0 0 0 rg BT 233.66 182.00 Td (were ) Tj ET Q
q 0 0 0 rg BT 255.58 182.00 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 289.73 182.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 302.23 182.00 Td ($325.5 ) Tj ET Q
q 0 0 0 rg BT 332.23 182.00 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 158.00 Td (2. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 158.00 Td (Equity-to-assets ) Tj ET Q
q 0 0 0 rg BT 152.93 158.00 Td (ratio ) Tj ET Q
q 0 0 0 rg BT 173.76 158.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 182.93 158.00 Td (calculated ) Tj ET Q
q 0 0 0 rg BT 225.96 158.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 236.79 158.00 Td (total ) Tj ET Q
q 0 0 0 rg BT 257.06 158.00 Td (equity ) Tj ET Q
q 0 0 0 rg BT 284.55 158.00 Td (attributable ) Tj ET Q
q 0 0 0 rg BT 332.59 158.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 342.87 158.00 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 382.04 158.00 Td (Ltd. ) Tj ET Q
q 0 0 0 rg BT 400.92 158.00 Td (divided ) Tj ET Q
q 0 0 0 rg BT 433.42 158.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 445.92 158.00 Td (total ) Tj ET Q
q 0 0 0 rg BT 466.19 158.00 Td (assets.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 134.00 Td (3. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 134.00 Td (Debt-to-equity ) Tj ET Q
q 0 0 0 rg BT 147.67 134.00 Td (ratio ) Tj ET Q
q 0 0 0 rg BT 168.80 134.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 178.27 134.00 Td (calculated ) Tj ET Q
q 0 0 0 rg BT 221.60 134.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 232.73 134.00 Td (total ) Tj ET Q
q 0 0 0 rg BT 253.30 134.00 Td (interest ) Tj ET Q
q 0 0 0 rg BT 285.53 134.00 Td (bearing ) Tj ET Q
q 0 0 0 rg BT 318.32 134.00 Td (current ) Tj ET Q
q 0 0 0 rg BT 349.44 134.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 366.67 134.00 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 408.91 134.00 Td (liabilities, ) Tj ET Q
q 0 0 0 rg BT 451.42 134.00 Td (including ) Tj ET Q
q 0 0 0 rg BT 492.00 134.00 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 539.24 134.00 Td (under ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 122.00 Td (capital ) Tj ET Q
q 0 0 0 rg BT 115.15 122.00 Td (leases, ) Tj ET Q
q 0 0 0 rg BT 144.03 122.00 Td (divided ) Tj ET Q
q 0 0 0 rg BT 176.52 122.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 189.02 122.00 Td (total ) Tj ET Q
q 0 0 0 rg BT 209.30 122.00 Td (equity ) Tj ET Q
q 0 0 0 rg BT 236.79 122.00 Td (attributable ) Tj ET Q
q 0 0 0 rg BT 284.83 122.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 295.11 122.00 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 334.27 122.00 Td (Ltd..) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 98.00 Td (4. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 98.00 Td (Price ) Tj ET Q
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q 0 0 0 rg BT 145.42 98.00 Td (ratio ) Tj ET Q
q 0 0 0 rg BT 166.25 98.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 175.42 98.00 Td (calculated ) Tj ET Q
q 0 0 0 rg BT 218.45 98.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 230.95 98.00 Td (dividing ) Tj ET Q
q 0 0 0 rg BT 266.78 98.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 281.50 98.00 Td (closing ) Tj ET Q
q 0 0 0 rg BT 312.88 98.00 Td (year ) Tj ET Q
q 0 0 0 rg BT 332.59 98.00 Td (end ) Tj ET Q
q 0 0 0 rg BT 349.53 98.00 Td (share ) Tj ET Q
q 0 0 0 rg BT 373.13 98.00 Td (price ) Tj ET Q
q 0 0 0 rg BT 395.61 98.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 408.11 98.00 Td (basic ) Tj ET Q
q 0 0 0 rg BT 431.16 98.00 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 467.54 98.00 Td (per ) Tj ET Q
q 0 0 0 rg BT 482.81 98.00 Td (share.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 74.00 Td (5. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 74.00 Td (A) Tj ET Q
q 0 0 0 rg BT 92.67 74.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 94.45 74.00 Td (reconciliation ) Tj ET Q
q 0 0 0 rg BT 151.20 74.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 161.30 74.00 Td (time ) Tj ET Q
q 0 0 0 rg BT 180.85 74.00 Td (charter ) Tj ET Q
q 0 0 0 rg BT 210.38 74.00 Td (equivalent ) Tj ET Q
q 0 0 0 rg BT 253.81 74.00 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 291.13 74.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 300.68 74.00 Td (total ) Tj ET Q
q 0 0 0 rg BT 320.23 74.00 Td (operating ) Tj ET Q
q 0 0 0 rg BT 359.77 74.00 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 397.08 74.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 407.19 74.00 Td (reflected ) Tj ET Q
q 0 0 0 rg BT 443.94 74.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 453.49 74.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 467.48 74.00 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 519.80 74.00 Td (statements ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 96.83 62.00 Td (operations ) Tj ET Q
q 0 0 0 rg BT 140.99 62.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 150.16 62.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 160.99 62.00 Td (follows:) Tj ET Q
endstream
endobj
146 0 obj
<<
/Length 31273
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q
0.8 0.9333333333333333 1 rg
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50.50 718.50 217.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
267.50 718.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
271.50 718.50 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
326.50 718.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
330.50 718.50 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
385.50 718.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
389.50 718.50 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
444.50 718.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
448.50 718.50 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
503.50 718.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
507.50 718.50 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 688.50 217.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
267.50 688.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
271.50 688.50 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
326.50 688.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
330.50 688.50 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
385.50 688.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
389.50 688.50 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
444.50 688.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
448.50 688.50 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
503.50 688.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
507.50 688.50 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 658.50 217.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
267.50 658.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
271.50 658.50 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
326.50 658.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
330.50 658.50 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
385.50 658.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
389.50 658.50 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
444.50 658.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
448.50 658.50 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
503.50 658.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
507.50 658.50 55.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 733.5 m
267.5 733.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
271.5 733.5 m
326.5 733.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
330.5 733.5 m
385.5 733.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
389.5 733.5 m
444.5 733.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
448.5 733.5 m
503.5 733.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
507.5 733.5 m
562.5 733.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 658.5 m
267.5 658.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
271.5 658.5 m
326.5 658.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
330.5 658.5 m
385.5 658.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
389.5 658.5 m
444.5 658.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
448.5 658.5 m
503.5 658.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
507.5 658.5 m
562.5 658.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 643.5 m
267.5 643.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
271.5 643.5 m
326.5 643.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
330.5 643.5 m
385.5 643.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
389.5 643.5 m
444.5 643.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
448.5 643.5 m
503.5 643.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
507.5 643.5 m
562.5 643.5 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 738.17 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 303.00 738.18 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 362.35 738.17 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 421.00 738.17 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 480.00 738.17 Td (2009) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 539.00 738.17 Td (2008) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 723.21 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 274.00 723.18 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 333.00 723.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 392.00 723.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 451.00 723.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 510.00 723.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 708.17 Td (Total operating revenues) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 290.15 708.18 Td (668,107) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 349.15 708.17 Td (810,102) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 400.60 708.17 Td (1,165,215) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 459.60 708.17 Td (1,133,286) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 518.60 708.17 Td (2,104,018) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 693.17 Td (Less:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 333.00 693.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 392.00 693.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 451.00 693.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 510.00 693.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 678.17 Td (Other income) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 291.80 678.23 Td (\(25,785) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 322.65 678.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 350.80 678.22 Td (\(20,969) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 381.65 678.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 409.80 678.22 Td (\(20,678) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 440.65 678.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 468.80 678.22 Td (\(17,068) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 499.65 678.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 527.80 678.22 Td (\(17,918) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 678.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 663.17 Td (Voyage expense) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 286.80 663.23 Td (\(274,132) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 322.65 663.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 345.80 663.22 Td (\(295,787) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 381.65 663.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 404.80 663.22 Td (\(282,708) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 440.65 663.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 463.80 663.22 Td (\(219,375) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 499.65 663.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 522.80 663.22 Td (\(592,188) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 663.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 648.17 Td (Time charter equivalent revenue) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 290.15 648.18 Td (368,190) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 349.15 648.17 Td (493,346) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 408.15 648.17 Td (861,829) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 467.15 648.17 Td (896,843) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 518.60 648.17 Td (1,493,912) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 620.00 Td (Consistent ) Tj ET Q
q 0 0 0 rg BT 95.18 620.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 115.91 620.00 Td (general ) Tj ET Q
q 0 0 0 rg BT 148.29 620.00 Td (practice ) Tj ET Q
q 0 0 0 rg BT 182.88 620.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 193.61 620.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 208.78 620.00 Td (shipping ) Tj ET Q
q 0 0 0 rg BT 246.18 620.00 Td (industry) Tj ET Q
q 0 0 0 rg BT 278.31 620.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 283.77 620.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 298.94 620.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 340.78 620.00 Td (uses ) Tj ET Q
q 0 0 0 rg BT 360.95 620.00 Td (time ) Tj ET Q
q 0 0 0 rg BT 381.68 620.00 Td (charter ) Tj ET Q
q 0 0 0 rg BT 412.38 620.00 Td (equivalent ) Tj ET Q
q 0 0 0 rg BT 456.99 620.00 Td (revenue, ) Tj ET Q
q 0 0 0 rg BT 494.09 620.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 521.48 620.00 Td (represents ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 608.00 Td (operating ) Tj ET Q
q 0 0 0 rg BT 90.12 608.00 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 128.01 608.00 Td (less ) Tj ET Q
q 0 0 0 rg BT 145.37 608.00 Td (other ) Tj ET Q
q 0 0 0 rg BT 168.27 608.00 Td (income ) Tj ET Q
q 0 0 0 rg BT 200.06 608.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 216.85 608.00 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 248.08 608.00 Td (expenses, ) Tj ET Q
q 0 0 0 rg BT 289.04 608.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 299.72 608.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 306.51 608.00 Td (measure ) Tj ET Q
q 0 0 0 rg BT 342.18 608.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 352.32 608.00 Td (compare ) Tj ET Q
q 0 0 0 rg BT 389.10 608.00 Td (revenue ) Tj ET Q
q 0 0 0 rg BT 423.10 608.00 Td (generated ) Tj ET Q
q 0 0 0 rg BT 464.31 608.00 Td (from ) Tj ET Q
q 0 0 0 rg BT 486.11 608.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 492.90 608.00 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 524.13 608.00 Td (charter ) Tj ET Q
q 0 0 0 rg BT 554.24 608.00 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 596.00 Td (revenue ) Tj ET Q
q 0 0 0 rg BT 84.35 596.00 Td (generated ) Tj ET Q
q 0 0 0 rg BT 125.93 596.00 Td (from ) Tj ET Q
q 0 0 0 rg BT 148.07 596.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 155.22 596.00 Td (time ) Tj ET Q
q 0 0 0 rg BT 175.70 596.00 Td (charter) Tj ET Q
q 0 0 0 rg BT 202.91 596.00 Td (. ) Tj ET Q
q 0 0 0 rg BT 207.92 596.00 Td (T) Tj ET Q
q 0 0 0 rg BT 213.68 596.00 Td (ime ) Tj ET Q
q 0 0 0 rg BT 231.38 596.00 Td (charter ) Tj ET Q
q 0 0 0 rg BT 261.84 596.00 Td (equivalent ) Tj ET Q
q 0 0 0 rg BT 306.20 596.00 Td (revenue, ) Tj ET Q
q 0 0 0 rg BT 343.06 596.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 350.20 596.00 Td (non-GAAP) Tj ET Q
q 0 0 0 rg BT 395.39 596.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 398.10 596.00 Td (measure, ) Tj ET Q
q 0 0 0 rg BT 436.62 596.00 Td (provides ) Tj ET Q
q 0 0 0 rg BT 473.77 596.00 Td (additional ) Tj ET Q
q 0 0 0 rg BT 516.47 596.00 Td (meaningful ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 584.00 Td (information ) Tj ET Q
q 0 0 0 rg BT 100.08 584.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 110.73 584.00 Td (conjunction ) Tj ET Q
q 0 0 0 rg BT 160.81 584.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 181.46 584.00 Td (operating ) Tj ET Q
q 0 0 0 rg BT 222.09 584.00 Td (revenues, ) Tj ET Q
q 0 0 0 rg BT 263.00 584.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 278.09 584.00 Td (most ) Tj ET Q
q 0 0 0 rg BT 300.41 584.00 Td (directly ) Tj ET Q
q 0 0 0 rg BT 333.82 584.00 Td (comparable ) Tj ET Q
q 0 0 0 rg BT 383.33 584.00 Td (GAAP) Tj ET Q
q 0 0 0 rg BT 410.19 584.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 413.06 584.00 Td (measure, ) Tj ET Q
q 0 0 0 rg BT 451.74 584.00 Td (because ) Tj ET Q
q 0 0 0 rg BT 486.26 584.00 Td (it ) Tj ET Q
q 0 0 0 rg BT 494.68 584.00 Td (assists ) Tj ET Q
q 0 0 0 rg BT 523.12 584.00 Td (Company ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 572.00 Td (management ) Tj ET Q
q 0 0 0 rg BT 104.54 572.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 115.77 572.00 Td (making ) Tj ET Q
q 0 0 0 rg BT 149.22 572.00 Td (decisions ) Tj ET Q
q 0 0 0 rg BT 189.88 572.00 Td (regarding ) Tj ET Q
q 0 0 0 rg BT 231.65 572.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 247.32 572.00 Td (deployment ) Tj ET Q
q 0 0 0 rg BT 297.98 572.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 315.87 572.00 Td (use ) Tj ET Q
q 0 0 0 rg BT 332.65 572.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 344.43 572.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 357.33 572.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 389.11 572.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 407.00 572.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 418.23 572.00 Td (evaluating ) Tj ET Q
q 0 0 0 rg BT 463.33 572.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 479.00 572.00 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 527.03 572.00 Td (financial ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 560.00 Td (performance.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 536.00 Td (B. CAPIT) Tj ET Q
q 0 0 0 rg BT 92.04 536.00 Td (ALIZA) Tj ET Q
q 0 0 0 rg BT 122.97 536.00 Td (TION ) Tj ET Q
q 0 0 0 rg BT 150.48 536.00 Td (AND INDEBTEDNESS) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 512.00 Td (Not applicable.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 488.00 Td (C. REASONS FOR ) Tj ET Q
q 0 0 0 rg BT 135.39 488.00 Td (THE OFFER ) Tj ET Q
q 0 0 0 rg BT 194.84 488.00 Td (AND USE OF) Tj ET Q
q 0 0 0 rg BT 254.47 488.00 Td ( PROCEEDS) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 464.00 Td (Not applicable.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 440.00 Td (D. RISK F) Tj ET Q
q 0 0 0 rg BT 94.54 440.00 Td (ACT) Tj ET Q
q 0 0 0 rg BT 115.47 440.00 Td (ORS) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 428.00 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 416.00 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 416.00 Td (e ) Tj ET Q
q 0 0 0 rg BT 64.75 416.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 78.62 416.00 Td (engaged ) Tj ET Q
q 0 0 0 rg BT 113.61 416.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 123.05 416.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 136.94 416.00 Td (seaborne ) Tj ET Q
q 0 0 0 rg BT 174.14 416.00 Td (transportation ) Tj ET Q
q 0 0 0 rg BT 231.36 416.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 241.35 416.00 Td (crude ) Tj ET Q
q 0 0 0 rg BT 265.23 416.00 Td (oil ) Tj ET Q
q 0 0 0 rg BT 277.46 416.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 293.56 416.00 Td (oil ) Tj ET Q
q 0 0 0 rg BT 305.79 416.00 Td (products. ) Tj ET Q
q 0 0 0 rg BT 344.28 416.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 361.49 416.00 Td (following ) Tj ET Q
q 0 0 0 rg BT 402.05 416.00 Td (summarizes ) Tj ET Q
q 0 0 0 rg BT 451.48 416.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 465.37 416.00 Td (risks ) Tj ET Q
q 0 0 0 rg BT 485.93 416.00 Td (that ) Tj ET Q
q 0 0 0 rg BT 502.59 416.00 Td (may ) Tj ET Q
q 0 0 0 rg BT 521.48 416.00 Td (materially ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 404.00 Td (af) Tj ET Q
q 0 0 0 rg BT 57.59 404.00 Td (fect ) Tj ET Q
q 0 0 0 rg BT 75.07 404.00 Td (our ) Tj ET Q
q 0 0 0 rg BT 90.90 404.00 Td (business, ) Tj ET Q
q 0 0 0 rg BT 129.79 404.00 Td (financial ) Tj ET Q
q 0 0 0 rg BT 167.28 404.00 Td (condition ) Tj ET Q
q 0 0 0 rg BT 207.55 404.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 218.38 404.00 Td (results ) Tj ET Q
q 0 0 0 rg BT 246.99 404.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 257.82 404.00 Td (operations. ) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 392.00 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 380.00 Td (Risks ) Tj ET Q
q 0 0 0 rg BT 75.84 380.00 Td (Related ) Tj ET Q
q 0 0 0 rg BT 111.11 380.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 121.94 380.00 Td (Our) Tj ET Q
q 0 0 0 rg BT 139.54 380.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 142.04 380.00 Td (Industry) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 368.00 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 356.00 Td (T) Tj ET Q
q 0 0 0 rg BT 55.19 356.00 Td (ankers) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 344.00 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 332.00 Td (If ) Tj ET Q
q 0 0 0 rg BT 60.12 332.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 75.81 332.00 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 105.38 332.00 Td (industry) Tj ET Q
q 0 0 0 rg BT 138.91 332.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 144.31 332.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 172.22 332.00 Td (historically ) Tj ET Q
q 0 0 0 rg BT 221.24 332.00 Td (has ) Tj ET Q
q 0 0 0 rg BT 238.60 332.00 Td (been ) Tj ET Q
q 0 0 0 rg BT 260.94 332.00 Td (cyclical ) Tj ET Q
q 0 0 0 rg BT 294.93 332.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 313.39 332.00 Td (volatile, ) Tj ET Q
q 0 0 0 rg BT 348.79 332.00 Td (continues ) Tj ET Q
q 0 0 0 rg BT 391.70 332.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 402.38 332.00 Td (be ) Tj ET Q
q 0 0 0 rg BT 414.72 332.00 Td (depressed ) Tj ET Q
q 0 0 0 rg BT 457.61 332.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 469.41 332.00 Td (declines ) Tj ET Q
q 0 0 0 rg BT 505.64 332.00 Td (further ) Tj ET Q
q 0 0 0 rg BT 537.99 332.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 549.24 332.00 Td (the ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 320.00 Td (future, ) Tj ET Q
q 0 0 0 rg BT 80.56 320.00 Td (our ) Tj ET Q
q 0 0 0 rg BT 97.51 320.00 Td (revenues, ) Tj ET Q
q 0 0 0 rg BT 139.17 320.00 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 177.80 320.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 195.86 320.00 Td (available ) Tj ET Q
q 0 0 0 rg BT 235.57 320.00 Td (cash ) Tj ET Q
q 0 0 0 rg BT 256.96 320.00 Td (flow ) Tj ET Q
q 0 0 0 rg BT 277.24 320.00 Td (may ) Tj ET Q
q 0 0 0 rg BT 296.96 320.00 Td (be ) Tj ET Q
q 0 0 0 rg BT 308.90 320.00 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 349.71 320.00 Td (af) Tj ET Q
q 0 0 0 rg BT 357.86 320.00 Td (fected) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 308.00 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 296.00 Td (Historically) Tj ET Q
q 0 0 0 rg BT 96.56 296.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 101.96 296.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 117.08 296.00 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 144.96 296.00 Td (industry ) Tj ET Q
q 0 0 0 rg BT 180.64 296.00 Td (has ) Tj ET Q
q 0 0 0 rg BT 196.87 296.00 Td (been ) Tj ET Q
q 0 0 0 rg BT 218.65 296.00 Td (highly ) Tj ET Q
q 0 0 0 rg BT 247.10 296.00 Td (cyclical, ) Tj ET Q
q 0 0 0 rg BT 283.59 296.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 304.27 296.00 Td (volatility ) Tj ET Q
q 0 0 0 rg BT 343.28 296.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 353.95 296.00 Td (profitability) Tj ET Q
q 0 0 0 rg BT 401.07 296.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 406.47 296.00 Td (charter ) Tj ET Q
q 0 0 0 rg BT 437.13 296.00 Td (rates ) Tj ET Q
q 0 0 0 rg BT 458.90 296.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 476.24 296.00 Td (asset ) Tj ET Q
q 0 0 0 rg BT 498.58 296.00 Td (values ) Tj ET Q
q 0 0 0 rg BT 527.02 296.00 Td (resulting ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 284.00 Td (from ) Tj ET Q
q 0 0 0 rg BT 71.65 284.00 Td (changes ) Tj ET Q
q 0 0 0 rg BT 106.07 284.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 116.07 284.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 130.50 284.00 Td (supply ) Tj ET Q
q 0 0 0 rg BT 159.38 284.00 Td (of, ) Tj ET Q
q 0 0 0 rg BT 172.43 284.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 189.08 284.00 Td (demand ) Tj ET Q
q 0 0 0 rg BT 222.95 284.00 Td (for) Tj ET Q
q 0 0 0 rg BT 234.21 284.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 238.92 284.00 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 266.12 284.00 Td (capacity) Tj ET Q
q 0 0 0 rg BT 298.78 284.00 Td (. ) Tj ET Q
q 0 0 0 rg BT 303.01 284.00 Td (After ) Tj ET Q
q 0 0 0 rg BT 326.32 284.00 Td (reaching ) Tj ET Q
q 0 0 0 rg BT 362.96 284.00 Td (highs ) Tj ET Q
q 0 0 0 rg BT 386.85 284.00 Td (during ) Tj ET Q
q 0 0 0 rg BT 415.17 284.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 429.60 284.00 Td (summer ) Tj ET Q
q 0 0 0 rg BT 464.03 284.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 474.57 284.00 Td (2008, ) Tj ET Q
q 0 0 0 rg BT 499.29 284.00 Td (charter ) Tj ET Q
q 0 0 0 rg BT 529.26 284.00 Td (rates ) Tj ET Q
q 0 0 0 rg BT 550.35 284.00 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 272.00 Td (crude ) Tj ET Q
q 0 0 0 rg BT 74.61 272.00 Td (oil ) Tj ET Q
q 0 0 0 rg BT 87.58 272.00 Td (carriers ) Tj ET Q
q 0 0 0 rg BT 119.96 272.00 Td (fell ) Tj ET Q
q 0 0 0 rg BT 135.69 272.00 Td (dramatically ) Tj ET Q
q 0 0 0 rg BT 188.07 272.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 198.26 272.00 Td (connection ) Tj ET Q
q 0 0 0 rg BT 244.53 272.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 264.72 272.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 279.34 272.00 Td (commencement ) Tj ET Q
q 0 0 0 rg BT 345.05 272.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 355.79 272.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 370.41 272.00 Td (global ) Tj ET Q
q 0 0 0 rg BT 397.81 272.00 Td (financial ) Tj ET Q
q 0 0 0 rg BT 435.20 272.00 Td (crisis ) Tj ET Q
q 0 0 0 rg BT 458.72 272.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 475.56 272.00 Td (current ) Tj ET Q
q 0 0 0 rg BT 506.28 272.00 Td (rates ) Tj ET Q
q 0 0 0 rg BT 527.57 272.00 Td (continue ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 260.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.07 260.00 Td (remain ) Tj ET Q
q 0 0 0 rg BT 90.12 260.00 Td (at ) Tj ET Q
q 0 0 0 rg BT 99.63 260.00 Td (relatively ) Tj ET Q
q 0 0 0 rg BT 139.68 260.00 Td (low ) Tj ET Q
q 0 0 0 rg BT 156.97 260.00 Td (levels ) Tj ET Q
q 0 0 0 rg BT 182.58 260.00 Td (compared ) Tj ET Q
q 0 0 0 rg BT 224.30 260.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 234.37 260.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 248.87 260.00 Td (rates ) Tj ET Q
q 0 0 0 rg BT 270.04 260.00 Td (achieved ) Tj ET Q
q 0 0 0 rg BT 307.86 260.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 317.93 260.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 332.44 260.00 Td (years ) Tj ET Q
q 0 0 0 rg BT 355.83 260.00 Td (preceding ) Tj ET Q
q 0 0 0 rg BT 397.54 260.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 412.05 260.00 Td (global ) Tj ET Q
q 0 0 0 rg BT 439.33 260.00 Td (financial ) Tj ET Q
q 0 0 0 rg BT 476.60 260.00 Td (crisis. ) Tj ET Q
q 0 0 0 rg BT 502.50 260.00 Td (Fluctuations ) Tj ET Q
q 0 0 0 rg BT 554.23 260.00 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 248.00 Td (charter ) Tj ET Q
q 0 0 0 rg BT 80.20 248.00 Td (rates ) Tj ET Q
q 0 0 0 rg BT 101.53 248.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 118.41 248.00 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 145.85 248.00 Td (values ) Tj ET Q
q 0 0 0 rg BT 173.84 248.00 Td (result ) Tj ET Q
q 0 0 0 rg BT 198.50 248.00 Td (from ) Tj ET Q
q 0 0 0 rg BT 220.39 248.00 Td (changes ) Tj ET Q
q 0 0 0 rg BT 255.05 248.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 265.27 248.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 279.94 248.00 Td (supply ) Tj ET Q
q 0 0 0 rg BT 309.05 248.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 319.83 248.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 336.72 248.00 Td (demand ) Tj ET Q
q 0 0 0 rg BT 370.82 248.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 384.93 248.00 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 412.36 248.00 Td (capacity ) Tj ET Q
q 0 0 0 rg BT 448.12 248.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 465.01 248.00 Td (changes ) Tj ET Q
q 0 0 0 rg BT 499.66 248.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 509.89 248.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 524.55 248.00 Td (supply ) Tj ET Q
q 0 0 0 rg BT 553.67 248.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 236.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.98 236.00 Td (demand ) Tj ET Q
q 0 0 0 rg BT 101.18 236.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 115.39 236.00 Td (oil ) Tj ET Q
q 0 0 0 rg BT 128.49 236.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 145.47 236.00 Td (oil ) Tj ET Q
q 0 0 0 rg BT 158.57 236.00 Td (products. ) Tj ET Q
q 0 0 0 rg BT 197.87 236.00 Td (These ) Tj ET Q
q 0 0 0 rg BT 224.29 236.00 Td (factors ) Tj ET Q
q 0 0 0 rg BT 254.04 236.00 Td (may ) Tj ET Q
q 0 0 0 rg BT 273.80 236.00 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 314.66 236.00 Td (af) Tj ET Q
q 0 0 0 rg BT 322.25 236.00 Td (fect ) Tj ET Q
q 0 0 0 rg BT 339.78 236.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 354.54 236.00 Td (rates ) Tj ET Q
q 0 0 0 rg BT 375.96 236.00 Td (payable ) Tj ET Q
q 0 0 0 rg BT 409.60 236.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 426.58 236.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 441.34 236.00 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 477.77 236.00 Td (we ) Tj ET Q
q 0 0 0 rg BT 491.97 236.00 Td (receive ) Tj ET Q
q 0 0 0 rg BT 523.38 236.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 533.70 236.00 Td (respect ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 224.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.50 224.00 Td (our ) Tj ET Q
q 0 0 0 rg BT 76.00 224.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 106.51 224.00 Td (operating ) Tj ET Q
q 0 0 0 rg BT 146.44 224.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 156.39 224.00 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 183.55 224.00 Td (pools, ) Tj ET Q
q 0 0 0 rg BT 209.89 224.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 220.39 224.00 Td (well ) Tj ET Q
q 0 0 0 rg BT 239.78 224.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 250.28 224.00 Td (our ) Tj ET Q
q 0 0 0 rg BT 265.79 224.00 Td (ability ) Tj ET Q
q 0 0 0 rg BT 293.51 224.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 303.46 224.00 Td (re-charter ) Tj ET Q
q 0 0 0 rg BT 344.48 224.00 Td (any ) Tj ET Q
q 0 0 0 rg BT 361.09 224.00 Td (non-pooled ) Tj ET Q
q 0 0 0 rg BT 408.81 224.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 439.31 224.00 Td (we ) Tj ET Q
q 0 0 0 rg BT 453.15 224.00 Td (may ) Tj ET Q
q 0 0 0 rg BT 472.54 224.00 Td (have ) Tj ET Q
q 0 0 0 rg BT 493.58 224.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 503.53 224.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 517.92 224.00 Td (future. ) Tj ET Q
q 0 0 0 rg BT 546.47 224.00 Td (Our ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 212.00 Td (ability ) Tj ET Q
q 0 0 0 rg BT 77.56 212.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 87.35 212.00 Td (re-charter ) Tj ET Q
q 0 0 0 rg BT 128.21 212.00 Td (our ) Tj ET Q
q 0 0 0 rg BT 143.55 212.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 173.89 212.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 185.90 212.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 200.12 212.00 Td (expiration ) Tj ET Q
q 0 0 0 rg BT 242.68 212.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 253.02 212.00 Td (termination ) Tj ET Q
q 0 0 0 rg BT 301.12 212.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 311.46 212.00 Td (their ) Tj ET Q
q 0 0 0 rg BT 331.80 212.00 Td (current ) Tj ET Q
q 0 0 0 rg BT 362.12 212.00 Td (spot ) Tj ET Q
q 0 0 0 rg BT 380.80 212.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 397.25 212.00 Td (time ) Tj ET Q
q 0 0 0 rg BT 417.03 212.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 433.48 212.00 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 469.91 212.00 Td (charters ) Tj ET Q
q 0 0 0 rg BT 503.57 212.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 520.01 212.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 534.24 212.00 Td (charter ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 200.00 Td (rates ) Tj ET Q
q 0 0 0 rg BT 70.94 200.00 Td (payable ) Tj ET Q
q 0 0 0 rg BT 104.10 200.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 128.94 200.00 Td (any ) Tj ET Q
q 0 0 0 rg BT 145.44 200.00 Td (renewal ) Tj ET Q
q 0 0 0 rg BT 179.15 200.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 189.55 200.00 Td (replacement ) Tj ET Q
q 0 0 0 rg BT 240.47 200.00 Td (charters ) Tj ET Q
q 0 0 0 rg BT 274.18 200.00 Td (will ) Tj ET Q
q 0 0 0 rg BT 291.80 200.00 Td (depend ) Tj ET Q
q 0 0 0 rg BT 322.74 200.00 Td (upon, ) Tj ET Q
q 0 0 0 rg BT 347.31 200.00 Td (among ) Tj ET Q
q 0 0 0 rg BT 376.59 200.00 Td (other ) Tj ET Q
q 0 0 0 rg BT 399.20 200.00 Td (things, ) Tj ET Q
q 0 0 0 rg BT 428.22 200.00 Td (economic ) Tj ET Q
q 0 0 0 rg BT 469.16 200.00 Td (conditions ) Tj ET Q
q 0 0 0 rg BT 512.89 200.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 522.73 200.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 537.01 200.00 Td (tanker ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 188.00 Td (market ) Tj ET Q
q 0 0 0 rg BT 80.47 188.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 97.62 188.00 Td (we ) Tj ET Q
q 0 0 0 rg BT 111.98 188.00 Td (cannot ) Tj ET Q
q 0 0 0 rg BT 141.35 188.00 Td (guarantee ) Tj ET Q
q 0 0 0 rg BT 182.92 188.00 Td (that ) Tj ET Q
q 0 0 0 rg BT 200.62 188.00 Td (any ) Tj ET Q
q 0 0 0 rg BT 217.77 188.00 Td (renewal ) Tj ET Q
q 0 0 0 rg BT 252.12 188.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 263.16 188.00 Td (replacement ) Tj ET Q
q 0 0 0 rg BT 314.72 188.00 Td (charters ) Tj ET Q
q 0 0 0 rg BT 349.07 188.00 Td (we ) Tj ET Q
q 0 0 0 rg BT 363.44 188.00 Td (enter ) Tj ET Q
q 0 0 0 rg BT 386.14 188.00 Td (into ) Tj ET Q
q 0 0 0 rg BT 404.40 188.00 Td (will ) Tj ET Q
q 0 0 0 rg BT 422.66 188.00 Td (be ) Tj ET Q
q 0 0 0 rg BT 434.81 188.00 Td (suf) Tj ET Q
q 0 0 0 rg BT 446.85 188.00 Td (ficient ) Tj ET Q
q 0 0 0 rg BT 475.10 188.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 485.59 188.00 Td (allow ) Tj ET Q
q 0 0 0 rg BT 510.51 188.00 Td (us ) Tj ET Q
q 0 0 0 rg BT 522.11 188.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 532.60 188.00 Td (operate ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 176.00 Td (our ) Tj ET Q
q 0 0 0 rg BT 65.83 176.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 96.66 176.00 Td (profitably) Tj ET Q
q 0 0 0 rg BT 135.44 176.00 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 152.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.05 152.00 Td (factors ) Tj ET Q
q 0 0 0 rg BT 97.75 152.00 Td (that ) Tj ET Q
q 0 0 0 rg BT 115.25 152.00 Td (influence ) Tj ET Q
q 0 0 0 rg BT 154.95 152.00 Td (demand ) Tj ET Q
q 0 0 0 rg BT 189.11 152.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 203.27 152.00 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 230.75 152.00 Td (capacity ) Tj ET Q
q 0 0 0 rg BT 266.56 152.00 Td (include:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 128.00 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 128.00 Td (supply ) Tj ET Q
q 0 0 0 rg BT 115.17 128.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 132.11 128.00 Td (demand ) Tj ET Q
q 0 0 0 rg BT 166.26 128.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 180.42 128.00 Td (oil ) Tj ET Q
q 0 0 0 rg BT 193.48 128.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 210.42 128.00 Td (oil ) Tj ET Q
q 0 0 0 rg BT 223.48 128.00 Td (products;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 116.00 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 116.00 Td (global ) Tj ET Q
q 0 0 0 rg BT 112.70 116.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 128.85 116.00 Td (regional ) Tj ET Q
q 0 0 0 rg BT 163.32 116.00 Td (economic ) Tj ET Q
q 0 0 0 rg BT 203.91 116.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 220.05 116.00 Td (political ) Tj ET Q
q 0 0 0 rg BT 254.53 116.00 Td (conditions, ) Tj ET Q
q 0 0 0 rg BT 300.40 116.00 Td (including ) Tj ET Q
q 0 0 0 rg BT 339.89 116.00 Td (developments ) Tj ET Q
q 0 0 0 rg BT 397.14 116.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 406.63 116.00 Td (international ) Tj ET Q
q 0 0 0 rg BT 458.87 116.00 Td (trade, ) Tj ET Q
q 0 0 0 rg BT 483.07 116.00 Td (national ) Tj ET Q
q 0 0 0 rg BT 516.99 116.00 Td (oil ) Tj ET Q
q 0 0 0 rg BT 529.25 116.00 Td (reserves ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 104.00 Td (policies, ) Tj ET Q
q 0 0 0 rg BT 122.10 104.00 Td (fluctuations ) Tj ET Q
q 0 0 0 rg BT 171.82 104.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 182.09 104.00 Td (industrial ) Tj ET Q
q 0 0 0 rg BT 222.37 104.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 239.31 104.00 Td (agricultural ) Tj ET Q
q 0 0 0 rg BT 287.89 104.00 Td (production ) Tj ET Q
q 0 0 0 rg BT 333.72 104.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 350.66 104.00 Td (armed ) Tj ET Q
q 0 0 0 rg BT 378.14 104.00 Td (conflicts;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 92.00 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 92.00 Td (regional ) Tj ET Q
q 0 0 0 rg BT 121.26 92.00 Td (availability ) Tj ET Q
q 0 0 0 rg BT 168.75 92.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 179.58 92.00 Td (refining ) Tj ET Q
q 0 0 0 rg BT 213.73 92.00 Td (capacity;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 80.00 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 80.00 Td (environmental ) Tj ET Q
q 0 0 0 rg BT 146.26 80.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 163.20 80.00 Td (other ) Tj ET Q
q 0 0 0 rg BT 186.24 80.00 Td (legal ) Tj ET Q
q 0 0 0 rg BT 208.18 80.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 225.12 80.00 Td (regulatory ) Tj ET Q
q 0 0 0 rg BT 268.71 80.00 Td (developments;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 68.00 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 68.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 100.72 68.00 Td (distance ) Tj ET Q
q 0 0 0 rg BT 135.98 68.00 Td (oil ) Tj ET Q
q 0 0 0 rg BT 149.04 68.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 165.98 68.00 Td (oil ) Tj ET Q
q 0 0 0 rg BT 179.03 68.00 Td (products ) Tj ET Q
q 0 0 0 rg BT 215.97 68.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 230.68 68.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 240.96 68.00 Td (be ) Tj ET Q
q 0 0 0 rg BT 252.89 68.00 Td (moved ) Tj ET Q
q 0 0 0 rg BT 282.61 68.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 295.11 68.00 Td (sea;) Tj ET Q
endstream
endobj
147 0 obj
<<
/Length 39069
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 742.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 120.67 742.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 130.91 742.10 Td (seaborne ) Tj ET Q
q 0 0 0 rg BT 168.91 742.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 185.81 742.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 208.82 742.10 Td (transportation ) Tj ET Q
q 0 0 0 rg BT 266.83 742.10 Td (patterns, ) Tj ET Q
q 0 0 0 rg BT 303.45 742.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 343.69 742.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 378.36 742.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 388.60 742.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 403.28 742.10 Td (distances ) Tj ET Q
q 0 0 0 rg BT 442.40 742.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 462.63 742.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 489.53 742.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 516.98 742.10 Td (car) Tj ET Q
q 0 0 0 rg BT 529.01 742.10 Td (goes ) Tj ET Q
q 0 0 0 rg BT 549.80 742.10 Td (are ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 730.10 Td (transported ) Tj ET Q
q 0 0 0 rg BT 133.49 730.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 145.99 730.10 Td (sea;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 718.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 718.10 Td (increases ) Tj ET Q
q 0 0 0 rg BT 126.30 718.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 137.74 718.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 153.61 718.10 Td (production ) Tj ET Q
q 0 0 0 rg BT 200.59 718.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 212.58 718.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 226.79 718.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 238.22 718.10 Td (areas ) Tj ET Q
q 0 0 0 rg BT 262.42 718.10 Td (linked ) Tj ET Q
q 0 0 0 rg BT 291.07 718.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 304.73 718.10 Td (pipelines ) Tj ET Q
q 0 0 0 rg BT 344.49 718.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 355.92 718.10 Td (consuming ) Tj ET Q
q 0 0 0 rg BT 403.46 718.10 Td (areas, ) Tj ET Q
q 0 0 0 rg BT 430.16 718.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 446.03 718.10 Td (extension ) Tj ET Q
q 0 0 0 rg BT 488.01 718.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 500.00 718.10 Td (existing, ) Tj ET Q
q 0 0 0 rg BT 537.82 718.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 549.80 718.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 706.10 Td (development ) Tj ET Q
q 0 0 0 rg BT 140.65 706.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 151.98 706.10 Td (new) Tj ET Q
q 0 0 0 rg BT 167.99 706.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 173.49 706.10 Td (pipeline ) Tj ET Q
q 0 0 0 rg BT 208.70 706.10 Td (systems ) Tj ET Q
q 0 0 0 rg BT 243.37 706.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 254.15 706.10 Td (markets ) Tj ET Q
q 0 0 0 rg BT 288.80 706.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 303.46 706.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 323.68 706.10 Td (serve, ) Tj ET Q
q 0 0 0 rg BT 350.28 706.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 361.61 706.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 376.82 706.10 Td (conversion ) Tj ET Q
q 0 0 0 rg BT 423.70 706.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 435.03 706.10 Td (existing ) Tj ET Q
q 0 0 0 rg BT 469.69 706.10 Td (non-oil ) Tj ET Q
q 0 0 0 rg BT 501.58 706.10 Td (pipelines ) Tj ET Q
q 0 0 0 rg BT 540.68 706.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 551.46 706.10 Td (oil ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 694.10 Td (pipelines ) Tj ET Q
q 0 0 0 rg BT 124.60 694.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 134.88 694.10 Td (those ) Tj ET Q
q 0 0 0 rg BT 158.49 694.10 Td (markets;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 682.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 682.10 Td (currency ) Tj ET Q
q 0 0 0 rg BT 123.48 682.10 Td (exchange ) Tj ET Q
q 0 0 0 rg BT 163.73 682.10 Td (rates;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 670.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 670.10 Td (weather ) Tj ET Q
q 0 0 0 rg BT 120.15 670.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 137.08 670.10 Td (acts ) Tj ET Q
q 0 0 0 rg BT 155.13 670.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 165.96 670.10 Td (God ) Tj ET Q
q 0 0 0 rg BT 185.68 670.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 202.62 670.10 Td (natural ) Tj ET Q
q 0 0 0 rg BT 232.88 670.10 Td (disasters;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 658.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 658.10 Td (competition ) Tj ET Q
q 0 0 0 rg BT 136.27 658.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 158.21 658.10 Td (alternative ) Tj ET Q
q 0 0 0 rg BT 202.90 658.10 Td (sources ) Tj ET Q
q 0 0 0 rg BT 235.39 658.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 246.22 658.10 Td (ener) Tj ET Q
q 0 0 0 rg BT 263.25 658.10 Td (gy ) Tj ET Q
q 0 0 0 rg BT 275.75 658.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 292.69 658.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 314.63 658.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 337.67 658.10 Td (shipping ) Tj ET Q
q 0 0 0 rg BT 374.62 658.10 Td (companies ) Tj ET Q
q 0 0 0 rg BT 419.89 658.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 436.83 658.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 459.87 658.10 Td (modes ) Tj ET Q
q 0 0 0 rg BT 488.48 658.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 499.31 658.10 Td (transport;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 646.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 646.10 Td (international ) Tj ET Q
q 0 0 0 rg BT 139.04 646.10 Td (sanctions, ) Tj ET Q
q 0 0 0 rg BT 181.25 646.10 Td (embar) Tj ET Q
q 0 0 0 rg BT 206.06 646.10 Td (goes, ) Tj ET Q
q 0 0 0 rg BT 229.39 646.10 Td (import ) Tj ET Q
q 0 0 0 rg BT 258.55 646.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 275.49 646.10 Td (export ) Tj ET Q
q 0 0 0 rg BT 303.54 646.10 Td (restrictions, ) Tj ET Q
q 0 0 0 rg BT 352.97 646.10 Td (nationalizations, ) Tj ET Q
q 0 0 0 rg BT 421.29 646.10 Td (piracy ) Tj ET Q
q 0 0 0 rg BT 448.77 646.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 465.71 646.10 Td (wars; ) Tj ET Q
q 0 0 0 rg BT 489.87 646.10 Td (and) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 634.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 634.10 Td (regulatory ) Tj ET Q
q 0 0 0 rg BT 129.30 634.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 163.71 634.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 203.69 634.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 250.32 634.10 Td (adopted ) Tj ET Q
q 0 0 0 rg BT 284.18 634.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 296.38 634.10 Td (supranational ) Tj ET Q
q 0 0 0 rg BT 352.46 634.10 Td (authorities ) Tj ET Q
q 0 0 0 rg BT 396.88 634.10 Td (and/or ) Tj ET Q
q 0 0 0 rg BT 424.63 634.10 Td (industry ) Tj ET Q
q 0 0 0 rg BT 459.61 634.10 Td (bodies, ) Tj ET Q
q 0 0 0 rg BT 490.42 634.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 510.95 634.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 521.49 634.10 Td (safety ) Tj ET Q
q 0 0 0 rg BT 547.57 634.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 622.10 Td (environmental ) Tj ET Q
q 0 0 0 rg BT 146.26 622.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 193.19 622.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 210.13 622.10 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 264.83 622.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 277.33 622.10 Td (major ) Tj ET Q
q 0 0 0 rg BT 303.16 622.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 316.21 622.10 Td (companies.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.05 598.10 Td (factors ) Tj ET Q
q 0 0 0 rg BT 97.75 598.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 115.25 598.10 Td (influence ) Tj ET Q
q 0 0 0 rg BT 154.95 598.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 169.67 598.10 Td (supply ) Tj ET Q
q 0 0 0 rg BT 198.84 598.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 209.67 598.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 237.15 598.10 Td (capacity ) Tj ET Q
q 0 0 0 rg BT 272.96 598.10 Td (include:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 574.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 574.10 Td (current ) Tj ET Q
q 0 0 0 rg BT 116.82 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 133.75 574.10 Td (expected ) Tj ET Q
q 0 0 0 rg BT 171.79 574.10 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 209.82 574.10 Td (orders ) Tj ET Q
q 0 0 0 rg BT 237.31 574.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 251.47 574.10 Td (tankers;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 562.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 100.72 562.10 Td (number ) Tj ET Q
q 0 0 0 rg BT 133.76 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 144.59 562.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 172.08 562.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 224.57 562.10 Td (deliveries;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 550.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 550.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 102.94 550.10 Td (potential ) Tj ET Q
q 0 0 0 rg BT 140.43 550.10 Td (delays ) Tj ET Q
q 0 0 0 rg BT 168.48 550.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 178.75 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 193.47 550.10 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 228.73 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 239.56 550.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 292.06 550.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 322.89 550.10 Td (and/or ) Tj ET Q
q 0 0 0 rg BT 350.94 550.10 Td (cancellations ) Tj ET Q
q 0 0 0 rg BT 405.63 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 416.46 550.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 468.96 550.10 Td (orders;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 538.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 100.72 538.10 Td (scrapping ) Tj ET Q
q 0 0 0 rg BT 142.09 538.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 159.58 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 170.41 538.10 Td (older ) Tj ET Q
q 0 0 0 rg BT 193.46 538.10 Td (tankers;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 526.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 100.72 526.10 Td (successful ) Tj ET Q
q 0 0 0 rg BT 144.32 526.10 Td (implementation ) Tj ET Q
q 0 0 0 rg BT 209.58 526.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 220.41 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 235.13 526.10 Td (phase-out ) Tj ET Q
q 0 0 0 rg BT 276.50 526.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 287.33 526.10 Td (single-hull ) Tj ET Q
q 0 0 0 rg BT 332.61 526.10 Td (tankers;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 514.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 514.10 Td (technological ) Tj ET Q
q 0 0 0 rg BT 142.37 514.10 Td (advances ) Tj ET Q
q 0 0 0 rg BT 181.51 514.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 191.79 514.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 219.28 514.10 Td (design ) Tj ET Q
q 0 0 0 rg BT 247.88 514.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 264.82 514.10 Td (capacity;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 502.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 502.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 114.05 502.10 Td (freight ) Tj ET Q
q 0 0 0 rg BT 143.77 502.10 Td (rates, ) Tj ET Q
q 0 0 0 rg BT 168.21 502.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 195.71 502.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 210.98 502.10 Td (af) Tj ET Q
q 0 0 0 rg BT 218.57 502.10 Td (fected ) Tj ET Q
q 0 0 0 rg BT 246.06 502.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 259.12 502.10 Td (factors ) Tj ET Q
q 0 0 0 rg BT 289.39 502.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 307.45 502.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 327.73 502.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 335.32 502.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 353.37 502.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 368.65 502.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 386.70 502.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 398.09 502.10 Td (newbuilding, ) Tj ET Q
q 0 0 0 rg BT 453.65 502.10 Td (swapping ) Tj ET Q
q 0 0 0 rg BT 495.05 502.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 512.55 502.10 Td (laying ) Tj ET Q
q 0 0 0 rg BT 540.61 502.10 Td (up ) Tj ET Q
q 0 0 0 rg BT 553.67 502.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 490.10 Td (tankers;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 478.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 478.10 Td (port ) Tj ET Q
q 0 0 0 rg BT 104.61 478.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 121.55 478.10 Td (canal ) Tj ET Q
q 0 0 0 rg BT 145.14 478.10 Td (congestion;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 466.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 466.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 108.49 466.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 119.32 466.10 Td (steel ) Tj ET Q
q 0 0 0 rg BT 140.14 466.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 157.08 466.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 184.02 466.10 Td (equipment;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 454.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 454.10 Td (conversion ) Tj ET Q
q 0 0 0 rg BT 132.38 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 143.21 454.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 174.58 454.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 184.86 454.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 207.91 454.10 Td (uses ) Tj ET Q
q 0 0 0 rg BT 227.63 454.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 238.46 454.10 Td (conversion ) Tj ET Q
q 0 0 0 rg BT 284.84 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 295.67 454.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 318.71 454.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 349.54 454.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 359.82 454.10 Td (tankers;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 442.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 100.72 442.10 Td (number ) Tj ET Q
q 0 0 0 rg BT 133.76 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 144.59 442.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 175.97 442.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 193.47 442.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 208.17 442.10 Td (out ) Tj ET Q
q 0 0 0 rg BT 223.45 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 234.28 442.10 Td (service; ) Tj ET Q
q 0 0 0 rg BT 267.88 442.10 Td (and) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 430.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 430.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 120.71 430.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 130.99 430.10 Td (environmental ) Tj ET Q
q 0 0 0 rg BT 191.24 430.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 208.18 430.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 231.23 430.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 278.16 430.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 295.66 430.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 315.38 430.10 Td (limit ) Tj ET Q
q 0 0 0 rg BT 336.77 430.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 351.48 430.10 Td (useful ) Tj ET Q
q 0 0 0 rg BT 378.42 430.10 Td (lives ) Tj ET Q
q 0 0 0 rg BT 399.81 430.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 410.64 430.10 Td (tankers.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.04 406.10 Td (factors ) Tj ET Q
q 0 0 0 rg BT 97.74 406.10 Td (af) Tj ET Q
q 0 0 0 rg BT 105.33 406.10 Td (fecting ) Tj ET Q
q 0 0 0 rg BT 135.59 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 150.30 406.10 Td (supply ) Tj ET Q
q 0 0 0 rg BT 179.46 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 196.40 406.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 230.54 406.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 244.70 406.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 276.07 406.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 297.44 406.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 318.81 406.10 Td (volatile ) Tj ET Q
q 0 0 0 rg BT 351.30 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 368.23 406.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 382.93 406.10 Td (outside ) Tj ET Q
q 0 0 0 rg BT 414.31 406.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 425.14 406.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 440.96 406.10 Td (control, ) Tj ET Q
q 0 0 0 rg BT 474.28 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 491.21 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 505.92 406.10 Td (nature, ) Tj ET Q
q 0 0 0 rg BT 535.90 406.10 Td (timing ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 67.43 394.10 Td (degree ) Tj ET Q
q 0 0 0 rg BT 97.08 394.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 108.40 394.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 143.60 394.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 154.38 394.10 Td (industry ) Tj ET Q
q 0 0 0 rg BT 190.15 394.10 Td (conditions ) Tj ET Q
q 0 0 0 rg BT 234.81 394.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 250.01 394.10 Td (unpredictable, ) Tj ET Q
q 0 0 0 rg BT 309.93 394.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 350.70 394.10 Td (those ) Tj ET Q
q 0 0 0 rg BT 374.80 394.10 Td (discussed ) Tj ET Q
q 0 0 0 rg BT 416.13 394.10 Td (above. ) Tj ET Q
q 0 0 0 rg BT 445.28 394.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 463.83 394.10 Td (current ) Tj ET Q
q 0 0 0 rg BT 495.14 394.10 Td (global ) Tj ET Q
q 0 0 0 rg BT 523.13 394.10 Td (economic ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (downturn ) Tj ET Q
q 0 0 0 rg BT 90.34 382.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 109.57 382.10 Td (reduce ) Tj ET Q
q 0 0 0 rg BT 138.23 382.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 171.89 382.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 185.57 382.10 Td (transportation ) Tj ET Q
q 0 0 0 rg BT 243.12 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 253.46 382.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 266.03 382.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 285.81 382.10 Td (longer ) Tj ET Q
q 0 0 0 rg BT 313.37 382.10 Td (distances ) Tj ET Q
q 0 0 0 rg BT 352.04 382.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 368.49 382.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 403.25 382.10 Td (supply ) Tj ET Q
q 0 0 0 rg BT 431.93 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 442.28 382.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 473.16 382.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 482.95 382.10 Td (carry ) Tj ET Q
q 0 0 0 rg BT 505.50 382.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 522.51 382.10 Td (oil, ) Tj ET Q
q 0 0 0 rg BT 537.58 382.10 Td (which ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 68.64 370.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 88.94 370.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 94.80 370.10 Td (material ) Tj ET Q
q 0 0 0 rg BT 128.98 370.10 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 160.94 370.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 168.53 370.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 184.94 370.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 196.36 370.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 211.11 370.10 Td (business, ) Tj ET Q
q 0 0 0 rg BT 248.92 370.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 285.33 370.10 Td (condition, ) Tj ET Q
q 0 0 0 rg BT 327.02 370.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 354.55 370.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 364.31 370.10 Td (operations, ) Tj ET Q
q 0 0 0 rg BT 409.88 370.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 429.07 370.10 Td (flows ) Tj ET Q
q 0 0 0 rg BT 452.72 370.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 468.58 370.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 495.55 370.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 504.75 370.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 520.62 370.10 Td (dividends. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 59.08 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 73.72 346.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 101.13 346.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 131.31 346.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 152.06 346.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 167.26 346.10 Td (recover ) Tj ET Q
q 0 0 0 rg BT 199.66 346.10 Td (before ) Tj ET Q
q 0 0 0 rg BT 227.61 346.10 Td (2015 ) Tj ET Q
q 0 0 0 rg BT 250.04 346.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 266.89 346.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 279.32 346.10 Td (additional ) Tj ET Q
q 0 0 0 rg BT 321.73 346.10 Td (equity ) Tj ET Q
q 0 0 0 rg BT 349.14 346.10 Td (can ) Tj ET Q
q 0 0 0 rg BT 365.44 346.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 377.30 346.10 Td (raised ) Tj ET Q
q 0 0 0 rg BT 403.60 346.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 414.35 346.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 440.10 346.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 459.19 346.10 Td (there ) Tj ET Q
q 0 0 0 rg BT 481.60 346.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 490.69 346.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 497.55 346.10 Td (risk ) Tj ET Q
q 0 0 0 rg BT 514.97 346.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 532.38 346.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 546.46 346.10 Td (will ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 64.96 334.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 86.02 334.10 Td (suf) Tj ET Q
q 0 0 0 rg BT 98.06 334.10 Td (ficient ) Tj ET Q
q 0 0 0 rg BT 125.79 334.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 145.74 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 155.70 334.10 Td (repay ) Tj ET Q
q 0 0 0 rg BT 180.09 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 194.49 334.10 Td (existing ) Tj ET Q
q 0 0 0 rg BT 228.33 334.10 Td ($225 ) Tj ET Q
q 0 0 0 rg BT 250.52 334.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 281.59 334.10 Td (convertible ) Tj ET Q
q 0 0 0 rg BT 328.75 334.10 Td (bond ) Tj ET Q
q 0 0 0 rg BT 350.94 334.10 Td (loan ) Tj ET Q
q 0 0 0 rg BT 370.34 334.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 379.74 334.10 Td (maturity ) Tj ET Q
q 0 0 0 rg BT 415.80 334.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 425.28 334.10 Td (April ) Tj ET Q
q 0 0 0 rg BT 448.57 334.10 Td (2015. ) Tj ET Q
q 0 0 0 rg BT 473.25 334.10 Td (Such ) Tj ET Q
q 0 0 0 rg BT 495.44 334.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 502.06 334.10 Td (situation ) Tj ET Q
q 0 0 0 rg BT 538.68 334.10 Td (might ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (force ) Tj ET Q
q 0 0 0 rg BT 73.01 322.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 79.92 322.10 Td (restructuring ) Tj ET Q
q 0 0 0 rg BT 133.49 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 144.29 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 158.98 322.10 Td (Company) Tj ET Q
q 0 0 0 rg BT 197.21 322.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 202.19 322.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 242.43 322.10 Td (modifications ) Tj ET Q
q 0 0 0 rg BT 299.89 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 310.70 322.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 340.92 322.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 363.38 322.10 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 410.30 322.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 427.21 322.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 446.90 322.10 Td (agreements. ) Tj ET Q
q 0 0 0 rg BT 497.40 322.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 508.20 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 522.89 322.10 Td (event ) Tj ET Q
q 0 0 0 rg BT 547.02 322.10 Td (that ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 65.56 310.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 85.56 310.10 Td (flow ) Tj ET Q
q 0 0 0 rg BT 106.12 310.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 127.79 310.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 171.67 310.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 192.24 310.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 207.24 310.10 Td (enable ) Tj ET Q
q 0 0 0 rg BT 235.57 310.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 246.69 310.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 256.70 310.10 Td (satisfy ) Tj ET Q
q 0 0 0 rg BT 285.04 310.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 300.60 310.10 Td (short ) Tj ET Q
q 0 0 0 rg BT 322.83 310.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 343.38 310.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 353.95 310.10 Td (medium ) Tj ET Q
q 0 0 0 rg BT 388.95 310.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 398.96 310.10 Td (long ) Tj ET Q
q 0 0 0 rg BT 418.97 310.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 439.52 310.10 Td (liquidity ) Tj ET Q
q 0 0 0 rg BT 475.64 310.10 Td (requirements, ) Tj ET Q
q 0 0 0 rg BT 532.58 310.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 546.47 310.10 Td (will ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 71.91 298.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 82.73 298.10 Td (consider ) Tj ET Q
q 0 0 0 rg BT 119.64 298.10 Td (alternatives, ) Tj ET Q
q 0 0 0 rg BT 171.27 298.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 192.64 298.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 204.00 298.10 Td (raising ) Tj ET Q
q 0 0 0 rg BT 234.26 298.10 Td (equity) Tj ET Q
q 0 0 0 rg BT 258.60 298.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 264.14 298.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 291.62 298.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 316.87 298.10 Td (diluteshareholders,or ) Tj ET Q
q 0 0 0 rg BT 409.05 298.10 Td (selling ) Tj ET Q
q 0 0 0 rg BT 438.75 298.10 Td (assets, ) Tj ET Q
q 0 0 0 rg BT 467.62 298.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 495.09 298.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 520.35 298.10 Td (negatively ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (impact ) Tj ET Q
q 0 0 0 rg BT 79.71 286.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 95.54 286.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 133.02 286.10 Td (results, ) Tj ET Q
q 0 0 0 rg BT 164.13 286.10 Td (depending ) Tj ET Q
q 0 0 0 rg BT 208.29 286.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 220.79 286.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 251.05 286.10 Td (conditions ) Tj ET Q
q 0 0 0 rg BT 295.21 286.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 304.93 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 319.65 286.10 Td (time.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.47 262.10 Td (international ) Tj ET Q
q 0 0 0 rg BT 124.74 262.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 153.77 262.10 Td (industry ) Tj ET Q
q 0 0 0 rg BT 190.04 262.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 206.86 262.10 Td (experienced ) Tj ET Q
q 0 0 0 rg BT 258.64 262.10 Td (volatile ) Tj ET Q
q 0 0 0 rg BT 291.00 262.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 323.36 262.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 345.72 262.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 363.65 262.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 389.89 262.10 Td (values ) Tj ET Q
q 0 0 0 rg BT 418.36 262.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 436.28 262.10 Td (there ) Tj ET Q
q 0 0 0 rg BT 459.76 262.10 Td (can ) Tj ET Q
q 0 0 0 rg BT 477.12 262.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 488.92 262.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 501.85 262.10 Td (assurance ) Tj ET Q
q 0 0 0 rg BT 545.88 262.10 Td (that ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 73.61 250.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 106.11 250.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 128.61 250.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 146.67 250.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 173.05 250.10 Td (values ) Tj ET Q
q 0 0 0 rg BT 201.66 250.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 219.16 250.10 Td (return ) Tj ET Q
q 0 0 0 rg BT 247.78 250.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 258.06 250.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 280.01 250.10 Td (previous ) Tj ET Q
q 0 0 0 rg BT 317.51 250.10 Td (levels) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (Charter ) Tj ET Q
q 0 0 0 rg BT 82.81 226.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 104.51 226.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 115.11 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 130.16 226.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 157.97 226.10 Td (industry ) Tj ET Q
q 0 0 0 rg BT 193.57 226.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 208.60 226.10 Td (volatile. ) Tj ET Q
q 0 0 0 rg BT 243.71 226.10 Td (W) Tj ET Q
q 0 0 0 rg BT 252.35 226.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 259.61 226.10 Td (anticipate ) Tj ET Q
q 0 0 0 rg BT 301.30 226.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 319.12 226.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 345.83 226.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 380.31 226.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 394.79 226.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 410.95 226.10 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 444.60 226.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 461.86 226.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 472.47 226.10 Td (turn ) Tj ET Q
q 0 0 0 rg BT 491.40 226.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 507.55 226.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 534.26 226.10 Td (charter ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td (rates, ) Tj ET Q
q 0 0 0 rg BT 73.48 214.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 91.14 214.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 102.68 214.10 Td (dependent ) Tj ET Q
q 0 0 0 rg BT 145.87 214.10 Td (upon ) Tj ET Q
q 0 0 0 rg BT 167.97 214.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 208.94 214.10 Td (growth ) Tj ET Q
q 0 0 0 rg BT 239.38 214.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 249.25 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 263.57 214.10 Td (world's ) Tj ET Q
q 0 0 0 rg BT 294.70 214.10 Td (economies, ) Tj ET Q
q 0 0 0 rg BT 342.06 214.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 352.49 214.10 Td (well ) Tj ET Q
q 0 0 0 rg BT 371.81 214.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 382.24 214.10 Td (seasonal ) Tj ET Q
q 0 0 0 rg BT 418.22 214.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 434.76 214.10 Td (regional ) Tj ET Q
q 0 0 0 rg BT 469.62 214.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 503.93 214.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 513.81 214.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 547.57 214.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 84.60 202.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 94.77 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 109.38 202.10 Td (capacity ) Tj ET Q
q 0 0 0 rg BT 145.08 202.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 155.80 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 170.41 202.10 Td (world's ) Tj ET Q
q 0 0 0 rg BT 201.82 202.10 Td (fleet. ) Tj ET Q
q 0 0 0 rg BT 224.31 202.10 Td (W) Tj ET Q
q 0 0 0 rg BT 232.94 202.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 239.77 202.10 Td (believe ) Tj ET Q
q 0 0 0 rg BT 271.04 202.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 288.42 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 303.03 202.10 Td (relatively ) Tj ET Q
q 0 0 0 rg BT 343.18 202.10 Td (high ) Tj ET Q
q 0 0 0 rg BT 363.35 202.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 393.50 202.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 414.77 202.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 432.15 202.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 453.97 202.10 Td (paid ) Tj ET Q
q 0 0 0 rg BT 473.58 202.10 Td (prior ) Tj ET Q
q 0 0 0 rg BT 495.41 202.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 505.58 202.10 Td (2008 ) Tj ET Q
q 0 0 0 rg BT 527.97 202.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 549.79 202.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 74.72 190.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 85.55 190.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 126.93 190.10 Td (growth ) Tj ET Q
q 0 0 0 rg BT 157.76 190.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 168.04 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 182.76 190.10 Td (world ) Tj ET Q
q 0 0 0 rg BT 208.59 190.10 Td (economies ) Tj ET Q
q 0 0 0 rg BT 253.86 190.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 271.35 190.10 Td (exceeded ) Tj ET Q
q 0 0 0 rg BT 311.05 190.10 Td (growth ) Tj ET Q
q 0 0 0 rg BT 341.88 190.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 352.16 190.10 Td (global ) Tj ET Q
q 0 0 0 rg BT 379.66 190.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 406.60 190.10 Td (capacity) Tj ET Q
q 0 0 0 rg BT 439.26 190.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 444.27 190.10 Td (Since ) Tj ET Q
q 0 0 0 rg BT 468.98 190.10 Td (2008 ) Tj ET Q
q 0 0 0 rg BT 491.49 190.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 521.74 190.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 543.12 190.10 Td (have ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.10 Td (declined ) Tj ET Q
q 0 0 0 rg BT 85.67 178.10 Td (significantly) Tj ET Q
q 0 0 0 rg BT 135.01 178.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 139.30 178.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 155.54 178.10 Td (there ) Tj ET Q
q 0 0 0 rg BT 177.32 178.10 Td (can ) Tj ET Q
q 0 0 0 rg BT 192.99 178.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 204.23 178.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 216.02 178.10 Td (assurance ) Tj ET Q
q 0 0 0 rg BT 256.69 178.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 273.48 178.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 314.15 178.10 Td (growth ) Tj ET Q
q 0 0 0 rg BT 344.27 178.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 361.62 178.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 376.20 178.10 Td (stagnate ) Tj ET Q
q 0 0 0 rg BT 410.76 178.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 420.88 178.10 Td (decline ) Tj ET Q
q 0 0 0 rg BT 451.55 178.10 Td (leading ) Tj ET Q
q 0 0 0 rg BT 482.78 178.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 492.36 178.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 498.59 178.10 Td (further ) Tj ET Q
q 0 0 0 rg BT 527.59 178.10 Td (decrease ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 59.75 166.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 86.16 166.10 Td (values ) Tj ET Q
q 0 0 0 rg BT 113.68 166.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 130.09 166.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 159.81 166.10 Td (rates. ) Tj ET Q
q 0 0 0 rg BT 182.73 166.10 Td (A) Tj ET Q
q 0 0 0 rg BT 189.40 166.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 191.37 166.10 Td (further ) Tj ET Q
q 0 0 0 rg BT 220.55 166.10 Td (decline ) Tj ET Q
q 0 0 0 rg BT 251.39 166.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 261.14 166.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 287.55 166.10 Td (values ) Tj ET Q
q 0 0 0 rg BT 315.07 166.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 331.48 166.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 361.21 166.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 382.05 166.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 409.03 166.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 429.88 166.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 441.29 166.10 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 473.79 166.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 481.38 166.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 498.34 166.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 510.31 166.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 525.61 166.10 Td (business, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 154.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 87.48 154.10 Td (condition, ) Tj ET Q
q 0 0 0 rg BT 130.25 154.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 158.86 154.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 169.69 154.10 Td (operation ) Tj ET Q
q 0 0 0 rg BT 209.96 154.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 226.89 154.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 254.95 154.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 265.22 154.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 282.16 154.10 Td (dividends.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 142.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 130.10 Td (Any ) Tj ET Q
q 0 0 0 rg BT 69.17 130.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 107.21 130.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 118.05 130.10 Td (shipments ) Tj ET Q
q 0 0 0 rg BT 162.23 130.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 173.06 130.10 Td (crude ) Tj ET Q
q 0 0 0 rg BT 198.89 130.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 211.94 130.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 231.66 130.10 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 272.48 130.10 Td (af) Tj ET Q
q 0 0 0 rg BT 280.63 130.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 298.11 130.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 315.06 130.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 354.79 130.10 Td (performance) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 118.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 106.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.26 106.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 102.63 106.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 117.01 106.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 133.06 106.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 146.33 106.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 177.92 106.10 Td (derives ) Tj ET Q
q 0 0 0 rg BT 209.52 106.10 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 249.45 106.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 271.60 106.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 305.97 106.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 319.75 106.10 Td (Arabian ) Tj ET Q
q 0 0 0 rg BT 354.67 106.10 Td (Gulf, ) Tj ET Q
q 0 0 0 rg BT 378.02 106.10 Td (W) Tj ET Q
q 0 0 0 rg BT 386.66 106.10 Td (est ) Tj ET Q
q 0 0 0 rg BT 399.88 106.10 Td (African, ) Tj ET Q
q 0 0 0 rg BT 435.64 106.10 Td (North ) Tj ET Q
q 0 0 0 rg BT 461.68 106.10 Td (Sea ) Tj ET Q
q 0 0 0 rg BT 478.84 106.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 495.99 106.10 Td (Caribbean ) Tj ET Q
q 0 0 0 rg BT 539.80 106.10 Td (crude ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 65.05 94.10 Td (which, ) Tj ET Q
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q 0 0 0 rg BT 103.74 94.10 Td (turn, ) Tj ET Q
q 0 0 0 rg BT 124.34 94.10 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 163.54 94.10 Td (depends ) Tj ET Q
q 0 0 0 rg BT 198.29 94.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 210.28 94.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 224.49 94.10 Td (economies ) Tj ET Q
q 0 0 0 rg BT 269.24 94.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 279.56 94.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 293.77 94.10 Td (world's ) Tj ET Q
q 0 0 0 rg BT 324.78 94.10 Td (industrial ) Tj ET Q
q 0 0 0 rg BT 364.54 94.10 Td (countries ) Tj ET Q
q 0 0 0 rg BT 403.18 94.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 419.61 94.10 Td (competition ) Tj ET Q
q 0 0 0 rg BT 469.37 94.10 Td (from ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 82.10 Td (sources. ) Tj ET Q
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q 0 0 0 rg BT 148.05 82.10 Td (economic, ) Tj ET Q
q 0 0 0 rg BT 191.28 82.10 Td (social ) Tj ET Q
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q 0 0 0 rg BT 232.77 82.10 Td (other ) Tj ET Q
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q 0 0 0 rg BT 519.25 82.10 Td (economies ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 70.10 Td (and ) Tj ET Q
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q 0 0 0 rg BT 461.98 70.10 Td (crude ) Tj ET Q
q 0 0 0 rg BT 487.12 70.10 Td (oil ) Tj ET Q
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q 0 0 0 rg BT 538.13 70.10 Td (above ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 58.10 Td (mentioned ) Tj ET Q
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q 0 0 0 rg BT 300.77 58.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 317.90 58.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 330.05 58.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 345.53 58.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 382.65 58.10 Td (performance. ) Tj ET Q
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q 0 0 0 rg BT 539.80 58.10 Td (could ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 107.20 46.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 144.12 46.10 Td (are:) Tj ET Q
endstream
endobj
148 0 obj
<<
/Length 35913
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 742.10 Td (increased ) Tj ET Q
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q 0 0 0 rg BT 164.02 742.10 Td (production ) Tj ET Q
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q 0 0 0 rg BT 254.83 742.10 Td (areas;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 730.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 730.10 Td (increased ) Tj ET Q
q 0 0 0 rg BT 126.25 730.10 Td (refining ) Tj ET Q
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q 0 0 0 rg BT 206.50 730.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 220.66 730.10 Td (Arabian ) Tj ET Q
q 0 0 0 rg BT 255.37 730.10 Td (Gulf ) Tj ET Q
q 0 0 0 rg BT 276.20 730.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 286.85 730.10 Td (W) Tj ET Q
q 0 0 0 rg BT 295.49 730.10 Td (est ) Tj ET Q
q 0 0 0 rg BT 308.54 730.10 Td (Africa;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 718.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 230.39 718.10 Td (crude ) Tj ET Q
q 0 0 0 rg BT 255.10 718.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 268.16 718.10 Td (pipelines ) Tj ET Q
q 0 0 0 rg BT 306.76 718.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 317.04 718.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 331.21 718.10 Td (Arabian ) Tj ET Q
q 0 0 0 rg BT 365.91 718.10 Td (Gulf ) Tj ET Q
q 0 0 0 rg BT 386.74 718.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 397.39 718.10 Td (W) Tj ET Q
q 0 0 0 rg BT 406.03 718.10 Td (est ) Tj ET Q
q 0 0 0 rg BT 419.09 718.10 Td (Africa;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 706.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 214.40 706.10 Td (est ) Tj ET Q
q 0 0 0 rg BT 227.30 706.10 Td (African ) Tj ET Q
q 0 0 0 rg BT 260.14 706.10 Td (oil-producing ) Tj ET Q
q 0 0 0 rg BT 316.88 706.10 Td (nations ) Tj ET Q
q 0 0 0 rg BT 348.06 706.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 358.14 706.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 393.20 706.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 413.83 706.10 Td (crude ) Tj ET Q
q 0 0 0 rg BT 438.33 706.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 451.19 706.10 Td (prices ) Tj ET Q
q 0 0 0 rg BT 477.37 706.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 488.00 706.10 Td (to ) Tj ET Q
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q 0 0 0 rg BT 527.59 706.10 Td (decrease ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 694.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 96.83 694.10 Td (limit ) Tj ET Q
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q 0 0 0 rg BT 139.05 694.10 Td (crude ) Tj ET Q
q 0 0 0 rg BT 163.75 694.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 176.81 694.10 Td (production;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 682.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 682.10 Td (armed ) Tj ET Q
q 0 0 0 rg BT 113.49 682.10 Td (conflict ) Tj ET Q
q 0 0 0 rg BT 146.53 682.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 156.81 682.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 170.97 682.10 Td (Arabian ) Tj ET Q
q 0 0 0 rg BT 205.68 682.10 Td (Gulf ) Tj ET Q
q 0 0 0 rg BT 226.51 682.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 243.27 682.10 Td (W) Tj ET Q
q 0 0 0 rg BT 251.90 682.10 Td (est ) Tj ET Q
q 0 0 0 rg BT 264.96 682.10 Td (Africa ) Tj ET Q
q 0 0 0 rg BT 293.00 682.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 309.94 682.10 Td (political ) Tj ET Q
q 0 0 0 rg BT 345.20 682.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 356.03 682.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 379.08 682.10 Td (factors; ) Tj ET Q
q 0 0 0 rg BT 411.57 682.10 Td (and) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 670.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 670.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 100.72 670.10 Td (development ) Tj ET Q
q 0 0 0 rg BT 154.87 670.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 171.81 670.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 186.52 670.10 Td (relative ) Tj ET Q
q 0 0 0 rg BT 219.00 670.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 241.50 670.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 252.33 670.10 Td (nuclear ) Tj ET Q
q 0 0 0 rg BT 284.26 670.10 Td (power) Tj ET Q
q 0 0 0 rg BT 308.85 670.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 313.85 670.10 Td (natural ) Tj ET Q
q 0 0 0 rg BT 344.11 670.10 Td (gas, ) Tj ET Q
q 0 0 0 rg BT 362.44 670.10 Td (coal ) Tj ET Q
q 0 0 0 rg BT 381.60 670.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 398.53 670.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 421.58 670.10 Td (alternative ) Tj ET Q
q 0 0 0 rg BT 466.28 670.10 Td (sources ) Tj ET Q
q 0 0 0 rg BT 498.77 670.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 509.60 670.10 Td (ener) Tj ET Q
q 0 0 0 rg BT 526.63 670.10 Td (gy) Tj ET Q
q 0 0 0 rg BT 535.98 670.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 646.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 62.45 646.10 Td (addition, ) Tj ET Q
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q 0 0 0 rg BT 148.74 646.10 Td (weak ) Tj ET Q
q 0 0 0 rg BT 173.96 646.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 216.95 646.10 Td (conditions ) Tj ET Q
q 0 0 0 rg BT 262.74 646.10 Td (af) Tj ET Q
q 0 0 0 rg BT 270.32 646.10 Td (fecting ) Tj ET Q
q 0 0 0 rg BT 302.21 646.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 318.55 646.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 349.88 646.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 377.89 646.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 396.45 646.10 Td (world ) Tj ET Q
q 0 0 0 rg BT 423.90 646.10 Td (economies ) Tj ET Q
q 0 0 0 rg BT 470.78 646.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 492.12 646.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 518.46 646.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 530.36 646.10 Td (reduced ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 103.87 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 114.41 634.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 127.17 634.10 Td (products ) Tj ET Q
q 0 0 0 rg BT 163.82 634.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 180.46 634.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 187.11 634.10 Td (decreased ) Tj ET Q
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q 0 0 0 rg BT 262.59 634.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 276.46 634.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 292.00 634.10 Td (vessels ) Tj ET Q
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q 0 0 0 rg BT 364.16 634.10 Td (charter ) Tj ET Q
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q 0 0 0 rg BT 468.77 634.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 489.85 634.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 496.50 634.10 Td (material ) Tj ET Q
q 0 0 0 rg BT 531.46 634.10 Td (adverse ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 57.59 622.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 75.07 622.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 87.57 622.10 Td (our ) Tj ET Q
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q 0 0 0 rg BT 139.78 622.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 156.72 622.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 172.55 622.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 200.60 622.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 210.88 622.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 227.82 622.10 Td (dividends.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
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q 0 0 0 rg BT 125.83 598.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 155.00 598.10 Td (capacity ) Tj ET Q
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q 0 0 0 rg BT 211.09 598.10 Td (lead ) Tj ET Q
q 0 0 0 rg BT 230.81 598.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 241.08 598.10 Td (reductions ) Tj ET Q
q 0 0 0 rg BT 286.92 598.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 297.76 598.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 330.26 598.10 Td (rates, ) Tj ET Q
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q 0 0 0 rg BT 381.64 598.10 Td (values ) Tj ET Q
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q 0 0 0 rg BT 428.31 598.10 Td (profitability) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 219.82 574.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 227.43 574.10 Td (lar) Tj ET Q
q 0 0 0 rg BT 237.80 574.10 Td (ge ) Tj ET Q
q 0 0 0 rg BT 250.41 574.10 Td (number ) Tj ET Q
q 0 0 0 rg BT 284.13 574.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 295.64 574.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 315.48 574.10 Td (tankers. ) Tj ET Q
q 0 0 0 rg BT 350.03 574.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 359.86 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 375.25 574.10 Td (capacity ) Tj ET Q
q 0 0 0 rg BT 411.74 574.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 423.25 574.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 443.08 574.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 474.59 574.10 Td (delivered ) Tj ET Q
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q 0 0 0 rg BT 549.79 574.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (capacity ) Tj ET Q
q 0 0 0 rg BT 86.43 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 97.87 562.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 129.87 562.10 Td (being ) Tj ET Q
q 0 0 0 rg BT 155.20 562.10 Td (scrapped ) Tj ET Q
q 0 0 0 rg BT 193.85 562.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 211.41 562.10 Td (converted ) Tj ET Q
q 0 0 0 rg BT 253.95 562.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 264.85 562.10 Td (non-trading ) Tj ET Q
q 0 0 0 rg BT 314.62 562.10 Td (tankers, ) Tj ET Q
q 0 0 0 rg BT 349.11 562.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 377.21 562.10 Td (capacity ) Tj ET Q
q 0 0 0 rg BT 413.64 562.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 432.31 562.10 Td (increase. ) Tj ET Q
q 0 0 0 rg BT 470.68 562.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 480.46 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 495.79 562.10 Td (supply ) Tj ET Q
q 0 0 0 rg BT 525.58 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 537.03 562.10 Td (tanker ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (capacity ) Tj ET Q
q 0 0 0 rg BT 85.96 550.10 Td (increases ) Tj ET Q
q 0 0 0 rg BT 125.25 550.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 142.33 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 157.19 550.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 191.49 550.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 205.80 550.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 233.43 550.10 Td (capacity ) Tj ET Q
q 0 0 0 rg BT 269.39 550.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 290.36 550.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 305.79 550.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 341.19 550.10 Td (correspondingly) Tj ET Q
q 0 0 0 rg BT 405.52 550.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 410.67 550.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 441.07 550.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 462.59 550.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 487.45 550.10 Td (materially ) Tj ET Q
q 0 0 0 rg BT 530.63 550.10 Td (decline. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (A) Tj ET Q
q 0 0 0 rg BT 56.67 538.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 58.74 538.10 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 98.58 538.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 108.43 538.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 138.25 538.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 159.20 538.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 175.71 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 190.00 538.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 213.73 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 224.13 538.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 239.53 538.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 269.93 538.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 289.22 538.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 310.17 538.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 316.68 538.10 Td (material ) Tj ET Q
q 0 0 0 rg BT 351.51 538.10 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 384.12 538.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 391.71 538.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 408.77 538.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 420.84 538.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 436.24 538.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 464.42 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 474.82 538.10 Td (operations, ) Tj ET Q
q 0 0 0 rg BT 521.05 538.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 536.45 538.10 Td (ability ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.28 526.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 77.22 526.10 Td (dividends ) Tj ET Q
q 0 0 0 rg BT 118.60 526.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 135.54 526.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 151.37 526.10 Td (compliance ) Tj ET Q
q 0 0 0 rg BT 199.96 526.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 220.24 526.10 Td (loan ) Tj ET Q
q 0 0 0 rg BT 239.96 526.10 Td (covenants ) Tj ET Q
q 0 0 0 rg BT 282.44 526.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 292.72 526.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 309.66 526.10 Td (loan ) Tj ET Q
q 0 0 0 rg BT 329.38 526.10 Td (agreements ) Tj ET Q
q 0 0 0 rg BT 377.41 526.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 391.57 526.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 411.28 526.10 Td (enter ) Tj ET Q
q 0 0 0 rg BT 433.77 526.10 Td (into ) Tj ET Q
q 0 0 0 rg BT 451.83 526.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 462.10 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 476.82 526.10 Td (future.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (Shipping ) Tj ET Q
q 0 0 0 rg BT 89.74 502.10 Td (Generally) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (Risks ) Tj ET Q
q 0 0 0 rg BT 73.72 478.10 Td (involved ) Tj ET Q
q 0 0 0 rg BT 109.63 478.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 128.91 478.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 169.84 478.10 Td (ocean-going ) Tj ET Q
q 0 0 0 rg BT 222.43 478.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 251.68 478.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 275.95 478.10 Td (af) Tj ET Q
q 0 0 0 rg BT 284.10 478.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 300.57 478.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 316.50 478.10 Td (business ) Tj ET Q
q 0 0 0 rg BT 353.00 478.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 370.05 478.10 Td (reputation, ) Tj ET Q
q 0 0 0 rg BT 416.82 478.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 443.32 478.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 467.58 478.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 488.50 478.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 494.99 478.10 Td (material ) Tj ET Q
q 0 0 0 rg BT 530.91 478.10 Td (adverse ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 57.59 466.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 75.07 466.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 88.13 466.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 105.09 466.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 134.82 466.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 145.65 466.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 191.49 466.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 209.55 466.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 249.28 466.10 Td (condition) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.05 442.10 Td (operation ) Tj ET Q
q 0 0 0 rg BT 108.31 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 119.14 442.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 131.08 442.10 Td (ocean-going ) Tj ET Q
q 0 0 0 rg BT 183.00 442.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 209.94 442.10 Td (carries ) Tj ET Q
q 0 0 0 rg BT 239.09 442.10 Td (inherent ) Tj ET Q
q 0 0 0 rg BT 274.35 442.10 Td (risks.) Tj ET Q
q 0 0 0 rg BT 300.56 442.10 Td (These ) Tj ET Q
q 0 0 0 rg BT 326.94 442.10 Td (risks ) Tj ET Q
q 0 0 0 rg BT 348.33 442.10 Td (include ) Tj ET Q
q 0 0 0 rg BT 380.26 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 394.98 442.10 Td (possibility ) Tj ET Q
q 0 0 0 rg BT 439.16 442.10 Td (of:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 418.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 418.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 92.94 418.10 Td (marine ) Tj ET Q
q 0 0 0 rg BT 123.20 418.10 Td (disaster;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 406.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 406.10 Td (terrorism;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 394.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 394.10 Td (environmental ) Tj ET Q
q 0 0 0 rg BT 146.26 394.10 Td (accidents;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 382.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 382.10 Td (car) Tj ET Q
q 0 0 0 rg BT 98.03 382.10 Td (go ) Tj ET Q
q 0 0 0 rg BT 110.53 382.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 127.46 382.10 Td (property ) Tj ET Q
q 0 0 0 rg BT 163.84 382.10 Td (losses ) Tj ET Q
q 0 0 0 rg BT 190.23 382.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 201.06 382.10 Td (damage; ) Tj ET Q
q 0 0 0 rg BT 237.44 382.10 Td (and) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 370.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 370.10 Td (business ) Tj ET Q
q 0 0 0 rg BT 123.71 370.10 Td (interruptions ) Tj ET Q
q 0 0 0 rg BT 178.63 370.10 Td (caused ) Tj ET Q
q 0 0 0 rg BT 209.65 370.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 223.47 370.10 Td (mechanical ) Tj ET Q
q 0 0 0 rg BT 272.81 370.10 Td (failure, ) Tj ET Q
q 0 0 0 rg BT 305.22 370.10 Td (human ) Tj ET Q
q 0 0 0 rg BT 336.25 370.10 Td (error) Tj ET Q
q 0 0 0 rg BT 355.28 370.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 361.60 370.10 Td (war) Tj ET Q
q 0 0 0 rg BT 376.19 370.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 382.51 370.10 Td (terrorism, ) Tj ET Q
q 0 0 0 rg BT 425.48 370.10 Td (piracy) Tj ET Q
q 0 0 0 rg BT 449.81 370.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 456.13 370.10 Td (political ) Tj ET Q
q 0 0 0 rg BT 492.71 370.10 Td (action ) Tj ET Q
q 0 0 0 rg BT 520.96 370.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 532.56 370.10 Td (various ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 358.10 Td (countries, ) Tj ET Q
q 0 0 0 rg BT 127.66 358.10 Td (labor ) Tj ET Q
q 0 0 0 rg BT 150.70 358.10 Td (strikes, ) Tj ET Q
q 0 0 0 rg BT 181.81 358.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 192.64 358.10 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 225.68 358.10 Td (weather ) Tj ET Q
q 0 0 0 rg BT 259.82 358.10 Td (conditions.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (Any ) Tj ET Q
q 0 0 0 rg BT 70.15 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 81.41 334.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 104.89 334.10 Td (circumstances ) Tj ET Q
q 0 0 0 rg BT 164.46 334.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 175.72 334.10 Td (events ) Tj ET Q
q 0 0 0 rg BT 204.19 334.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 229.34 334.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 265.02 334.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 281.28 334.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 304.21 334.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 315.47 334.10 Td (lower ) Tj ET Q
q 0 0 0 rg BT 341.17 334.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 357.43 334.10 Td (revenues. ) Tj ET Q
q 0 0 0 rg BT 398.19 334.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 416.66 334.10 Td (involvement ) Tj ET Q
q 0 0 0 rg BT 469.58 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 480.84 334.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 497.10 334.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 528.36 334.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 539.07 334.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 551.44 334.10 Td (oil ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (spill ) Tj ET Q
q 0 0 0 rg BT 69.73 322.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 80.56 322.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 103.60 322.10 Td (environmental ) Tj ET Q
q 0 0 0 rg BT 163.86 322.10 Td (disaster ) Tj ET Q
q 0 0 0 rg BT 196.91 322.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 216.63 322.10 Td (harm ) Tj ET Q
q 0 0 0 rg BT 239.67 322.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 255.50 322.10 Td (reputation ) Tj ET Q
q 0 0 0 rg BT 298.54 322.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 309.38 322.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 316.31 322.10 Td (safe ) Tj ET Q
q 0 0 0 rg BT 334.91 322.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 351.85 322.10 Td (reliable ) Tj ET Q
q 0 0 0 rg BT 384.33 322.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 411.82 322.10 Td (operator) Tj ET Q
q 0 0 0 rg BT 444.58 322.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 59.85 298.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 101.92 298.10 Td (conditions ) Tj ET Q
q 0 0 0 rg BT 147.34 298.10 Td (throughout ) Tj ET Q
q 0 0 0 rg BT 196.67 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 212.08 298.10 Td (world ) Tj ET Q
q 0 0 0 rg BT 238.05 298.10 Td (do ) Tj ET Q
q 0 0 0 rg BT 250.68 298.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 266.65 298.10 Td (improve, ) Tj ET Q
q 0 0 0 rg BT 305.11 298.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 313.30 298.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 330.93 298.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 353.00 298.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 366.20 298.10 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 399.93 298.10 Td (impact ) Tj ET Q
q 0 0 0 rg BT 430.33 298.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 443.53 298.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 460.61 298.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 506.58 298.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 524.78 298.10 Td (financial ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (results) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (Negative ) Tj ET Q
q 0 0 0 rg BT 88.21 262.10 Td (trends ) Tj ET Q
q 0 0 0 rg BT 114.76 262.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 124.66 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 138.99 262.10 Td (global ) Tj ET Q
q 0 0 0 rg BT 166.10 262.10 Td (economy ) Tj ET Q
q 0 0 0 rg BT 204.87 262.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 221.98 262.10 Td (emer) Tj ET Q
q 0 0 0 rg BT 241.79 262.10 Td (ged ) Tj ET Q
q 0 0 0 rg BT 258.34 262.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 268.24 262.10 Td (2008 ) Tj ET Q
q 0 0 0 rg BT 290.35 262.10 Td (continue ) Tj ET Q
q 0 0 0 rg BT 326.90 262.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 336.79 262.10 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 377.23 262.10 Td (af) Tj ET Q
q 0 0 0 rg BT 384.81 262.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 401.92 262.10 Td (global ) Tj ET Q
q 0 0 0 rg BT 429.03 262.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 470.01 262.10 Td (conditions. ) Tj ET Q
q 0 0 0 rg BT 516.29 262.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 526.74 262.10 Td (addition, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.21 250.10 Td (world ) Tj ET Q
q 0 0 0 rg BT 89.54 250.10 Td (economy ) Tj ET Q
q 0 0 0 rg BT 128.19 250.10 Td (continues ) Tj ET Q
q 0 0 0 rg BT 168.51 250.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 178.29 250.10 Td (face ) Tj ET Q
q 0 0 0 rg BT 196.93 250.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 203.36 250.10 Td (number ) Tj ET Q
q 0 0 0 rg BT 235.91 250.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 246.23 250.10 Td (challenges, ) Tj ET Q
q 0 0 0 rg BT 292.93 250.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 332.70 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 346.91 250.10 Td (recent ) Tj ET Q
q 0 0 0 rg BT 373.33 250.10 Td (turmoil ) Tj ET Q
q 0 0 0 rg BT 404.77 250.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 421.21 250.10 Td (hostilities ) Tj ET Q
q 0 0 0 rg BT 462.09 250.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 471.87 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 486.08 250.10 Td (Middle ) Tj ET Q
q 0 0 0 rg BT 516.96 250.10 Td (East, ) Tj ET Q
q 0 0 0 rg BT 538.68 250.10 Td (North ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (Africa ) Tj ET Q
q 0 0 0 rg BT 77.52 238.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 93.94 238.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 116.47 238.10 Td (geographic ) Tj ET Q
q 0 0 0 rg BT 162.88 238.10 Td (areas ) Tj ET Q
q 0 0 0 rg BT 185.40 238.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 201.83 238.10 Td (countries ) Tj ET Q
q 0 0 0 rg BT 240.46 238.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 256.89 238.10 Td (continuing ) Tj ET Q
q 0 0 0 rg BT 301.64 238.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 342.50 238.10 Td (weakness ) Tj ET Q
q 0 0 0 rg BT 382.80 238.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 392.57 238.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 406.77 238.10 Td (European ) Tj ET Q
q 0 0 0 rg BT 447.07 238.10 Td (Union. ) Tj ET Q
q 0 0 0 rg BT 476.41 238.10 Td (There ) Tj ET Q
q 0 0 0 rg BT 501.71 238.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 517.02 238.10 Td (historically ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 71.75 226.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 79.07 226.10 Td (strong ) Tj ET Q
q 0 0 0 rg BT 106.94 226.10 Td (link ) Tj ET Q
q 0 0 0 rg BT 125.38 226.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 161.57 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 176.66 226.10 Td (development ) Tj ET Q
q 0 0 0 rg BT 231.19 226.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 242.39 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 257.49 226.10 Td (world ) Tj ET Q
q 0 0 0 rg BT 283.69 226.10 Td (economy ) Tj ET Q
q 0 0 0 rg BT 323.22 226.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 340.54 226.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 375.07 226.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 389.60 226.10 Td (ener) Tj ET Q
q 0 0 0 rg BT 406.63 226.10 Td (gy) Tj ET Q
q 0 0 0 rg BT 415.98 226.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 421.36 226.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 462.01 226.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 475.44 226.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 492.75 226.10 Td (gas. ) Tj ET Q
q 0 0 0 rg BT 510.83 226.10 Td (An ) Tj ET Q
q 0 0 0 rg BT 525.92 226.10 Td (extended ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td (period ) Tj ET Q
q 0 0 0 rg BT 77.73 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 88.24 214.10 Td (deterioration ) Tj ET Q
q 0 0 0 rg BT 141.51 214.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 151.47 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 165.87 214.10 Td (outlook ) Tj ET Q
q 0 0 0 rg BT 198.61 214.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 212.46 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 226.86 214.10 Td (world ) Tj ET Q
q 0 0 0 rg BT 252.37 214.10 Td (economy ) Tj ET Q
q 0 0 0 rg BT 291.21 214.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 315.61 214.10 Td (reduce ) Tj ET Q
q 0 0 0 rg BT 344.43 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 358.83 214.10 Td (overall ) Tj ET Q
q 0 0 0 rg BT 388.78 214.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 422.62 214.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 436.46 214.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 449.20 214.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 465.82 214.10 Td (gas ) Tj ET Q
q 0 0 0 rg BT 481.33 214.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 497.95 214.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 511.80 214.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 527.31 214.10 Td (services. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 202.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.27 202.10 Td (cannot ) Tj ET Q
q 0 0 0 rg BT 94.12 202.10 Td (predict ) Tj ET Q
q 0 0 0 rg BT 124.07 202.10 Td (how ) Tj ET Q
q 0 0 0 rg BT 143.49 202.10 Td (long ) Tj ET Q
q 0 0 0 rg BT 163.46 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 177.87 202.10 Td (current ) Tj ET Q
q 0 0 0 rg BT 208.37 202.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 238.33 202.10 Td (conditions ) Tj ET Q
q 0 0 0 rg BT 282.19 202.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 299.94 202.10 Td (last. ) Tj ET Q
q 0 0 0 rg BT 318.52 202.10 Td (However) Tj ET Q
q 0 0 0 rg BT 354.77 202.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 359.46 202.10 Td (recent ) Tj ET Q
q 0 0 0 rg BT 386.07 202.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 402.71 202.10 Td (developing ) Tj ET Q
q 0 0 0 rg BT 449.33 202.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 490.40 202.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 507.03 202.10 Td (governmental ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (factors, ) Tj ET Q
q 0 0 0 rg BT 82.38 190.10 Td (together ) Tj ET Q
q 0 0 0 rg BT 117.82 190.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 138.28 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 153.17 190.10 Td (concurrent ) Tj ET Q
q 0 0 0 rg BT 198.60 190.10 Td (decline ) Tj ET Q
q 0 0 0 rg BT 230.15 190.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 240.60 190.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 271.03 190.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 292.58 190.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 309.70 190.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 336.81 190.10 Td (values, ) Tj ET Q
q 0 0 0 rg BT 367.53 190.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 389.09 190.10 Td (had ) Tj ET Q
q 0 0 0 rg BT 406.20 190.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 413.32 190.10 Td (material ) Tj ET Q
q 0 0 0 rg BT 448.75 190.10 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 481.96 190.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 489.55 190.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 507.21 190.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 519.89 190.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 535.89 190.10 Td (results ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 61.30 178.10 Td (operations, ) Tj ET Q
q 0 0 0 rg BT 108.43 178.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 146.38 178.10 Td (condition ) Tj ET Q
q 0 0 0 rg BT 187.12 178.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 204.53 178.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 225.27 178.10 Td (flows, ) Tj ET Q
q 0 0 0 rg BT 252.96 178.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 274.81 178.10 Td (caused ) Tj ET Q
q 0 0 0 rg BT 304.98 178.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 320.17 178.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 343.13 178.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 354.43 178.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 370.73 178.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 409.80 178.10 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 439.43 178.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 450.17 178.10 Td (decline ) Tj ET Q
q 0 0 0 rg BT 482.02 178.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 499.43 178.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 524.61 178.10 Td (cause ) Tj ET Q
q 0 0 0 rg BT 549.79 178.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 72.49 166.10 Td (of ) Tj ET Q
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q 0 0 0 rg BT 99.15 166.10 Td (Ordinary ) Tj ET Q
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q 0 0 0 rg BT 166.90 166.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 177.18 166.10 Td (decline ) Tj ET Q
q 0 0 0 rg BT 208.55 166.10 Td (further) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 142.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.31 142.10 Td (economies ) Tj ET Q
q 0 0 0 rg BT 111.83 142.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 121.93 142.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 135.90 142.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 164.88 142.10 Td (States, ) Tj ET Q
q 0 0 0 rg BT 193.03 142.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 207.01 142.10 Td (European ) Tj ET Q
q 0 0 0 rg BT 247.09 142.10 Td (Union ) Tj ET Q
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q 0 0 0 rg BT 290.05 142.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 312.36 142.10 Td (parts ) Tj ET Q
q 0 0 0 rg BT 333.56 142.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 343.65 142.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 357.63 142.10 Td (world ) Tj ET Q
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q 0 0 0 rg BT 428.46 142.10 Td (experience ) Tj ET Q
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q 0 0 0 rg BT 533.69 142.10 Td (growth ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 60.99 130.10 Td (remain ) Tj ET Q
q 0 0 0 rg BT 91.40 130.10 Td (in ) Tj ET Q
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q 0 0 0 rg BT 141.70 130.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 158.79 130.10 Td (exhibit ) Tj ET Q
q 0 0 0 rg BT 189.22 130.10 Td (weak ) Tj ET Q
q 0 0 0 rg BT 212.98 130.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 254.50 130.10 Td (trends. ) Tj ET Q
q 0 0 0 rg BT 283.91 130.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 302.11 130.10 Td (credit ) Tj ET Q
q 0 0 0 rg BT 327.53 130.10 Td (markets ) Tj ET Q
q 0 0 0 rg BT 361.84 130.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 372.27 130.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 387.14 130.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 417.02 130.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 443.56 130.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 460.65 130.10 Td (Europe ) Tj ET Q
q 0 0 0 rg BT 492.18 130.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 513.72 130.10 Td (experienced ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 247.99 118.10 Td (liquidity) Tj ET Q
q 0 0 0 rg BT 281.23 118.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 285.84 118.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 302.40 118.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 316.73 118.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 336.63 118.10 Td (federal ) Tj ET Q
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q 0 0 0 rg BT 432.92 118.10 Td (state ) Tj ET Q
q 0 0 0 rg BT 453.36 118.10 Td (governments ) Tj ET Q
q 0 0 0 rg BT 507.13 118.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 523.69 118.10 Td (European ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 106.10 Td (authorities ) Tj ET Q
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q 0 0 0 rg BT 248.67 106.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 259.36 106.10 Td (governmental ) Tj ET Q
q 0 0 0 rg BT 316.70 106.10 Td (action ) Tj ET Q
q 0 0 0 rg BT 343.49 106.10 Td (and/or ) Tj ET Q
q 0 0 0 rg BT 371.40 106.10 Td (new ) Tj ET Q
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q 0 0 0 rg BT 444.00 106.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 458.58 106.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 495.92 106.10 Td (markets. ) Tj ET Q
q 0 0 0 rg BT 532.43 106.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 534.79 106.10 Td (Global ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 94.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 87.72 94.10 Td (markets ) Tj ET Q
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q 0 0 0 rg BT 532.01 94.10 Td (lending ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 70.10 Td ( ) Tj ET Q
endstream
endobj
149 0 obj
<<
/Length 41045
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 240.29 742.10 Td (Pacific ) Tj ET Q
q 0 0 0 rg BT 270.56 742.10 Td (region, ) Tj ET Q
q 0 0 0 rg BT 301.11 742.10 Td (especially ) Tj ET Q
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q 0 0 0 rg BT 379.16 742.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 396.11 742.10 Td (China, ) Tj ET Q
q 0 0 0 rg BT 425.00 742.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 444.73 742.10 Td (exacerbate ) Tj ET Q
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q 0 0 0 rg BT 542.29 742.10 Td (us ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 186.22 730.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 200.68 730.10 Td (world. ) Tj ET Q
q 0 0 0 rg BT 228.76 730.10 Td (Before ) Tj ET Q
q 0 0 0 rg BT 258.21 730.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 272.67 730.10 Td (global ) Tj ET Q
q 0 0 0 rg BT 299.91 730.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 341.02 730.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 378.25 730.10 Td (crisis ) Tj ET Q
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q 0 0 0 rg BT 522.54 730.10 Td (one ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 142.90 718.10 Td (economies ) Tj ET Q
q 0 0 0 rg BT 187.33 718.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 196.78 718.10 Td (terms ) Tj ET Q
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q 0 0 0 rg BT 253.44 718.10 Td (domestic ) Tj ET Q
q 0 0 0 rg BT 291.21 718.10 Td (product, ) Tj ET Q
q 0 0 0 rg BT 325.93 718.10 Td (or ) Tj ET Q
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q 0 0 0 rg BT 354.82 718.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 358.99 718.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 385.10 718.10 Td (had ) Tj ET Q
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q 0 0 0 rg BT 407.31 718.10 Td (significant ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 411.11 706.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 456.05 706.10 Td (31, ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 182.72 694.10 Td (ended ) Tj ET Q
q 0 0 0 rg BT 209.21 694.10 Td (December ) Tj ET Q
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q 0 0 0 rg BT 268.01 694.10 Td (201) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 215.41 682.10 Td (further ) Tj ET Q
q 0 0 0 rg BT 245.33 682.10 Td (contribute ) Tj ET Q
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q 0 0 0 rg BT 306.24 682.10 Td (slowdown ) Tj ET Q
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q 0 0 0 rg BT 372.72 682.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 414.31 682.10 Td (growth. ) Tj ET Q
q 0 0 0 rg BT 447.85 682.10 Td (China ) Tj ET Q
q 0 0 0 rg BT 474.45 682.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 491.61 682.10 Td (other ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 161.35 670.10 Td (continue ) Tj ET Q
q 0 0 0 rg BT 197.93 670.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 207.86 670.10 Td (experience ) Tj ET Q
q 0 0 0 rg BT 253.31 670.10 Td (slowed ) Tj ET Q
q 0 0 0 rg BT 283.79 670.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 294.27 670.10 Td (even ) Tj ET Q
q 0 0 0 rg BT 315.30 670.10 Td (negative ) Tj ET Q
q 0 0 0 rg BT 351.32 670.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 392.34 670.10 Td (growth ) Tj ET Q
q 0 0 0 rg BT 422.82 670.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 432.75 670.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 447.12 670.10 Td (future. ) Tj ET Q
q 0 0 0 rg BT 475.64 670.10 Td (Moreover) Tj ET Q
q 0 0 0 rg BT 514.67 670.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 519.32 670.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 533.69 670.10 Td (current ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 658.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 91.23 658.10 Td (slowdown ) Tj ET Q
q 0 0 0 rg BT 134.70 658.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 144.83 658.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 159.40 658.10 Td (economies ) Tj ET Q
q 0 0 0 rg BT 204.52 658.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 215.20 658.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 229.78 658.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 259.35 658.10 Td (States, ) Tj ET Q
q 0 0 0 rg BT 288.09 658.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 302.66 658.10 Td (European ) Tj ET Q
q 0 0 0 rg BT 343.33 658.10 Td (Union ) Tj ET Q
q 0 0 0 rg BT 370.69 658.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 387.48 658.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 409.86 658.10 Td (Asian ) Tj ET Q
q 0 0 0 rg BT 435.55 658.10 Td (countries ) Tj ET Q
q 0 0 0 rg BT 474.56 658.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 494.13 658.10 Td (further ) Tj ET Q
q 0 0 0 rg BT 523.69 658.10 Td (adversely ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 646.10 Td (af) Tj ET Q
q 0 0 0 rg BT 57.59 646.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 74.73 646.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 115.76 646.10 Td (growth ) Tj ET Q
q 0 0 0 rg BT 146.24 646.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 156.18 646.10 Td (China ) Tj ET Q
q 0 0 0 rg BT 182.22 646.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 198.81 646.10 Td (elsewhere. ) Tj ET Q
q 0 0 0 rg BT 243.44 646.10 Td (Our ) Tj ET Q
q 0 0 0 rg BT 261.15 646.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 298.29 646.10 Td (condition ) Tj ET Q
q 0 0 0 rg BT 338.22 646.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 354.81 646.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 383.08 646.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 393.56 646.10 Td (operations, ) Tj ET Q
q 0 0 0 rg BT 439.87 646.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 450.36 646.10 Td (well ) Tj ET Q
q 0 0 0 rg BT 469.73 646.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 480.22 646.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 495.70 646.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 521.74 646.10 Td (prospects, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 77.50 634.10 Td (likely ) Tj ET Q
q 0 0 0 rg BT 102.77 634.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 114.71 634.10 Td (impeded ) Tj ET Q
q 0 0 0 rg BT 151.65 634.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 164.15 634.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 171.08 634.10 Td (continuing ) Tj ET Q
q 0 0 0 rg BT 216.36 634.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 227.19 634.10 Td (worsening ) Tj ET Q
q 0 0 0 rg BT 271.35 634.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 312.72 634.10 Td (downturn ) Tj ET Q
q 0 0 0 rg BT 353.55 634.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 363.83 634.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 380.77 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 391.60 634.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 414.64 634.10 Td (countries.) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 69.20 610.10 Td (instability ) Tj ET Q
q 0 0 0 rg BT 112.86 610.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 124.28 610.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 140.16 610.10 Td (euro ) Tj ET Q
q 0 0 0 rg BT 162.14 610.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 174.13 610.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 190.00 610.10 Td (inability ) Tj ET Q
q 0 0 0 rg BT 226.99 610.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 238.41 610.10 Td (countries ) Tj ET Q
q 0 0 0 rg BT 279.85 610.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 290.72 610.10 Td (refinance ) Tj ET Q
q 0 0 0 rg BT 333.25 610.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 355.80 610.10 Td (debts ) Tj ET Q
q 0 0 0 rg BT 380.00 610.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 405.87 610.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 428.41 610.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 436.50 610.10 Td (material ) Tj ET Q
q 0 0 0 rg BT 474.04 610.10 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 508.23 610.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 515.82 610.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 533.90 610.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 547.56 610.10 Td (our ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (revenue, ) Tj ET Q
q 0 0 0 rg BT 87.77 598.10 Td (profitability ) Tj ET Q
q 0 0 0 rg BT 138.60 598.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 156.66 598.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 196.39 598.10 Td (position) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 64.13 574.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 71.58 574.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 96.81 574.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 108.16 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 123.39 574.10 Td (credit ) Tj ET Q
q 0 0 0 rg BT 149.17 574.10 Td (crisis ) Tj ET Q
q 0 0 0 rg BT 173.29 574.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 184.09 574.10 Td (Europe, ) Tj ET Q
q 0 0 0 rg BT 218.48 574.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 229.27 574.10 Td (particular ) Tj ET Q
q 0 0 0 rg BT 270.60 574.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 281.39 574.10 Td (Greece, ) Tj ET Q
q 0 0 0 rg BT 315.21 574.10 Td (Italy) Tj ET Q
q 0 0 0 rg BT 332.89 574.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 338.40 574.10 Td (Ireland, ) Tj ET Q
q 0 0 0 rg BT 372.23 574.10 Td (Portugal ) Tj ET Q
q 0 0 0 rg BT 409.14 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 426.59 574.10 Td (Spain, ) Tj ET Q
q 0 0 0 rg BT 454.88 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 470.11 574.10 Td (European ) Tj ET Q
q 0 0 0 rg BT 511.45 574.10 Td (Commission ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (created ) Tj ET Q
q 0 0 0 rg BT 81.19 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 95.73 562.10 Td (European ) Tj ET Q
q 0 0 0 rg BT 136.37 562.10 Td (Financial ) Tj ET Q
q 0 0 0 rg BT 175.91 562.10 Td (Stability ) Tj ET Q
q 0 0 0 rg BT 212.13 562.10 Td (Facility) Tj ET Q
q 0 0 0 rg BT 242.03 562.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 246.86 562.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 257.52 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 272.06 562.10 Td (EFSF) Tj ET Q
q 0 0 0 rg BT 294.05 562.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 298.88 562.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 315.64 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 330.19 562.10 Td (European ) Tj ET Q
q 0 0 0 rg BT 370.83 562.10 Td (Financial ) Tj ET Q
q 0 0 0 rg BT 410.37 562.10 Td (Stability ) Tj ET Q
q 0 0 0 rg BT 446.59 562.10 Td (Mechanism, ) Tj ET Q
q 0 0 0 rg BT 498.07 562.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 508.73 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 523.27 562.10 Td (EFSM, ) Tj ET Q
q 0 0 0 rg BT 554.22 562.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (provide ) Tj ET Q
q 0 0 0 rg BT 82.36 550.10 Td (funding ) Tj ET Q
q 0 0 0 rg BT 115.29 550.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 124.89 550.10 Td (Eurozone ) Tj ET Q
q 0 0 0 rg BT 165.02 550.10 Td (countries ) Tj ET Q
q 0 0 0 rg BT 203.49 550.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 213.09 550.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 249.89 550.10 Td (dif) Tj ET Q
q 0 0 0 rg BT 260.82 550.10 Td (ficulties ) Tj ET Q
q 0 0 0 rg BT 294.85 550.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 311.66 550.10 Td (seek ) Tj ET Q
q 0 0 0 rg BT 331.25 550.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 351.39 550.10 Td (support. ) Tj ET Q
q 0 0 0 rg BT 385.71 550.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 395.86 550.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 423.78 550.10 Td (201) Tj ET Q
q 0 0 0 rg BT 438.40 550.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 447.72 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 461.76 550.10 Td (European ) Tj ET Q
q 0 0 0 rg BT 501.89 550.10 Td (Council ) Tj ET Q
q 0 0 0 rg BT 535.37 550.10 Td (agreed ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 62.08 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 76.38 538.10 Td (need ) Tj ET Q
q 0 0 0 rg BT 97.33 538.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 111.07 538.10 Td (Eurozone ) Tj ET Q
q 0 0 0 rg BT 151.46 538.10 Td (countries ) Tj ET Q
q 0 0 0 rg BT 190.20 538.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 200.06 538.10 Td (establish ) Tj ET Q
q 0 0 0 rg BT 237.13 538.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 243.65 538.10 Td (permanent ) Tj ET Q
q 0 0 0 rg BT 287.93 538.10 Td (stability ) Tj ET Q
q 0 0 0 rg BT 322.23 538.10 Td (mechanism, ) Tj ET Q
q 0 0 0 rg BT 372.35 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 386.65 538.10 Td (European ) Tj ET Q
q 0 0 0 rg BT 427.04 538.10 Td (Stability ) Tj ET Q
q 0 0 0 rg BT 463.01 538.10 Td (Mechanism, ) Tj ET Q
q 0 0 0 rg BT 514.25 538.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 524.66 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 538.95 538.10 Td (ESM, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 77.68 526.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 96.48 526.10 Td (established ) Tj ET Q
q 0 0 0 rg BT 144.15 526.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 157.40 526.10 Td (September ) Tj ET Q
q 0 0 0 rg BT 203.41 526.10 Td (27, ) Tj ET Q
q 0 0 0 rg BT 219.15 526.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 244.89 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 255.92 526.10 Td (assume ) Tj ET Q
q 0 0 0 rg BT 288.60 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 304.06 526.10 Td (role ) Tj ET Q
q 0 0 0 rg BT 322.85 526.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 334.42 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 349.88 526.10 Td (EFSF ) Tj ET Q
q 0 0 0 rg BT 375.92 526.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 393.60 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 409.06 526.10 Td (EFSM ) Tj ET Q
q 0 0 0 rg BT 438.43 526.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 449.45 526.10 Td (providing ) Tj ET Q
q 0 0 0 rg BT 491.58 526.10 Td (external ) Tj ET Q
q 0 0 0 rg BT 527.03 526.10 Td (financial ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (assistance ) Tj ET Q
q 0 0 0 rg BT 91.75 514.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 101.30 514.10 Td (Eurozone ) Tj ET Q
q 0 0 0 rg BT 141.39 514.10 Td (countries. ) Tj ET Q
q 0 0 0 rg BT 182.31 514.10 Td (Despite ) Tj ET Q
q 0 0 0 rg BT 214.63 514.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 236.94 514.10 Td (measures, ) Tj ET Q
q 0 0 0 rg BT 278.42 514.10 Td (concerns ) Tj ET Q
q 0 0 0 rg BT 315.72 514.10 Td (persist ) Tj ET Q
q 0 0 0 rg BT 343.60 514.10 Td (regarding ) Tj ET Q
q 0 0 0 rg BT 383.69 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 397.67 514.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 416.66 514.10 Td (burden ) Tj ET Q
q 0 0 0 rg BT 446.20 514.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 456.29 514.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 485.27 514.10 Td (Eurozone ) Tj ET Q
q 0 0 0 rg BT 525.35 514.10 Td (countries ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.02 502.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 85.93 502.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 113.07 502.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 122.43 502.10 Td (meet ) Tj ET Q
q 0 0 0 rg BT 143.45 502.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 168.91 502.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 205.48 502.10 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 251.50 502.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 267.53 502.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 281.33 502.10 Td (overall ) Tj ET Q
q 0 0 0 rg BT 310.68 502.10 Td (stability ) Tj ET Q
q 0 0 0 rg BT 344.48 502.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 354.40 502.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 368.20 502.10 Td (euro. ) Tj ET Q
q 0 0 0 rg BT 389.70 502.10 Td (An ) Tj ET Q
q 0 0 0 rg BT 403.51 502.10 Td (extended ) Tj ET Q
q 0 0 0 rg BT 441.19 502.10 Td (period ) Tj ET Q
q 0 0 0 rg BT 468.32 502.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 478.23 502.10 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 510.35 502.10 Td (development ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 61.41 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 77.26 490.10 Td (outlook ) Tj ET Q
q 0 0 0 rg BT 111.45 490.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 126.74 490.10 Td (European ) Tj ET Q
q 0 0 0 rg BT 168.69 490.10 Td (countries ) Tj ET Q
q 0 0 0 rg BT 208.97 490.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 234.82 490.10 Td (reduce ) Tj ET Q
q 0 0 0 rg BT 265.10 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 280.95 490.10 Td (overall ) Tj ET Q
q 0 0 0 rg BT 312.34 490.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 347.63 490.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 362.92 490.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 377.11 490.10 Td (car) Tj ET Q
q 0 0 0 rg BT 389.14 490.10 Td (goes ) Tj ET Q
q 0 0 0 rg BT 411.10 490.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 429.17 490.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 444.46 490.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 461.42 490.10 Td (services. ) Tj ET Q
q 0 0 0 rg BT 499.50 490.10 Td (These ) Tj ET Q
q 0 0 0 rg BT 527.01 490.10 Td (potential ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (developments, ) Tj ET Q
q 0 0 0 rg BT 110.22 478.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 120.73 478.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 150.67 478.10 Td (perceptions ) Tj ET Q
q 0 0 0 rg BT 198.94 478.10 Td (concerning ) Tj ET Q
q 0 0 0 rg BT 245.54 478.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 268.27 478.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 284.88 478.10 Td (related ) Tj ET Q
q 0 0 0 rg BT 314.26 478.10 Td (issues, ) Tj ET Q
q 0 0 0 rg BT 342.83 478.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 367.23 478.10 Td (af) Tj ET Q
q 0 0 0 rg BT 374.81 478.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 391.98 478.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 407.49 478.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 444.64 478.10 Td (position, ) Tj ET Q
q 0 0 0 rg BT 481.55 478.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 509.83 478.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 520.34 478.10 Td (operations ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.94 466.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 87.21 466.10 Td (flow) Tj ET Q
q 0 0 0 rg BT 104.89 466.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.57 442.10 Td (current ) Tj ET Q
q 0 0 0 rg BT 101.58 442.10 Td (state ) Tj ET Q
q 0 0 0 rg BT 122.93 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 133.72 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 148.95 442.10 Td (global ) Tj ET Q
q 0 0 0 rg BT 176.97 442.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 216.65 442.10 Td (markets ) Tj ET Q
q 0 0 0 rg BT 251.89 442.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 269.91 442.10 Td (current ) Tj ET Q
q 0 0 0 rg BT 302.92 442.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 344.82 442.10 Td (conditions ) Tj ET Q
q 0 0 0 rg BT 390.06 442.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 409.74 442.10 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 450.51 442.10 Td (impact ) Tj ET Q
q 0 0 0 rg BT 480.74 442.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 497.65 442.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 525.66 442.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 535.90 442.10 Td (obtain ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (financing ) Tj ET Q
q 0 0 0 rg BT 92.51 430.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 105.57 430.10 Td (acceptable ) Tj ET Q
q 0 0 0 rg BT 151.38 430.10 Td (terms ) Tj ET Q
q 0 0 0 rg BT 176.66 430.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 194.72 430.10 Td (otherwise ) Tj ET Q
q 0 0 0 rg BT 236.67 430.10 Td (negatively ) Tj ET Q
q 0 0 0 rg BT 280.82 430.10 Td (impact ) Tj ET Q
q 0 0 0 rg BT 311.09 430.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 328.05 430.10 Td (business) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (Global ) Tj ET Q
q 0 0 0 rg BT 79.68 406.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 117.13 406.10 Td (markets ) Tj ET Q
q 0 0 0 rg BT 151.25 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 168.16 406.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 209.50 406.10 Td (conditions ) Tj ET Q
q 0 0 0 rg BT 253.63 406.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 274.98 406.10 Td (been, ) Tj ET Q
q 0 0 0 rg BT 298.82 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 315.73 406.10 Td (continue ) Tj ET Q
q 0 0 0 rg BT 352.63 406.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 362.87 406.10 Td (be, ) Tj ET Q
q 0 0 0 rg BT 377.28 406.10 Td (volatile.Recently) Tj ET Q
q 0 0 0 rg BT 449.66 406.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 454.63 406.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 494.86 406.10 Td (businesses ) Tj ET Q
q 0 0 0 rg BT 539.55 406.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 549.79 406.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (global ) Tj ET Q
q 0 0 0 rg BT 78.48 394.10 Td (economy ) Tj ET Q
q 0 0 0 rg BT 118.63 394.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 140.99 394.10 Td (faced ) Tj ET Q
q 0 0 0 rg BT 166.12 394.10 Td (tightening ) Tj ET Q
q 0 0 0 rg BT 210.16 394.10 Td (credit, ) Tj ET Q
q 0 0 0 rg BT 238.92 394.10 Td (weakening ) Tj ET Q
q 0 0 0 rg BT 285.72 394.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 320.86 394.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 336.01 394.10 Td (goods ) Tj ET Q
q 0 0 0 rg BT 363.39 394.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 381.31 394.10 Td (services, ) Tj ET Q
q 0 0 0 rg BT 419.51 394.10 Td (deteriorating ) Tj ET Q
q 0 0 0 rg BT 474.09 394.10 Td (international ) Tj ET Q
q 0 0 0 rg BT 528.11 394.10 Td (liquidity ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (conditions, ) Tj ET Q
q 0 0 0 rg BT 96.42 382.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 113.12 382.10 Td (declining ) Tj ET Q
q 0 0 0 rg BT 152.58 382.10 Td (markets. ) Tj ET Q
q 0 0 0 rg BT 188.83 382.10 Td (There ) Tj ET Q
q 0 0 0 rg BT 214.40 382.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 229.99 382.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 251.12 382.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 257.82 382.10 Td (general ) Tj ET Q
q 0 0 0 rg BT 289.50 382.10 Td (decline ) Tj ET Q
q 0 0 0 rg BT 320.62 382.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 330.66 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 345.13 382.10 Td (willingness ) Tj ET Q
q 0 0 0 rg BT 392.94 382.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 405.20 382.10 Td (banks ) Tj ET Q
q 0 0 0 rg BT 430.78 382.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 447.48 382.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 470.28 382.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 507.52 382.10 Td (institutions ) Tj ET Q
q 0 0 0 rg BT 554.23 382.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (extend ) Tj ET Q
q 0 0 0 rg BT 78.83 370.10 Td (credit, ) Tj ET Q
q 0 0 0 rg BT 106.26 370.10 Td (particularly ) Tj ET Q
q 0 0 0 rg BT 154.53 370.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 164.48 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 178.87 370.10 Td (shipping ) Tj ET Q
q 0 0 0 rg BT 215.49 370.10 Td (industry) Tj ET Q
q 0 0 0 rg BT 247.62 370.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 252.29 370.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 268.90 370.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 278.85 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 293.24 370.10 Td (historically ) Tj ET Q
q 0 0 0 rg BT 340.41 370.10 Td (volatile ) Tj ET Q
q 0 0 0 rg BT 372.57 370.10 Td (asset ) Tj ET Q
q 0 0 0 rg BT 394.18 370.10 Td (values ) Tj ET Q
q 0 0 0 rg BT 421.90 370.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 432.40 370.10 Td (vessels. ) Tj ET Q
q 0 0 0 rg BT 464.93 370.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 478.21 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 492.60 370.10 Td (shipping ) Tj ET Q
q 0 0 0 rg BT 529.22 370.10 Td (industry ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 59.09 358.10 Td (highly ) Tj ET Q
q 0 0 0 rg BT 87.07 358.10 Td (dependent ) Tj ET Q
q 0 0 0 rg BT 130.59 358.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 143.01 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 157.65 358.10 Td (availability ) Tj ET Q
q 0 0 0 rg BT 205.06 358.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 215.82 358.10 Td (credit ) Tj ET Q
q 0 0 0 rg BT 241.00 358.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 251.20 358.10 Td (finance ) Tj ET Q
q 0 0 0 rg BT 283.05 358.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 299.91 358.10 Td (expand ) Tj ET Q
q 0 0 0 rg BT 331.21 358.10 Td (operations, ) Tj ET Q
q 0 0 0 rg BT 377.79 358.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 385.77 358.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 401.53 358.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 422.83 358.10 Td (negatively ) Tj ET Q
q 0 0 0 rg BT 466.90 358.10 Td (af) Tj ET Q
q 0 0 0 rg BT 474.49 358.10 Td (fected ) Tj ET Q
q 0 0 0 rg BT 501.33 358.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 513.76 358.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 530.63 358.10 Td (decline.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (Also, ) Tj ET Q
q 0 0 0 rg BT 73.79 334.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 84.52 334.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 91.36 334.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 115.98 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 126.71 334.10 Td (concerns ) Tj ET Q
q 0 0 0 rg BT 164.64 334.10 Td (about ) Tj ET Q
q 0 0 0 rg BT 189.26 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 203.88 334.10 Td (stability ) Tj ET Q
q 0 0 0 rg BT 238.50 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 249.23 334.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 286.61 334.10 Td (markets ) Tj ET Q
q 0 0 0 rg BT 320.66 334.10 Td (generally ) Tj ET Q
q 0 0 0 rg BT 360.27 334.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 377.10 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 391.72 334.10 Td (solvency ) Tj ET Q
q 0 0 0 rg BT 429.67 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 440.40 334.10 Td (counterparties ) Tj ET Q
q 0 0 0 rg BT 499.44 334.10 Td (specifically) Tj ET Q
q 0 0 0 rg BT 544.88 334.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 549.78 334.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (cost ) Tj ET Q
q 0 0 0 rg BT 67.79 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 77.80 322.10 Td (obtaining ) Tj ET Q
q 0 0 0 rg BT 117.25 322.10 Td (money ) Tj ET Q
q 0 0 0 rg BT 146.15 322.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 167.27 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 181.16 322.10 Td (credit ) Tj ET Q
q 0 0 0 rg BT 205.61 322.10 Td (markets ) Tj ET Q
q 0 0 0 rg BT 238.94 322.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 253.95 322.10 Td (increased ) Tj ET Q
q 0 0 0 rg BT 293.38 322.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 303.39 322.10 Td (many ) Tj ET Q
q 0 0 0 rg BT 327.29 322.10 Td (lenders ) Tj ET Q
q 0 0 0 rg BT 357.85 322.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 378.40 322.10 Td (increased ) Tj ET Q
q 0 0 0 rg BT 417.84 322.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 448.95 322.10 Td (rates, ) Tj ET Q
q 0 0 0 rg BT 472.01 322.10 Td (enacted ) Tj ET Q
q 0 0 0 rg BT 504.22 322.10 Td (tighter ) Tj ET Q
q 0 0 0 rg BT 532.00 322.10 Td (lending ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (standards, ) Tj ET Q
q 0 0 0 rg BT 92.98 310.10 Td (refused ) Tj ET Q
q 0 0 0 rg BT 125.12 310.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 135.61 310.10 Td (refinance ) Tj ET Q
q 0 0 0 rg BT 175.52 310.10 Td (existing ) Tj ET Q
q 0 0 0 rg BT 209.90 310.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 229.82 310.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 239.75 310.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 252.46 310.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 263.50 310.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 276.22 310.10 Td (terms ) Tj ET Q
q 0 0 0 rg BT 301.15 310.10 Td (similar ) Tj ET Q
q 0 0 0 rg BT 331.63 310.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 342.12 310.10 Td (current ) Tj ET Q
q 0 0 0 rg BT 373.15 310.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 393.08 310.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 410.23 310.10 Td (reduced, ) Tj ET Q
q 0 0 0 rg BT 447.09 310.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 464.24 310.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 474.73 310.10 Td (some ) Tj ET Q
q 0 0 0 rg BT 498.55 310.10 Td (cases ) Tj ET Q
q 0 0 0 rg BT 522.36 310.10 Td (ceased, ) Tj ET Q
q 0 0 0 rg BT 554.22 310.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td (provide ) Tj ET Q
q 0 0 0 rg BT 82.49 298.10 Td (funding ) Tj ET Q
q 0 0 0 rg BT 115.54 298.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 125.26 298.10 Td (borrowers. ) Tj ET Q
q 0 0 0 rg BT 170.25 298.10 Td (Due ) Tj ET Q
q 0 0 0 rg BT 188.85 298.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 198.57 298.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 221.06 298.10 Td (factors, ) Tj ET Q
q 0 0 0 rg BT 252.71 298.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 266.32 298.10 Td (cannot ) Tj ET Q
q 0 0 0 rg BT 294.92 298.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 306.30 298.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 335.44 298.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 352.38 298.10 Td (financing ) Tj ET Q
q 0 0 0 rg BT 392.09 298.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 409.59 298.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 420.97 298.10 Td (available ) Tj ET Q
q 0 0 0 rg BT 459.00 298.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 467.06 298.10 Td (needed ) Tj ET Q
q 0 0 0 rg BT 497.31 298.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 513.70 298.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 523.42 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 537.58 298.10 Td (extent ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (required, ) Tj ET Q
q 0 0 0 rg BT 88.68 286.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 101.54 286.10 Td (acceptable ) Tj ET Q
q 0 0 0 rg BT 146.58 286.10 Td (terms. ) Tj ET Q
q 0 0 0 rg BT 174.16 286.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 183.68 286.10 Td (financing ) Tj ET Q
q 0 0 0 rg BT 224.31 286.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 233.84 286.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 249.47 286.10 Td (available ) Tj ET Q
q 0 0 0 rg BT 288.42 286.10 Td (when ) Tj ET Q
q 0 0 0 rg BT 312.94 286.10 Td (needed, ) Tj ET Q
q 0 0 0 rg BT 346.62 286.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 357.81 286.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 367.34 286.10 Td (available ) Tj ET Q
q 0 0 0 rg BT 406.29 286.10 Td (only ) Tj ET Q
q 0 0 0 rg BT 426.93 286.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 439.79 286.10 Td (unfavorable ) Tj ET Q
q 0 0 0 rg BT 490.40 286.10 Td (terms, ) Tj ET Q
q 0 0 0 rg BT 517.98 286.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 532.50 286.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 552.58 286.10 Td (be ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (unable ) Tj ET Q
q 0 0 0 rg BT 78.68 274.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 88.47 274.10 Td (meet ) Tj ET Q
q 0 0 0 rg BT 109.93 274.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 125.28 274.10 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 171.74 274.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 182.09 274.10 Td (they ) Tj ET Q
q 0 0 0 rg BT 201.33 274.10 Td (come ) Tj ET Q
q 0 0 0 rg BT 225.01 274.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 241.47 274.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 251.82 274.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 265.50 274.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 284.73 274.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 296.19 274.10 Td (unable ) Tj ET Q
q 0 0 0 rg BT 324.87 274.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 334.67 274.10 Td (enhance ) Tj ET Q
q 0 0 0 rg BT 369.44 274.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 384.79 274.10 Td (existing ) Tj ET Q
q 0 0 0 rg BT 418.48 274.10 Td (business, ) Tj ET Q
q 0 0 0 rg BT 456.89 274.10 Td (complete ) Tj ET Q
q 0 0 0 rg BT 495.56 274.10 Td (additional ) Tj ET Q
q 0 0 0 rg BT 537.57 274.10 Td (vessel ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (acquisitions ) Tj ET Q
q 0 0 0 rg BT 100.27 262.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 111.10 262.10 Td (otherwise ) Tj ET Q
q 0 0 0 rg BT 152.48 262.10 Td (take ) Tj ET Q
q 0 0 0 rg BT 171.64 262.10 Td (advantage ) Tj ET Q
q 0 0 0 rg BT 214.67 262.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 225.50 262.10 Td (business ) Tj ET Q
q 0 0 0 rg BT 261.89 262.10 Td (opportunities ) Tj ET Q
q 0 0 0 rg BT 317.16 262.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 327.99 262.10 Td (they ) Tj ET Q
q 0 0 0 rg BT 347.71 262.10 Td (arise.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.28 238.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 99.51 238.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 109.68 238.10 Td (times, ) Tj ET Q
q 0 0 0 rg BT 136.80 238.10 Td (lower ) Tj ET Q
q 0 0 0 rg BT 162.52 238.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 197.13 238.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 211.74 238.10 Td (crude ) Tj ET Q
q 0 0 0 rg BT 236.90 238.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 250.41 238.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 261.69 238.10 Td (well ) Tj ET Q
q 0 0 0 rg BT 281.86 238.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 293.15 238.10 Td (diminished ) Tj ET Q
q 0 0 0 rg BT 340.54 238.10 Td (trade ) Tj ET Q
q 0 0 0 rg BT 363.48 238.10 Td (credit ) Tj ET Q
q 0 0 0 rg BT 389.20 238.10 Td (available ) Tj ET Q
q 0 0 0 rg BT 428.24 238.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 442.85 238.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 458.02 238.10 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 493.74 238.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 505.02 238.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 526.31 238.10 Td (crude ) Tj ET Q
q 0 0 0 rg BT 551.47 238.10 Td (oil ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 71.38 226.10 Td (led ) Tj ET Q
q 0 0 0 rg BT 86.09 226.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 96.37 226.10 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 138.29 226.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 172.44 226.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 186.60 226.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 217.98 226.10 Td (creating ) Tj ET Q
q 0 0 0 rg BT 252.68 226.10 Td (downward ) Tj ET Q
q 0 0 0 rg BT 297.39 226.10 Td (pressure ) Tj ET Q
q 0 0 0 rg BT 333.21 226.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 345.71 226.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 375.97 226.10 Td (rates.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 59.16 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 73.88 202.10 Td (current ) Tj ET Q
q 0 0 0 rg BT 104.69 202.10 Td (global ) Tj ET Q
q 0 0 0 rg BT 132.19 202.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 173.56 202.10 Td (environment ) Tj ET Q
q 0 0 0 rg BT 226.60 202.10 Td (persists ) Tj ET Q
q 0 0 0 rg BT 259.10 202.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 269.93 202.10 Td (worsens, ) Tj ET Q
q 0 0 0 rg BT 307.71 202.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 321.87 202.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 341.58 202.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 353.52 202.10 Td (negatively ) Tj ET Q
q 0 0 0 rg BT 397.67 202.10 Td (af) Tj ET Q
q 0 0 0 rg BT 405.26 202.10 Td (fected ) Tj ET Q
q 0 0 0 rg BT 432.18 202.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 442.46 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 457.18 202.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 498.56 202.10 Td (ways:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 178.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 178.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 100.63 178.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 120.81 178.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 136.55 178.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 148.96 178.10 Td (able ) Tj ET Q
q 0 0 0 rg BT 168.58 178.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 179.33 178.10 Td (employ ) Tj ET Q
q 0 0 0 rg BT 212.29 178.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 228.58 178.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 259.88 178.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 270.06 178.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 300.78 178.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 322.63 178.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 333.92 178.10 Td (favorable ) Tj ET Q
q 0 0 0 rg BT 374.64 178.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 385.39 178.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 397.25 178.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 408.54 178.10 Td (historical ) Tj ET Q
q 0 0 0 rg BT 448.72 178.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 470.56 178.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 481.86 178.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 492.04 178.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 505.00 178.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 516.30 178.10 Td (operate ) Tj ET Q
q 0 0 0 rg BT 548.69 178.10 Td (our ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 166.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 116.83 166.10 Td (profitably; ) Tj ET Q
q 0 0 0 rg BT 161.54 166.10 Td (and) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 154.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 154.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 100.68 154.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 130.91 154.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 155.03 154.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 165.83 154.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 181.62 154.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 212.42 154.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 237.10 154.10 Td (decrease, ) Tj ET Q
q 0 0 0 rg BT 276.48 154.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 303.38 154.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 323.06 154.10 Td (cause ) Tj ET Q
q 0 0 0 rg BT 347.73 154.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 359.09 154.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 369.33 154.10 Td (recognize ) Tj ET Q
q 0 0 0 rg BT 410.66 154.10 Td (losses ) Tj ET Q
q 0 0 0 rg BT 437.02 154.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 445.59 154.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 462.49 154.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 473.29 154.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 489.08 154.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 519.88 154.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 534.55 154.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 553.68 154.10 Td (or ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 142.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 94.61 142.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 115.43 142.10 Td (values ) Tj ET Q
q 0 0 0 rg BT 143.48 142.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 158.19 142.10 Td (impaired.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 118.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.46 118.10 Td (occurrence ) Tj ET Q
q 0 0 0 rg BT 115.22 118.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 126.46 118.10 Td (any ) Tj ET Q
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endstream
endobj
150 0 obj
<<
/Length 48290
>>
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BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F5 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 431.95 540.25 Td (Africa, ) Tj ET Q
q 0 0 0 rg BT 462.93 540.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 503.65 540.25 Td (Libya, ) Tj ET Q
q 0 0 0 rg BT 532.41 540.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 549.79 540.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 528.25 Td (presence ) Tj ET Q
q 0 0 0 rg BT 86.70 528.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 96.76 528.25 Td (United ) Tj ET Q
q 0 0 0 rg BT 125.70 528.25 Td (States ) Tj ET Q
q 0 0 0 rg BT 151.31 528.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 167.48 528.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 189.75 528.25 Td (armed ) Tj ET Q
q 0 0 0 rg BT 216.46 528.25 Td (forces ) Tj ET Q
q 0 0 0 rg BT 242.62 528.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 251.74 528.25 Td (Afghanistan, ) Tj ET Q
q 0 0 0 rg BT 304.84 528.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 323.79 528.25 Td (lead ) Tj ET Q
q 0 0 0 rg BT 342.17 528.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 351.67 528.25 Td (additional ) Tj ET Q
q 0 0 0 rg BT 393.39 528.25 Td (acts ) Tj ET Q
q 0 0 0 rg BT 410.66 528.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 420.72 528.25 Td (terrorism ) Tj ET Q
q 0 0 0 rg BT 459.10 528.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 475.26 528.25 Td (armed ) Tj ET Q
q 0 0 0 rg BT 501.98 528.25 Td (conflict ) Tj ET Q
q 0 0 0 rg BT 534.24 528.25 Td (around ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 516.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 65.20 516.25 Td (world, ) Tj ET Q
q 0 0 0 rg BT 94.01 516.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 121.43 516.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 141.63 516.25 Td (contribute ) Tj ET Q
q 0 0 0 rg BT 185.16 516.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 195.92 516.25 Td (further ) Tj ET Q
q 0 0 0 rg BT 226.11 516.25 Td (economic ) Tj ET Q
q 0 0 0 rg BT 267.96 516.25 Td (instability ) Tj ET Q
q 0 0 0 rg BT 310.94 516.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 321.70 516.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 336.90 516.25 Td (global ) Tj ET Q
q 0 0 0 rg BT 364.88 516.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 402.84 516.25 Td (markets. ) Tj ET Q
q 0 0 0 rg BT 439.77 516.25 Td (These ) Tj ET Q
q 0 0 0 rg BT 466.63 516.25 Td (uncertainties ) Tj ET Q
q 0 0 0 rg BT 520.70 516.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 545.90 516.25 Td (also ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 504.25 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 90.57 504.25 Td (af) Tj ET Q
q 0 0 0 rg BT 98.16 504.25 Td (fect ) Tj ET Q
q 0 0 0 rg BT 115.40 504.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 130.98 504.25 Td (ability ) Tj ET Q
q 0 0 0 rg BT 158.78 504.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 168.82 504.25 Td (obtain ) Tj ET Q
q 0 0 0 rg BT 196.06 504.25 Td (financing ) Tj ET Q
q 0 0 0 rg BT 236.08 504.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 248.33 504.25 Td (terms ) Tj ET Q
q 0 0 0 rg BT 272.81 504.25 Td (acceptable ) Tj ET Q
q 0 0 0 rg BT 317.25 504.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 327.28 504.25 Td (us ) Tj ET Q
q 0 0 0 rg BT 338.42 504.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 349.01 504.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 358.48 504.25 Td (all. ) Tj ET Q
q 0 0 0 rg BT 373.23 504.25 Td (In ) Tj ET Q
q 0 0 0 rg BT 383.81 504.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 398.28 504.25 Td (past, ) Tj ET Q
q 0 0 0 rg BT 419.14 504.25 Td (political ) Tj ET Q
q 0 0 0 rg BT 454.16 504.25 Td (conflicts ) Tj ET Q
q 0 0 0 rg BT 490.85 504.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 511.98 504.25 Td (also ) Tj ET Q
q 0 0 0 rg BT 530.34 504.25 Td (resulted ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 492.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 60.91 492.25 Td (attacks ) Tj ET Q
q 0 0 0 rg BT 91.80 492.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 104.93 492.25 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 138.89 492.25 Td (mining ) Tj ET Q
q 0 0 0 rg BT 170.36 492.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 181.82 492.25 Td (waterways ) Tj ET Q
q 0 0 0 rg BT 227.71 492.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 245.27 492.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 268.95 492.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 276.54 492.25 Td (forts ) Tj ET Q
q 0 0 0 rg BT 298.00 492.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 308.91 492.25 Td (disrupt ) Tj ET Q
q 0 0 0 rg BT 339.81 492.25 Td (international ) Tj ET Q
q 0 0 0 rg BT 393.48 492.25 Td (shipping, ) Tj ET Q
q 0 0 0 rg BT 433.56 492.25 Td (particularly ) Tj ET Q
q 0 0 0 rg BT 482.78 492.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 493.69 492.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 508.34 492.25 Td (Arabian ) Tj ET Q
q 0 0 0 rg BT 543.68 492.25 Td (Gulf ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 480.25 Td (region. ) Tj ET Q
q 0 0 0 rg BT 79.60 480.25 Td (Acts ) Tj ET Q
q 0 0 0 rg BT 99.91 480.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 110.23 480.25 Td (terrorism ) Tj ET Q
q 0 0 0 rg BT 148.87 480.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 165.30 480.25 Td (piracy ) Tj ET Q
q 0 0 0 rg BT 192.27 480.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 213.14 480.25 Td (also ) Tj ET Q
q 0 0 0 rg BT 231.23 480.25 Td (af) Tj ET Q
q 0 0 0 rg BT 238.82 480.25 Td (fected ) Tj ET Q
q 0 0 0 rg BT 265.23 480.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 295.55 480.25 Td (trading ) Tj ET Q
q 0 0 0 rg BT 325.86 480.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 335.63 480.25 Td (regions ) Tj ET Q
q 0 0 0 rg BT 367.05 480.25 Td (such ) Tj ET Q
q 0 0 0 rg BT 387.37 480.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 397.69 480.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 411.89 480.25 Td (South ) Tj ET Q
q 0 0 0 rg BT 437.22 480.25 Td (China ) Tj ET Q
q 0 0 0 rg BT 463.09 480.25 Td (Sea ) Tj ET Q
q 0 0 0 rg BT 479.52 480.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 495.94 480.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 510.15 480.25 Td (Gulf ) Tj ET Q
q 0 0 0 rg BT 530.46 480.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 540.34 480.25 Td (Aden ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 468.25 Td (of) Tj ET Q
q 0 0 0 rg BT 58.15 468.25 Td (f ) Tj ET Q
q 0 0 0 rg BT 64.13 468.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 78.99 468.25 Td (coast ) Tj ET Q
q 0 0 0 rg BT 102.19 468.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 113.17 468.25 Td (Somalia. ) Tj ET Q
q 0 0 0 rg BT 150.51 468.25 Td (Any ) Tj ET Q
q 0 0 0 rg BT 170.38 468.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 181.36 468.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 204.55 468.25 Td (occurrences, ) Tj ET Q
q 0 0 0 rg BT 257.45 468.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 268.42 468.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 283.29 468.25 Td (perception ) Tj ET Q
q 0 0 0 rg BT 328.14 468.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 345.79 468.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 361.76 468.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 392.74 468.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 407.60 468.25 Td (potential ) Tj ET Q
q 0 0 0 rg BT 445.24 468.25 Td (terrorist ) Tj ET Q
q 0 0 0 rg BT 479.54 468.25 Td (tar) Tj ET Q
q 0 0 0 rg BT 489.91 468.25 Td (gets, ) Tj ET Q
q 0 0 0 rg BT 511.17 468.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 536.03 468.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 557.56 468.25 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 456.25 Td (material ) Tj ET Q
q 0 0 0 rg BT 85.26 456.25 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 118.30 456.25 Td (impact ) Tj ET Q
q 0 0 0 rg BT 148.01 456.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 160.51 456.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 176.34 456.25 Td (business, ) Tj ET Q
q 0 0 0 rg BT 215.23 456.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 252.71 456.25 Td (condition, ) Tj ET Q
q 0 0 0 rg BT 295.48 456.25 Td (results ) Tj ET Q
q 0 0 0 rg BT 324.09 456.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 334.92 456.25 Td (operations ) Tj ET Q
q 0 0 0 rg BT 379.08 456.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 396.02 456.25 Td (ability ) Tj ET Q
q 0 0 0 rg BT 424.07 456.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 434.35 456.25 Td (pay ) Tj ET Q
q 0 0 0 rg BT 451.28 456.25 Td (dividends.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 444.25 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 432.25 Td (Our ) Tj ET Q
q 0 0 0 rg BT 69.48 432.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 100.06 432.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 120.08 432.25 Td (call ) Tj ET Q
q 0 0 0 rg BT 137.89 432.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 151.25 432.25 Td (ports ) Tj ET Q
q 0 0 0 rg BT 174.62 432.25 Td (located ) Tj ET Q
q 0 0 0 rg BT 206.87 432.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 218.01 432.25 Td (countries ) Tj ET Q
q 0 0 0 rg BT 259.16 432.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 278.09 432.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 294.22 432.25 Td (subject ) Tj ET Q
q 0 0 0 rg BT 325.92 432.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 336.50 432.25 Td (restrictions ) Tj ET Q
q 0 0 0 rg BT 385.43 432.25 Td (imposed ) Tj ET Q
q 0 0 0 rg BT 422.12 432.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 434.37 432.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 449.96 432.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 470.55 432.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 482.25 432.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 506.72 432.25 Td (governments, ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 420.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 77.51 420.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 102.79 420.25 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 143.60 420.25 Td (af) Tj ET Q
q 0 0 0 rg BT 151.75 420.25 Td (fect ) Tj ET Q
q 0 0 0 rg BT 169.24 420.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 186.19 420.25 Td (reputation ) Tj ET Q
q 0 0 0 rg BT 231.48 420.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 249.54 420.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 264.82 420.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 296.21 420.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 310.93 420.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 327.88 420.25 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 368.16 420.25 Td (Shares) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 408.25 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 396.25 Td (From ) Tj ET Q
q 0 0 0 rg BT 73.63 396.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 93.35 396.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 103.09 396.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 122.82 396.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 134.77 396.25 Td (charterers' ) Tj ET Q
q 0 0 0 rg BT 177.94 396.25 Td (instructions, ) Tj ET Q
q 0 0 0 rg BT 229.06 396.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 244.35 396.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 274.64 396.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 293.81 396.25 Td (call ) Tj ET Q
q 0 0 0 rg BT 310.20 396.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 322.15 396.25 Td (ports ) Tj ET Q
q 0 0 0 rg BT 344.11 396.25 Td (located ) Tj ET Q
q 0 0 0 rg BT 374.94 396.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 384.67 396.25 Td (countries ) Tj ET Q
q 0 0 0 rg BT 423.28 396.25 Td (subject ) Tj ET Q
q 0 0 0 rg BT 453.56 396.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 463.30 396.25 Td (sanctions ) Tj ET Q
q 0 0 0 rg BT 502.47 396.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 518.86 396.25 Td (embar) Tj ET Q
q 0 0 0 rg BT 543.67 396.25 Td (goes ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 384.25 Td (imposed ) Tj ET Q
q 0 0 0 rg BT 86.21 384.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 98.52 384.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 113.06 384.25 Td (United ) Tj ET Q
q 0 0 0 rg BT 142.59 384.25 Td (States ) Tj ET Q
q 0 0 0 rg BT 168.80 384.25 Td (government ) Tj ET Q
q 0 0 0 rg BT 218.88 384.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 235.64 384.25 Td (countries ) Tj ET Q
q 0 0 0 rg BT 274.61 384.25 Td (identified ) Tj ET Q
q 0 0 0 rg BT 315.25 384.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 327.57 384.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 342.10 384.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 362.21 384.25 Td (government ) Tj ET Q
q 0 0 0 rg BT 412.29 384.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 422.94 384.25 Td (state ) Tj ET Q
q 0 0 0 rg BT 443.58 384.25 Td (sponsors ) Tj ET Q
q 0 0 0 rg BT 480.90 384.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 491.55 384.25 Td (terrorism, ) Tj ET Q
q 0 0 0 rg BT 533.02 384.25 Td (such ) Tj ET Q
q 0 0 0 rg BT 553.67 384.25 Td (as ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 372.25 Td (Cuba, ) Tj ET Q
q 0 0 0 rg BT 76.28 372.25 Td (Iran, ) Tj ET Q
q 0 0 0 rg BT 97.55 372.25 Td (Sudan ) Tj ET Q
q 0 0 0 rg BT 125.22 372.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 142.33 372.25 Td (Syria. ) Tj ET Q
q 0 0 0 rg BT 168.62 372.25 Td (In ) Tj ET Q
q 0 0 0 rg BT 179.62 372.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 194.51 372.25 Td (past, ) Tj ET Q
q 0 0 0 rg BT 215.79 372.25 Td (certain ) Tj ET Q
q 0 0 0 rg BT 245.66 372.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 256.67 372.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 272.67 372.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 303.67 372.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 325.22 372.25 Td (made ) Tj ET Q
q 0 0 0 rg BT 349.55 372.25 Td (port ) Tj ET Q
q 0 0 0 rg BT 368.33 372.25 Td (calls ) Tj ET Q
q 0 0 0 rg BT 389.33 372.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 399.78 372.25 Td (Iran, ) Tj ET Q
q 0 0 0 rg BT 421.05 372.25 Td (however) Tj ET Q
q 0 0 0 rg BT 455.08 372.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 460.25 372.25 Td (none ) Tj ET Q
q 0 0 0 rg BT 482.36 372.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 493.36 372.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 509.36 372.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 540.37 372.25 Td (made ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 360.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 66.93 360.25 Td (port ) Tj ET Q
q 0 0 0 rg BT 85.52 360.25 Td (calls ) Tj ET Q
q 0 0 0 rg BT 106.33 360.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 116.60 360.25 Td (Iran ) Tj ET Q
q 0 0 0 rg BT 135.18 360.25 Td (during ) Tj ET Q
q 0 0 0 rg BT 163.78 360.25 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 188.58 360.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 206.62 360.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 226.89 360.25 Td (sanctions ) Tj ET Q
q 0 0 0 rg BT 266.59 360.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 283.52 360.25 Td (embar) Tj ET Q
q 0 0 0 rg BT 308.32 360.25 Td (go ) Tj ET Q
q 0 0 0 rg BT 320.81 360.25 Td (laws ) Tj ET Q
q 0 0 0 rg BT 341.63 360.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 358.55 360.25 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 405.47 360.25 Td (vary ) Tj ET Q
q 0 0 0 rg BT 425.73 360.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 435.99 360.25 Td (their ) Tj ET Q
q 0 0 0 rg BT 456.80 360.25 Td (application, ) Tj ET Q
q 0 0 0 rg BT 506.22 360.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 517.04 360.25 Td (they ) Tj ET Q
q 0 0 0 rg BT 536.74 360.25 Td (do ) Tj ET Q
q 0 0 0 rg BT 549.23 360.25 Td (not ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 348.25 Td (all ) Tj ET Q
q 0 0 0 rg BT 62.32 348.25 Td (apply ) Tj ET Q
q 0 0 0 rg BT 86.86 348.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 96.97 348.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 111.51 348.25 Td (same ) Tj ET Q
q 0 0 0 rg BT 134.38 348.25 Td (covered ) Tj ET Q
q 0 0 0 rg BT 168.35 348.25 Td (persons ) Tj ET Q
q 0 0 0 rg BT 201.23 348.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 211.89 348.25 Td (proscribe ) Tj ET Q
q 0 0 0 rg BT 251.42 348.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 265.96 348.25 Td (same ) Tj ET Q
q 0 0 0 rg BT 288.83 348.25 Td (activities, ) Tj ET Q
q 0 0 0 rg BT 329.76 348.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 346.52 348.25 Td (such ) Tj ET Q
q 0 0 0 rg BT 367.18 348.25 Td (sanctions ) Tj ET Q
q 0 0 0 rg BT 406.72 348.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 423.49 348.25 Td (embar) Tj ET Q
q 0 0 0 rg BT 448.29 348.25 Td (go ) Tj ET Q
q 0 0 0 rg BT 460.62 348.25 Td (laws ) Tj ET Q
q 0 0 0 rg BT 481.27 348.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 498.04 348.25 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 544.79 348.25 Td (may ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 336.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 63.36 336.25 Td (amended ) Tj ET Q
q 0 0 0 rg BT 103.37 336.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 115.61 336.25 Td (strengthened ) Tj ET Q
q 0 0 0 rg BT 170.63 336.25 Td (over ) Tj ET Q
q 0 0 0 rg BT 192.31 336.25 Td (time. ) Tj ET Q
q 0 0 0 rg BT 216.22 336.25 Td (W) Tj ET Q
q 0 0 0 rg BT 225.26 336.25 Td (ith ) Tj ET Q
q 0 0 0 rg BT 239.73 336.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 247.32 336.25 Td (fect ) Tj ET Q
q 0 0 0 rg BT 266.22 336.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 289.58 336.25 Td (July ) Tj ET Q
q 0 0 0 rg BT 310.17 336.25 Td (1, ) Tj ET Q
q 0 0 0 rg BT 321.58 336.25 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 348.00 336.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 364.14 336.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 385.84 336.25 Td (enacted ) Tj ET Q
q 0 0 0 rg BT 420.29 336.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 436.42 336.25 Td (Comprehensive ) Tj ET Q
q 0 0 0 rg BT 503.10 336.25 Td (Iran ) Tj ET Q
q 0 0 0 rg BT 523.12 336.25 Td (Sanctions ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 324.25 Td (Accountability ) Tj ET Q
q 0 0 0 rg BT 113.06 324.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 131.13 324.25 Td (Divestment ) Tj ET Q
q 0 0 0 rg BT 180.06 324.25 Td (Act, ) Tj ET Q
q 0 0 0 rg BT 200.63 324.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 212.60 324.25 Td (CISADA, ) Tj ET Q
q 0 0 0 rg BT 255.96 324.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 284.03 324.25 Td (expanded ) Tj ET Q
q 0 0 0 rg BT 325.97 324.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 341.82 324.25 Td (scope ) Tj ET Q
q 0 0 0 rg BT 368.22 324.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 380.18 324.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 396.03 324.25 Td (Iran ) Tj ET Q
q 0 0 0 rg BT 415.76 324.25 Td (Sanctions ) Tj ET Q
q 0 0 0 rg BT 457.48 324.25 Td (Act. ) Tj ET Q
q 0 0 0 rg BT 477.25 324.25 Td (Among ) Tj ET Q
q 0 0 0 rg BT 510.88 324.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 535.06 324.25 Td (things, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 312.25 Td (CISADA) Tj ET Q
q 0 0 0 rg BT 86.67 312.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 88.77 312.25 Td (expands ) Tj ET Q
q 0 0 0 rg BT 123.64 312.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 137.96 312.25 Td (application ) Tj ET Q
q 0 0 0 rg BT 184.48 312.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 194.91 312.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 209.23 312.25 Td (prohibitions ) Tj ET Q
q 0 0 0 rg BT 259.66 312.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 269.54 312.25 Td (companies, ) Tj ET Q
q 0 0 0 rg BT 316.90 312.25 Td (such ) Tj ET Q
q 0 0 0 rg BT 337.33 312.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 347.76 312.25 Td (ours, ) Tj ET Q
q 0 0 0 rg BT 369.58 312.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 386.12 312.25 Td (introduces ) Tj ET Q
q 0 0 0 rg BT 429.87 312.25 Td (limits ) Tj ET Q
q 0 0 0 rg BT 454.75 312.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 466.85 312.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 481.17 312.25 Td (ability ) Tj ET Q
q 0 0 0 rg BT 508.82 312.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 519.24 312.25 Td (companies ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 300.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.86 300.25 Td (persons ) Tj ET Q
q 0 0 0 rg BT 99.82 300.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 110.02 300.25 Td (do ) Tj ET Q
q 0 0 0 rg BT 122.44 300.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 158.75 300.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 169.49 300.25 Td (trade ) Tj ET Q
q 0 0 0 rg BT 191.89 300.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 212.09 300.25 Td (Iran ) Tj ET Q
q 0 0 0 rg BT 230.61 300.25 Td (when ) Tj ET Q
q 0 0 0 rg BT 254.68 300.25 Td (such ) Tj ET Q
q 0 0 0 rg BT 275.43 300.25 Td (activities ) Tj ET Q
q 0 0 0 rg BT 313.95 300.25 Td (relate ) Tj ET Q
q 0 0 0 rg BT 338.56 300.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 348.76 300.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 363.39 300.25 Td (investment, ) Tj ET Q
q 0 0 0 rg BT 412.19 300.25 Td (supply ) Tj ET Q
q 0 0 0 rg BT 441.28 300.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 452.03 300.25 Td (export ) Tj ET Q
q 0 0 0 rg BT 479.99 300.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 490.74 300.25 Td (refined ) Tj ET Q
q 0 0 0 rg BT 521.47 300.25 Td (petroleum ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 288.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 61.56 288.25 Td (petroleum ) Tj ET Q
q 0 0 0 rg BT 105.33 288.25 Td (products. ) Tj ET Q
q 0 0 0 rg BT 145.50 288.25 Td (In ) Tj ET Q
q 0 0 0 rg BT 157.06 288.25 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 195.56 288.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 208.79 288.25 Td (May ) Tj ET Q
q 0 0 0 rg BT 230.35 288.25 Td (1, ) Tj ET Q
q 0 0 0 rg BT 241.08 288.25 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 266.81 288.25 Td (President ) Tj ET Q
q 0 0 0 rg BT 307.25 288.25 Td (Obama ) Tj ET Q
q 0 0 0 rg BT 339.36 288.25 Td (signed ) Tj ET Q
q 0 0 0 rg BT 368.69 288.25 Td (Executive ) Tj ET Q
q 0 0 0 rg BT 411.90 288.25 Td (Order ) Tj ET Q
q 0 0 0 rg BT 438.45 288.25 Td (13608 ) Tj ET Q
q 0 0 0 rg BT 466.68 288.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 494.35 288.25 Td (prohibits ) Tj ET Q
q 0 0 0 rg BT 533.14 288.25 Td (foreign ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 276.25 Td (persons ) Tj ET Q
q 0 0 0 rg BT 83.46 276.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 105.81 276.25 Td (violating ) Tj ET Q
q 0 0 0 rg BT 144.27 276.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 155.50 276.25 Td (attempting ) Tj ET Q
q 0 0 0 rg BT 201.18 276.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 211.87 276.25 Td (violate, ) Tj ET Q
q 0 0 0 rg BT 244.48 276.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 255.72 276.25 Td (causing ) Tj ET Q
q 0 0 0 rg BT 289.18 276.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 296.52 276.25 Td (violation ) Tj ET Q
q 0 0 0 rg BT 334.98 276.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 346.22 276.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 363.57 276.25 Td (sanctions ) Tj ET Q
q 0 0 0 rg BT 403.69 276.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 414.38 276.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 421.97 276.25 Td (fect ) Tj ET Q
q 0 0 0 rg BT 439.86 276.25 Td (against ) Tj ET Q
q 0 0 0 rg BT 471.09 276.25 Td (Iran ) Tj ET Q
q 0 0 0 rg BT 490.10 276.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 501.34 276.25 Td (facilitating ) Tj ET Q
q 0 0 0 rg BT 547.56 276.25 Td (any ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 264.25 Td (deceptive ) Tj ET Q
q 0 0 0 rg BT 90.62 264.25 Td (transactions ) Tj ET Q
q 0 0 0 rg BT 140.69 264.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 154.66 264.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 165.30 264.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 177.61 264.25 Td (behalf ) Tj ET Q
q 0 0 0 rg BT 204.90 264.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 215.54 264.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 232.29 264.25 Td (person ) Tj ET Q
q 0 0 0 rg BT 261.26 264.25 Td (subject ) Tj ET Q
q 0 0 0 rg BT 291.89 264.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 301.98 264.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 322.07 264.25 Td (sanctions. ) Tj ET Q
q 0 0 0 rg BT 363.58 264.25 Td (Any ) Tj ET Q
q 0 0 0 rg BT 383.11 264.25 Td (persons ) Tj ET Q
q 0 0 0 rg BT 415.97 264.25 Td (found ) Tj ET Q
q 0 0 0 rg BT 441.61 264.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 451.70 264.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 463.45 264.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 473.53 264.25 Td (violation ) Tj ET Q
q 0 0 0 rg BT 511.39 264.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 522.03 264.25 Td (Executive ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 252.25 Td (Order ) Tj ET Q
q 0 0 0 rg BT 76.25 252.25 Td (13608 ) Tj ET Q
q 0 0 0 rg BT 104.17 252.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 122.66 252.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 135.02 252.25 Td (deemed ) Tj ET Q
q 0 0 0 rg BT 169.05 252.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 176.41 252.25 Td (foreign ) Tj ET Q
q 0 0 0 rg BT 208.22 252.25 Td (sanctions ) Tj ET Q
q 0 0 0 rg BT 248.36 252.25 Td (evader ) Tj ET Q
q 0 0 0 rg BT 277.93 252.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 295.30 252.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 313.78 252.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 326.15 252.25 Td (banned ) Tj ET Q
q 0 0 0 rg BT 357.95 252.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 380.32 252.25 Td (all ) Tj ET Q
q 0 0 0 rg BT 393.24 252.25 Td (contacts ) Tj ET Q
q 0 0 0 rg BT 428.93 252.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 449.64 252.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 464.78 252.25 Td (United ) Tj ET Q
q 0 0 0 rg BT 494.92 252.25 Td (States, ) Tj ET Q
q 0 0 0 rg BT 524.24 252.25 Td (including ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 240.25 Td (conducting ) Tj ET Q
q 0 0 0 rg BT 96.92 240.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 133.30 240.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 143.57 240.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 163.84 240.25 Td (dollars. ) Tj ET Q
q 0 0 0 rg BT 195.49 240.25 Td (Also ) Tj ET Q
q 0 0 0 rg BT 216.87 240.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 227.14 240.25 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 252.13 240.25 Td (President ) Tj ET Q
q 0 0 0 rg BT 291.83 240.25 Td (Obama ) Tj ET Q
q 0 0 0 rg BT 323.20 240.25 Td (signed ) Tj ET Q
q 0 0 0 rg BT 351.79 240.25 Td (into ) Tj ET Q
q 0 0 0 rg BT 369.84 240.25 Td (law ) Tj ET Q
q 0 0 0 rg BT 386.76 240.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 401.47 240.25 Td (Iran ) Tj ET Q
q 0 0 0 rg BT 419.87 240.25 Td (Threat ) Tj ET Q
q 0 0 0 rg BT 448.46 240.25 Td (Reduction ) Tj ET Q
q 0 0 0 rg BT 492.05 240.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 508.97 240.25 Td (Syria ) Tj ET Q
q 0 0 0 rg BT 532.57 240.25 Td (Human ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 228.25 Td (Rights ) Tj ET Q
q 0 0 0 rg BT 78.18 228.25 Td (Act ) Tj ET Q
q 0 0 0 rg BT 95.27 228.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 106.25 228.25 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 131.40 228.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 142.38 228.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 157.24 228.25 Td (Iran ) Tj ET Q
q 0 0 0 rg BT 175.80 228.25 Td (Threat ) Tj ET Q
q 0 0 0 rg BT 204.54 228.25 Td (Reduction ) Tj ET Q
q 0 0 0 rg BT 247.71 228.25 Td (Act, ) Tj ET Q
q 0 0 0 rg BT 267.30 228.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 294.38 228.25 Td (created ) Tj ET Q
q 0 0 0 rg BT 325.90 228.25 Td (new ) Tj ET Q
q 0 0 0 rg BT 345.20 228.25 Td (sanctions ) Tj ET Q
q 0 0 0 rg BT 385.07 228.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 402.16 228.25 Td (strengthened ) Tj ET Q
q 0 0 0 rg BT 455.90 228.25 Td (existing ) Tj ET Q
q 0 0 0 rg BT 490.21 228.25 Td (sanctions. ) Tj ET Q
q 0 0 0 rg BT 532.00 228.25 Td (Among ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 216.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 72.65 216.25 Td (things, ) Tj ET Q
q 0 0 0 rg BT 101.69 216.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 116.01 216.25 Td (Iran ) Tj ET Q
q 0 0 0 rg BT 134.06 216.25 Td (Threat ) Tj ET Q
q 0 0 0 rg BT 162.25 216.25 Td (Reduction ) Tj ET Q
q 0 0 0 rg BT 204.99 216.25 Td (Act ) Tj ET Q
q 0 0 0 rg BT 221.53 216.25 Td (intensifies ) Tj ET Q
q 0 0 0 rg BT 264.73 216.25 Td (existing ) Tj ET Q
q 0 0 0 rg BT 298.50 216.25 Td (sanctions ) Tj ET Q
q 0 0 0 rg BT 337.81 216.25 Td (regarding ) Tj ET Q
q 0 0 0 rg BT 378.23 216.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 392.54 216.25 Td (provision ) Tj ET Q
q 0 0 0 rg BT 432.42 216.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 442.85 216.25 Td (goods, ) Tj ET Q
q 0 0 0 rg BT 471.34 216.25 Td (services, ) Tj ET Q
q 0 0 0 rg BT 508.15 216.25 Td (infrastructure ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 204.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 60.86 204.25 Td (technology ) Tj ET Q
q 0 0 0 rg BT 107.82 204.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 118.12 204.25 Td (Iran's ) Tj ET Q
q 0 0 0 rg BT 142.44 204.25 Td (petroleum ) Tj ET Q
q 0 0 0 rg BT 185.51 204.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 196.36 204.25 Td (petrochemical ) Tj ET Q
q 0 0 0 rg BT 255.52 204.25 Td (sector) Tj ET Q
q 0 0 0 rg BT 278.85 204.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 283.69 204.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 301.76 204.25 Td (Iran ) Tj ET Q
q 0 0 0 rg BT 320.21 204.25 Td (Threat ) Tj ET Q
q 0 0 0 rg BT 348.83 204.25 Td (Reduction ) Tj ET Q
q 0 0 0 rg BT 391.90 204.25 Td (Act ) Tj ET Q
q 0 0 0 rg BT 408.86 204.25 Td (also ) Tj ET Q
q 0 0 0 rg BT 427.50 204.25 Td (includes ) Tj ET Q
q 0 0 0 rg BT 463.35 204.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 470.31 204.25 Td (provision ) Tj ET Q
q 0 0 0 rg BT 510.62 204.25 Td (requiring ) Tj ET Q
q 0 0 0 rg BT 549.80 204.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 192.25 Td (President ) Tj ET Q
q 0 0 0 rg BT 90.22 192.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 101.56 192.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 116.78 192.25 Td (United ) Tj ET Q
q 0 0 0 rg BT 147.01 192.25 Td (States ) Tj ET Q
q 0 0 0 rg BT 173.90 192.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 184.69 192.25 Td (impose ) Tj ET Q
q 0 0 0 rg BT 216.58 192.25 Td (five ) Tj ET Q
q 0 0 0 rg BT 235.13 192.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 246.47 192.25 Td (more ) Tj ET Q
q 0 0 0 rg BT 270.02 192.25 Td (sanctions ) Tj ET Q
q 0 0 0 rg BT 310.25 192.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 332.69 192.25 Td (Section ) Tj ET Q
q 0 0 0 rg BT 365.70 192.25 Td (6\(a\) ) Tj ET Q
q 0 0 0 rg BT 384.80 192.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 396.14 192.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 411.36 192.25 Td (Iran ) Tj ET Q
q 0 0 0 rg BT 430.47 192.25 Td (Sanctions ) Tj ET Q
q 0 0 0 rg BT 471.70 192.25 Td (Act, ) Tj ET Q
q 0 0 0 rg BT 491.64 192.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 502.98 192.25 Td (amended, ) Tj ET Q
q 0 0 0 rg BT 544.58 192.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 557.59 192.25 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 180.25 Td (person ) Tj ET Q
q 0 0 0 rg BT 79.24 180.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 94.05 180.25 Td (President ) Tj ET Q
q 0 0 0 rg BT 133.85 180.25 Td (determines ) Tj ET Q
q 0 0 0 rg BT 180.30 180.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 189.56 180.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 196.58 180.25 Td (controlling ) Tj ET Q
q 0 0 0 rg BT 243.05 180.25 Td (beneficial ) Tj ET Q
q 0 0 0 rg BT 285.05 180.25 Td (owner ) Tj ET Q
q 0 0 0 rg BT 312.63 180.25 Td (of, ) Tj ET Q
q 0 0 0 rg BT 326.04 180.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 336.95 180.25 Td (otherwise ) Tj ET Q
q 0 0 0 rg BT 378.42 180.25 Td (owns, ) Tj ET Q
q 0 0 0 rg BT 404.61 180.25 Td (operates, ) Tj ET Q
q 0 0 0 rg BT 443.01 180.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 453.93 180.25 Td (controls ) Tj ET Q
q 0 0 0 rg BT 488.73 180.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 499.64 180.25 Td (insures ) Tj ET Q
q 0 0 0 rg BT 530.56 180.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 537.58 180.25 Td (vessel ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 168.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 66.88 168.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 84.32 168.25 Td (used ) Tj ET Q
q 0 0 0 rg BT 104.53 168.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 114.19 168.25 Td (transport ) Tj ET Q
q 0 0 0 rg BT 151.63 168.25 Td (crude ) Tj ET Q
q 0 0 0 rg BT 175.72 168.25 Td (oil ) Tj ET Q
q 0 0 0 rg BT 188.16 168.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 209.48 168.25 Td (Iran ) Tj ET Q
q 0 0 0 rg BT 227.47 168.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 237.13 168.25 Td (another ) Tj ET Q
q 0 0 0 rg BT 269.00 168.25 Td (country ) Tj ET Q
q 0 0 0 rg BT 301.43 168.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 317.75 168.25 Td (\(1\) ) Tj ET Q
q 0 0 0 rg BT 331.30 168.25 Td (if ) Tj ET Q
q 0 0 0 rg BT 339.29 168.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 353.39 168.25 Td (person ) Tj ET Q
q 0 0 0 rg BT 381.94 168.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 390.49 168.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 396.82 168.25 Td (controlling ) Tj ET Q
q 0 0 0 rg BT 442.58 168.25 Td (beneficial ) Tj ET Q
q 0 0 0 rg BT 483.89 168.25 Td (owner ) Tj ET Q
q 0 0 0 rg BT 510.76 168.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 520.98 168.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 535.08 168.25 Td (vessel, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 156.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.78 156.25 Td (person ) Tj ET Q
q 0 0 0 rg BT 94.00 156.25 Td (had ) Tj ET Q
q 0 0 0 rg BT 111.00 156.25 Td (actual ) Tj ET Q
q 0 0 0 rg BT 137.43 156.25 Td (knowledge ) Tj ET Q
q 0 0 0 rg BT 183.86 156.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 198.64 156.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 225.64 156.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 243.75 156.25 Td (so ) Tj ET Q
q 0 0 0 rg BT 255.20 156.25 Td (used ) Tj ET Q
q 0 0 0 rg BT 276.09 156.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 286.98 156.25 Td (\(2\) ) Tj ET Q
q 0 0 0 rg BT 301.20 156.25 Td (if ) Tj ET Q
q 0 0 0 rg BT 309.87 156.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 324.65 156.25 Td (person ) Tj ET Q
q 0 0 0 rg BT 353.87 156.25 Td (otherwise ) Tj ET Q
q 0 0 0 rg BT 395.31 156.25 Td (owns, ) Tj ET Q
q 0 0 0 rg BT 421.48 156.25 Td (operates, ) Tj ET Q
q 0 0 0 rg BT 459.86 156.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 470.75 156.25 Td (controls, ) Tj ET Q
q 0 0 0 rg BT 508.02 156.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 518.91 156.25 Td (insures ) Tj ET Q
q 0 0 0 rg BT 549.80 156.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 144.25 Td (vessel, ) Tj ET Q
q 0 0 0 rg BT 79.65 144.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 94.58 144.25 Td (person ) Tj ET Q
q 0 0 0 rg BT 123.95 144.25 Td (knew ) Tj ET Q
q 0 0 0 rg BT 148.33 144.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 159.37 144.25 Td (should ) Tj ET Q
q 0 0 0 rg BT 188.75 144.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 210.34 144.25 Td (known ) Tj ET Q
q 0 0 0 rg BT 240.27 144.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 255.20 144.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 282.35 144.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 300.62 144.25 Td (so ) Tj ET Q
q 0 0 0 rg BT 312.22 144.25 Td (used. ) Tj ET Q
q 0 0 0 rg BT 335.76 144.25 Td (Such ) Tj ET Q
q 0 0 0 rg BT 358.48 144.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 365.63 144.25 Td (person ) Tj ET Q
q 0 0 0 rg BT 395.00 144.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 419.93 144.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 432.08 144.25 Td (subject ) Tj ET Q
q 0 0 0 rg BT 463.12 144.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 473.61 144.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 480.76 144.25 Td (variety ) Tj ET Q
q 0 0 0 rg BT 511.24 144.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 522.28 144.25 Td (sanctions, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 132.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 90.62 132.25 Td (exclusion ) Tj ET Q
q 0 0 0 rg BT 131.79 132.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 154.07 132.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 174.70 132.25 Td (capital ) Tj ET Q
q 0 0 0 rg BT 204.19 132.25 Td (markets, ) Tj ET Q
q 0 0 0 rg BT 241.19 132.25 Td (exclusion ) Tj ET Q
q 0 0 0 rg BT 282.36 132.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 304.64 132.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 342.47 132.25 Td (transactions ) Tj ET Q
q 0 0 0 rg BT 393.08 132.25 Td (subject ) Tj ET Q
q 0 0 0 rg BT 424.25 132.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 434.87 132.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 455.50 132.25 Td (jurisdiction, ) Tj ET Q
q 0 0 0 rg BT 506.39 132.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 523.67 132.25 Td (exclusion ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 120.25 Td (of ) Tj ET Q
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q 0 0 0 rg BT 101.95 552.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 122.24 552.10 Td (safety ) Tj ET Q
q 0 0 0 rg BT 148.63 552.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 166.70 552.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 190.87 552.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 217.25 552.10 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 274.21 552.10 Td (imposed ) Tj ET Q
q 0 0 0 rg BT 310.60 552.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 322.55 552.10 Td (classification ) Tj ET Q
q 0 0 0 rg BT 379.50 552.10 Td (societies ) Tj ET Q
q 0 0 0 rg BT 416.44 552.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 436.16 552.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 448.10 552.10 Td (costly ) Tj ET Q
q 0 0 0 rg BT 473.94 552.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 492.00 552.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 517.29 552.10 Td (reduce ) Tj ET Q
q 0 0 0 rg BT 547.56 552.10 Td (our ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 540.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 65.28 540.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 86.67 540.10 Td (flows ) Tj ET Q
q 0 0 0 rg BT 110.84 540.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 128.90 540.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 144.18 540.10 Td (income) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 528.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 516.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.86 516.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 85.73 516.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 102.48 516.10 Td (machinery ) Tj ET Q
q 0 0 0 rg BT 146.99 516.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 157.63 516.10 Td (every ) Tj ET Q
q 0 0 0 rg BT 182.15 516.10 Td (commercial ) Tj ET Q
q 0 0 0 rg BT 231.66 516.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 258.41 516.10 Td (must ) Tj ET Q
q 0 0 0 rg BT 280.17 516.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 291.92 516.10 Td (certified ) Tj ET Q
q 0 0 0 rg BT 327.55 516.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 338.19 516.10 Td (being ) Tj ET Q
q 0 0 0 rg BT 362.72 516.10 Td ("in ) Tj ET Q
q 0 0 0 rg BT 376.89 516.10 Td (class" ) Tj ET Q
q 0 0 0 rg BT 402.72 516.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 415.03 516.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 421.78 516.10 Td (classification ) Tj ET Q
q 0 0 0 rg BT 476.86 516.10 Td (society ) Tj ET Q
q 0 0 0 rg BT 507.49 516.10 Td (authorized ) Tj ET Q
q 0 0 0 rg BT 552.01 516.10 Td (by ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 504.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 62.43 504.10 Td (country ) Tj ET Q
q 0 0 0 rg BT 95.96 504.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 107.27 504.10 Td (registry) Tj ET Q
q 0 0 0 rg BT 137.17 504.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 142.44 504.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 160.97 504.10 Td (classification ) Tj ET Q
q 0 0 0 rg BT 216.71 504.10 Td (society ) Tj ET Q
q 0 0 0 rg BT 248.01 504.10 Td (certifies ) Tj ET Q
q 0 0 0 rg BT 283.20 504.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 301.18 504.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 308.60 504.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 336.02 504.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 345.67 504.10 Td (safe ) Tj ET Q
q 0 0 0 rg BT 364.75 504.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 382.17 504.10 Td (seaworthy ) Tj ET Q
q 0 0 0 rg BT 426.25 504.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 437.01 504.10 Td (accordance ) Tj ET Q
q 0 0 0 rg BT 484.96 504.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 505.72 504.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 520.92 504.10 Td (applicable ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 492.10 Td (rules ) Tj ET Q
q 0 0 0 rg BT 71.94 492.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 88.88 492.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 135.81 492.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 146.64 492.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 161.36 492.10 Td (country ) Tj ET Q
q 0 0 0 rg BT 194.40 492.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 205.23 492.10 Td (registry ) Tj ET Q
q 0 0 0 rg BT 238.28 492.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 249.11 492.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 263.83 492.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 290.77 492.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 307.71 492.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 322.42 492.10 Td (Safety ) Tj ET Q
q 0 0 0 rg BT 350.47 492.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 361.30 492.10 Td (Life ) Tj ET Q
q 0 0 0 rg BT 380.45 492.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 390.17 492.10 Td (Sea ) Tj ET Q
q 0 0 0 rg BT 407.11 492.10 Td (Convention.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 468.10 Td (A) Tj ET Q
q 0 0 0 rg BT 56.67 468.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 59.00 468.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 85.76 468.10 Td (must ) Tj ET Q
q 0 0 0 rg BT 107.54 468.10 Td (under) Tj ET Q
q 0 0 0 rg BT 130.13 468.10 Td (go ) Tj ET Q
q 0 0 0 rg BT 142.46 468.10 Td (annual ) Tj ET Q
q 0 0 0 rg BT 171.44 468.10 Td (surveys, ) Tj ET Q
q 0 0 0 rg BT 206.82 468.10 Td (intermediate ) Tj ET Q
q 0 0 0 rg BT 259.12 468.10 Td (surveys ) Tj ET Q
q 0 0 0 rg BT 292.00 468.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 308.77 468.10 Td (special ) Tj ET Q
q 0 0 0 rg BT 338.86 468.10 Td (surveys. ) Tj ET Q
q 0 0 0 rg BT 374.24 468.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 384.90 468.10 Td (lieu ) Tj ET Q
q 0 0 0 rg BT 402.22 468.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 412.88 468.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 419.65 468.10 Td (special ) Tj ET Q
q 0 0 0 rg BT 449.74 468.10 Td (survey) Tj ET Q
q 0 0 0 rg BT 475.75 468.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 480.58 468.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 487.35 468.10 Td (vessel's ) Tj ET Q
q 0 0 0 rg BT 519.81 468.10 Td (machinery ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 456.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 69.55 456.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 81.33 456.10 Td (placed ) Tj ET Q
q 0 0 0 rg BT 109.76 456.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 122.10 456.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 128.88 456.10 Td (continuous ) Tj ET Q
q 0 0 0 rg BT 175.10 456.10 Td (survey ) Tj ET Q
q 0 0 0 rg BT 204.10 456.10 Td (cycle, ) Tj ET Q
q 0 0 0 rg BT 230.03 456.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 255.14 456.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 281.91 456.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 296.47 456.10 Td (machinery ) Tj ET Q
q 0 0 0 rg BT 341.01 456.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 368.35 456.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 380.12 456.10 Td (surveyed ) Tj ET Q
q 0 0 0 rg BT 418.56 456.10 Td (periodically ) Tj ET Q
q 0 0 0 rg BT 468.66 456.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 488.76 456.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 495.54 456.10 Td (five-year ) Tj ET Q
q 0 0 0 rg BT 533.96 456.10 Td (period. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 444.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 444.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.64 444.10 Td (expect ) Tj ET Q
q 0 0 0 rg BT 94.31 444.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 110.21 444.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 141.10 444.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 151.45 444.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 163.46 444.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 176.03 444.10 Td (special ) Tj ET Q
q 0 0 0 rg BT 206.36 444.10 Td (survey ) Tj ET Q
q 0 0 0 rg BT 235.59 444.10 Td (cycles ) Tj ET Q
q 0 0 0 rg BT 263.14 444.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 277.37 444.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 295.49 444.10 Td (inspection ) Tj ET Q
q 0 0 0 rg BT 339.17 444.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 356.17 444.10 Td (continuous ) Tj ET Q
q 0 0 0 rg BT 402.63 444.10 Td (survey ) Tj ET Q
q 0 0 0 rg BT 431.86 444.10 Td (cycles ) Tj ET Q
q 0 0 0 rg BT 459.41 444.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 473.64 444.10 Td (machinery ) Tj ET Q
q 0 0 0 rg BT 518.41 444.10 Td (inspection. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 432.10 Td (Every ) Tj ET Q
q 0 0 0 rg BT 76.38 432.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 103.32 432.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 112.49 432.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 131.09 432.10 Td (required ) Tj ET Q
q 0 0 0 rg BT 166.91 432.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 177.19 432.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 189.13 432.10 Td (drydocked ) Tj ET Q
q 0 0 0 rg BT 233.83 432.10 Td (every ) Tj ET Q
q 0 0 0 rg BT 258.54 432.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 276.04 432.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 292.98 432.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 299.92 432.10 Td (half ) Tj ET Q
q 0 0 0 rg BT 317.96 432.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 328.24 432.10 Td (five ) Tj ET Q
q 0 0 0 rg BT 346.29 432.10 Td (years ) Tj ET Q
q 0 0 0 rg BT 369.89 432.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 384.05 432.10 Td (inspection ) Tj ET Q
q 0 0 0 rg BT 427.65 432.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 438.48 432.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 450.43 432.10 Td (underwater ) Tj ET Q
q 0 0 0 rg BT 497.91 432.10 Td (parts.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 420.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 408.10 Td (Compliance ) Tj ET Q
q 0 0 0 rg BT 100.97 408.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 121.40 408.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 136.26 408.10 Td (above ) Tj ET Q
q 0 0 0 rg BT 162.79 408.10 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 217.64 408.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 237.50 408.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 262.37 408.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 272.80 408.10 Td (significant ) Tj ET Q
q 0 0 0 rg BT 317.66 408.10 Td (expense. ) Tj ET Q
q 0 0 0 rg BT 355.01 408.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 364.32 408.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 381.41 408.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 408.50 408.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 429.48 408.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 444.90 408.10 Td (maintain ) Tj ET Q
q 0 0 0 rg BT 482.54 408.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 494.64 408.10 Td (class ) Tj ET Q
q 0 0 0 rg BT 516.73 408.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 527.71 408.10 Td (fails ) Tj ET Q
q 0 0 0 rg BT 547.57 408.10 Td (any ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 396.10 Td (annual, ) Tj ET Q
q 0 0 0 rg BT 81.98 396.10 Td (intermediate ) Tj ET Q
q 0 0 0 rg BT 134.78 396.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 145.93 396.10 Td (special ) Tj ET Q
q 0 0 0 rg BT 176.52 396.10 Td (survey) Tj ET Q
q 0 0 0 rg BT 202.53 396.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 207.85 396.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 222.89 396.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 250.16 396.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 268.54 396.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 280.80 396.10 Td (unable ) Tj ET Q
q 0 0 0 rg BT 310.28 396.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 320.88 396.10 Td (trade ) Tj ET Q
q 0 0 0 rg BT 343.69 396.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 379.83 396.10 Td (ports ) Tj ET Q
q 0 0 0 rg BT 402.65 396.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 419.91 396.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 438.29 396.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 450.56 396.10 Td (unemployable, ) Tj ET Q
q 0 0 0 rg BT 512.53 396.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 539.79 396.10 Td (could ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 384.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 71.28 384.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 78.12 384.10 Td (material ) Tj ET Q
q 0 0 0 rg BT 113.29 384.10 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 146.23 384.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 153.81 384.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 171.20 384.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 183.61 384.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 199.34 384.10 Td (business, ) Tj ET Q
q 0 0 0 rg BT 238.14 384.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 266.65 384.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 277.38 384.10 Td (operations, ) Tj ET Q
q 0 0 0 rg BT 323.94 384.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 344.11 384.10 Td (flows, ) Tj ET Q
q 0 0 0 rg BT 371.24 384.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 408.62 384.10 Td (condition ) Tj ET Q
q 0 0 0 rg BT 448.80 384.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 465.64 384.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 493.60 384.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 503.78 384.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 520.62 384.10 Td (dividends.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 372.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 360.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.15 360.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.23 360.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 81.19 360.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 112.72 360.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 123.14 360.10 Td (complex ) Tj ET Q
q 0 0 0 rg BT 160.21 360.10 Td (laws ) Tj ET Q
q 0 0 0 rg BT 181.19 360.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 199.39 360.10 Td (regulations, ) Tj ET Q
q 0 0 0 rg BT 251.20 360.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 293.30 360.10 Td (environmental ) Tj ET Q
q 0 0 0 rg BT 355.94 360.10 Td (laws ) Tj ET Q
q 0 0 0 rg BT 376.92 360.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 395.12 360.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 444.44 360.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 463.19 360.10 Td (can ) Tj ET Q
q 0 0 0 rg BT 480.83 360.10 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 521.79 360.10 Td (af) Tj ET Q
q 0 0 0 rg BT 529.94 360.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 547.56 360.10 Td (our ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 348.10 Td (business, ) Tj ET Q
q 0 0 0 rg BT 90.01 348.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 119.75 348.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 130.58 348.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 176.42 348.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 194.48 348.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 234.20 348.10 Td (condition) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 336.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 324.10 Td (Our ) Tj ET Q
q 0 0 0 rg BT 68.32 324.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 112.75 324.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 131.08 324.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 143.29 324.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 174.39 324.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 184.94 324.10 Td (numerous ) Tj ET Q
q 0 0 0 rg BT 227.15 324.10 Td (laws ) Tj ET Q
q 0 0 0 rg BT 248.25 324.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 265.46 324.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 312.67 324.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 323.22 324.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 338.21 324.10 Td (form ) Tj ET Q
q 0 0 0 rg BT 360.42 324.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 371.52 324.10 Td (international ) Tj ET Q
q 0 0 0 rg BT 424.83 324.10 Td (conventions ) Tj ET Q
q 0 0 0 rg BT 475.93 324.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 493.14 324.10 Td (treaties, ) Tj ET Q
q 0 0 0 rg BT 527.29 324.10 Td (national, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 312.10 Td (state ) Tj ET Q
q 0 0 0 rg BT 71.52 312.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 89.15 312.10 Td (local ) Tj ET Q
q 0 0 0 rg BT 111.77 312.10 Td (laws ) Tj ET Q
q 0 0 0 rg BT 133.29 312.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 150.92 312.10 Td (national ) Tj ET Q
q 0 0 0 rg BT 186.32 312.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 203.95 312.10 Td (international ) Tj ET Q
q 0 0 0 rg BT 257.68 312.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 305.31 312.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 316.27 312.10 Td (force ) Tj ET Q
q 0 0 0 rg BT 340.00 312.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 350.97 312.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 366.38 312.10 Td (jurisdictions ) Tj ET Q
q 0 0 0 rg BT 419.01 312.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 429.98 312.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 457.61 312.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 474.13 312.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 505.65 312.10 Td (operate ) Tj ET Q
q 0 0 0 rg BT 538.27 312.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 549.79 312.10 Td (are ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 300.10 Td (registered, ) Tj ET Q
q 0 0 0 rg BT 95.17 300.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 122.84 300.10 Td (can ) Tj ET Q
q 0 0 0 rg BT 139.96 300.10 Td (significantly ) Tj ET Q
q 0 0 0 rg BT 193.19 300.10 Td (af) Tj ET Q
q 0 0 0 rg BT 200.78 300.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 219.01 300.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 234.47 300.10 Td (ownership ) Tj ET Q
q 0 0 0 rg BT 279.37 300.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 297.05 300.10 Td (operation ) Tj ET Q
q 0 0 0 rg BT 338.05 300.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 349.62 300.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 366.20 300.10 Td (vessels. ) Tj ET Q
q 0 0 0 rg BT 400.03 300.10 Td (These ) Tj ET Q
q 0 0 0 rg BT 427.15 300.10 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 482.59 300.10 Td (include, ) Tj ET Q
q 0 0 0 rg BT 517.77 300.10 Td (but ) Tj ET Q
q 0 0 0 rg BT 533.79 300.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 549.24 300.10 Td (not ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 288.10 Td (limited ) Tj ET Q
q 0 0 0 rg BT 80.59 288.10 Td (to, ) Tj ET Q
q 0 0 0 rg BT 93.12 288.10 Td (European ) Tj ET Q
q 0 0 0 rg BT 133.69 288.10 Td (Union ) Tj ET Q
q 0 0 0 rg BT 160.95 288.10 Td (regulations, ) Tj ET Q
q 0 0 0 rg BT 210.14 288.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 224.61 288.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 244.65 288.10 Td (Oil ) Tj ET Q
q 0 0 0 rg BT 259.68 288.10 Td (Pollution ) Tj ET Q
q 0 0 0 rg BT 298.12 288.10 Td (Act ) Tj ET Q
q 0 0 0 rg BT 314.81 288.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 325.40 288.10 Td (1990, ) Tj ET Q
q 0 0 0 rg BT 350.15 288.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 360.74 288.10 Td (OP) Tj ET Q
q 0 0 0 rg BT 372.60 288.10 Td (A, ) Tj ET Q
q 0 0 0 rg BT 384.58 288.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 399.05 288.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 419.09 288.10 Td (Clean ) Tj ET Q
q 0 0 0 rg BT 444.17 288.10 Td (Air ) Tj ET Q
q 0 0 0 rg BT 459.26 288.10 Td (Act, ) Tj ET Q
q 0 0 0 rg BT 478.46 288.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 492.93 288.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 512.97 288.10 Td (Clean ) Tj ET Q
q 0 0 0 rg BT 538.39 288.10 Td (W) Tj ET Q
q 0 0 0 rg BT 547.02 288.10 Td (ater ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 276.10 Td (Act, ) Tj ET Q
q 0 0 0 rg BT 69.74 276.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 84.76 276.10 Td (International ) Tj ET Q
q 0 0 0 rg BT 138.65 276.10 Td (Maritime ) Tj ET Q
q 0 0 0 rg BT 178.66 276.10 Td (Or) Tj ET Q
q 0 0 0 rg BT 189.03 276.10 Td (ganization, ) Tj ET Q
q 0 0 0 rg BT 235.98 276.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 247.11 276.10 Td (IMO, ) Tj ET Q
q 0 0 0 rg BT 271.85 276.10 Td (International ) Tj ET Q
q 0 0 0 rg BT 325.74 276.10 Td (Convention ) Tj ET Q
q 0 0 0 rg BT 375.21 276.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 388.01 276.10 Td (Civil ) Tj ET Q
q 0 0 0 rg BT 410.81 276.10 Td (Liability ) Tj ET Q
q 0 0 0 rg BT 448.05 276.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 462.51 276.10 Td (Oil ) Tj ET Q
q 0 0 0 rg BT 478.09 276.10 Td (Pollution ) Tj ET Q
q 0 0 0 rg BT 517.57 276.10 Td (Damage ) Tj ET Q
q 0 0 0 rg BT 553.68 276.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 264.10 Td (1969, ) Tj ET Q
q 0 0 0 rg BT 75.29 264.10 Td (generally ) Tj ET Q
q 0 0 0 rg BT 115.28 264.10 Td (referred ) Tj ET Q
q 0 0 0 rg BT 149.70 264.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 160.26 264.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 171.38 264.10 Td (CLC, ) Tj ET Q
q 0 0 0 rg BT 196.12 264.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 211.12 264.10 Td (IMO ) Tj ET Q
q 0 0 0 rg BT 233.35 264.10 Td (International ) Tj ET Q
q 0 0 0 rg BT 287.23 264.10 Td (Convention ) Tj ET Q
q 0 0 0 rg BT 336.68 264.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 349.47 264.10 Td (Civil ) Tj ET Q
q 0 0 0 rg BT 372.26 264.10 Td (Liability ) Tj ET Q
q 0 0 0 rg BT 409.48 264.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 423.93 264.10 Td (Bunker ) Tj ET Q
q 0 0 0 rg BT 456.16 264.10 Td (Oil ) Tj ET Q
q 0 0 0 rg BT 471.72 264.10 Td (Pollution ) Tj ET Q
q 0 0 0 rg BT 511.18 264.10 Td (Damage, ) Tj ET Q
q 0 0 0 rg BT 549.79 264.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 252.10 Td (IMO ) Tj ET Q
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q 0 0 0 rg BT 126.01 252.10 Td (Convention ) Tj ET Q
q 0 0 0 rg BT 175.42 252.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 189.82 252.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 204.78 252.10 Td (Prevention ) Tj ET Q
q 0 0 0 rg BT 250.84 252.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 261.91 252.10 Td (Pollution ) Tj ET Q
q 0 0 0 rg BT 301.33 252.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 323.51 252.10 Td (Ships ) Tj ET Q
q 0 0 0 rg BT 348.48 252.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 359.55 252.10 Td (1973, ) Tj ET Q
q 0 0 0 rg BT 384.79 252.10 Td (generally ) Tj ET Q
q 0 0 0 rg BT 424.74 252.10 Td (referred ) Tj ET Q
q 0 0 0 rg BT 459.11 252.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 469.63 252.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 480.70 252.10 Td (MARPOL, ) Tj ET Q
q 0 0 0 rg BT 527.62 252.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 542.58 252.10 Td (IMO ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 240.10 Td (International ) Tj ET Q
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q 0 0 0 rg BT 165.54 240.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 179.80 240.10 Td (Safety ) Tj ET Q
q 0 0 0 rg BT 207.40 240.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 217.77 240.10 Td (Life ) Tj ET Q
q 0 0 0 rg BT 236.47 240.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 245.73 240.10 Td (Sea ) Tj ET Q
q 0 0 0 rg BT 262.21 240.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 272.58 240.10 Td (1974, ) Tj ET Q
q 0 0 0 rg BT 297.13 240.10 Td (generally ) Tj ET Q
q 0 0 0 rg BT 336.37 240.10 Td (referred ) Tj ET Q
q 0 0 0 rg BT 370.05 240.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 379.87 240.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 390.25 240.10 Td (SOLAS, ) Tj ET Q
q 0 0 0 rg BT 426.46 240.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 440.73 240.10 Td (IMO ) Tj ET Q
q 0 0 0 rg BT 462.21 240.10 Td (International ) Tj ET Q
q 0 0 0 rg BT 515.34 240.10 Td (Convention ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 228.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 62.43 228.10 Td (Load ) Tj ET Q
q 0 0 0 rg BT 85.41 228.10 Td (Lines ) Tj ET Q
q 0 0 0 rg BT 110.05 228.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 120.81 228.10 Td (1966 ) Tj ET Q
q 0 0 0 rg BT 143.24 228.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 160.11 228.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 174.75 228.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 194.97 228.10 Td (Maritime ) Tj ET Q
q 0 0 0 rg BT 234.43 228.10 Td (T) Tj ET Q
q 0 0 0 rg BT 240.19 228.10 Td (ransportation ) Tj ET Q
q 0 0 0 rg BT 295.38 228.10 Td (Security ) Tj ET Q
q 0 0 0 rg BT 330.60 228.10 Td (Act ) Tj ET Q
q 0 0 0 rg BT 347.47 228.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 358.23 228.10 Td (2002.Compliance ) Tj ET Q
q 0 0 0 rg BT 436.48 228.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 456.68 228.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 477.44 228.10 Td (laws ) Tj ET Q
q 0 0 0 rg BT 498.20 228.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 515.07 228.10 Td (regulations, ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 174.63 216.10 Td (installation ) Tj ET Q
q 0 0 0 rg BT 221.84 216.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 232.94 216.10 Td (costly ) Tj ET Q
q 0 0 0 rg BT 259.60 216.10 Td (equipment ) Tj ET Q
q 0 0 0 rg BT 304.58 216.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 315.69 216.10 Td (operational ) Tj ET Q
q 0 0 0 rg BT 363.44 216.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 398.42 216.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 415.63 216.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 435.61 216.10 Td (af) Tj ET Q
q 0 0 0 rg BT 443.20 216.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 460.96 216.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 475.94 216.10 Td (resale ) Tj ET Q
q 0 0 0 rg BT 502.03 216.10 Td (value ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 205.02 204.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 225.86 204.10 Td (laws ) Tj ET Q
q 0 0 0 rg BT 246.70 204.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 263.65 204.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 310.60 204.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 330.32 204.10 Td (require ) Tj ET Q
q 0 0 0 rg BT 361.15 204.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 372.55 204.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 382.84 204.10 Td (obtain ) Tj ET Q
q 0 0 0 rg BT 410.34 204.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 440.05 204.10 Td (permits ) Tj ET Q
q 0 0 0 rg BT 472.56 204.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 483.40 204.10 Td (authorizations ) Tj ET Q
q 0 0 0 rg BT 542.56 204.10 Td (prior ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 260.97 192.10 Td (permits ) Tj ET Q
q 0 0 0 rg BT 294.79 192.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 306.94 192.10 Td (authorizations ) Tj ET Q
q 0 0 0 rg BT 367.42 192.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 393.46 192.10 Td (materially ) Tj ET Q
q 0 0 0 rg BT 437.82 192.10 Td (impact ) Tj ET Q
q 0 0 0 rg BT 468.86 192.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 486.02 192.10 Td (business ) Tj ET Q
q 0 0 0 rg BT 523.74 192.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 553.67 192.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 180.10 Td (operations, ) Tj ET Q
q 0 0 0 rg BT 96.40 180.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 133.62 180.10 Td (conditions ) Tj ET Q
q 0 0 0 rg BT 177.52 180.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 194.20 180.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 222.00 180.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 232.02 180.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 248.70 180.10 Td (dividends ) Tj ET Q
q 0 0 0 rg BT 289.82 180.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 302.07 180.10 Td (delaying ) Tj ET Q
q 0 0 0 rg BT 338.74 180.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 349.31 180.10 Td (limiting ) Tj ET Q
q 0 0 0 rg BT 383.22 180.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 398.79 180.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 426.59 180.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 436.61 180.10 Td (accept ) Tj ET Q
q 0 0 0 rg BT 464.38 180.10 Td (charterers.) Tj ET Q
q 0 0 0 rg BT 511.11 180.10 Td (W) Tj ET Q
q 0 0 0 rg BT 519.75 180.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 526.43 180.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 545.89 180.10 Td (also ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 168.10 Td (incur ) Tj ET Q
q 0 0 0 rg BT 72.87 168.10 Td (additional ) Tj ET Q
q 0 0 0 rg BT 115.17 168.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 137.49 168.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 147.59 168.10 Td (order ) Tj ET Q
q 0 0 0 rg BT 171.01 168.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 181.10 168.10 Td (comply ) Tj ET Q
q 0 0 0 rg BT 213.42 168.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 233.51 168.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 256.38 168.10 Td (existing ) Tj ET Q
q 0 0 0 rg BT 290.36 168.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 307.12 168.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 333.31 168.10 Td (regulatory ) Tj ET Q
q 0 0 0 rg BT 376.73 168.10 Td (obligations, ) Tj ET Q
q 0 0 0 rg BT 425.99 168.10 Td (including, ) Tj ET Q
q 0 0 0 rg BT 468.58 168.10 Td (but ) Tj ET Q
q 0 0 0 rg BT 483.68 168.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 498.77 168.10 Td (limited ) Tj ET Q
q 0 0 0 rg BT 529.42 168.10 Td (to, ) Tj ET Q
q 0 0 0 rg BT 542.02 168.10 Td (costs ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 82.52 156.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 92.28 156.10 Td (air ) Tj ET Q
q 0 0 0 rg BT 104.80 156.10 Td (emissions ) Tj ET Q
q 0 0 0 rg BT 146.23 156.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 185.98 156.10 Td (greenhouse ) Tj ET Q
q 0 0 0 rg BT 233.49 156.10 Td (gases, ) Tj ET Q
q 0 0 0 rg BT 259.63 156.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 326.89 156.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 337.20 156.10 Td (ballast ) Tj ET Q
q 0 0 0 rg BT 365.28 156.10 Td (waters, ) Tj ET Q
q 0 0 0 rg BT 395.85 156.10 Td (maintenance ) Tj ET Q
q 0 0 0 rg BT 448.36 156.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 464.78 156.10 Td (inspection, ) Tj ET Q
q 0 0 0 rg BT 510.36 156.10 Td (development ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 65.98 144.10 Td (implementation ) Tj ET Q
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q 0 0 0 rg BT 140.17 144.10 Td (emer) Tj ET Q
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q 0 0 0 rg BT 230.81 144.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 246.79 144.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 286.65 144.10 Td (coverage ) Tj ET Q
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q 0 0 0 rg BT 334.16 144.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 356.25 144.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 392.78 144.10 Td (assurance ) Tj ET Q
q 0 0 0 rg BT 433.19 144.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 443.06 144.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 457.94 144.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 485.04 144.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 494.36 144.10 Td (address ) Tj ET Q
q 0 0 0 rg BT 525.90 144.10 Td (pollution ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 132.10 Td (incidents. ) Tj ET Q
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q 0 0 0 rg BT 145.90 132.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 160.32 132.10 Td (cannot ) Tj ET Q
q 0 0 0 rg BT 189.73 132.10 Td (predict ) Tj ET Q
q 0 0 0 rg BT 220.24 132.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 235.21 132.10 Td (cost ) Tj ET Q
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q 0 0 0 rg BT 334.53 132.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 351.72 132.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 371.13 132.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 418.32 132.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 436.07 132.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 456.04 132.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 468.23 132.10 Td (promulgated ) Tj ET Q
q 0 0 0 rg BT 521.52 132.10 Td (as ) Tj ET Q
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q 0 0 0 rg BT 539.80 132.10 Td (result ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 98.77 120.10 Td (BP) Tj ET Q
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BT /F4 10.00 Tf ET
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q 0 0 0 rg BT 174.70 120.10 Td (Horizon) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 253.77 120.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 289.80 120.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 300.87 120.10 Td (Mexico.) Tj ET Q
q 0 0 0 rg BT 338.74 120.10 Td (These ) Tj ET Q
q 0 0 0 rg BT 365.35 120.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 388.10 120.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 413.05 120.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 434.67 120.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 441.85 120.10 Td (material ) Tj ET Q
q 0 0 0 rg BT 477.35 120.10 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 510.63 120.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 518.21 120.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 535.94 120.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 548.68 120.10 Td (our ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 108.10 Td (business, ) Tj ET Q
q 0 0 0 rg BT 88.89 108.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 117.50 108.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 128.33 108.10 Td (operations, ) Tj ET Q
q 0 0 0 rg BT 174.99 108.10 Td (cash ) Tj ET Q
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q 0 0 0 rg BT 219.98 108.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 236.91 108.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 274.39 108.10 Td (condition ) Tj ET Q
q 0 0 0 rg BT 314.67 108.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 331.61 108.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 347.44 108.10 Td (available ) Tj ET Q
q 0 0 0 rg BT 386.03 108.10 Td (cash.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 96.10 Td () Tj ET Q
endstream
endobj
152 0 obj
<<
/Length 44743
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 215.31 742.10 Td (agency ) Tj ET Q
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q 0 0 0 rg BT 262.76 742.10 Td (maritime ) Tj ET Q
q 0 0 0 rg BT 302.59 742.10 Td (safety ) Tj ET Q
q 0 0 0 rg BT 330.21 742.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 348.38 742.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 364.34 742.10 Td (prevention ) Tj ET Q
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q 0 0 0 rg BT 422.91 742.10 Td (pollution ) Tj ET Q
q 0 0 0 rg BT 462.76 742.10 Td (by ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 168.94 730.10 Td (impose ) Tj ET Q
q 0 0 0 rg BT 199.52 730.10 Td (liability ) Tj ET Q
q 0 0 0 rg BT 232.32 730.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 245.68 730.10 Td (pollution ) Tj ET Q
q 0 0 0 rg BT 283.49 730.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 292.96 730.10 Td (international ) Tj ET Q
q 0 0 0 rg BT 345.19 730.10 Td (waters ) Tj ET Q
q 0 0 0 rg BT 372.98 730.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 389.12 730.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 470.27 730.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 480.30 730.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 494.21 730.10 Td (nations ) Tj ET Q
q 0 0 0 rg BT 524.79 730.10 Td (signatory ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 718.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 59.62 718.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 79.79 718.10 Td (conventions. ) Tj ET Q
q 0 0 0 rg BT 132.45 718.10 Td (For ) Tj ET Q
q 0 0 0 rg BT 148.18 718.10 Td (example, ) Tj ET Q
q 0 0 0 rg BT 186.39 718.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 200.44 718.10 Td (IMO ) Tj ET Q
q 0 0 0 rg BT 221.73 718.10 Td (adopted ) Tj ET Q
q 0 0 0 rg BT 255.22 718.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 266.50 718.10 Td (International ) Tj ET Q
q 0 0 0 rg BT 319.42 718.10 Td (Convention ) Tj ET Q
q 0 0 0 rg BT 367.93 718.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 381.43 718.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 395.48 718.10 Td (Control ) Tj ET Q
q 0 0 0 rg BT 427.88 718.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 444.15 718.10 Td (Management ) Tj ET Q
q 0 0 0 rg BT 498.19 718.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 508.36 718.10 Td (Ships' ) Tj ET Q
q 0 0 0 rg BT 534.23 718.10 Td (Ballast ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 706.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 706.10 Td (ater ) Tj ET Q
q 0 0 0 rg BT 76.30 706.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 93.41 706.10 Td (Sediments, ) Tj ET Q
q 0 0 0 rg BT 140.25 706.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 151.26 706.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 166.15 706.10 Td (BWM ) Tj ET Q
q 0 0 0 rg BT 193.82 706.10 Td (Convention, ) Tj ET Q
q 0 0 0 rg BT 245.66 706.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 256.12 706.10 Td (February ) Tj ET Q
q 0 0 0 rg BT 294.89 706.10 Td (2004. ) Tj ET Q
q 0 0 0 rg BT 319.87 706.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 338.09 706.10 Td (BWM ) Tj ET Q
q 0 0 0 rg BT 365.77 706.10 Td (Convention's ) Tj ET Q
q 0 0 0 rg BT 420.80 706.10 Td (implementing ) Tj ET Q
q 0 0 0 rg BT 479.02 706.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 526.13 706.10 Td (call ) Tj ET Q
q 0 0 0 rg BT 543.24 706.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 557.57 706.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 694.10 Td (phased ) Tj ET Q
q 0 0 0 rg BT 79.43 694.10 Td (introduction ) Tj ET Q
q 0 0 0 rg BT 129.98 694.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 139.97 694.10 Td (mandatory ) Tj ET Q
q 0 0 0 rg BT 184.40 694.10 Td (ballast ) Tj ET Q
q 0 0 0 rg BT 212.17 694.10 Td (water ) Tj ET Q
q 0 0 0 rg BT 236.04 694.10 Td (exchange ) Tj ET Q
q 0 0 0 rg BT 275.46 694.10 Td (requirements, ) Tj ET Q
q 0 0 0 rg BT 331.82 694.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 341.27 694.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 352.37 694.10 Td (replaced ) Tj ET Q
q 0 0 0 rg BT 387.89 694.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 397.34 694.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 416.77 694.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 436.22 694.10 Td (mandatory ) Tj ET Q
q 0 0 0 rg BT 480.64 694.10 Td (concentration ) Tj ET Q
q 0 0 0 rg BT 536.73 694.10 Td (limits. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 682.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.12 682.10 Td (BWM ) Tj ET Q
q 0 0 0 rg BT 95.70 682.10 Td (Convention ) Tj ET Q
q 0 0 0 rg BT 144.94 682.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 163.07 682.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 178.42 682.10 Td (become ) Tj ET Q
q 0 0 0 rg BT 212.09 682.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 219.68 682.10 Td (fective ) Tj ET Q
q 0 0 0 rg BT 249.45 682.10 Td (until ) Tj ET Q
q 0 0 0 rg BT 270.36 682.10 Td (12 ) Tj ET Q
q 0 0 0 rg BT 282.94 682.10 Td (months ) Tj ET Q
q 0 0 0 rg BT 314.96 682.10 Td (after ) Tj ET Q
q 0 0 0 rg BT 335.85 682.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 343.98 682.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 359.89 682.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 381.34 682.10 Td (adopted ) Tj ET Q
q 0 0 0 rg BT 415.57 682.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 428.14 682.10 Td (30 ) Tj ET Q
q 0 0 0 rg BT 440.72 682.10 Td (states, ) Tj ET Q
q 0 0 0 rg BT 468.01 682.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 482.80 682.10 Td (combined ) Tj ET Q
q 0 0 0 rg BT 524.81 682.10 Td (merchant ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 670.10 Td (fleets ) Tj ET Q
q 0 0 0 rg BT 74.67 670.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 86.01 670.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 113.46 670.10 Td (represent ) Tj ET Q
q 0 0 0 rg BT 153.12 670.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 168.91 670.10 Td (less ) Tj ET Q
q 0 0 0 rg BT 186.92 670.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 207.15 670.10 Td (35% ) Tj ET Q
q 0 0 0 rg BT 228.49 670.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 239.83 670.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 255.06 670.10 Td (gross ) Tj ET Q
q 0 0 0 rg BT 279.18 670.10 Td (tonnage ) Tj ET Q
q 0 0 0 rg BT 313.85 670.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 325.19 670.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 340.42 670.10 Td (world's ) Tj ET Q
q 0 0 0 rg BT 372.46 670.10 Td (merchant ) Tj ET Q
q 0 0 0 rg BT 412.67 670.10 Td (shipping. ) Tj ET Q
q 0 0 0 rg BT 452.41 670.10 Td (T) Tj ET Q
q 0 0 0 rg BT 457.82 670.10 Td (o ) Tj ET Q
q 0 0 0 rg BT 465.83 670.10 Td (date, ) Tj ET Q
q 0 0 0 rg BT 488.00 670.10 Td (there ) Tj ET Q
q 0 0 0 rg BT 511.00 670.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 527.34 670.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 543.13 670.10 Td (been ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 658.10 Td (suf) Tj ET Q
q 0 0 0 rg BT 62.04 658.10 Td (ficient ) Tj ET Q
q 0 0 0 rg BT 90.51 658.10 Td (adoption ) Tj ET Q
q 0 0 0 rg BT 128.44 658.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 139.70 658.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 157.08 658.10 Td (standard ) Tj ET Q
q 0 0 0 rg BT 193.88 658.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 208.47 658.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 216.96 658.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 227.67 658.10 Td (take ) Tj ET Q
q 0 0 0 rg BT 247.25 658.10 Td (force. ) Tj ET Q
q 0 0 0 rg BT 273.22 658.10 Td (However) Tj ET Q
q 0 0 0 rg BT 309.47 658.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 314.90 658.10 Td (Panama ) Tj ET Q
q 0 0 0 rg BT 349.48 658.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 369.63 658.10 Td (adopt ) Tj ET Q
q 0 0 0 rg BT 394.78 658.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 412.15 658.10 Td (standard ) Tj ET Q
q 0 0 0 rg BT 448.96 658.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 459.67 658.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 474.81 658.10 Td (relatively ) Tj ET Q
q 0 0 0 rg BT 515.50 658.10 Td (near ) Tj ET Q
q 0 0 0 rg BT 535.64 658.10 Td (future, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 646.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 77.67 646.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 105.91 646.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 118.58 646.10 Td (suf) Tj ET Q
q 0 0 0 rg BT 130.62 646.10 Td (ficient ) Tj ET Q
q 0 0 0 rg BT 159.40 646.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 174.29 646.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 183.09 646.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 194.10 646.10 Td (take ) Tj ET Q
q 0 0 0 rg BT 213.99 646.10 Td (force. ) Tj ET Q
q 0 0 0 rg BT 240.26 646.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 250.16 646.10 Td (mid-ocean ) Tj ET Q
q 0 0 0 rg BT 295.59 646.10 Td (ballast ) Tj ET Q
q 0 0 0 rg BT 324.93 646.10 Td (exchange ) Tj ET Q
q 0 0 0 rg BT 365.92 646.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 375.83 646.10 Td (made ) Tj ET Q
q 0 0 0 rg BT 400.72 646.10 Td (mandatory) Tj ET Q
q 0 0 0 rg BT 442.83 646.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 448.56 646.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 460.13 646.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 469.47 646.10 Td (ballast ) Tj ET Q
q 0 0 0 rg BT 498.81 646.10 Td (water ) Tj ET Q
q 0 0 0 rg BT 524.25 646.10 Td (treatment ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.10 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 105.45 634.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 117.02 634.10 Td (options ) Tj ET Q
q 0 0 0 rg BT 149.71 634.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 165.16 634.10 Td (instituted, ) Tj ET Q
q 0 0 0 rg BT 208.13 634.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 223.59 634.10 Td (cost ) Tj ET Q
q 0 0 0 rg BT 242.94 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 254.51 634.10 Td (compliance ) Tj ET Q
q 0 0 0 rg BT 303.85 634.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 329.31 634.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 365.30 634.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 380.21 634.10 Td (ocean ) Tj ET Q
q 0 0 0 rg BT 406.77 634.10 Td (carriers, ) Tj ET Q
q 0 0 0 rg BT 442.49 634.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 460.17 634.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 475.63 634.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 498.87 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 510.45 634.10 Td (ballast ) Tj ET Q
q 0 0 0 rg BT 539.79 634.10 Td (water ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.10 Td (treatment ) Tj ET Q
q 0 0 0 rg BT 90.26 622.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 109.98 622.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 121.91 622.10 Td (material.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (A) Tj ET Q
q 0 0 0 rg BT 56.67 598.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 59.55 598.10 Td (failure ) Tj ET Q
q 0 0 0 rg BT 88.53 598.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 99.18 598.10 Td (comply ) Tj ET Q
q 0 0 0 rg BT 132.06 598.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 152.72 598.10 Td (applicable ) Tj ET Q
q 0 0 0 rg BT 196.69 598.10 Td (laws ) Tj ET Q
q 0 0 0 rg BT 217.90 598.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 235.22 598.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 282.53 598.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 302.63 598.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 327.73 598.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 338.39 598.10 Td (administrative ) Tj ET Q
q 0 0 0 rg BT 398.48 598.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 415.80 598.10 Td (civil ) Tj ET Q
q 0 0 0 rg BT 436.45 598.10 Td (penalties, ) Tj ET Q
q 0 0 0 rg BT 477.37 598.10 Td (criminal ) Tj ET Q
q 0 0 0 rg BT 513.57 598.10 Td (sanctions ) Tj ET Q
q 0 0 0 rg BT 553.67 598.10 Td (or ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 65.40 586.10 Td (suspension ) Tj ET Q
q 0 0 0 rg BT 112.47 586.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 123.98 586.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 173.26 586.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 184.77 586.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 201.28 586.10 Td (operations. ) Tj ET Q
q 0 0 0 rg BT 248.61 586.10 Td (Environmental ) Tj ET Q
q 0 0 0 rg BT 311.22 586.10 Td (laws ) Tj ET Q
q 0 0 0 rg BT 332.73 586.10 Td (often ) Tj ET Q
q 0 0 0 rg BT 356.46 586.10 Td (impose ) Tj ET Q
q 0 0 0 rg BT 388.53 586.10 Td (strict ) Tj ET Q
q 0 0 0 rg BT 411.70 586.10 Td (liability ) Tj ET Q
q 0 0 0 rg BT 445.99 586.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 460.83 586.10 Td (remediation ) Tj ET Q
q 0 0 0 rg BT 511.77 586.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 523.28 586.10 Td (spills ) Tj ET Q
q 0 0 0 rg BT 547.58 586.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (releases ) Tj ET Q
q 0 0 0 rg BT 84.48 574.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 95.64 574.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 109.04 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 126.31 574.10 Td (hazardous ) Tj ET Q
q 0 0 0 rg BT 169.68 574.10 Td (substances, ) Tj ET Q
q 0 0 0 rg BT 217.78 574.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 245.06 574.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 270.11 574.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 301.27 574.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 312.99 574.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 323.61 574.10 Td (liability) Tj ET Q
q 0 0 0 rg BT 354.06 574.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 359.40 574.10 Td (without ) Tj ET Q
q 0 0 0 rg BT 392.79 574.10 Td (regard ) Tj ET Q
q 0 0 0 rg BT 421.16 574.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 431.77 574.10 Td (whether ) Tj ET Q
q 0 0 0 rg BT 466.82 574.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 481.31 574.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 503.57 574.10 Td (negligent ) Tj ET Q
q 0 0 0 rg BT 543.62 574.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 554.79 574.10 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (fault.Under ) Tj ET Q
q 0 0 0 rg BT 102.81 562.10 Td (OP) Tj ET Q
q 0 0 0 rg BT 114.67 562.10 Td (A, ) Tj ET Q
q 0 0 0 rg BT 126.38 562.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 140.04 562.10 Td (example, ) Tj ET Q
q 0 0 0 rg BT 178.40 562.10 Td (owners, ) Tj ET Q
q 0 0 0 rg BT 211.77 562.10 Td (operators ) Tj ET Q
q 0 0 0 rg BT 250.97 562.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 267.40 562.10 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 303.82 562.10 Td (charterers ) Tj ET Q
q 0 0 0 rg BT 345.22 562.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 359.42 562.10 Td (jointly ) Tj ET Q
q 0 0 0 rg BT 387.52 562.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 403.95 562.10 Td (severally ) Tj ET Q
q 0 0 0 rg BT 442.04 562.10 Td (strictly ) Tj ET Q
q 0 0 0 rg BT 471.80 562.10 Td (liable ) Tj ET Q
q 0 0 0 rg BT 496.01 562.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 509.66 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 523.87 562.10 Td (dischar) Tj ET Q
q 0 0 0 rg BT 552.56 562.10 Td (ge ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.93 550.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 74.08 550.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 84.46 550.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 104.83 550.10 Td (waters, ) Tj ET Q
q 0 0 0 rg BT 136.03 550.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 176.40 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 191.21 550.10 Td (200-nautical ) Tj ET Q
q 0 0 0 rg BT 243.79 550.10 Td (mile ) Tj ET Q
q 0 0 0 rg BT 264.16 550.10 Td (exclusive ) Tj ET Q
q 0 0 0 rg BT 304.52 550.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 345.99 550.10 Td (zone ) Tj ET Q
q 0 0 0 rg BT 367.46 550.10 Td (around ) Tj ET Q
q 0 0 0 rg BT 397.83 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 412.64 550.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 442.46 550.10 Td (States.) Tj ET Q
q 0 0 0 rg BT 473.29 550.10 Td (An ) Tj ET Q
q 0 0 0 rg BT 488.11 550.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 501.26 550.10 Td (spill ) Tj ET Q
q 0 0 0 rg BT 521.09 550.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 545.90 550.10 Td (also ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 74.18 538.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 83.92 538.10 Td (significant ) Tj ET Q
q 0 0 0 rg BT 128.10 538.10 Td (liability) Tj ET Q
q 0 0 0 rg BT 158.55 538.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 163.02 538.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 202.75 538.10 Td (fines, ) Tj ET Q
q 0 0 0 rg BT 226.66 538.10 Td (penalties, ) Tj ET Q
q 0 0 0 rg BT 266.66 538.10 Td (criminal ) Tj ET Q
q 0 0 0 rg BT 301.94 538.10 Td (liability ) Tj ET Q
q 0 0 0 rg BT 335.01 538.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 351.42 538.10 Td (remediation ) Tj ET Q
q 0 0 0 rg BT 401.14 538.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 423.10 538.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 436.72 538.10 Td (natural ) Tj ET Q
q 0 0 0 rg BT 466.45 538.10 Td (resource ) Tj ET Q
q 0 0 0 rg BT 502.28 538.10 Td (damages ) Tj ET Q
q 0 0 0 rg BT 539.23 538.10 Td (under ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 73.01 526.10 Td (international ) Tj ET Q
q 0 0 0 rg BT 126.01 526.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 142.92 526.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 163.17 526.10 Td (Federal, ) Tj ET Q
q 0 0 0 rg BT 198.12 526.10 Td (state ) Tj ET Q
q 0 0 0 rg BT 218.91 526.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 235.81 526.10 Td (local ) Tj ET Q
q 0 0 0 rg BT 257.71 526.10 Td (laws, ) Tj ET Q
q 0 0 0 rg BT 281.00 526.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 291.80 526.10 Td (well ) Tj ET Q
q 0 0 0 rg BT 311.48 526.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 322.27 526.10 Td (third-party ) Tj ET Q
q 0 0 0 rg BT 367.50 526.10 Td (damages, ) Tj ET Q
q 0 0 0 rg BT 407.45 526.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 447.69 526.10 Td (punitive ) Tj ET Q
q 0 0 0 rg BT 482.93 526.10 Td (damages, ) Tj ET Q
q 0 0 0 rg BT 522.88 526.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 539.78 526.10 Td (could ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (harm ) Tj ET Q
q 0 0 0 rg BT 73.76 514.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 90.31 514.10 Td (reputation ) Tj ET Q
q 0 0 0 rg BT 134.07 514.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 155.06 514.10 Td (current ) Tj ET Q
q 0 0 0 rg BT 186.60 514.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 198.14 514.10 Td (potential ) Tj ET Q
q 0 0 0 rg BT 236.35 514.10 Td (charterers ) Tj ET Q
q 0 0 0 rg BT 278.98 514.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 290.53 514.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 307.08 514.10 Td (tankers.) Tj ET Q
q 0 0 0 rg BT 343.27 514.10 Td (W) Tj ET Q
q 0 0 0 rg BT 351.91 514.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 359.56 514.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 378.34 514.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 390.99 514.10 Td (required ) Tj ET Q
q 0 0 0 rg BT 427.53 514.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 438.52 514.10 Td (satisfy ) Tj ET Q
q 0 0 0 rg BT 467.85 514.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 509.38 514.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 527.03 514.10 Td (financial ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (responsibility ) Tj ET Q
q 0 0 0 rg BT 107.15 502.10 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 162.07 502.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 176.44 502.10 Td (potential ) Tj ET Q
q 0 0 0 rg BT 214.14 502.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 227.40 502.10 Td (\(including ) Tj ET Q
q 0 0 0 rg BT 271.22 502.10 Td (marine ) Tj ET Q
q 0 0 0 rg BT 301.69 502.10 Td (fuel\) ) Tj ET Q
q 0 0 0 rg BT 323.28 502.10 Td (spills ) Tj ET Q
q 0 0 0 rg BT 347.10 502.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 364.25 502.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 387.51 502.10 Td (pollution ) Tj ET Q
q 0 0 0 rg BT 426.33 502.10 Td (incidents.) Tj ET Q
q 0 0 0 rg BT 469.38 502.10 Td (Although ) Tj ET Q
q 0 0 0 rg BT 509.87 502.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 525.91 502.10 Td (technical ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (manager ) Tj ET Q
q 0 0 0 rg BT 86.58 490.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 104.29 490.10 Td (arrange ) Tj ET Q
q 0 0 0 rg BT 136.41 490.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 150.23 490.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 190.69 490.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 200.62 490.10 Td (cover ) Tj ET Q
q 0 0 0 rg BT 224.98 490.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 240.47 490.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 270.95 490.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 290.88 490.10 Td (respect ) Tj ET Q
q 0 0 0 rg BT 321.35 490.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 331.28 490.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 360.63 490.10 Td (environmental ) Tj ET Q
q 0 0 0 rg BT 420.54 490.10 Td (risks, ) Tj ET Q
q 0 0 0 rg BT 444.09 490.10 Td (there ) Tj ET Q
q 0 0 0 rg BT 466.22 490.10 Td (can ) Tj ET Q
q 0 0 0 rg BT 482.25 490.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 493.84 490.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 506.00 490.10 Td (assurance ) Tj ET Q
q 0 0 0 rg BT 547.02 490.10 Td (that ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 70.70 478.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 111.38 478.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 129.31 478.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 141.11 478.10 Td (suf) Tj ET Q
q 0 0 0 rg BT 153.15 478.10 Td (ficient ) Tj ET Q
q 0 0 0 rg BT 181.06 478.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 191.21 478.10 Td (cover ) Tj ET Q
q 0 0 0 rg BT 215.79 478.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 228.15 478.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 248.85 478.10 Td (risks ) Tj ET Q
q 0 0 0 rg BT 270.11 478.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 280.81 478.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 298.17 478.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 314.98 478.10 Td (claims ) Tj ET Q
q 0 0 0 rg BT 343.45 478.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 361.37 478.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 376.52 478.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 397.76 478.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 404.57 478.10 Td (material ) Tj ET Q
q 0 0 0 rg BT 439.70 478.10 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 472.60 478.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 480.19 478.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 497.54 478.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 509.91 478.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 525.61 478.10 Td (business, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 87.48 466.10 Td (condition, ) Tj ET Q
q 0 0 0 rg BT 130.25 466.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 158.86 466.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 169.69 466.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 213.85 466.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 230.79 466.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 251.05 466.10 Td (flows.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 59.70 442.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 73.28 442.10 Td (fail ) Tj ET Q
q 0 0 0 rg BT 89.64 442.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 99.90 442.10 Td (comply ) Tj ET Q
q 0 0 0 rg BT 131.81 442.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 152.07 442.10 Td (international ) Tj ET Q
q 0 0 0 rg BT 208.45 442.10 Td (safety ) Tj ET Q
q 0 0 0 rg BT 234.80 442.10 Td (regulations, ) Tj ET Q
q 0 0 0 rg BT 286.46 442.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 300.04 442.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 319.74 442.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 331.65 442.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 363.01 442.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 373.27 442.10 Td (increased ) Tj ET Q
q 0 0 0 rg BT 415.18 442.10 Td (liability) Tj ET Q
q 0 0 0 rg BT 445.92 442.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 450.89 442.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 478.38 442.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 498.07 442.10 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 538.86 442.10 Td (af) Tj ET Q
q 0 0 0 rg BT 547.01 442.10 Td (fect ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 66.95 430.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 110.58 430.10 Td (coverage ) Tj ET Q
q 0 0 0 rg BT 149.72 430.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 167.78 430.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 187.50 430.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 213.34 430.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 224.18 430.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 231.68 430.10 Td (denial ) Tj ET Q
q 0 0 0 rg BT 259.74 430.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 270.57 430.10 Td (access ) Tj ET Q
q 0 0 0 rg BT 299.17 430.10 Td (to, ) Tj ET Q
q 0 0 0 rg BT 311.94 430.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 323.33 430.10 Td (detention ) Tj ET Q
q 0 0 0 rg BT 364.17 430.10 Td (in, ) Tj ET Q
q 0 0 0 rg BT 377.51 430.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 408.90 430.10 Td (ports) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.24 406.10 Td (operation ) Tj ET Q
q 0 0 0 rg BT 108.70 406.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 119.72 406.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 135.75 406.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 166.77 406.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 176.14 406.10 Td (af) Tj ET Q
q 0 0 0 rg BT 183.72 406.10 Td (fected ) Tj ET Q
q 0 0 0 rg BT 210.84 406.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 223.54 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 238.45 406.10 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 293.34 406.10 Td (set ) Tj ET Q
q 0 0 0 rg BT 307.15 406.10 Td (forth ) Tj ET Q
q 0 0 0 rg BT 329.28 406.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 339.75 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 354.66 406.10 Td (IMO's ) Tj ET Q
q 0 0 0 rg BT 382.50 406.10 Td (International ) Tj ET Q
q 0 0 0 rg BT 436.28 406.10 Td (Management ) Tj ET Q
q 0 0 0 rg BT 491.17 406.10 Td (Code ) Tj ET Q
q 0 0 0 rg BT 514.98 406.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 529.33 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 544.24 406.10 Td (Safe ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (Operation ) Tj ET Q
q 0 0 0 rg BT 92.44 394.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 103.23 394.10 Td (Ships ) Tj ET Q
q 0 0 0 rg BT 127.92 394.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 144.81 394.10 Td (Pollution ) Tj ET Q
q 0 0 0 rg BT 183.94 394.10 Td (Prevention, ) Tj ET Q
q 0 0 0 rg BT 232.22 394.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 243.01 394.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 257.68 394.10 Td (ISM ) Tj ET Q
q 0 0 0 rg BT 277.92 394.10 Td (Code. ) Tj ET Q
q 0 0 0 rg BT 303.81 394.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 321.81 394.10 Td (ISM ) Tj ET Q
q 0 0 0 rg BT 342.05 394.10 Td (Code ) Tj ET Q
q 0 0 0 rg BT 365.61 394.10 Td (requires ) Tj ET Q
q 0 0 0 rg BT 400.28 394.10 Td (shipowners, ) Tj ET Q
q 0 0 0 rg BT 450.78 394.10 Td (ship ) Tj ET Q
q 0 0 0 rg BT 469.91 394.10 Td (managers ) Tj ET Q
q 0 0 0 rg BT 510.68 394.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 527.58 394.10 Td (bareboat ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (charterers ) Tj ET Q
q 0 0 0 rg BT 93.80 382.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 105.96 382.10 Td (develop ) Tj ET Q
q 0 0 0 rg BT 142.00 382.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 160.83 382.10 Td (maintain ) Tj ET Q
q 0 0 0 rg BT 200.20 382.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 214.02 382.10 Td (extensive ) Tj ET Q
q 0 0 0 rg BT 256.17 382.10 Td ("Safety ) Tj ET Q
q 0 0 0 rg BT 290.19 382.10 Td (Management ) Tj ET Q
q 0 0 0 rg BT 346.77 382.10 Td (System" ) Tj ET Q
q 0 0 0 rg BT 384.69 382.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 404.07 382.10 Td (includes ) Tj ET Q
q 0 0 0 rg BT 441.78 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 458.38 382.10 Td (adoption ) Tj ET Q
q 0 0 0 rg BT 497.76 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 510.47 382.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 519.30 382.10 Td (safety ) Tj ET Q
q 0 0 0 rg BT 547.56 382.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (environmental ) Tj ET Q
q 0 0 0 rg BT 109.83 370.10 Td (protection ) Tj ET Q
q 0 0 0 rg BT 152.44 370.10 Td (policy ) Tj ET Q
q 0 0 0 rg BT 179.51 370.10 Td (setting ) Tj ET Q
q 0 0 0 rg BT 208.24 370.10 Td (forth ) Tj ET Q
q 0 0 0 rg BT 229.75 370.10 Td (instructions ) Tj ET Q
q 0 0 0 rg BT 278.49 370.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 295.00 370.10 Td (procedures ) Tj ET Q
q 0 0 0 rg BT 340.93 370.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 354.66 370.10 Td (safe ) Tj ET Q
q 0 0 0 rg BT 372.83 370.10 Td (operation ) Tj ET Q
q 0 0 0 rg BT 412.67 370.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 429.17 370.10 Td (describing ) Tj ET Q
q 0 0 0 rg BT 472.90 370.10 Td (procedures ) Tj ET Q
q 0 0 0 rg BT 518.84 370.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 532.57 370.10 Td (dealing ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 71.16 358.10 Td (emer) Tj ET Q
q 0 0 0 rg BT 90.97 358.10 Td (gencies. ) Tj ET Q
q 0 0 0 rg BT 126.84 358.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 136.88 358.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 151.93 358.10 Td (fail ) Tj ET Q
q 0 0 0 rg BT 168.64 358.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 179.80 358.10 Td (comply ) Tj ET Q
q 0 0 0 rg BT 213.18 358.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 234.35 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 249.95 358.10 Td (ISM ) Tj ET Q
q 0 0 0 rg BT 271.12 358.10 Td (Code, ) Tj ET Q
q 0 0 0 rg BT 298.11 358.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 313.16 358.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 333.76 358.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 346.58 358.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 378.29 358.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 389.46 358.10 Td (increased ) Tj ET Q
q 0 0 0 rg BT 430.60 358.10 Td (liability) Tj ET Q
q 0 0 0 rg BT 461.06 358.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 466.94 358.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 487.54 358.10 Td (invalidate ) Tj ET Q
q 0 0 0 rg BT 530.36 358.10 Td (existing ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 90.59 346.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 101.19 346.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 137.88 346.10 Td (available ) Tj ET Q
q 0 0 0 rg BT 176.24 346.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 216.82 346.10 Td (coverage ) Tj ET Q
q 0 0 0 rg BT 255.18 346.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 269.11 346.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 284.71 346.10 Td (af) Tj ET Q
q 0 0 0 rg BT 292.30 346.10 Td (fected ) Tj ET Q
q 0 0 0 rg BT 319.00 346.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 349.60 346.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 366.31 346.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 386.91 346.10 Td (failure ) Tj ET Q
q 0 0 0 rg BT 415.28 346.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 434.77 346.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 459.26 346.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 469.31 346.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 476.02 346.10 Td (denial ) Tj ET Q
q 0 0 0 rg BT 502.72 346.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 513.32 346.10 Td (access ) Tj ET Q
q 0 0 0 rg BT 541.13 346.10 Td (to, ) Tj ET Q
q 0 0 0 rg BT 553.68 346.10 Td (or ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (detention ) Tj ET Q
q 0 0 0 rg BT 89.71 334.10 Td (in, ) Tj ET Q
q 0 0 0 rg BT 102.49 334.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 132.19 334.10 Td (ports.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (Maritime ) Tj ET Q
q 0 0 0 rg BT 90.83 310.10 Td (claimants ) Tj ET Q
q 0 0 0 rg BT 133.34 310.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 158.62 310.10 Td (arrest ) Tj ET Q
q 0 0 0 rg BT 185.01 310.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 202.51 310.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 213.90 310.10 Td (more ) Tj ET Q
q 0 0 0 rg BT 237.51 310.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 248.34 310.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 265.29 310.10 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 298.06 310.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 325.57 310.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 350.85 310.10 Td (interrupt ) Tj ET Q
q 0 0 0 rg BT 390.03 310.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 406.98 310.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 428.37 310.10 Td (flow) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (Crew ) Tj ET Q
q 0 0 0 rg BT 74.01 286.10 Td (members, ) Tj ET Q
q 0 0 0 rg BT 115.52 286.10 Td (suppliers ) Tj ET Q
q 0 0 0 rg BT 153.98 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 164.67 286.10 Td (goods ) Tj ET Q
q 0 0 0 rg BT 190.91 286.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 207.71 286.10 Td (services ) Tj ET Q
q 0 0 0 rg BT 242.27 286.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 252.40 286.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 259.19 286.10 Td (vessel, ) Tj ET Q
q 0 0 0 rg BT 288.48 286.10 Td (shippers ) Tj ET Q
q 0 0 0 rg BT 324.17 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 334.85 286.10 Td (car) Tj ET Q
q 0 0 0 rg BT 346.88 286.10 Td (go ) Tj ET Q
q 0 0 0 rg BT 359.23 286.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 376.02 286.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 398.92 286.10 Td (parties ) Tj ET Q
q 0 0 0 rg BT 427.93 286.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 447.50 286.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 459.29 286.10 Td (entitled ) Tj ET Q
q 0 0 0 rg BT 491.64 286.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 501.77 286.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 508.56 286.10 Td (maritime ) Tj ET Q
q 0 0 0 rg BT 547.01 286.10 Td (lien ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (against ) Tj ET Q
q 0 0 0 rg BT 81.44 274.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 88.98 274.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 116.53 274.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 131.30 274.10 Td (unsatisfied ) Tj ET Q
q 0 0 0 rg BT 177.74 274.10 Td (debts, ) Tj ET Q
q 0 0 0 rg BT 204.46 274.10 Td (claims ) Tj ET Q
q 0 0 0 rg BT 233.67 274.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 245.11 274.10 Td (damages. ) Tj ET Q
q 0 0 0 rg BT 285.71 274.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 297.15 274.10 Td (many ) Tj ET Q
q 0 0 0 rg BT 322.48 274.10 Td (jurisdictions, ) Tj ET Q
q 0 0 0 rg BT 377.53 274.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 385.08 274.10 Td (maritime ) Tj ET Q
q 0 0 0 rg BT 424.29 274.10 Td (lienholder ) Tj ET Q
q 0 0 0 rg BT 467.94 274.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 488.27 274.10 Td (enforce ) Tj ET Q
q 0 0 0 rg BT 521.35 274.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 533.91 274.10 Td (lien ) Tj ET Q
q 0 0 0 rg BT 552.02 274.10 Td (by ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td ("arresting" ) Tj ET Q
q 0 0 0 rg BT 95.59 262.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 106.36 262.10 Td ("attaching" ) Tj ET Q
q 0 0 0 rg BT 153.61 262.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 160.48 262.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 187.36 262.10 Td (through ) Tj ET Q
q 0 0 0 rg BT 220.91 262.10 Td (foreclosure ) Tj ET Q
q 0 0 0 rg BT 268.32 262.10 Td (proceedings. ) Tj ET Q
q 0 0 0 rg BT 321.40 262.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 339.38 262.10 Td (arrest ) Tj ET Q
q 0 0 0 rg BT 364.03 262.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 374.80 262.10 Td (attachment ) Tj ET Q
q 0 0 0 rg BT 421.10 262.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 431.87 262.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 448.75 262.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 459.51 262.10 Td (more ) Tj ET Q
q 0 0 0 rg BT 482.50 262.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 493.27 262.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 509.03 262.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 539.80 262.10 Td (could ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 74.72 250.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 85.00 250.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 91.93 250.10 Td (significant ) Tj ET Q
q 0 0 0 rg BT 136.65 250.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 154.71 250.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 165.54 250.10 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 201.91 250.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 216.07 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 230.79 250.10 Td (related ) Tj ET Q
q 0 0 0 rg BT 260.49 250.10 Td (of) Tj ET Q
q 0 0 0 rg BT 268.64 250.10 Td (f-hire ) Tj ET Q
q 0 0 0 rg BT 293.35 250.10 Td (period.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.25 226.10 Td (addition, ) Tj ET Q
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q 0 0 0 rg BT 499.32 226.10 Td (arrest ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F5 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
153 0 obj
<<
/Length 39297
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stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F5 10.00 Tf ET
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BT /F5 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 75.17 634.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 89.78 634.25 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 142.17 634.25 Td (contracts, ) Tj ET Q
q 0 0 0 rg BT 183.16 634.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 210.00 634.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 224.06 634.25 Td (refer ) Tj ET Q
q 0 0 0 rg BT 245.32 634.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 255.50 634.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 266.23 634.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 280.84 634.25 Td (Restructuring. ) Tj ET Q
q 0 0 0 rg BT 340.17 634.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 342.04 634.25 Td (As ) Tj ET Q
q 0 0 0 rg BT 355.55 634.25 Td (part ) Tj ET Q
q 0 0 0 rg BT 373.49 634.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 384.22 634.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 398.84 634.25 Td (Restructuring, ) Tj ET Q
q 0 0 0 rg BT 458.17 634.25 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 497.23 634.25 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 519.63 634.25 Td (has ) Tj ET Q
q 0 0 0 rg BT 535.35 634.25 Td (agreed ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 59.61 622.25 Td (fully ) Tj ET Q
q 0 0 0 rg BT 80.32 622.25 Td (reimburse ) Tj ET Q
q 0 0 0 rg BT 122.14 622.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 138.40 622.25 Td (indemnify ) Tj ET Q
q 0 0 0 rg BT 181.34 622.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 195.38 622.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 236.10 622.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 249.58 622.25 Td (all ) Tj ET Q
q 0 0 0 rg BT 261.41 622.25 Td (payments ) Tj ET Q
q 0 0 0 rg BT 301.56 622.25 Td (made ) Tj ET Q
q 0 0 0 rg BT 325.05 622.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 349.64 622.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 365.91 622.25 Td (guarantees ) Tj ET Q
q 0 0 0 rg BT 410.49 622.25 Td (issued ) Tj ET Q
q 0 0 0 rg BT 437.32 622.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 449.15 622.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 463.20 622.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 503.91 622.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 513.52 622.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 527.56 622.25 Td (shipyard ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 60.56 610.25 Td (connection ) Tj ET Q
q 0 0 0 rg BT 107.22 610.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 127.78 610.25 Td (three ) Tj ET Q
q 0 0 0 rg BT 150.35 610.25 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 179.80 610.25 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 232.58 610.25 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 271.45 610.25 Td (acquired ) Tj ET Q
q 0 0 0 rg BT 308.66 610.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 330.88 610.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 345.88 610.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 387.55 610.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 404.77 610.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 415.34 610.25 Td (reimburse ) Tj ET Q
q 0 0 0 rg BT 458.10 610.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 473.10 610.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 514.77 610.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 529.22 610.25 Td (all ) Tj ET Q
q 0 0 0 rg BT 542.00 610.25 Td (costs ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.25 Td (incurred ) Tj ET Q
q 0 0 0 rg BT 87.36 598.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 99.18 598.25 Td (connection ) Tj ET Q
q 0 0 0 rg BT 147.10 598.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 168.92 598.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 193.52 598.25 Td (guarantees. ) Tj ET Q
q 0 0 0 rg BT 242.81 598.25 Td (Currently) Tj ET Q
q 0 0 0 rg BT 280.49 598.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 287.04 598.25 Td (there ) Tj ET Q
q 0 0 0 rg BT 311.07 598.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 321.78 598.25 Td ($209.0 ) Tj ET Q
q 0 0 0 rg BT 353.33 598.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 386.26 598.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 398.08 598.25 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 442.67 598.25 Td (installments ) Tj ET Q
q 0 0 0 rg BT 495.05 598.25 Td (relating ) Tj ET Q
q 0 0 0 rg BT 529.63 598.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 541.46 598.25 Td (these ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.25 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 102.89 586.25 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 141.87 586.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 156.43 586.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 183.76 586.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 198.86 586.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 240.64 586.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 250.21 586.25 Td (contingently ) Tj ET Q
q 0 0 0 rg BT 303.09 586.25 Td (liable. ) Tj ET Q
q 0 0 0 rg BT 330.48 586.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 348.92 586.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 390.70 586.25 Td (has ) Tj ET Q
q 0 0 0 rg BT 406.92 586.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 422.59 586.25 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 460.46 586.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 477.79 586.25 Td (liability ) Tj ET Q
q 0 0 0 rg BT 511.79 586.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 522.46 586.25 Td (respect ) Tj ET Q
q 0 0 0 rg BT 553.67 586.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 73.33 574.25 Td (guarantees ) Tj ET Q
q 0 0 0 rg BT 118.88 574.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 129.99 574.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 145.00 574.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 186.67 574.25 Td (does ) Tj ET Q
q 0 0 0 rg BT 207.79 574.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 223.35 574.25 Td (believe ) Tj ET Q
q 0 0 0 rg BT 255.01 574.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 272.79 574.25 Td (it ) Tj ET Q
q 0 0 0 rg BT 281.14 574.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 299.48 574.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 311.71 574.25 Td (required ) Tj ET Q
q 0 0 0 rg BT 347.81 574.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 358.38 574.25 Td (make ) Tj ET Q
q 0 0 0 rg BT 382.82 574.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 400.04 574.25 Td (payments ) Tj ET Q
q 0 0 0 rg BT 441.16 574.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 451.72 574.25 Td (relation ) Tj ET Q
q 0 0 0 rg BT 485.05 574.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 495.62 574.25 Td (them. ) Tj ET Q
q 0 0 0 rg BT 520.90 574.25 Td (Following ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.81 562.25 Td (Restructuring ) Tj ET Q
q 0 0 0 rg BT 121.85 562.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 138.88 562.25 Td (private ) Tj ET Q
q 0 0 0 rg BT 169.24 562.25 Td (placements ) Tj ET Q
q 0 0 0 rg BT 216.82 562.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 229.42 562.25 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 268.68 562.25 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 291.28 562.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 301.66 562.25 Td (May ) Tj ET Q
q 0 0 0 rg BT 322.58 562.25 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 345.18 562.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 362.22 562.25 Td (January ) Tj ET Q
q 0 0 0 rg BT 395.91 562.25 Td (2013, ) Tj ET Q
q 0 0 0 rg BT 421.01 562.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 435.27 562.25 Td (own ) Tj ET Q
q 0 0 0 rg BT 455.09 562.25 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 515.44 562.25 Td (6.3% ) Tj ET Q
q 0 0 0 rg BT 538.87 562.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 549.80 562.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.25 Td (outstanding ) Tj ET Q
q 0 0 0 rg BT 99.20 550.25 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 137.83 550.25 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 167.02 550.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 177.89 550.25 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 217.08 550.25 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 239.62 550.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 256.59 550.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 272.45 550.25 Td (majority ) Tj ET Q
q 0 0 0 rg BT 308.87 550.25 Td (shareholder) Tj ET Q
q 0 0 0 rg BT 355.11 550.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 360.15 550.25 Td (Hemen ) Tj ET Q
q 0 0 0 rg BT 391.56 550.25 Td (Holding ) Tj ET Q
q 0 0 0 rg BT 426.87 550.25 Td (Ltd., ) Tj ET Q
q 0 0 0 rg BT 448.29 550.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 459.15 550.25 Td (Hemen, ) Tj ET Q
q 0 0 0 rg BT 493.06 550.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 500.03 550.25 Td (Cyprus ) Tj ET Q
q 0 0 0 rg BT 531.46 550.25 Td (holding ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.25 Td (company ) Tj ET Q
q 0 0 0 rg BT 89.06 538.25 Td (indirectly ) Tj ET Q
q 0 0 0 rg BT 129.78 538.25 Td (controlled ) Tj ET Q
q 0 0 0 rg BT 172.72 538.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 185.12 538.25 Td (trusts ) Tj ET Q
q 0 0 0 rg BT 209.19 538.25 Td (established ) Tj ET Q
q 0 0 0 rg BT 256.02 538.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 268.42 538.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 284.15 538.25 Td (Chairman ) Tj ET Q
q 0 0 0 rg BT 325.98 538.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 342.82 538.25 Td (President, ) Tj ET Q
q 0 0 0 rg BT 384.94 538.25 Td (Mr) Tj ET Q
q 0 0 0 rg BT 396.61 538.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 401.51 538.25 Td (Fredriksen,owns ) Tj ET Q
q 0 0 0 rg BT 472.79 538.25 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 532.95 538.25 Td (51% ) Tj ET Q
q 0 0 0 rg BT 553.68 538.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.72 526.25 Td (outstanding ) Tj ET Q
q 0 0 0 rg BT 113.88 526.25 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 152.48 526.25 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 181.64 526.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 192.47 526.25 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 231.64 526.25 Td (2012.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.25 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.25 Td (Our ) Tj ET Q
q 0 0 0 rg BT 67.99 502.25 Td (bank ) Tj ET Q
q 0 0 0 rg BT 89.86 502.25 Td (debt ) Tj ET Q
q 0 0 0 rg BT 109.52 502.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 127.50 502.25 Td (eliminated ) Tj ET Q
q 0 0 0 rg BT 172.15 502.25 Td (following ) Tj ET Q
q 0 0 0 rg BT 213.47 502.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 228.13 502.25 Td (Restructuring, ) Tj ET Q
q 0 0 0 rg BT 287.50 502.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 294.37 502.25 Td ($12.9 ) Tj ET Q
q 0 0 0 rg BT 319.31 502.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 350.63 502.25 Td (prepayment ) Tj ET Q
q 0 0 0 rg BT 400.27 502.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 411.04 502.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 417.92 502.25 Td (loan ) Tj ET Q
q 0 0 0 rg BT 437.57 502.25 Td (associated ) Tj ET Q
q 0 0 0 rg BT 481.10 502.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 501.31 502.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 508.19 502.25 Td (vessel, ) Tj ET Q
q 0 0 0 rg BT 537.56 502.25 Td (which ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 68.19 490.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 83.61 490.25 Td (part ) Tj ET Q
q 0 0 0 rg BT 101.79 490.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 112.76 490.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 127.61 490.25 Td (Restructuring, ) Tj ET Q
q 0 0 0 rg BT 187.19 490.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 204.26 490.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 219.12 490.25 Td ($33.0 ) Tj ET Q
q 0 0 0 rg BT 244.26 490.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 275.79 490.25 Td (prepayment ) Tj ET Q
q 0 0 0 rg BT 325.63 490.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 336.59 490.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 343.67 490.25 Td (loan ) Tj ET Q
q 0 0 0 rg BT 363.53 490.25 Td (associated ) Tj ET Q
q 0 0 0 rg BT 407.26 490.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 427.67 490.25 Td (Independent ) Tj ET Q
q 0 0 0 rg BT 479.55 490.25 Td (T) Tj ET Q
q 0 0 0 rg BT 484.96 490.25 Td (ankers ) Tj ET Q
q 0 0 0 rg BT 513.69 490.25 Td (Corporation ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.25 Td (Limited, ) Tj ET Q
q 0 0 0 rg BT 85.80 478.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 95.77 478.25 Td (ITCL, ) Tj ET Q
q 0 0 0 rg BT 122.13 478.25 Td (one ) Tj ET Q
q 0 0 0 rg BT 138.21 478.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 148.18 478.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 162.04 478.25 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 208.26 478.25 Td (majority ) Tj ET Q
q 0 0 0 rg BT 243.78 478.25 Td (owned ) Tj ET Q
q 0 0 0 rg BT 272.08 478.25 Td (subsidiaries.In ) Tj ET Q
q 0 0 0 rg BT 336.77 478.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 350.63 478.25 Td (event ) Tj ET Q
q 0 0 0 rg BT 373.92 478.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 387.22 478.25 Td (enter ) Tj ET Q
q 0 0 0 rg BT 408.85 478.25 Td (into ) Tj ET Q
q 0 0 0 rg BT 426.04 478.25 Td (loan ) Tj ET Q
q 0 0 0 rg BT 444.90 478.25 Td (agreements ) Tj ET Q
q 0 0 0 rg BT 492.08 478.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 502.05 478.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 524.23 478.25 Td (financing ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.25 Td (arrangements ) Tj ET Q
q 0 0 0 rg BT 105.99 466.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 115.89 466.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 130.23 466.25 Td (future, ) Tj ET Q
q 0 0 0 rg BT 158.73 466.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 185.29 466.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 199.62 466.25 Td (secured ) Tj ET Q
q 0 0 0 rg BT 232.28 466.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 244.40 466.25 Td (liens ) Tj ET Q
q 0 0 0 rg BT 265.41 466.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 277.53 466.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 292.99 466.25 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 325.94 466.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 339.72 466.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 359.06 466.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 370.63 466.25 Td (subject ) Tj ET Q
q 0 0 0 rg BT 401.07 466.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 410.97 466.25 Td (various ) Tj ET Q
q 0 0 0 rg BT 442.54 466.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 479.64 466.25 Td (covenants, ) Tj ET Q
q 0 0 0 rg BT 524.25 466.25 Td (including ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.25 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 104.28 454.25 Td (relating ) Tj ET Q
q 0 0 0 rg BT 136.90 454.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 146.76 454.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 162.16 454.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 199.22 454.25 Td (position, ) Tj ET Q
q 0 0 0 rg BT 236.03 454.25 Td (operating ) Tj ET Q
q 0 0 0 rg BT 275.87 454.25 Td (performance ) Tj ET Q
q 0 0 0 rg BT 328.47 454.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 344.98 454.25 Td (liquidity) Tj ET Q
q 0 0 0 rg BT 378.23 454.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 382.80 454.25 Td (For ) Tj ET Q
q 0 0 0 rg BT 398.77 454.25 Td (example, ) Tj ET Q
q 0 0 0 rg BT 437.22 454.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 450.96 454.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 470.25 454.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 481.77 454.25 Td (required ) Tj ET Q
q 0 0 0 rg BT 517.16 454.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 527.02 454.25 Td (maintain ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.25 Td (\(i\) ) Tj ET Q
q 0 0 0 rg BT 61.93 442.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 68.87 442.25 Td (minimum ) Tj ET Q
q 0 0 0 rg BT 110.25 442.25 Td (value ) Tj ET Q
q 0 0 0 rg BT 134.40 442.25 Td (adjusted ) Tj ET Q
q 0 0 0 rg BT 170.22 442.25 Td (equity ) Tj ET Q
q 0 0 0 rg BT 197.71 442.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 215.21 442.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 224.37 442.25 Td (based, ) Tj ET Q
q 0 0 0 rg BT 252.13 442.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 262.41 442.25 Td (part, ) Tj ET Q
q 0 0 0 rg BT 282.95 442.25 Td (upon ) Tj ET Q
q 0 0 0 rg BT 305.44 442.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 320.16 442.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 350.42 442.25 Td (value ) Tj ET Q
q 0 0 0 rg BT 374.57 442.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 385.39 442.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 400.10 442.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 430.93 442.25 Td (securing ) Tj ET Q
q 0 0 0 rg BT 467.30 442.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 482.01 442.25 Td (loans; ) Tj ET Q
q 0 0 0 rg BT 508.39 442.25 Td (\(ii\) ) Tj ET Q
q 0 0 0 rg BT 523.11 442.25 Td (minimum ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.25 Td (levels ) Tj ET Q
q 0 0 0 rg BT 76.25 430.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 87.50 430.25 Td (free ) Tj ET Q
q 0 0 0 rg BT 105.96 430.25 Td (cash; ) Tj ET Q
q 0 0 0 rg BT 129.43 430.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 146.79 430.25 Td (\(iii\) ) Tj ET Q
q 0 0 0 rg BT 164.71 430.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 172.07 430.25 Td (positive ) Tj ET Q
q 0 0 0 rg BT 206.66 430.25 Td (working ) Tj ET Q
q 0 0 0 rg BT 242.91 430.25 Td (capital.) Tj ET Q
q 0 0 0 rg BT 276.88 430.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 295.35 430.25 Td (loan ) Tj ET Q
q 0 0 0 rg BT 315.49 430.25 Td (associated ) Tj ET Q
q 0 0 0 rg BT 359.50 430.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 380.20 430.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 396.46 430.25 Td (convertible ) Tj ET Q
q 0 0 0 rg BT 444.36 430.25 Td (bonds ) Tj ET Q
q 0 0 0 rg BT 471.17 430.25 Td (imposes ) Tj ET Q
q 0 0 0 rg BT 506.87 430.25 Td (operating ) Tj ET Q
q 0 0 0 rg BT 547.56 430.25 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.25 Td (negative ) Tj ET Q
q 0 0 0 rg BT 85.98 418.25 Td (covenants ) Tj ET Q
q 0 0 0 rg BT 128.08 418.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 140.19 418.25 Td (us ) Tj ET Q
q 0 0 0 rg BT 151.20 418.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 167.75 418.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 183.19 418.25 Td (subsidiaries. ) Tj ET Q
q 0 0 0 rg BT 234.55 418.25 Td (A) Tj ET Q
q 0 0 0 rg BT 241.22 418.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 243.33 418.25 Td (violation ) Tj ET Q
q 0 0 0 rg BT 281.00 418.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 291.44 418.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 314.10 418.25 Td (covenants ) Tj ET Q
q 0 0 0 rg BT 356.19 418.25 Td (constitutes ) Tj ET Q
q 0 0 0 rg BT 401.08 418.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 412.63 418.25 Td (event ) Tj ET Q
q 0 0 0 rg BT 436.40 418.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 446.84 418.25 Td (default ) Tj ET Q
q 0 0 0 rg BT 476.71 418.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 501.59 418.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 517.04 418.25 Td (convertible ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.25 Td (bonds, ) Tj ET Q
q 0 0 0 rg BT 78.87 406.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 105.78 406.25 Td (would, ) Tj ET Q
q 0 0 0 rg BT 135.76 406.25 Td (unless ) Tj ET Q
q 0 0 0 rg BT 163.24 406.25 Td (waived ) Tj ET Q
q 0 0 0 rg BT 194.59 406.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 207.07 406.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 222.88 406.25 Td (bondholders, ) Tj ET Q
q 0 0 0 rg BT 277.29 406.25 Td (provide ) Tj ET Q
q 0 0 0 rg BT 310.32 406.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 326.12 406.25 Td (bondholders ) Tj ET Q
q 0 0 0 rg BT 378.04 406.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 398.29 406.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 412.99 406.25 Td (right ) Tj ET Q
q 0 0 0 rg BT 434.35 406.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 444.61 406.25 Td (require ) Tj ET Q
q 0 0 0 rg BT 475.40 406.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 490.09 406.25 Td (principal ) Tj ET Q
q 0 0 0 rg BT 528.11 406.25 Td (amounts ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 74.94 394.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 89.32 394.25 Td (convertible ) Tj ET Q
q 0 0 0 rg BT 136.47 394.25 Td (bonds ) Tj ET Q
q 0 0 0 rg BT 162.54 394.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 202.48 394.25 Td (accrued ) Tj ET Q
q 0 0 0 rg BT 235.73 394.25 Td (interest ) Tj ET Q
q 0 0 0 rg BT 267.33 394.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 283.94 394.25 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 322.21 394.25 Td (due ) Tj ET Q
q 0 0 0 rg BT 338.82 394.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 352.65 394.25 Td (immediate ) Tj ET Q
q 0 0 0 rg BT 397.02 394.25 Td (payment ) Tj ET Q
q 0 0 0 rg BT 433.63 394.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 450.24 394.25 Td (accelerate ) Tj ET Q
q 0 0 0 rg BT 492.36 394.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 507.86 394.25 Td (indebtedness, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 76.94 382.25 Td (would ) Tj ET Q
q 0 0 0 rg BT 104.44 382.25 Td (impair ) Tj ET Q
q 0 0 0 rg BT 133.04 382.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 148.87 382.25 Td (ability ) Tj ET Q
q 0 0 0 rg BT 176.92 382.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 187.20 382.25 Td (continue ) Tj ET Q
q 0 0 0 rg BT 224.14 382.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 234.41 382.25 Td (conduct ) Tj ET Q
q 0 0 0 rg BT 268.57 382.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 284.40 382.25 Td (business.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.13 358.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 96.47 358.25 Td (value ) Tj ET Q
q 0 0 0 rg BT 119.71 358.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 129.62 358.25 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 160.08 358.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 168.33 358.25 Td (sensitive, ) Tj ET Q
q 0 0 0 rg BT 207.41 358.25 Td (among ) Tj ET Q
q 0 0 0 rg BT 236.20 358.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 258.33 358.25 Td (things, ) Tj ET Q
q 0 0 0 rg BT 286.86 358.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 296.22 358.25 Td (changes ) Tj ET Q
q 0 0 0 rg BT 330.01 358.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 339.37 358.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 353.17 358.25 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 379.73 358.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 409.07 358.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 438.41 358.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 457.77 358.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 483.79 358.25 Td (values ) Tj ET Q
q 0 0 0 rg BT 510.92 358.25 Td (deteriorating ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 60.04 346.25 Td (times ) Tj ET Q
q 0 0 0 rg BT 83.97 346.25 Td (when ) Tj ET Q
q 0 0 0 rg BT 107.89 346.25 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 135.14 346.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 165.16 346.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 186.30 346.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 200.77 346.25 Td (falling ) Tj ET Q
q 0 0 0 rg BT 229.14 346.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 245.84 346.25 Td (improving ) Tj ET Q
q 0 0 0 rg BT 289.77 346.25 Td (when ) Tj ET Q
q 0 0 0 rg BT 313.69 346.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 343.71 346.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 364.85 346.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 379.32 346.25 Td (anticipated ) Tj ET Q
q 0 0 0 rg BT 425.45 346.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 435.49 346.25 Td (rise. ) Tj ET Q
q 0 0 0 rg BT 454.69 346.25 Td (Such ) Tj ET Q
q 0 0 0 rg BT 476.95 346.25 Td (conditions ) Tj ET Q
q 0 0 0 rg BT 520.88 346.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 540.36 346.25 Td (make ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.25 Td (it ) Tj ET Q
q 0 0 0 rg BT 57.57 334.25 Td (dif) Tj ET Q
q 0 0 0 rg BT 68.49 334.25 Td (ficult ) Tj ET Q
q 0 0 0 rg BT 91.61 334.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 105.28 334.25 Td (us ) Tj ET Q
q 0 0 0 rg BT 116.18 334.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 125.96 334.25 Td (comply ) Tj ET Q
q 0 0 0 rg BT 157.97 334.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 177.76 334.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 214.75 334.25 Td (covenants ) Tj ET Q
q 0 0 0 rg BT 256.74 334.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 270.41 334.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 289.64 334.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 310.52 334.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 320.31 334.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 334.54 334.25 Td (future. ) Tj ET Q
q 0 0 0 rg BT 362.92 334.25 Td (In ) Tj ET Q
q 0 0 0 rg BT 373.26 334.25 Td (such ) Tj ET Q
q 0 0 0 rg BT 393.60 334.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 400.05 334.25 Td (situation, ) Tj ET Q
q 0 0 0 rg BT 439.00 334.25 Td (unless ) Tj ET Q
q 0 0 0 rg BT 466.01 334.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 481.35 334.25 Td (lenders ) Tj ET Q
q 0 0 0 rg BT 512.24 334.25 Td (were ) Tj ET Q
q 0 0 0 rg BT 533.67 334.25 Td (willing ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.09 322.25 Td (provide ) Tj ET Q
q 0 0 0 rg BT 92.95 322.25 Td (waivers ) Tj ET Q
q 0 0 0 rg BT 126.36 322.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 137.00 322.25 Td (covenant ) Tj ET Q
q 0 0 0 rg BT 175.40 322.25 Td (compliance ) Tj ET Q
q 0 0 0 rg BT 223.80 322.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 234.44 322.25 Td (modifications ) Tj ET Q
q 0 0 0 rg BT 291.75 322.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 301.83 322.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 317.48 322.25 Td (covenants, ) Tj ET Q
q 0 0 0 rg BT 362.27 322.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 372.91 322.25 Td (would ) Tj ET Q
q 0 0 0 rg BT 400.22 322.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 411.97 322.25 Td (willing ) Tj ET Q
q 0 0 0 rg BT 442.62 322.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 452.71 322.25 Td (refinance ) Tj ET Q
q 0 0 0 rg BT 492.21 322.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 507.85 322.25 Td (indebtedness, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 64.13 310.25 Td (might ) Tj ET Q
q 0 0 0 rg BT 89.94 310.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 111.29 310.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 121.54 310.25 Td (sell ) Tj ET Q
q 0 0 0 rg BT 137.90 310.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 168.71 310.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 178.96 310.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 194.76 310.25 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 215.00 310.25 Td (and/or ) Tj ET Q
q 0 0 0 rg BT 243.02 310.25 Td (seek ) Tj ET Q
q 0 0 0 rg BT 263.26 310.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 273.51 310.25 Td (raise ) Tj ET Q
q 0 0 0 rg BT 294.86 310.25 Td (additional ) Tj ET Q
q 0 0 0 rg BT 337.32 310.25 Td (capital ) Tj ET Q
q 0 0 0 rg BT 366.45 310.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 376.70 310.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 391.39 310.25 Td (equity ) Tj ET Q
q 0 0 0 rg BT 418.86 310.25 Td (markets ) Tj ET Q
q 0 0 0 rg BT 452.99 310.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 463.24 310.25 Td (order ) Tj ET Q
q 0 0 0 rg BT 486.81 310.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 497.06 310.25 Td (comply ) Tj ET Q
q 0 0 0 rg BT 529.53 310.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 549.78 310.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.25 Td (loan ) Tj ET Q
q 0 0 0 rg BT 68.74 298.25 Td (covenants.Furthermore, ) Tj ET Q
q 0 0 0 rg BT 170.23 298.25 Td (if ) Tj ET Q
q 0 0 0 rg BT 177.86 298.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 191.60 298.25 Td (value ) Tj ET Q
q 0 0 0 rg BT 214.78 298.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 224.63 298.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 239.49 298.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 269.34 298.25 Td (deteriorates ) Tj ET Q
q 0 0 0 rg BT 317.50 298.25 Td (significantly) Tj ET Q
q 0 0 0 rg BT 366.84 298.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 370.86 298.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 384.05 298.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 402.79 298.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 423.19 298.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 432.49 298.25 Td (record ) Tj ET Q
q 0 0 0 rg BT 459.55 298.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 470.51 298.25 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 518.13 298.25 Td (adjustment ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 60.28 286.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 76.11 286.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 113.59 286.25 Td (statements, ) Tj ET Q
q 0 0 0 rg BT 160.80 286.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 187.74 286.25 Td (would ) Tj ET Q
q 0 0 0 rg BT 215.24 286.25 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 256.05 286.25 Td (af) Tj ET Q
q 0 0 0 rg BT 263.64 286.25 Td (fect ) Tj ET Q
q 0 0 0 rg BT 281.13 286.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 296.96 286.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 334.44 286.25 Td (results ) Tj ET Q
q 0 0 0 rg BT 363.05 286.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 379.99 286.25 Td (further ) Tj ET Q
q 0 0 0 rg BT 409.69 286.25 Td (hinder ) Tj ET Q
q 0 0 0 rg BT 437.74 286.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 453.57 286.25 Td (ability ) Tj ET Q
q 0 0 0 rg BT 481.62 286.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 491.90 286.25 Td (raise ) Tj ET Q
q 0 0 0 rg BT 513.28 286.25 Td (capital.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.25 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.25 Td (W) Tj ET Q
q 0 0 0 rg BT 58.15 262.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.40 262.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 81.54 262.25 Td (dependent ) Tj ET Q
q 0 0 0 rg BT 126.57 262.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 139.95 262.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 155.54 262.25 Td (spot ) Tj ET Q
q 0 0 0 rg BT 175.02 262.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 206.72 262.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 225.09 262.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 242.91 262.25 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 281.25 262.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 292.41 262.25 Td (spot ) Tj ET Q
q 0 0 0 rg BT 311.89 262.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 343.59 262.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 366.40 262.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 377.55 262.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 393.14 262.25 Td (future ) Tj ET Q
q 0 0 0 rg BT 421.52 262.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 441.55 262.25 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 482.68 262.25 Td (af) Tj ET Q
q 0 0 0 rg BT 490.83 262.25 Td (fect ) Tj ET Q
q 0 0 0 rg BT 508.62 262.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 525.89 262.25 Td (earnings ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 68.06 250.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 85.01 250.25 Td (ability ) Tj ET Q
q 0 0 0 rg BT 113.07 250.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 123.34 250.25 Td (pay ) Tj ET Q
q 0 0 0 rg BT 140.28 250.25 Td (dividends) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.25 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.25 Td (As ) Tj ET Q
q 0 0 0 rg BT 62.89 226.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 73.00 226.25 Td (December ) Tj ET Q
q 0 0 0 rg BT 115.87 226.25 Td (31, ) Tj ET Q
q 0 0 0 rg BT 130.15 226.25 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 154.43 226.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 167.87 226.25 Td (operated ) Tj ET Q
q 0 0 0 rg BT 204.07 226.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 210.29 226.25 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 229.83 226.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 239.94 226.25 Td (39 ) Tj ET Q
q 0 0 0 rg BT 251.72 226.25 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 284.33 226.25 Td (excluding ) Tj ET Q
q 0 0 0 rg BT 325.54 226.25 Td (1) Tj ET Q
q 0 0 0 rg BT 330.17 226.25 Td (1 ) Tj ET Q
q 0 0 0 rg BT 336.95 226.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 367.06 226.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 391.61 226.25 Td (commercial ) Tj ET Q
q 0 0 0 rg BT 440.59 226.25 Td (management. ) Tj ET Q
q 0 0 0 rg BT 495.96 226.25 Td (Of ) Tj ET Q
q 0 0 0 rg BT 508.29 226.25 Td (those ) Tj ET Q
q 0 0 0 rg BT 531.18 226.25 Td (vessels, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.25 Td (30 ) Tj ET Q
q 0 0 0 rg BT 61.78 214.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 91.89 214.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 105.88 214.25 Td (currently ) Tj ET Q
q 0 0 0 rg BT 143.76 214.25 Td (employed ) Tj ET Q
q 0 0 0 rg BT 184.98 214.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 194.54 214.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 208.54 214.25 Td (spot ) Tj ET Q
q 0 0 0 rg BT 226.99 214.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 256.53 214.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 266.65 214.25 Td (spot ) Tj ET Q
q 0 0 0 rg BT 285.10 214.25 Td (related ) Tj ET Q
q 0 0 0 rg BT 314.08 214.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 333.64 214.25 Td (charters, ) Tj ET Q
q 0 0 0 rg BT 369.57 214.25 Td (exposing ) Tj ET Q
q 0 0 0 rg BT 407.46 214.25 Td (us ) Tj ET Q
q 0 0 0 rg BT 418.13 214.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 427.69 214.25 Td (fluctuations ) Tj ET Q
q 0 0 0 rg BT 476.68 214.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 486.25 214.25 Td (spot ) Tj ET Q
q 0 0 0 rg BT 504.70 214.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 534.24 214.25 Td (charter ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.25 Td (rates. ) Tj ET Q
q 0 0 0 rg BT 73.88 202.25 Td (W) Tj ET Q
q 0 0 0 rg BT 82.52 202.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 89.66 202.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 111.24 202.25 Td (also ) Tj ET Q
q 0 0 0 rg BT 130.04 202.25 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 159.39 202.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 169.87 202.25 Td (acquire ) Tj ET Q
q 0 0 0 rg BT 201.99 202.25 Td (two ) Tj ET Q
q 0 0 0 rg BT 219.69 202.25 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 272.39 202.25 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 311.74 202.25 Td (tankers, ) Tj ET Q
q 0 0 0 rg BT 345.82 202.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 372.96 202.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 387.87 202.25 Td (expected ) Tj ET Q
q 0 0 0 rg BT 426.10 202.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 436.58 202.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 448.72 202.25 Td (delivered ) Tj ET Q
q 0 0 0 rg BT 488.62 202.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 499.10 202.25 Td (us ) Tj ET Q
q 0 0 0 rg BT 510.69 202.25 Td (during ) Tj ET Q
q 0 0 0 rg BT 539.50 202.25 Td (2013. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.25 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 190.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.53 190.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 85.21 190.25 Td (operate ) Tj ET Q
q 0 0 0 rg BT 117.09 190.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 132.88 190.25 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 185.33 190.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 216.12 190.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 226.35 190.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 241.03 190.25 Td (spot ) Tj ET Q
q 0 0 0 rg BT 260.15 190.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 290.38 190.25 Td (following ) Tj ET Q
q 0 0 0 rg BT 331.72 190.25 Td (their ) Tj ET Q
q 0 0 0 rg BT 352.50 190.25 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 387.72 190.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 397.96 190.25 Td (us ) Tj ET Q
q 0 0 0 rg BT 409.31 190.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 426.21 190.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 445.88 190.25 Td (enter ) Tj ET Q
q 0 0 0 rg BT 468.32 190.25 Td (into ) Tj ET Q
q 0 0 0 rg BT 486.34 190.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 501.01 190.25 Td (spot ) Tj ET Q
q 0 0 0 rg BT 520.14 190.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 550.36 190.25 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 66.94 178.25 Td (additional ) Tj ET Q
q 0 0 0 rg BT 109.43 178.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 140.26 178.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 157.75 178.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 171.91 178.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 191.63 178.25 Td (acquire ) Tj ET Q
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BT /F3 10.00 Tf ET
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endstream
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BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 394.16 538.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 407.22 538.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 429.17 538.10 Td (charters) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (When ) Tj ET Q
q 0 0 0 rg BT 76.21 514.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 90.20 514.10 Td (enter ) Tj ET Q
q 0 0 0 rg BT 112.52 514.10 Td (into ) Tj ET Q
q 0 0 0 rg BT 130.41 514.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 137.18 514.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 157.29 514.10 Td (charter) Tj ET Q
q 0 0 0 rg BT 184.64 514.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 189.48 514.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 219.56 514.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 240.77 514.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 265.87 514.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 283.20 514.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 313.29 514.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 327.83 514.10 Td (fixed ) Tj ET Q
q 0 0 0 rg BT 350.71 514.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 364.70 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 379.25 514.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 399.91 514.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 410.57 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 425.12 514.10 Td (charter) Tj ET Q
q 0 0 0 rg BT 452.33 514.10 Td (.If ) Tj ET Q
q 0 0 0 rg BT 468.82 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 483.37 514.10 Td (spot ) Tj ET Q
q 0 0 0 rg BT 502.37 514.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 532.47 514.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 553.68 514.10 Td (or ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (short-term ) Tj ET Q
q 0 0 0 rg BT 93.99 502.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 114.10 502.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 144.20 502.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 165.41 502.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 175.53 502.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 190.08 502.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 217.41 502.10 Td (industry ) Tj ET Q
q 0 0 0 rg BT 252.52 502.10 Td (become ) Tj ET Q
q 0 0 0 rg BT 285.95 502.10 Td (significantly ) Tj ET Q
q 0 0 0 rg BT 338.28 502.10 Td (lower ) Tj ET Q
q 0 0 0 rg BT 363.39 502.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 382.94 502.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 397.50 502.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 417.61 502.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 447.70 502.10 Td (equivalent ) Tj ET Q
q 0 0 0 rg BT 491.69 502.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 512.90 502.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 530.24 502.10 Td (some ) Tj ET Q
q 0 0 0 rg BT 553.68 502.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 65.90 490.10 Td (charterers ) Tj ET Q
q 0 0 0 rg BT 107.88 490.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 122.66 490.10 Td (obligated ) Tj ET Q
q 0 0 0 rg BT 162.44 490.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 172.79 490.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 189.80 490.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 201.26 490.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 226.60 490.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 242.50 490.10 Td (existing ) Tj ET Q
q 0 0 0 rg BT 276.73 490.10 Td (charters, ) Tj ET Q
q 0 0 0 rg BT 313.45 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 328.24 490.10 Td (charterers ) Tj ET Q
q 0 0 0 rg BT 370.22 490.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 390.01 490.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 411.45 490.10 Td (incentive ) Tj ET Q
q 0 0 0 rg BT 450.67 490.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 461.02 490.10 Td (default ) Tj ET Q
q 0 0 0 rg BT 491.35 490.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 516.69 490.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 534.26 490.10 Td (charter ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 61.48 478.10 Td (attempt ) Tj ET Q
q 0 0 0 rg BT 94.61 478.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 105.54 478.10 Td (renegotiate ) Tj ET Q
q 0 0 0 rg BT 153.11 478.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 168.47 478.10 Td (charter) Tj ET Q
q 0 0 0 rg BT 195.67 478.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 201.32 478.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 211.13 478.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 227.60 478.10 Td (charterers ) Tj ET Q
q 0 0 0 rg BT 270.16 478.10 Td (fail ) Tj ET Q
q 0 0 0 rg BT 286.64 478.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 297.56 478.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 315.15 478.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 336.62 478.10 Td (obligations, ) Tj ET Q
q 0 0 0 rg BT 386.71 478.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 401.52 478.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 429.66 478.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 451.69 478.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 462.61 478.10 Td (attempt ) Tj ET Q
q 0 0 0 rg BT 495.75 478.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 506.67 478.10 Td (re-charter ) Tj ET Q
q 0 0 0 rg BT 548.67 478.10 Td (our ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 80.45 466.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 89.78 466.10 Td (lower ) Tj ET Q
q 0 0 0 rg BT 114.67 466.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 144.54 466.10 Td (rates, ) Tj ET Q
q 0 0 0 rg BT 168.04 466.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 194.59 466.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 221.71 466.10 Td (af) Tj ET Q
q 0 0 0 rg BT 229.30 466.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 246.40 466.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 261.85 466.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 289.52 466.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 299.42 466.10 Td (operate ) Tj ET Q
q 0 0 0 rg BT 330.96 466.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 346.41 466.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 376.86 466.10 Td (profitably ) Tj ET Q
q 0 0 0 rg BT 418.41 466.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 434.96 466.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 454.30 466.10 Td (af) Tj ET Q
q 0 0 0 rg BT 461.89 466.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 478.99 466.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 494.44 466.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 522.11 466.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 532.01 466.10 Td (comply ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 70.28 454.10 Td (covenants ) Tj ET Q
q 0 0 0 rg BT 112.76 454.10 Td (contained ) Tj ET Q
q 0 0 0 rg BT 154.14 454.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 164.41 454.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 181.35 454.10 Td (loan ) Tj ET Q
q 0 0 0 rg BT 201.07 454.10 Td (agreements ) Tj ET Q
q 0 0 0 rg BT 249.10 454.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 263.26 454.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 282.98 454.10 Td (enter ) Tj ET Q
q 0 0 0 rg BT 305.46 454.10 Td (into ) Tj ET Q
q 0 0 0 rg BT 323.52 454.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 333.80 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 348.52 454.10 Td (future.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (Fuel, ) Tj ET Q
q 0 0 0 rg BT 74.45 430.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 85.84 430.10 Td (bunker) Tj ET Q
q 0 0 0 rg BT 114.74 430.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 119.74 430.10 Td (prices ) Tj ET Q
q 0 0 0 rg BT 146.68 430.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 166.40 430.10 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 207.21 430.10 Td (af) Tj ET Q
q 0 0 0 rg BT 215.36 430.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 232.85 430.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 249.80 430.10 Td (profits) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (For ) Tj ET Q
q 0 0 0 rg BT 66.48 406.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 97.40 406.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 109.99 406.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 141.46 406.10 Td (charters, ) Tj ET Q
q 0 0 0 rg BT 178.19 406.10 Td (fuel ) Tj ET Q
q 0 0 0 rg BT 196.33 406.10 Td (oil, ) Tj ET Q
q 0 0 0 rg BT 211.97 406.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 222.89 406.10 Td (bunkers, ) Tj ET Q
q 0 0 0 rg BT 259.64 406.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 268.90 406.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 275.93 406.10 Td (significant, ) Tj ET Q
q 0 0 0 rg BT 323.23 406.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 331.93 406.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 347.30 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 362.10 406.10 Td (lar) Tj ET Q
q 0 0 0 rg BT 372.47 406.10 Td (gest, ) Tj ET Q
q 0 0 0 rg BT 393.67 406.10 Td (expense. ) Tj ET Q
q 0 0 0 rg BT 430.96 406.10 Td (Changes ) Tj ET Q
q 0 0 0 rg BT 467.99 406.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 478.36 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 493.16 406.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 515.74 406.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 526.66 406.10 Td (fuel ) Tj ET Q
q 0 0 0 rg BT 544.79 406.10 Td (may ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 90.93 394.10 Td (af) Tj ET Q
q 0 0 0 rg BT 98.52 394.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 116.12 394.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 132.06 394.10 Td (profitability ) Tj ET Q
q 0 0 0 rg BT 182.45 394.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 192.84 394.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 207.67 394.10 Td (extent ) Tj ET Q
q 0 0 0 rg BT 234.72 394.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 248.99 394.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 270.49 394.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 301.43 394.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 314.05 394.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 345.54 394.10 Td (charters. ) Tj ET Q
q 0 0 0 rg BT 382.11 394.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 400.27 394.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 422.87 394.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 439.92 394.10 Td (supply ) Tj ET Q
q 0 0 0 rg BT 469.21 394.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 480.15 394.10 Td (fuel ) Tj ET Q
q 0 0 0 rg BT 498.31 394.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 507.60 394.10 Td (unpredictable ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.15 382.10 Td (fluctuates ) Tj ET Q
q 0 0 0 rg BT 106.73 382.10 Td (based ) Tj ET Q
q 0 0 0 rg BT 131.20 382.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 142.91 382.10 Td (events ) Tj ET Q
q 0 0 0 rg BT 170.17 382.10 Td (outside ) Tj ET Q
q 0 0 0 rg BT 200.76 382.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 215.80 382.10 Td (control, ) Tj ET Q
q 0 0 0 rg BT 248.33 382.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 287.81 382.10 Td (geopolitical ) Tj ET Q
q 0 0 0 rg BT 336.73 382.10 Td (developments, ) Tj ET Q
q 0 0 0 rg BT 396.48 382.10 Td (supply ) Tj ET Q
q 0 0 0 rg BT 424.86 382.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 441.00 382.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 474.37 382.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 487.73 382.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 500.00 382.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 516.15 382.10 Td (gas, ) Tj ET Q
q 0 0 0 rg BT 533.68 382.10 Td (actions ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 62.16 370.10 Td (OPEC ) Tj ET Q
q 0 0 0 rg BT 89.89 370.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 106.49 370.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 129.20 370.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 141.91 370.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 158.51 370.10 Td (gas ) Tj ET Q
q 0 0 0 rg BT 174.01 370.10 Td (producers, ) Tj ET Q
q 0 0 0 rg BT 218.10 370.10 Td (war ) Tj ET Q
q 0 0 0 rg BT 235.25 370.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 251.85 370.10 Td (unrest ) Tj ET Q
q 0 0 0 rg BT 278.45 370.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 288.39 370.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 301.11 370.10 Td (producing ) Tj ET Q
q 0 0 0 rg BT 343.82 370.10 Td (countries ) Tj ET Q
q 0 0 0 rg BT 382.64 370.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 399.24 370.10 Td (regions, ) Tj ET Q
q 0 0 0 rg BT 433.34 370.10 Td (regional ) Tj ET Q
q 0 0 0 rg BT 468.26 370.10 Td (production ) Tj ET Q
q 0 0 0 rg BT 513.75 370.10 Td (patterns ) Tj ET Q
q 0 0 0 rg BT 547.57 370.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (environmental ) Tj ET Q
q 0 0 0 rg BT 110.64 358.10 Td (concerns. ) Tj ET Q
q 0 0 0 rg BT 151.56 358.10 Td (Further) Tj ET Q
q 0 0 0 rg BT 180.60 358.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 185.98 358.10 Td (fuel ) Tj ET Q
q 0 0 0 rg BT 204.40 358.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 224.50 358.10 Td (become ) Tj ET Q
q 0 0 0 rg BT 258.48 358.10 Td (much ) Tj ET Q
q 0 0 0 rg BT 283.57 358.10 Td (more ) Tj ET Q
q 0 0 0 rg BT 307.00 358.10 Td (expensive ) Tj ET Q
q 0 0 0 rg BT 349.87 358.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 360.53 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 375.63 358.10 Td (future, ) Tj ET Q
q 0 0 0 rg BT 404.88 358.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 432.20 358.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 452.30 358.10 Td (reduce ) Tj ET Q
q 0 0 0 rg BT 481.83 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 496.92 358.10 Td (profitability ) Tj ET Q
q 0 0 0 rg BT 547.57 358.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (competitiveness ) Tj ET Q
q 0 0 0 rg BT 116.93 346.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 127.76 346.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 143.59 346.10 Td (business ) Tj ET Q
q 0 0 0 rg BT 179.98 346.10 Td (versus ) Tj ET Q
q 0 0 0 rg BT 208.03 346.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 231.08 346.10 Td (forms ) Tj ET Q
q 0 0 0 rg BT 256.91 346.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 267.74 346.10 Td (transportation, ) Tj ET Q
q 0 0 0 rg BT 328.28 346.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 349.11 346.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 359.94 346.10 Td (truck ) Tj ET Q
q 0 0 0 rg BT 382.99 346.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 393.82 346.10 Td (rail.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.61 322.10 Td (operation ) Tj ET Q
q 0 0 0 rg BT 110.56 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 121.39 322.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 154.45 322.10 Td (involve ) Tj ET Q
q 0 0 0 rg BT 186.38 322.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 217.77 322.10 Td (unique ) Tj ET Q
q 0 0 0 rg BT 249.17 322.10 Td (operational ) Tj ET Q
q 0 0 0 rg BT 298.90 322.10 Td (risks) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.93 298.10 Td (operation ) Tj ET Q
q 0 0 0 rg BT 108.08 298.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 118.80 298.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 150.06 298.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 165.78 298.10 Td (unique ) Tj ET Q
q 0 0 0 rg BT 195.38 298.10 Td (operational ) Tj ET Q
q 0 0 0 rg BT 242.75 298.10 Td (risks ) Tj ET Q
q 0 0 0 rg BT 264.03 298.10 Td (associated ) Tj ET Q
q 0 0 0 rg BT 307.51 298.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 327.68 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 342.28 298.10 Td (transportation ) Tj ET Q
q 0 0 0 rg BT 400.21 298.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 410.92 298.10 Td (oil.) Tj ET Q
q 0 0 0 rg BT 428.43 298.10 Td (An ) Tj ET Q
q 0 0 0 rg BT 443.04 298.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 455.98 298.10 Td (spill ) Tj ET Q
q 0 0 0 rg BT 475.59 298.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 495.20 298.10 Td (cause ) Tj ET Q
q 0 0 0 rg BT 519.79 298.10 Td (significant ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (environmental ) Tj ET Q
q 0 0 0 rg BT 109.57 286.10 Td (damage, ) Tj ET Q
q 0 0 0 rg BT 144.98 286.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 161.23 286.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 167.48 286.10 Td (catastrophic ) Tj ET Q
q 0 0 0 rg BT 217.60 286.10 Td (spill ) Tj ET Q
q 0 0 0 rg BT 236.64 286.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 260.67 286.10 Td (exceed ) Tj ET Q
q 0 0 0 rg BT 290.24 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 304.27 286.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 344.40 286.10 Td (coverage ) Tj ET Q
q 0 0 0 rg BT 382.30 286.10 Td (available. ) Tj ET Q
q 0 0 0 rg BT 422.70 286.10 Td (Compared ) Tj ET Q
q 0 0 0 rg BT 466.17 286.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 475.76 286.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 498.12 286.10 Td (types ) Tj ET Q
q 0 0 0 rg BT 521.04 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 531.18 286.10 Td (vessels, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 81.15 274.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 95.62 274.10 Td (exposed ) Tj ET Q
q 0 0 0 rg BT 130.66 274.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 140.70 274.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 147.41 274.10 Td (higher ) Tj ET Q
q 0 0 0 rg BT 175.22 274.10 Td (risk ) Tj ET Q
q 0 0 0 rg BT 192.49 274.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 203.09 274.10 Td (damage ) Tj ET Q
q 0 0 0 rg BT 236.45 274.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 253.16 274.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 270.99 274.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 283.26 274.10 Td (fire, ) Tj ET Q
q 0 0 0 rg BT 301.90 274.10 Td (whether ) Tj ET Q
q 0 0 0 rg BT 336.38 274.10 Td (ignited ) Tj ET Q
q 0 0 0 rg BT 366.42 274.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 378.69 274.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 385.39 274.10 Td (terrorist ) Tj ET Q
q 0 0 0 rg BT 419.32 274.10 Td (attack, ) Tj ET Q
q 0 0 0 rg BT 447.96 274.10 Td (collision, ) Tj ET Q
q 0 0 0 rg BT 487.17 274.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 497.77 274.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 520.58 274.10 Td (cause, ) Tj ET Q
q 0 0 0 rg BT 547.56 274.10 Td (due ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.28 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 75.00 262.10 Td (high ) Tj ET Q
q 0 0 0 rg BT 95.27 262.10 Td (flammability ) Tj ET Q
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q 0 0 0 rg BT 166.37 262.10 Td (high ) Tj ET Q
q 0 0 0 rg BT 186.65 262.10 Td (volume ) Tj ET Q
q 0 0 0 rg BT 219.14 262.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 229.97 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 244.69 262.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 257.74 262.10 Td (transported ) Tj ET Q
q 0 0 0 rg BT 305.23 262.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 315.51 262.10 Td (tankers.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (If ) Tj ET Q
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q 0 0 0 rg BT 76.26 238.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 92.43 238.10 Td (unable ) Tj ET Q
q 0 0 0 rg BT 123.06 238.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 134.80 238.10 Td (adequately ) Tj ET Q
q 0 0 0 rg BT 182.08 238.10 Td (maintain ) Tj ET Q
q 0 0 0 rg BT 221.04 238.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 233.34 238.10 Td (safeguard ) Tj ET Q
q 0 0 0 rg BT 276.17 238.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 293.47 238.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 325.77 238.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 341.40 238.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 362.58 238.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 375.99 238.10 Td (unable ) Tj ET Q
q 0 0 0 rg BT 406.61 238.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 418.36 238.10 Td (prevent ) Tj ET Q
q 0 0 0 rg BT 452.31 238.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 476.83 238.10 Td (events. ) Tj ET Q
q 0 0 0 rg BT 507.97 238.10 Td (Any ) Tj ET Q
q 0 0 0 rg BT 529.16 238.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 541.46 238.10 Td (these ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 119.79 226.10 Td (events ) Tj ET Q
q 0 0 0 rg BT 147.74 226.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 172.36 226.10 Td (negatively ) Tj ET Q
q 0 0 0 rg BT 216.42 226.10 Td (impact ) Tj ET Q
q 0 0 0 rg BT 246.04 226.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 261.78 226.10 Td (business, ) Tj ET Q
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q 0 0 0 rg BT 434.24 226.10 Td (operations.In ) Tj ET Q
q 0 0 0 rg BT 494.14 226.10 Td (addition, ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 60.83 214.10 Td (any ) Tj ET Q
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q 0 0 0 rg BT 88.60 214.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 104.43 214.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 135.26 214.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 159.98 214.10 Td (harm ) Tj ET Q
q 0 0 0 rg BT 183.02 214.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 198.85 214.10 Td (reputation ) Tj ET Q
q 0 0 0 rg BT 241.89 214.10 Td (as ) Tj ET Q
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q 0 0 0 rg BT 259.66 214.10 Td (safe ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
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q 0 0 0 rg BT 516.72 190.10 Td (vessels ) Tj ET Q
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BT /F5 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 341.88 142.10 Td (same ) Tj ET Q
q 0 0 0 rg BT 365.44 142.10 Td (knowledge ) Tj ET Q
q 0 0 0 rg BT 412.32 142.10 Td (about ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
155 0 obj
<<
/Length 35988
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stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 254.92 718.10 Td (age ) Tj ET Q
q 0 0 0 rg BT 271.16 718.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 281.85 718.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 312.54 718.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 332.11 718.10 Td (require ) Tj ET Q
q 0 0 0 rg BT 362.79 718.10 Td (expenditures ) Tj ET Q
q 0 0 0 rg BT 416.24 718.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 430.26 718.10 Td (alterations ) Tj ET Q
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q 0 0 0 rg BT 545.36 718.10 Td (new ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 484.26 706.10 Td (e ) Tj ET Q
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q 0 0 0 rg BT 519.80 706.10 Td (assure ) Tj ET Q
q 0 0 0 rg BT 547.02 706.10 Td (you ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 126.58 694.10 Td (age, ) Tj ET Q
q 0 0 0 rg BT 145.23 694.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 175.26 694.10 Td (conditions ) Tj ET Q
q 0 0 0 rg BT 219.20 694.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 237.03 694.10 Td (justify ) Tj ET Q
q 0 0 0 rg BT 264.86 694.10 Td (those ) Tj ET Q
q 0 0 0 rg BT 288.24 694.10 Td (expenditures ) Tj ET Q
q 0 0 0 rg BT 341.61 694.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 352.21 694.10 Td (enable ) Tj ET Q
q 0 0 0 rg BT 380.58 694.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 391.74 694.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 401.79 694.10 Td (operate ) Tj ET Q
q 0 0 0 rg BT 433.49 694.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 449.09 694.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 479.70 694.10 Td (profitably ) Tj ET Q
q 0 0 0 rg BT 521.40 694.10 Td (during ) Tj ET Q
q 0 0 0 rg BT 549.79 694.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 682.10 Td (remainder ) Tj ET Q
q 0 0 0 rg BT 92.19 682.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 102.18 682.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 122.17 682.10 Td (useful ) Tj ET Q
q 0 0 0 rg BT 148.27 682.10 Td (lives.) Tj ET Q
q 0 0 0 rg BT 174.10 682.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 186.88 682.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 192.97 682.10 Td (result, ) Tj ET Q
q 0 0 0 rg BT 219.35 682.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 265.44 682.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 281.54 682.10 Td (standards ) Tj ET Q
q 0 0 0 rg BT 320.97 682.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 344.85 682.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 365.39 682.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 371.48 682.10 Td (material ) Tj ET Q
q 0 0 0 rg BT 405.90 682.10 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 438.10 682.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 445.69 682.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 462.33 682.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 473.99 682.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 488.98 682.10 Td (business, ) Tj ET Q
q 0 0 0 rg BT 527.04 682.10 Td (financial ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 670.10 Td (condition, ) Tj ET Q
q 0 0 0 rg BT 92.77 670.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 121.38 670.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 132.21 670.10 Td (operations, ) Tj ET Q
q 0 0 0 rg BT 178.87 670.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 199.14 670.10 Td (flows ) Tj ET Q
q 0 0 0 rg BT 223.86 670.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 240.80 670.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 268.85 670.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 279.13 670.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 296.06 670.10 Td (dividends.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 658.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 646.10 Td (Our ) Tj ET Q
q 0 0 0 rg BT 68.17 646.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 95.22 646.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 104.50 646.10 Td (obtain ) Tj ET Q
q 0 0 0 rg BT 132.12 646.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 150.83 646.10 Td (financing ) Tj ET Q
q 0 0 0 rg BT 192.34 646.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 211.06 646.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 222.00 646.10 Td (dependent ) Tj ET Q
q 0 0 0 rg BT 265.71 646.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 277.77 646.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 292.05 646.10 Td (performance ) Tj ET Q
q 0 0 0 rg BT 346.32 646.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 356.15 646.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 372.10 646.10 Td (then-existing ) Tj ET Q
q 0 0 0 rg BT 427.50 646.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 462.89 646.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 479.95 646.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 494.22 646.10 Td (creditworthiness ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.83 634.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 77.78 634.10 Td (charterers) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td (Following ) Tj ET Q
q 0 0 0 rg BT 93.70 610.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 108.50 610.10 Td (Restructuring ) Tj ET Q
q 0 0 0 rg BT 165.51 610.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 182.53 610.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 193.44 610.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 204.35 610.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 219.15 610.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 238.38 610.10 Td (hereof, ) Tj ET Q
q 0 0 0 rg BT 269.00 610.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 283.24 610.10 Td (do ) Tj ET Q
q 0 0 0 rg BT 295.82 610.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 311.18 610.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 332.64 610.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 349.66 610.10 Td (outstanding ) Tj ET Q
q 0 0 0 rg BT 398.90 610.10 Td (bank ) Tj ET Q
q 0 0 0 rg BT 420.92 610.10 Td (debt. ) Tj ET Q
q 0 0 0 rg BT 443.03 610.10 Td (W) Tj ET Q
q 0 0 0 rg BT 451.67 610.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 458.69 610.10 Td (may) Tj ET Q
q 0 0 0 rg BT 475.26 610.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 480.34 610.10 Td (however) Tj ET Q
q 0 0 0 rg BT 514.37 610.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 519.45 610.10 Td (incur ) Tj ET Q
q 0 0 0 rg BT 542.57 610.10 Td (bank ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 68.98 598.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 78.53 598.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 92.51 598.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 118.16 598.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 127.70 598.10 Td (fund, ) Tj ET Q
q 0 0 0 rg BT 150.30 598.10 Td (among ) Tj ET Q
q 0 0 0 rg BT 179.28 598.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 201.59 598.10 Td (things, ) Tj ET Q
q 0 0 0 rg BT 230.31 598.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 245.41 598.10 Td (general ) Tj ET Q
q 0 0 0 rg BT 276.60 598.10 Td (corporate ) Tj ET Q
q 0 0 0 rg BT 316.12 598.10 Td (purposes ) Tj ET Q
q 0 0 0 rg BT 353.43 598.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 363.53 598.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 377.51 598.10 Td (expansion ) Tj ET Q
q 0 0 0 rg BT 419.83 598.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 429.92 598.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 445.02 598.10 Td (fleet.) Tj ET Q
q 0 0 0 rg BT 470.10 598.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 487.42 598.10 Td (actual ) Tj ET Q
q 0 0 0 rg BT 513.06 598.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 523.15 598.10 Td (perceived ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td (credit ) Tj ET Q
q 0 0 0 rg BT 74.91 586.10 Td (quality ) Tj ET Q
q 0 0 0 rg BT 104.83 586.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 115.31 586.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 130.79 586.10 Td (charterers, ) Tj ET Q
q 0 0 0 rg BT 174.85 586.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 191.43 586.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 208.02 586.10 Td (defaults ) Tj ET Q
q 0 0 0 rg BT 241.82 586.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 253.97 586.10 Td (them, ) Tj ET Q
q 0 0 0 rg BT 278.61 586.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 297.98 586.10 Td (materially ) Tj ET Q
q 0 0 0 rg BT 340.66 586.10 Td (af) Tj ET Q
q 0 0 0 rg BT 348.25 586.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 365.38 586.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 380.86 586.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 408.56 586.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 418.49 586.10 Td (obtain ) Tj ET Q
q 0 0 0 rg BT 445.63 586.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 459.99 586.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 488.79 586.10 Td (resources ) Tj ET Q
q 0 0 0 rg BT 528.70 586.10 Td (required ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.32 574.10 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 98.40 574.10 Td (additional ) Tj ET Q
q 0 0 0 rg BT 140.93 574.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 171.80 574.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 182.67 574.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 202.43 574.10 Td (significantly ) Tj ET Q
q 0 0 0 rg BT 254.96 574.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 290.26 574.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 306.13 574.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 328.67 574.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 339.54 574.10 Td (obtaining ) Tj ET Q
q 0 0 0 rg BT 379.86 574.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 400.73 574.10 Td (capital. ) Tj ET Q
q 0 0 0 rg BT 432.42 574.10 Td (Our ) Tj ET Q
q 0 0 0 rg BT 450.52 574.10 Td (inability ) Tj ET Q
q 0 0 0 rg BT 486.39 574.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 496.71 574.10 Td (obtain ) Tj ET Q
q 0 0 0 rg BT 524.24 574.10 Td (financing ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 59.72 562.10 Td (anticipated ) Tj ET Q
q 0 0 0 rg BT 106.08 562.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 128.58 562.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 139.41 562.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 149.13 562.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 161.63 562.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 181.34 562.10 Td (materially ) Tj ET Q
q 0 0 0 rg BT 224.38 562.10 Td (af) Tj ET Q
q 0 0 0 rg BT 231.97 562.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 249.45 562.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 265.28 562.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 293.89 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 304.72 562.10 Td (operation ) Tj ET Q
q 0 0 0 rg BT 344.99 562.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 361.92 562.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 377.75 562.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 405.81 562.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 416.08 562.10 Td (implement ) Tj ET Q
q 0 0 0 rg BT 461.35 562.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 477.18 562.10 Td (business ) Tj ET Q
q 0 0 0 rg BT 513.57 562.10 Td (strategy) Tj ET Q
q 0 0 0 rg BT 544.58 562.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (Because ) Tj ET Q
q 0 0 0 rg BT 87.82 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 103.99 538.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 136.26 538.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 161.87 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 173.58 538.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 191.42 538.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 222.58 538.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 243.18 538.10 Td (fluctuate ) Tj ET Q
q 0 0 0 rg BT 283.23 538.10 Td (significantly) Tj ET Q
q 0 0 0 rg BT 333.97 538.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 339.86 538.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 354.35 538.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 374.96 538.10 Td (incur ) Tj ET Q
q 0 0 0 rg BT 400.57 538.10 Td (losses ) Tj ET Q
q 0 0 0 rg BT 427.85 538.10 Td (when ) Tj ET Q
q 0 0 0 rg BT 453.47 538.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 467.96 538.10 Td (sell ) Tj ET Q
q 0 0 0 rg BT 485.24 538.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 516.39 538.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 544.79 538.10 Td (may ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 90.82 526.10 Td (af) Tj ET Q
q 0 0 0 rg BT 98.96 526.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 116.45 526.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 133.40 526.10 Td (earnings) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.05 502.10 Td (fair ) Tj ET Q
q 0 0 0 rg BT 84.42 502.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 114.69 502.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 138.84 502.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 149.67 502.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 180.50 502.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 200.22 502.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 235.47 502.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 252.41 502.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 289.33 502.10 Td (depending ) Tj ET Q
q 0 0 0 rg BT 333.48 502.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 345.98 502.10 Td (but ) Tj ET Q
q 0 0 0 rg BT 361.26 502.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 376.54 502.10 Td (limited ) Tj ET Q
q 0 0 0 rg BT 407.37 502.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 417.65 502.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 432.36 502.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 473.75 502.10 Td (factors:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 478.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 478.10 Td (general ) Tj ET Q
q 0 0 0 rg BT 117.92 478.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 159.30 478.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 176.23 478.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 206.50 478.10 Td (conditions ) Tj ET Q
q 0 0 0 rg BT 250.66 478.10 Td (af) Tj ET Q
q 0 0 0 rg BT 258.25 478.10 Td (fecting ) Tj ET Q
q 0 0 0 rg BT 288.51 478.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 303.23 478.10 Td (shipping ) Tj ET Q
q 0 0 0 rg BT 340.18 478.10 Td (industry;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 466.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 466.10 Td (competition ) Tj ET Q
q 0 0 0 rg BT 136.27 466.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 158.21 466.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 181.25 466.10 Td (shipping ) Tj ET Q
q 0 0 0 rg BT 218.20 466.10 Td (companies;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 454.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 454.10 Td (types ) Tj ET Q
q 0 0 0 rg BT 109.61 454.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 126.55 454.10 Td (sizes ) Tj ET Q
q 0 0 0 rg BT 148.49 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 159.32 454.10 Td (vessels;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 442.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 100.72 442.10 Td (availability ) Tj ET Q
q 0 0 0 rg BT 148.20 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 159.03 442.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 182.08 442.10 Td (modes ) Tj ET Q
q 0 0 0 rg BT 210.69 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 221.52 442.10 Td (transportation;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 430.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 430.10 Td (cost ) Tj ET Q
q 0 0 0 rg BT 104.61 430.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 115.44 430.10 Td (newbuildings;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 418.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 418.10 Td (shipyard ) Tj ET Q
q 0 0 0 rg BT 122.94 418.10 Td (capacity;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 406.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 406.10 Td (governmental ) Tj ET Q
q 0 0 0 rg BT 143.48 406.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 154.31 406.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 177.36 406.10 Td (regulations;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 394.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 394.10 Td (age ) Tj ET Q
q 0 0 0 rg BT 102.38 394.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 113.21 394.10 Td (vessels;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 382.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 382.10 Td (prevailing ) Tj ET Q
q 0 0 0 rg BT 129.04 382.10 Td (level ) Tj ET Q
q 0 0 0 rg BT 150.98 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 161.81 382.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 192.06 382.10 Td (rates;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 370.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 100.72 370.10 Td (need ) Tj ET Q
q 0 0 0 rg BT 122.09 370.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 132.37 370.10 Td (upgrade ) Tj ET Q
q 0 0 0 rg BT 167.08 370.10 Td (secondhand ) Tj ET Q
q 0 0 0 rg BT 216.79 370.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 233.72 370.10 Td (previously ) Tj ET Q
q 0 0 0 rg BT 278.44 370.10 Td (owned ) Tj ET Q
q 0 0 0 rg BT 307.60 370.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 338.43 370.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 349.26 370.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 356.20 370.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 380.92 370.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 391.75 370.10 Td (charterer ) Tj ET Q
q 0 0 0 rg BT 429.77 370.10 Td (requirements; ) Tj ET Q
q 0 0 0 rg BT 487.25 370.10 Td (and) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 358.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 358.10 Td (technological ) Tj ET Q
q 0 0 0 rg BT 142.37 358.10 Td (advances ) Tj ET Q
q 0 0 0 rg BT 181.51 358.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 191.79 358.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 218.73 358.10 Td (design ) Tj ET Q
q 0 0 0 rg BT 247.34 358.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 258.17 358.10 Td (equipment ) Tj ET Q
q 0 0 0 rg BT 302.88 358.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 313.71 358.10 Td (otherwise.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (During ) Tj ET Q
q 0 0 0 rg BT 80.62 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 95.13 334.10 Td (period ) Tj ET Q
q 0 0 0 rg BT 122.97 334.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 129.70 334.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 156.43 334.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 165.39 334.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 196.01 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 206.08 334.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 212.81 334.10 Td (charter) Tj ET Q
q 0 0 0 rg BT 240.16 334.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 244.95 334.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 258.90 334.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 276.75 334.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 291.82 334.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 303.55 334.10 Td (permitted ) Tj ET Q
q 0 0 0 rg BT 344.16 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 354.23 334.10 Td (sell ) Tj ET Q
q 0 0 0 rg BT 370.41 334.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 378.26 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 388.33 334.10 Td (take ) Tj ET Q
q 0 0 0 rg BT 407.28 334.10 Td (advantage ) Tj ET Q
q 0 0 0 rg BT 450.10 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 460.72 334.10 Td (increases ) Tj ET Q
q 0 0 0 rg BT 499.66 334.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 509.73 334.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 536.46 334.10 Td (values ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (without ) Tj ET Q
q 0 0 0 rg BT 82.59 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 96.84 322.10 Td (charterers' ) Tj ET Q
q 0 0 0 rg BT 140.09 322.10 Td (agreement. ) Tj ET Q
q 0 0 0 rg BT 186.26 322.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 194.95 322.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 208.65 322.10 Td (sell ) Tj ET Q
q 0 0 0 rg BT 224.57 322.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 231.04 322.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 257.51 322.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 266.76 322.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 273.23 322.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 293.04 322.10 Td (when ) Tj ET Q
q 0 0 0 rg BT 316.73 322.10 Td (ship ) Tj ET Q
q 0 0 0 rg BT 335.43 322.10 Td (prices ) Tj ET Q
q 0 0 0 rg BT 361.34 322.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 382.25 322.10 Td (fallen, ) Tj ET Q
q 0 0 0 rg BT 409.55 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 423.80 322.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 441.38 322.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 460.63 322.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 472.10 322.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 481.35 322.10 Td (less ) Tj ET Q
q 0 0 0 rg BT 498.38 322.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 517.63 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 531.88 322.10 Td (vessel's ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 85.75 310.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 118.18 310.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 130.61 310.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 146.37 310.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 183.79 310.10 Td (statements, ) Tj ET Q
q 0 0 0 rg BT 230.93 310.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 251.14 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 265.79 310.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 290.44 310.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 307.87 310.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 321.96 310.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 346.61 310.10 Td (incur ) Tj ET Q
q 0 0 0 rg BT 369.59 310.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 376.47 310.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 394.46 310.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 411.33 310.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 418.20 310.10 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 458.40 310.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 468.61 310.10 Td (earnings. ) Tj ET Q
q 0 0 0 rg BT 507.42 310.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 518.19 310.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 555.89 310.10 Td (if ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 64.96 298.10 Td (determine ) Tj ET Q
q 0 0 0 rg BT 108.24 298.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 118.76 298.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 136.50 298.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 157.57 298.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 175.86 298.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 183.60 298.10 Td (vessel's ) Tj ET Q
q 0 0 0 rg BT 217.03 298.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 244.21 298.10 Td (limited ) Tj ET Q
q 0 0 0 rg BT 275.84 298.10 Td (useful ) Tj ET Q
q 0 0 0 rg BT 303.58 298.10 Td (life ) Tj ET Q
q 0 0 0 rg BT 320.20 298.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 337.94 298.10 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 375.12 298.10 Td (require ) Tj ET Q
q 0 0 0 rg BT 406.73 298.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 418.92 298.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 430.00 298.10 Td (impair ) Tj ET Q
q 0 0 0 rg BT 459.41 298.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 472.15 298.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 497.11 298.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 510.41 298.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 527.04 298.10 Td (financial ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (statements, ) Tj ET Q
q 0 0 0 rg BT 96.35 286.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 112.98 286.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 136.83 286.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 160.68 286.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 170.09 286.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 176.17 286.10 Td (char) Tj ET Q
q 0 0 0 rg BT 193.19 286.10 Td (ge ) Tj ET Q
q 0 0 0 rg BT 204.27 286.10 Td (against ) Tj ET Q
q 0 0 0 rg BT 234.23 286.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 249.19 286.10 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 284.70 286.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 300.78 286.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 306.85 286.10 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 346.25 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 356.21 286.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 371.18 286.10 Td (shareholders' ) Tj ET Q
q 0 0 0 rg BT 425.15 286.10 Td (equity) Tj ET Q
q 0 0 0 rg BT 449.50 286.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 453.51 286.10 Td (W) Tj ET Q
q 0 0 0 rg BT 462.15 286.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 468.22 286.10 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 504.83 286.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 515.91 286.10 Td (impairment ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (char) Tj ET Q
q 0 0 0 rg BT 67.03 274.10 Td (ge ) Tj ET Q
q 0 0 0 rg BT 79.02 274.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 89.90 274.10 Td ($32.0 ) Tj ET Q
q 0 0 0 rg BT 114.95 274.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 146.40 274.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 156.73 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 171.50 274.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 191.26 274.10 Td (ended ) Tj ET Q
q 0 0 0 rg BT 217.69 274.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 261.32 274.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 276.38 274.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 301.43 274.10 Td (It ) Tj ET Q
q 0 0 0 rg BT 310.09 274.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 319.31 274.10 Td (possible ) Tj ET Q
q 0 0 0 rg BT 354.64 274.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 372.19 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 386.96 274.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 417.28 274.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 441.49 274.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 452.37 274.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 468.25 274.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 499.13 274.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 517.24 274.10 Td (continue ) Tj ET Q
q 0 0 0 rg BT 554.23 274.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (decline ) Tj ET Q
q 0 0 0 rg BT 81.42 262.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 91.75 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 106.52 262.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 132.95 262.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 149.94 262.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 174.71 262.10 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 215.57 262.10 Td (af) Tj ET Q
q 0 0 0 rg BT 223.16 262.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 240.70 262.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 256.58 262.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 284.68 262.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 295.01 262.10 Td (comply ) Tj ET Q
q 0 0 0 rg BT 327.56 262.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 347.89 262.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 385.42 262.10 Td (covenants ) Tj ET Q
q 0 0 0 rg BT 427.96 262.10 Td (contained ) Tj ET Q
q 0 0 0 rg BT 469.38 262.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 479.71 262.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 496.70 262.10 Td (loan ) Tj ET Q
q 0 0 0 rg BT 516.47 262.10 Td (agreements ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 60.83 250.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 83.88 250.10 Td (financing ) Tj ET Q
q 0 0 0 rg BT 124.14 250.10 Td (arrangements ) Tj ET Q
q 0 0 0 rg BT 180.50 250.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 194.66 250.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 214.38 250.10 Td (enter ) Tj ET Q
q 0 0 0 rg BT 236.87 250.10 Td (into ) Tj ET Q
q 0 0 0 rg BT 254.92 250.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 265.20 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 279.92 250.10 Td (future.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (Conversely) Tj ET Q
q 0 0 0 rg BT 94.90 226.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 99.44 226.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 107.59 226.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 134.06 226.10 Td (values ) Tj ET Q
q 0 0 0 rg BT 161.65 226.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 175.90 226.10 Td (elevated ) Tj ET Q
q 0 0 0 rg BT 211.25 226.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 220.51 226.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 226.98 226.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 246.80 226.10 Td (when ) Tj ET Q
q 0 0 0 rg BT 270.50 226.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 284.20 226.10 Td (wish ) Tj ET Q
q 0 0 0 rg BT 305.13 226.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 314.95 226.10 Td (acquire ) Tj ET Q
q 0 0 0 rg BT 346.41 226.10 Td (additional ) Tj ET Q
q 0 0 0 rg BT 388.44 226.10 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 421.31 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 435.57 226.10 Td (cost ) Tj ET Q
q 0 0 0 rg BT 453.72 226.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 464.09 226.10 Td (acquisition ) Tj ET Q
q 0 0 0 rg BT 510.01 226.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 529.27 226.10 Td (increase ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.94 214.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 83.89 214.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 108.60 214.10 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 149.42 214.10 Td (af) Tj ET Q
q 0 0 0 rg BT 157.01 214.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 174.49 214.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 190.32 214.10 Td (business, ) Tj ET Q
q 0 0 0 rg BT 229.21 214.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 257.82 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 268.65 214.10 Td (operations, ) Tj ET Q
q 0 0 0 rg BT 315.31 214.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 335.58 214.10 Td (flow ) Tj ET Q
q 0 0 0 rg BT 356.41 214.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 373.34 214.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 410.83 214.10 Td (condition.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.15 190.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 64.86 190.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 84.36 190.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 96.07 190.10 Td (unable ) Tj ET Q
q 0 0 0 rg BT 126.68 190.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 136.74 190.10 Td (successfully ) Tj ET Q
q 0 0 0 rg BT 188.45 190.10 Td (compete ) Tj ET Q
q 0 0 0 rg BT 224.60 190.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 244.66 190.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 268.61 190.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 294.76 190.10 Td (operators ) Tj ET Q
q 0 0 0 rg BT 335.93 190.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 350.42 190.10 Td (charters, ) Tj ET Q
q 0 0 0 rg BT 389.09 190.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 416.38 190.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 441.43 190.10 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 482.02 190.10 Td (af) Tj ET Q
q 0 0 0 rg BT 490.17 190.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 507.43 190.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 524.16 190.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 553.67 190.10 Td (of ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 95.84 178.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 113.90 178.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 153.63 178.10 Td (position) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 154.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.66 154.10 Td (operation ) Tj ET Q
q 0 0 0 rg BT 109.55 154.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 120.99 154.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 152.99 154.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 170.54 154.10 Td (transportation ) Tj ET Q
q 0 0 0 rg BT 229.20 154.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 240.65 154.10 Td (crude ) Tj ET Q
q 0 0 0 rg BT 265.98 154.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 283.53 154.10 Td (petroleum ) Tj ET Q
q 0 0 0 rg BT 327.19 154.10 Td (products ) Tj ET Q
q 0 0 0 rg BT 364.75 154.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 374.54 154.10 Td (extremely ) Tj ET Q
q 0 0 0 rg BT 417.63 154.10 Td (competitive. ) Tj ET Q
q 0 0 0 rg BT 470.23 154.10 Td (Through ) Tj ET Q
q 0 0 0 rg BT 507.79 154.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 524.24 154.10 Td (operating ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 142.10 Td (subsidiaries ) Tj ET Q
q 0 0 0 rg BT 99.96 142.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 114.36 142.10 Td (compete ) Tj ET Q
q 0 0 0 rg BT 150.98 142.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 171.50 142.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 194.79 142.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 221.97 142.10 Td (owners ) Tj ET Q
q 0 0 0 rg BT 253.60 142.10 Td (\(including ) Tj ET Q
q 0 0 0 rg BT 297.44 142.10 Td (major ) Tj ET Q
q 0 0 0 rg BT 323.51 142.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 336.81 142.10 Td (companies ) Tj ET Q
q 0 0 0 rg BT 382.32 142.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 393.39 142.10 Td (well ) Tj ET Q
q 0 0 0 rg BT 413.35 142.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 424.42 142.10 Td (independent ) Tj ET Q
q 0 0 0 rg BT 476.04 142.10 Td (companies\), ) Tj ET Q
q 0 0 0 rg BT 527.38 142.10 Td (and, ) Tj ET Q
q 0 0 0 rg BT 547.06 142.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 557.58 142.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 130.10 Td (lesser ) Tj ET Q
q 0 0 0 rg BT 74.98 130.10 Td (extent, ) Tj ET Q
q 0 0 0 rg BT 104.13 130.10 Td (owners ) Tj ET Q
q 0 0 0 rg BT 135.22 130.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 145.77 130.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 168.53 130.10 Td (size ) Tj ET Q
q 0 0 0 rg BT 186.29 130.10 Td (vessels. ) Tj ET Q
q 0 0 0 rg BT 219.17 130.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 236.93 130.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 264.13 130.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 294.11 130.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 302.99 130.10 Td (highly ) Tj ET Q
q 0 0 0 rg BT 330.76 130.10 Td (fragmented. ) Tj ET Q
q 0 0 0 rg BT 381.01 130.10 Td (It ) Tj ET Q
q 0 0 0 rg BT 389.33 130.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 398.21 130.10 Td (possible ) Tj ET Q
q 0 0 0 rg BT 433.20 130.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 450.41 130.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 464.29 130.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 488.72 130.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 503.71 130.10 Td (obtain ) Tj ET Q
q 0 0 0 rg BT 530.92 130.10 Td (suitable ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 118.10 Td (employment ) Tj ET Q
q 0 0 0 rg BT 102.49 118.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 116.65 118.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 132.48 118.10 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 165.81 118.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 192.75 118.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 217.47 118.10 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 258.28 118.10 Td (af) Tj ET Q
q 0 0 0 rg BT 265.87 118.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 283.35 118.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 299.18 118.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 327.79 118.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 338.62 118.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 382.78 118.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 399.72 118.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 437.20 118.10 Td (position.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 106.10 Td () Tj ET Q
endstream
endobj
156 0 obj
<<
/Length 38695
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 742.25 Td (Our ) Tj ET Q
q 0 0 0 rg BT 69.18 742.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 89.45 742.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 107.52 742.25 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 146.13 742.25 Td (charters ) Tj ET Q
q 0 0 0 rg BT 182.52 742.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 202.24 742.25 Td (limit ) Tj ET Q
q 0 0 0 rg BT 223.64 742.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 240.59 742.25 Td (ability ) Tj ET Q
q 0 0 0 rg BT 268.65 742.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 278.93 742.25 Td (benefit ) Tj ET Q
q 0 0 0 rg BT 309.75 742.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 332.26 742.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 349.76 742.25 Td (improvement ) Tj ET Q
q 0 0 0 rg BT 406.14 742.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 416.98 742.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 449.49 742.25 Td (rates, ) Tj ET Q
q 0 0 0 rg BT 474.49 742.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 492.55 742.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 502.83 742.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 518.12 742.25 Td (same ) Tj ET Q
q 0 0 0 rg BT 541.73 742.25 Td (time, ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 730.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 66.95 730.25 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 106.11 730.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 125.83 730.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 137.77 730.25 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 178.58 730.25 Td (af) Tj ET Q
q 0 0 0 rg BT 186.73 730.25 Td (fected ) Tj ET Q
q 0 0 0 rg BT 213.66 730.25 Td (if ) Tj ET Q
q 0 0 0 rg BT 222.27 730.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 235.87 730.25 Td (do ) Tj ET Q
q 0 0 0 rg BT 248.37 730.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 264.21 730.25 Td (successfully ) Tj ET Q
q 0 0 0 rg BT 316.15 730.25 Td (employ ) Tj ET Q
q 0 0 0 rg BT 348.09 730.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 365.04 730.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 395.31 730.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 408.37 730.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 423.65 730.25 Td (expiration ) Tj ET Q
q 0 0 0 rg BT 468.37 730.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 479.20 730.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 496.16 730.25 Td (charters) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 718.25 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 706.25 Td (As ) Tj ET Q
q 0 0 0 rg BT 63.54 706.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 74.31 706.25 Td (December ) Tj ET Q
q 0 0 0 rg BT 117.82 706.25 Td (31, ) Tj ET Q
q 0 0 0 rg BT 132.75 706.25 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 157.69 706.25 Td (eight ) Tj ET Q
q 0 0 0 rg BT 180.11 706.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 190.87 706.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 206.64 706.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 237.40 706.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 252.04 706.25 Td (contractually ) Tj ET Q
q 0 0 0 rg BT 306.67 706.25 Td (committed ) Tj ET Q
q 0 0 0 rg BT 351.87 706.25 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 388.72 706.25 Td (charters ) Tj ET Q
q 0 0 0 rg BT 422.80 706.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 439.67 706.25 Td (one ) Tj ET Q
q 0 0 0 rg BT 456.54 706.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 467.30 706.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 483.06 706.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 513.82 706.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 531.81 706.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 544.24 706.25 Td (time ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 694.25 Td (charter) Tj ET Q
q 0 0 0 rg BT 77.20 694.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 80.88 694.25 Td (Although ) Tj ET Q
q 0 0 0 rg BT 120.16 694.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 135.00 694.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 154.28 694.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 170.23 694.25 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 206.16 694.25 Td (charters ) Tj ET Q
q 0 0 0 rg BT 239.31 694.25 Td (generally ) Tj ET Q
q 0 0 0 rg BT 278.02 694.25 Td (provide ) Tj ET Q
q 0 0 0 rg BT 310.08 694.25 Td (reliable ) Tj ET Q
q 0 0 0 rg BT 341.57 694.25 Td (revenues, ) Tj ET Q
q 0 0 0 rg BT 381.11 694.25 Td (they ) Tj ET Q
q 0 0 0 rg BT 399.84 694.25 Td (also ) Tj ET Q
q 0 0 0 rg BT 417.45 694.25 Td (limit ) Tj ET Q
q 0 0 0 rg BT 437.85 694.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 451.58 694.25 Td (portion ) Tj ET Q
q 0 0 0 rg BT 481.97 694.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 491.81 694.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 506.65 694.25 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 525.92 694.25 Td (available ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 682.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 64.02 682.25 Td (spot ) Tj ET Q
q 0 0 0 rg BT 83.04 682.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 113.16 682.25 Td (voyages ) Tj ET Q
q 0 0 0 rg BT 148.29 682.25 Td (during ) Tj ET Q
q 0 0 0 rg BT 176.75 682.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 188.54 682.25 Td (upswing ) Tj ET Q
q 0 0 0 rg BT 224.79 682.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 234.93 682.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 249.50 682.25 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 276.84 682.25 Td (industry ) Tj ET Q
q 0 0 0 rg BT 311.98 682.25 Td (cycle, ) Tj ET Q
q 0 0 0 rg BT 337.92 682.25 Td (when ) Tj ET Q
q 0 0 0 rg BT 361.94 682.25 Td (spot ) Tj ET Q
q 0 0 0 rg BT 380.97 682.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 411.09 682.25 Td (voyages ) Tj ET Q
q 0 0 0 rg BT 446.21 682.25 Td (might ) Tj ET Q
q 0 0 0 rg BT 471.90 682.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 483.70 682.25 Td (more ) Tj ET Q
q 0 0 0 rg BT 506.60 682.25 Td (profitable. ) Tj ET Q
q 0 0 0 rg BT 550.33 682.25 Td (By ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 670.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.74 670.25 Td (same ) Tj ET Q
q 0 0 0 rg BT 87.81 670.25 Td (token, ) Tj ET Q
q 0 0 0 rg BT 115.04 670.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 129.22 670.25 Td (cannot ) Tj ET Q
q 0 0 0 rg BT 158.40 670.25 Td (assure ) Tj ET Q
q 0 0 0 rg BT 185.91 670.25 Td (you ) Tj ET Q
q 0 0 0 rg BT 203.43 670.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 220.95 670.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 235.13 670.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 253.21 670.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 265.17 670.25 Td (able ) Tj ET Q
q 0 0 0 rg BT 284.34 670.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 294.64 670.25 Td (successfully ) Tj ET Q
q 0 0 0 rg BT 346.04 670.25 Td (employ ) Tj ET Q
q 0 0 0 rg BT 378.56 670.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 394.41 670.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 425.26 670.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 435.56 670.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 450.30 670.25 Td (future ) Tj ET Q
q 0 0 0 rg BT 476.69 670.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 487.55 670.25 Td (renew ) Tj ET Q
q 0 0 0 rg BT 514.50 670.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 530.35 670.25 Td (existing ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 658.25 Td (charters ) Tj ET Q
q 0 0 0 rg BT 83.86 658.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 93.29 658.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 114.38 658.25 Td (suf) Tj ET Q
q 0 0 0 rg BT 126.42 658.25 Td (ficient ) Tj ET Q
q 0 0 0 rg BT 154.18 658.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 164.17 658.25 Td (allow ) Tj ET Q
q 0 0 0 rg BT 188.60 658.25 Td (us ) Tj ET Q
q 0 0 0 rg BT 199.71 658.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 209.70 658.25 Td (operate ) Tj ET Q
q 0 0 0 rg BT 241.34 658.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 256.88 658.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 292.99 658.25 Td (profitably ) Tj ET Q
q 0 0 0 rg BT 334.64 658.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 345.18 658.25 Td (meet ) Tj ET Q
q 0 0 0 rg BT 366.83 658.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 382.38 658.25 Td (obligations.) Tj ET Q
q 0 0 0 rg BT 433.77 658.25 Td (A) Tj ET Q
q 0 0 0 rg BT 440.44 658.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 442.65 658.25 Td (decline ) Tj ET Q
q 0 0 0 rg BT 473.74 658.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 483.73 658.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 513.70 658.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 524.24 658.25 Td (spot ) Tj ET Q
q 0 0 0 rg BT 543.13 658.25 Td (rates ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 646.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 60.64 646.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 67.40 646.25 Td (failure ) Tj ET Q
q 0 0 0 rg BT 95.80 646.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 105.89 646.25 Td (successfully ) Tj ET Q
q 0 0 0 rg BT 157.08 646.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 187.15 646.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 202.80 646.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 233.44 646.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 257.97 646.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 279.16 646.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 285.91 646.25 Td (material ) Tj ET Q
q 0 0 0 rg BT 320.98 646.25 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 353.83 646.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 361.42 646.25 Td (fect ) Tj ET Q
q 0 0 0 rg BT 378.72 646.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 391.04 646.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 406.68 646.25 Td (business, ) Tj ET Q
q 0 0 0 rg BT 445.38 646.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 482.68 646.25 Td (condition, ) Tj ET Q
q 0 0 0 rg BT 525.26 646.25 Td (results ) Tj ET Q
q 0 0 0 rg BT 553.69 646.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.25 Td (operation ) Tj ET Q
q 0 0 0 rg BT 90.26 634.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 107.20 634.25 Td (ability ) Tj ET Q
q 0 0 0 rg BT 135.25 634.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 145.53 634.25 Td (pay ) Tj ET Q
q 0 0 0 rg BT 162.47 634.25 Td (dividends.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.25 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.25 Td (Delays ) Tj ET Q
q 0 0 0 rg BT 80.03 610.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 91.19 610.25 Td (defaults ) Tj ET Q
q 0 0 0 rg BT 126.24 610.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 137.94 610.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 152.98 610.25 Td (shipyards ) Tj ET Q
q 0 0 0 rg BT 194.70 610.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 205.31 610.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 220.35 610.25 Td (construction ) Tj ET Q
q 0 0 0 rg BT 274.30 610.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 284.89 610.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 301.61 610.25 Td (newbuildings ) Tj ET Q
q 0 0 0 rg BT 358.90 610.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 383.94 610.25 Td (increase ) Tj ET Q
q 0 0 0 rg BT 420.64 610.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 437.36 610.25 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 476.29 610.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 494.12 610.25 Td (diminish ) Tj ET Q
q 0 0 0 rg BT 532.51 610.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 549.23 610.25 Td (net ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.25 Td (income ) Tj ET Q
q 0 0 0 rg BT 82.50 598.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 100.56 598.25 Td (cash ) Tj ET Q
q 0 0 0 rg BT 121.95 598.25 Td (flows) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.25 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.25 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 574.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 64.93 574.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 85.66 574.25 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 137.51 574.25 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 175.46 574.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 188.98 574.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 203.05 574.25 Td (construction ) Tj ET Q
q 0 0 0 rg BT 254.34 574.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 264.53 574.25 Td (two ) Tj ET Q
q 0 0 0 rg BT 281.38 574.25 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 319.89 574.25 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 350.63 574.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 370.26 574.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 384.33 574.25 Td (Chinese ) Tj ET Q
q 0 0 0 rg BT 418.40 574.25 Td (shipyard, ) Tj ET Q
q 0 0 0 rg BT 457.20 574.25 Td (Jiangsu ) Tj ET Q
q 0 0 0 rg BT 489.05 574.25 Td (Rongsheng ) Tj ET Q
q 0 0 0 rg BT 535.91 574.25 Td (Heavy ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.25 Td (Industries ) Tj ET Q
q 0 0 0 rg BT 92.34 562.25 Td (Group ) Tj ET Q
q 0 0 0 rg BT 120.79 562.25 Td (Co. ) Tj ET Q
q 0 0 0 rg BT 137.86 562.25 Td (Ltd., ) Tj ET Q
q 0 0 0 rg BT 159.64 562.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 170.87 562.25 Td (Rongsheng. ) Tj ET Q
q 0 0 0 rg BT 220.63 562.25 Td (As ) Tj ET Q
q 0 0 0 rg BT 234.65 562.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 245.88 562.25 Td (December ) Tj ET Q
q 0 0 0 rg BT 289.86 562.25 Td (31, ) Tj ET Q
q 0 0 0 rg BT 305.26 562.25 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 330.66 562.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 345.22 562.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 360.32 562.25 Td (committed ) Tj ET Q
q 0 0 0 rg BT 405.99 562.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 416.67 562.25 Td (making ) Tj ET Q
q 0 0 0 rg BT 449.56 562.25 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 502.46 562.25 Td (installments ) Tj ET Q
q 0 0 0 rg BT 553.69 562.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.25 Td ($87.9 ) Tj ET Q
q 0 0 0 rg BT 74.77 550.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 105.93 550.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 125.97 550.25 Td (expected ) Tj ET Q
q 0 0 0 rg BT 163.77 550.25 Td (payment ) Tj ET Q
q 0 0 0 rg BT 200.48 550.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 210.52 550.25 Td (2013. ) Tj ET Q
q 0 0 0 rg BT 235.13 550.25 Td (These ) Tj ET Q
q 0 0 0 rg BT 261.27 550.25 Td (projects ) Tj ET Q
q 0 0 0 rg BT 295.19 550.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 309.67 550.25 Td (subject ) Tj ET Q
q 0 0 0 rg BT 340.26 550.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 350.31 550.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 364.79 550.25 Td (risk ) Tj ET Q
q 0 0 0 rg BT 382.06 550.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 392.66 550.25 Td (delay ) Tj ET Q
q 0 0 0 rg BT 416.58 550.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 427.18 550.25 Td (default ) Tj ET Q
q 0 0 0 rg BT 457.21 550.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 469.48 550.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 483.97 550.25 Td (shipyard ) Tj ET Q
q 0 0 0 rg BT 520.67 550.25 Td (caused ) Tj ET Q
q 0 0 0 rg BT 550.15 550.25 Td (by) Tj ET Q
q 0 0 0 rg BT 559.50 550.25 Td (, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.25 Td (among ) Tj ET Q
q 0 0 0 rg BT 80.63 538.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 104.59 538.25 Td (things, ) Tj ET Q
q 0 0 0 rg BT 134.96 538.25 Td (unforeseen ) Tj ET Q
q 0 0 0 rg BT 182.24 538.25 Td (quality ) Tj ET Q
q 0 0 0 rg BT 213.43 538.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 225.17 538.25 Td (engineering ) Tj ET Q
q 0 0 0 rg BT 275.79 538.25 Td (problems, ) Tj ET Q
q 0 0 0 rg BT 318.92 538.25 Td (work ) Tj ET Q
q 0 0 0 rg BT 342.88 538.25 Td (stoppages ) Tj ET Q
q 0 0 0 rg BT 385.74 538.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 397.48 538.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 421.44 538.25 Td (labor ) Tj ET Q
q 0 0 0 rg BT 445.40 538.25 Td (disturbances ) Tj ET Q
q 0 0 0 rg BT 498.80 538.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 509.44 538.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 525.07 538.25 Td (shipyard, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.25 Td (bankruptcy ) Tj ET Q
q 0 0 0 rg BT 97.15 526.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 107.65 526.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 118.15 526.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 140.87 526.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 178.02 526.25 Td (crisis ) Tj ET Q
q 0 0 0 rg BT 201.30 526.25 Td (involving ) Tj ET Q
q 0 0 0 rg BT 241.80 526.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 256.19 526.25 Td (shipyard, ) Tj ET Q
q 0 0 0 rg BT 295.30 526.25 Td (weather ) Tj ET Q
q 0 0 0 rg BT 329.11 526.25 Td (interference, ) Tj ET Q
q 0 0 0 rg BT 381.52 526.25 Td (unanticipated ) Tj ET Q
q 0 0 0 rg BT 437.56 526.25 Td (cost ) Tj ET Q
q 0 0 0 rg BT 455.83 526.25 Td (increases, ) Tj ET Q
q 0 0 0 rg BT 497.15 526.25 Td (delays ) Tj ET Q
q 0 0 0 rg BT 524.87 526.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 534.81 526.25 Td (receipt ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.27 514.25 Td (necessary ) Tj ET Q
q 0 0 0 rg BT 101.08 514.25 Td (equipment, ) Tj ET Q
q 0 0 0 rg BT 147.73 514.25 Td (political, ) Tj ET Q
q 0 0 0 rg BT 184.94 514.25 Td (social ) Tj ET Q
q 0 0 0 rg BT 210.21 514.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 220.48 514.25 Td (economic ) Tj ET Q
q 0 0 0 rg BT 261.29 514.25 Td (disturbances, ) Tj ET Q
q 0 0 0 rg BT 315.72 514.25 Td (inability ) Tj ET Q
q 0 0 0 rg BT 350.99 514.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 360.71 514.25 Td (finance ) Tj ET Q
q 0 0 0 rg BT 392.07 514.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 406.23 514.25 Td (construction ) Tj ET Q
q 0 0 0 rg BT 457.60 514.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 467.88 514.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 482.03 514.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 512.30 514.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 528.68 514.25 Td (inability ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 59.64 502.25 Td (obtain ) Tj ET Q
q 0 0 0 rg BT 86.49 502.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 100.56 502.25 Td (requisite ) Tj ET Q
q 0 0 0 rg BT 136.86 502.25 Td (permits ) Tj ET Q
q 0 0 0 rg BT 168.71 502.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 178.90 502.25 Td (approvals. ) Tj ET Q
q 0 0 0 rg BT 222.13 502.25 Td (In ) Tj ET Q
q 0 0 0 rg BT 232.32 502.25 Td (accordance ) Tj ET Q
q 0 0 0 rg BT 279.14 502.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 298.77 502.25 Td (industry ) Tj ET Q
q 0 0 0 rg BT 333.41 502.25 Td (practice, ) Tj ET Q
q 0 0 0 rg BT 369.41 502.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 379.05 502.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 393.12 502.25 Td (event ) Tj ET Q
q 0 0 0 rg BT 416.63 502.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 430.71 502.25 Td (shipyards ) Tj ET Q
q 0 0 0 rg BT 470.90 502.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 484.96 502.25 Td (unable ) Tj ET Q
q 0 0 0 rg BT 513.47 502.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 523.66 502.25 Td (unwilling ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.95 490.25 Td (deliver ) Tj ET Q
q 0 0 0 rg BT 91.88 490.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 107.27 490.25 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 141.27 490.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 156.10 490.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 176.49 490.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 192.44 490.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 214.48 490.25 Td (substantial ) Tj ET Q
q 0 0 0 rg BT 260.43 490.25 Td (remedies. ) Tj ET Q
q 0 0 0 rg BT 302.19 490.25 Td (Failure ) Tj ET Q
q 0 0 0 rg BT 333.69 490.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 344.64 490.25 Td (construct ) Tj ET Q
q 0 0 0 rg BT 384.46 490.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 395.96 490.25 Td (deliver ) Tj ET Q
q 0 0 0 rg BT 426.90 490.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 442.28 490.25 Td (ships ) Tj ET Q
q 0 0 0 rg BT 466.02 490.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 479.19 490.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 494.57 490.25 Td (shipyards ) Tj ET Q
q 0 0 0 rg BT 536.07 490.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 547.57 490.25 Td (any ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 94.71 478.25 Td (delays ) Tj ET Q
q 0 0 0 rg BT 122.76 478.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 147.48 478.25 Td (increase ) Tj ET Q
q 0 0 0 rg BT 182.73 478.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 198.56 478.25 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 237.16 478.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 254.10 478.25 Td (diminish ) Tj ET Q
q 0 0 0 rg BT 291.60 478.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 307.43 478.25 Td (net ) Tj ET Q
q 0 0 0 rg BT 322.15 478.25 Td (income ) Tj ET Q
q 0 0 0 rg BT 354.08 478.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 371.02 478.25 Td (cash ) Tj ET Q
q 0 0 0 rg BT 391.29 478.25 Td (flows.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.25 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.25 Td (W) Tj ET Q
q 0 0 0 rg BT 58.15 454.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.09 454.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 84.80 454.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 96.74 454.25 Td (unable ) Tj ET Q
q 0 0 0 rg BT 127.58 454.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 137.86 454.25 Td (locate ) Tj ET Q
q 0 0 0 rg BT 164.79 454.25 Td (suitable ) Tj ET Q
q 0 0 0 rg BT 199.52 454.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 229.79 454.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 244.51 454.25 Td (acquisition ) Tj ET Q
q 0 0 0 rg BT 292.58 454.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 320.09 454.25 Td (would ) Tj ET Q
q 0 0 0 rg BT 347.60 454.25 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 388.41 454.25 Td (af) Tj ET Q
q 0 0 0 rg BT 396.56 454.25 Td (fect ) Tj ET Q
q 0 0 0 rg BT 414.05 454.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 431.00 454.25 Td (ability ) Tj ET Q
q 0 0 0 rg BT 459.05 454.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 469.33 454.25 Td (expand ) Tj ET Q
q 0 0 0 rg BT 501.83 454.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 518.78 454.25 Td (fleet) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.25 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.25 Td (Changing ) Tj ET Q
q 0 0 0 rg BT 92.39 430.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 123.66 430.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 141.60 430.25 Td (regulatory ) Tj ET Q
q 0 0 0 rg BT 186.20 430.25 Td (conditions ) Tj ET Q
q 0 0 0 rg BT 231.36 430.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 252.08 430.25 Td (limit ) Tj ET Q
q 0 0 0 rg BT 274.48 430.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 290.20 430.25 Td (availability ) Tj ET Q
q 0 0 0 rg BT 338.69 430.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 350.52 430.25 Td (suitable ) Tj ET Q
q 0 0 0 rg BT 385.13 430.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 416.96 430.25 Td (because ) Tj ET Q
q 0 0 0 rg BT 452.11 430.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 463.95 430.25 Td (customer ) Tj ET Q
q 0 0 0 rg BT 504.10 430.25 Td (preferences ) Tj ET Q
q 0 0 0 rg BT 553.68 430.25 Td (or ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.25 Td (because ) Tj ET Q
q 0 0 0 rg BT 84.03 418.25 Td (they ) Tj ET Q
q 0 0 0 rg BT 103.63 418.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 118.22 418.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 133.38 418.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 144.09 418.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 162.03 418.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 177.19 418.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 189.01 418.25 Td (compliant ) Tj ET Q
q 0 0 0 rg BT 231.39 418.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 251.55 418.25 Td (existing ) Tj ET Q
q 0 0 0 rg BT 285.60 418.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 296.31 418.25 Td (future ) Tj ET Q
q 0 0 0 rg BT 322.57 418.25 Td (rules, ) Tj ET Q
q 0 0 0 rg BT 346.89 418.25 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 393.71 418.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 410.53 418.25 Td (conventions. ) Tj ET Q
q 0 0 0 rg BT 463.21 418.25 Td (Additional ) Tj ET Q
q 0 0 0 rg BT 508.37 418.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 539.08 418.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 549.79 418.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.25 Td (age ) Tj ET Q
q 0 0 0 rg BT 66.13 406.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 82.83 406.25 Td (quality ) Tj ET Q
q 0 0 0 rg BT 112.86 406.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 126.78 406.25 Td (desire ) Tj ET Q
q 0 0 0 rg BT 152.91 406.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 172.39 406.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 187.42 406.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 199.12 406.25 Td (available ) Tj ET Q
q 0 0 0 rg BT 237.46 406.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 251.38 406.25 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 289.18 406.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 298.65 406.25 Td (prices ) Tj ET Q
q 0 0 0 rg BT 324.78 406.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 338.70 406.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 353.17 406.25 Td (prepared ) Tj ET Q
q 0 0 0 rg BT 390.40 406.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 400.44 406.25 Td (pay ) Tj ET Q
q 0 0 0 rg BT 417.13 406.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 427.72 406.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 437.19 406.25 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 472.21 406.25 Td (times ) Tj ET Q
q 0 0 0 rg BT 496.14 406.25 Td (acceptable ) Tj ET Q
q 0 0 0 rg BT 540.58 406.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 550.62 406.25 Td (us, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.92 394.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 81.05 394.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 100.75 394.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 116.00 394.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 127.92 394.25 Td (able ) Tj ET Q
q 0 0 0 rg BT 147.05 394.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 157.31 394.25 Td (dispose ) Tj ET Q
q 0 0 0 rg BT 189.78 394.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 200.59 394.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 231.40 394.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 241.09 394.25 Td (reasonable ) Tj ET Q
q 0 0 0 rg BT 286.32 394.25 Td (prices, ) Tj ET Q
q 0 0 0 rg BT 315.18 394.25 Td (if ) Tj ET Q
q 0 0 0 rg BT 323.76 394.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 333.45 394.25 Td (all. ) Tj ET Q
q 0 0 0 rg BT 348.43 394.25 Td (If ) Tj ET Q
q 0 0 0 rg BT 357.56 394.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 371.70 394.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 386.39 394.25 Td (unable ) Tj ET Q
q 0 0 0 rg BT 415.52 394.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 425.77 394.25 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 463.79 394.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 480.70 394.25 Td (dispose ) Tj ET Q
q 0 0 0 rg BT 513.18 394.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 523.99 394.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 554.79 394.25 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.25 Td (reasonable ) Tj ET Q
q 0 0 0 rg BT 95.25 382.25 Td (prices ) Tj ET Q
q 0 0 0 rg BT 121.63 382.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 131.91 382.25 Td (response ) Tj ET Q
q 0 0 0 rg BT 169.40 382.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 179.68 382.25 Td (changing ) Tj ET Q
q 0 0 0 rg BT 218.83 382.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 249.10 382.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 266.04 382.25 Td (regulatory ) Tj ET Q
q 0 0 0 rg BT 309.63 382.25 Td (conditions, ) Tj ET Q
q 0 0 0 rg BT 356.29 382.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 372.12 382.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 408.52 382.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 428.23 382.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 440.17 382.25 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 480.99 382.25 Td (af) Tj ET Q
q 0 0 0 rg BT 488.57 382.25 Td (fected.) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.25 Td (As ) Tj ET Q
q 0 0 0 rg BT 62.88 358.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 76.31 358.25 Td (expand ) Tj ET Q
q 0 0 0 rg BT 108.64 358.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 125.41 358.25 Td (fleet, ) Tj ET Q
q 0 0 0 rg BT 148.00 358.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 161.43 358.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 180.96 358.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 196.63 358.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 208.39 358.25 Td (able ) Tj ET Q
q 0 0 0 rg BT 227.92 358.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 238.02 358.25 Td (recruit ) Tj ET Q
q 0 0 0 rg BT 268.13 358.25 Td (suitable ) Tj ET Q
q 0 0 0 rg BT 302.67 358.25 Td (employees ) Tj ET Q
q 0 0 0 rg BT 347.20 358.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 365.08 358.25 Td (crew ) Tj ET Q
q 0 0 0 rg BT 386.84 358.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 401.38 358.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 418.16 358.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 448.25 358.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 475.58 358.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 495.12 358.25 Td (limit ) Tj ET Q
q 0 0 0 rg BT 516.33 358.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 533.11 358.25 Td (growth ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 68.06 346.25 Td (cause ) Tj ET Q
q 0 0 0 rg BT 93.89 346.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 110.84 346.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 150.57 346.25 Td (performance ) Tj ET Q
q 0 0 0 rg BT 205.84 346.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 216.12 346.25 Td (suf) Tj ET Q
q 0 0 0 rg BT 228.72 346.25 Td (fer) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.25 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.25 Td (As ) Tj ET Q
q 0 0 0 rg BT 63.45 322.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 77.46 322.25 Td (expand ) Tj ET Q
q 0 0 0 rg BT 108.67 322.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 124.35 322.25 Td (fleet, ) Tj ET Q
q 0 0 0 rg BT 146.95 322.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 160.95 322.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 178.85 322.25 Td (need ) Tj ET Q
q 0 0 0 rg BT 200.07 322.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 210.19 322.25 Td (recruit ) Tj ET Q
q 0 0 0 rg BT 238.62 322.25 Td (suitable ) Tj ET Q
q 0 0 0 rg BT 272.07 322.25 Td (crew) Tj ET Q
q 0 0 0 rg BT 290.85 322.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 295.69 322.25 Td (shoreside, ) Tj ET Q
q 0 0 0 rg BT 338.30 322.25 Td (administrative ) Tj ET Q
q 0 0 0 rg BT 397.85 322.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 414.63 322.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 468.06 322.25 Td (personnel.) Tj ET Q
q 0 0 0 rg BT 514.25 322.25 Td (W) Tj ET Q
q 0 0 0 rg BT 522.89 322.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 529.67 322.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 549.23 322.25 Td (not ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 62.18 310.25 Td (able ) Tj ET Q
q 0 0 0 rg BT 81.57 310.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 92.08 310.25 Td (continue ) Tj ET Q
q 0 0 0 rg BT 129.25 310.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 139.77 310.25 Td (hire ) Tj ET Q
q 0 0 0 rg BT 158.05 310.25 Td (suitable ) Tj ET Q
q 0 0 0 rg BT 191.89 310.25 Td (employees ) Tj ET Q
q 0 0 0 rg BT 237.39 310.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 248.46 310.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 262.86 310.25 Td (expand ) Tj ET Q
q 0 0 0 rg BT 294.47 310.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 310.54 310.25 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 331.04 310.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 342.10 310.25 Td (vessels.If ) Tj ET Q
q 0 0 0 rg BT 387.33 310.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 401.73 310.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 416.67 310.25 Td (unable ) Tj ET Q
q 0 0 0 rg BT 446.06 310.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 456.58 310.25 Td (recruit ) Tj ET Q
q 0 0 0 rg BT 485.41 310.25 Td (suitable ) Tj ET Q
q 0 0 0 rg BT 519.25 310.25 Td (employees ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 67.27 298.25 Td (crews, ) Tj ET Q
q 0 0 0 rg BT 95.92 298.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 110.40 298.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 130.45 298.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 146.06 298.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 158.32 298.25 Td (able ) Tj ET Q
q 0 0 0 rg BT 177.81 298.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 188.42 298.25 Td (provide ) Tj ET Q
q 0 0 0 rg BT 221.79 298.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 237.95 298.25 Td (services ) Tj ET Q
q 0 0 0 rg BT 272.98 298.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 283.59 298.25 Td (customers, ) Tj ET Q
q 0 0 0 rg BT 329.47 298.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 345.63 298.25 Td (growth ) Tj ET Q
q 0 0 0 rg BT 376.78 298.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 396.83 298.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 409.10 298.25 Td (limited ) Tj ET Q
q 0 0 0 rg BT 440.26 298.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 457.52 298.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 473.68 298.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 511.49 298.25 Td (performance ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 69.72 286.25 Td (suf) Tj ET Q
q 0 0 0 rg BT 81.76 286.25 Td (fer) Tj ET Q
q 0 0 0 rg BT 92.30 286.25 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.25 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.25 Td (W) Tj ET Q
q 0 0 0 rg BT 58.15 262.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 64.82 262.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 80.39 262.25 Td (subject ) Tj ET Q
q 0 0 0 rg BT 111.51 262.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 121.52 262.25 Td (certain ) Tj ET Q
q 0 0 0 rg BT 152.64 262.25 Td (risks ) Tj ET Q
q 0 0 0 rg BT 174.33 262.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 194.35 262.25 Td (respect ) Tj ET Q
q 0 0 0 rg BT 225.46 262.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 235.47 262.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 252.16 262.25 Td (counterparties ) Tj ET Q
q 0 0 0 rg BT 313.84 262.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 326.64 262.25 Td (contracts, ) Tj ET Q
q 0 0 0 rg BT 369.15 262.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 386.94 262.25 Td (failure ) Tj ET Q
q 0 0 0 rg BT 416.96 262.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 427.52 262.25 Td (such ) Tj ET Q
q 0 0 0 rg BT 449.21 262.25 Td (counterparties ) Tj ET Q
q 0 0 0 rg BT 510.89 262.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 520.90 262.25 Td (meet ) Tj ET Q
q 0 0 0 rg BT 542.57 262.25 Td (their ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.25 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 98.07 250.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 123.34 250.25 Td (cause ) Tj ET Q
q 0 0 0 rg BT 149.17 250.25 Td (us ) Tj ET Q
q 0 0 0 rg BT 161.13 250.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 171.41 250.25 Td (suf) Tj ET Q
q 0 0 0 rg BT 184.01 250.25 Td (fer ) Tj ET Q
q 0 0 0 rg BT 198.17 250.25 Td (losses ) Tj ET Q
q 0 0 0 rg BT 224.56 250.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 235.95 250.25 Td (otherwise ) Tj ET Q
q 0 0 0 rg BT 277.90 250.25 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 318.72 250.25 Td (af) Tj ET Q
q 0 0 0 rg BT 326.87 250.25 Td (fect ) Tj ET Q
q 0 0 0 rg BT 344.35 250.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 361.30 250.25 Td (business) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.25 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.25 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 226.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.83 226.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 87.46 226.25 Td (entered ) Tj ET Q
q 0 0 0 rg BT 119.64 226.25 Td (into ) Tj ET Q
q 0 0 0 rg BT 137.95 226.25 Td (various ) Tj ET Q
q 0 0 0 rg BT 170.14 226.25 Td (contracts, ) Tj ET Q
q 0 0 0 rg BT 211.49 226.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 252.02 226.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 282.52 226.25 Td (parties ) Tj ET Q
q 0 0 0 rg BT 311.93 226.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 332.47 226.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 348.55 226.25 Td (customers ) Tj ET Q
q 0 0 0 rg BT 391.85 226.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 409.04 226.25 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 461.79 226.25 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 500.64 226.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 521.17 226.25 Td (shipyards, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 77.18 214.25 Td (subject ) Tj ET Q
q 0 0 0 rg BT 108.25 214.25 Td (us ) Tj ET Q
q 0 0 0 rg BT 119.88 214.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 130.41 214.25 Td (counterparty ) Tj ET Q
q 0 0 0 rg BT 183.68 214.25 Td (risks. ) Tj ET Q
q 0 0 0 rg BT 207.62 214.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 225.91 214.25 Td (ability ) Tj ET Q
q 0 0 0 rg BT 254.20 214.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 265.28 214.25 Td (each ) Tj ET Q
q 0 0 0 rg BT 286.33 214.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 297.41 214.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 312.37 214.25 Td (counterparties ) Tj ET Q
q 0 0 0 rg BT 371.75 214.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 382.27 214.25 Td (perform ) Tj ET Q
q 0 0 0 rg BT 417.22 214.25 Td (its ) Tj ET Q
q 0 0 0 rg BT 429.42 214.25 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 476.60 214.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 502.11 214.25 Td (a ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
157 0 obj
<<
/Length 48145
>>
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 356.51 622.10 Td (compliance ) Tj ET Q
q 0 0 0 rg BT 405.38 622.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 425.94 622.10 Td (covenants ) Tj ET Q
q 0 0 0 rg BT 468.70 622.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 479.26 622.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 496.47 622.10 Td (loan ) Tj ET Q
q 0 0 0 rg BT 516.47 622.10 Td (agreements ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 63.98 610.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 83.52 610.10 Td (enter ) Tj ET Q
q 0 0 0 rg BT 105.83 610.10 Td (into. ) Tj ET Q
q 0 0 0 rg BT 126.21 610.10 Td (Further) Tj ET Q
q 0 0 0 rg BT 155.24 610.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 160.07 610.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 168.50 610.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 182.48 610.10 Td (had ) Tj ET Q
q 0 0 0 rg BT 199.24 610.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 209.34 610.10 Td (find ) Tj ET Q
q 0 0 0 rg BT 227.77 610.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 234.53 610.10 Td (replacement ) Tj ET Q
q 0 0 0 rg BT 285.71 610.10 Td (technical ) Tj ET Q
q 0 0 0 rg BT 324.12 610.10 Td (manager) Tj ET Q
q 0 0 0 rg BT 358.14 610.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 362.96 610.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 376.95 610.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 396.48 610.10 Td (need ) Tj ET Q
q 0 0 0 rg BT 417.68 610.10 Td (approval ) Tj ET Q
q 0 0 0 rg BT 454.99 610.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 476.75 610.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 492.40 610.10 Td (lenders ) Tj ET Q
q 0 0 0 rg BT 523.60 610.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 533.70 610.10 Td (change ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.72 598.10 Td (technical ) Tj ET Q
q 0 0 0 rg BT 103.31 598.10 Td (manager) Tj ET Q
q 0 0 0 rg BT 137.18 598.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (Declines ) Tj ET Q
q 0 0 0 rg BT 88.05 574.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 98.89 574.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 131.39 574.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 153.89 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 171.95 574.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 196.12 574.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 227.50 574.10 Td (deterioration ) Tj ET Q
q 0 0 0 rg BT 283.34 574.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 308.62 574.10 Td (cause ) Tj ET Q
q 0 0 0 rg BT 334.45 574.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 346.40 574.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 356.68 574.10 Td (incur ) Tj ET Q
q 0 0 0 rg BT 381.41 574.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 431.69 574.10 Td (charges) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.17 550.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 104.11 550.10 Td (values ) Tj ET Q
q 0 0 0 rg BT 132.28 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 143.23 550.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 159.19 550.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 190.14 550.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 204.97 550.10 Td (reviewed ) Tj ET Q
q 0 0 0 rg BT 244.24 550.10 Td (whenever ) Tj ET Q
q 0 0 0 rg BT 285.73 550.10 Td (events ) Tj ET Q
q 0 0 0 rg BT 313.90 550.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 324.85 550.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 359.69 550.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 370.09 550.10 Td (circumstances ) Tj ET Q
q 0 0 0 rg BT 429.35 550.10 Td (indicate ) Tj ET Q
q 0 0 0 rg BT 463.63 550.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 481.24 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 496.08 550.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 532.02 550.10 Td (amount ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.58 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 75.05 538.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 101.75 538.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 121.22 538.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 133.47 538.10 Td (longer ) Tj ET Q
q 0 0 0 rg BT 161.27 538.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 172.96 538.10 Td (recoverable. ) Tj ET Q
q 0 0 0 rg BT 224.18 538.10 Td (W) Tj ET Q
q 0 0 0 rg BT 232.82 538.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 239.51 538.10 Td (assess ) Tj ET Q
q 0 0 0 rg BT 266.21 538.10 Td (recoverability ) Tj ET Q
q 0 0 0 rg BT 323.99 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 334.57 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 349.04 538.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 384.61 538.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 408.52 538.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 420.77 538.10 Td (estimating ) Tj ET Q
q 0 0 0 rg BT 464.69 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 479.16 538.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 505.29 538.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 519.76 538.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 539.78 538.10 Td (flows ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (expected ) Tj ET Q
q 0 0 0 rg BT 88.37 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 98.98 526.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 124.03 526.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 146.30 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 161.35 526.10 Td (vessel, ) Tj ET Q
q 0 0 0 rg BT 191.12 526.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 231.73 526.10 Td (eventual ) Tj ET Q
q 0 0 0 rg BT 268.43 526.10 Td (disposal. ) Tj ET Q
q 0 0 0 rg BT 306.55 526.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 316.04 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 331.09 526.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 357.80 526.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 372.85 526.10 Td (undiscounted ) Tj ET Q
q 0 0 0 rg BT 429.01 526.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 449.61 526.10 Td (flows ) Tj ET Q
q 0 0 0 rg BT 474.67 526.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 491.94 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 506.99 526.10 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 548.14 526.10 Td (fair ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 80.77 514.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 105.44 514.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 116.78 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 132.01 514.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 159.46 514.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 174.67 514.10 Td (less ) Tj ET Q
q 0 0 0 rg BT 192.68 514.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 212.91 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 228.14 514.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 264.46 514.10 Td (value, ) Tj ET Q
q 0 0 0 rg BT 291.63 514.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 304.08 514.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 353.19 514.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 371.76 514.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 381.44 514.10 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 419.42 514.10 Td (equal ) Tj ET Q
q 0 0 0 rg BT 444.09 514.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 454.88 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 470.10 514.10 Td (dif) Tj ET Q
q 0 0 0 rg BT 481.03 514.10 Td (ference ) Tj ET Q
q 0 0 0 rg BT 513.46 514.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 549.78 514.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (vessel's ) Tj ET Q
q 0 0 0 rg BT 82.87 502.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 118.93 502.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 143.32 502.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 160.50 502.10 Td (fair ) Tj ET Q
q 0 0 0 rg BT 177.12 502.10 Td (value. ) Tj ET Q
q 0 0 0 rg BT 203.41 502.10 Td (Any ) Tj ET Q
q 0 0 0 rg BT 223.38 502.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 272.21 502.10 Td (char) Tj ET Q
q 0 0 0 rg BT 289.24 502.10 Td (ges ) Tj ET Q
q 0 0 0 rg BT 305.31 502.10 Td (incurred ) Tj ET Q
q 0 0 0 rg BT 341.37 502.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 352.44 502.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 359.62 502.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 384.58 502.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 395.65 502.10 Td (declines ) Tj ET Q
q 0 0 0 rg BT 431.15 502.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 441.67 502.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 472.16 502.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 493.78 502.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 510.96 502.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 534.25 502.10 Td (market ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (deterioration ) Tj ET Q
q 0 0 0 rg BT 102.85 490.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 126.82 490.10 Td (negatively ) Tj ET Q
q 0 0 0 rg BT 170.23 490.10 Td (af) Tj ET Q
q 0 0 0 rg BT 177.81 490.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 194.56 490.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 209.64 490.10 Td (business, ) Tj ET Q
q 0 0 0 rg BT 247.79 490.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 284.53 490.10 Td (condition, ) Tj ET Q
q 0 0 0 rg BT 326.56 490.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 366.08 490.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 393.95 490.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 404.03 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 418.01 490.10 Td (trading ) Tj ET Q
q 0 0 0 rg BT 448.09 490.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 469.83 490.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 479.92 490.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 495.00 490.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 532.86 490.10 Td (Shares. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 478.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.58 478.10 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 103.05 478.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 114.99 478.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 163.59 478.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 181.65 478.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 192.48 478.10 Td ($32.0 ) Tj ET Q
q 0 0 0 rg BT 217.48 478.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 248.87 478.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 259.15 478.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 281.65 478.10 Td (\(201) Tj ET Q
q 0 0 0 rg BT 299.61 478.10 Td (1: ) Tj ET Q
q 0 0 0 rg BT 309.89 478.10 Td ($121.4 ) Tj ET Q
q 0 0 0 rg BT 339.89 478.10 Td (million, ) Tj ET Q
q 0 0 0 rg BT 373.78 478.10 Td (2010: ) Tj ET Q
q 0 0 0 rg BT 399.06 478.10 Td (zero\).) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (Operational ) Tj ET Q
q 0 0 0 rg BT 101.95 454.10 Td (risks ) Tj ET Q
q 0 0 0 rg BT 123.90 454.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 141.96 454.10 Td (damage ) Tj ET Q
q 0 0 0 rg BT 176.68 454.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 186.96 454.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 203.91 454.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 234.18 454.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 259.46 454.10 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 300.27 454.10 Td (impact ) Tj ET Q
q 0 0 0 rg BT 330.55 454.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 347.50 454.10 Td (performance) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (Our ) Tj ET Q
q 0 0 0 rg BT 67.77 430.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 98.31 430.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 114.97 430.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 135.51 430.10 Td (car) Tj ET Q
q 0 0 0 rg BT 147.54 430.10 Td (goes ) Tj ET Q
q 0 0 0 rg BT 168.08 430.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 185.85 430.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 197.51 430.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 206.94 430.10 Td (risk ) Tj ET Q
q 0 0 0 rg BT 224.16 430.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 234.70 430.10 Td (being ) Tj ET Q
q 0 0 0 rg BT 259.13 430.10 Td (damaged ) Tj ET Q
q 0 0 0 rg BT 297.44 430.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 307.99 430.10 Td (lost ) Tj ET Q
q 0 0 0 rg BT 324.65 430.10 Td (because ) Tj ET Q
q 0 0 0 rg BT 358.52 430.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 369.06 430.10 Td (events ) Tj ET Q
q 0 0 0 rg BT 396.82 430.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 417.37 430.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 427.92 430.10 Td (marine ) Tj ET Q
q 0 0 0 rg BT 457.90 430.10 Td (disasters, ) Tj ET Q
q 0 0 0 rg BT 497.05 430.10 Td (bad ) Tj ET Q
q 0 0 0 rg BT 513.70 430.10 Td (weather ) Tj ET Q
q 0 0 0 rg BT 547.57 430.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 73.10 418.10 Td (acts ) Tj ET Q
q 0 0 0 rg BT 91.20 418.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 102.08 418.10 Td (God, ) Tj ET Q
q 0 0 0 rg BT 124.36 418.10 Td (business ) Tj ET Q
q 0 0 0 rg BT 160.81 418.10 Td (interruptions ) Tj ET Q
q 0 0 0 rg BT 214.46 418.10 Td (caused ) Tj ET Q
q 0 0 0 rg BT 244.22 418.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 256.78 418.10 Td (mechanical ) Tj ET Q
q 0 0 0 rg BT 304.86 418.10 Td (failures, ) Tj ET Q
q 0 0 0 rg BT 339.90 418.10 Td (grounding, ) Tj ET Q
q 0 0 0 rg BT 386.06 418.10 Td (fire, ) Tj ET Q
q 0 0 0 rg BT 404.99 418.10 Td (explosions ) Tj ET Q
q 0 0 0 rg BT 450.32 418.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 467.31 418.10 Td (collisions, ) Tj ET Q
q 0 0 0 rg BT 510.70 418.10 Td (human ) Tj ET Q
q 0 0 0 rg BT 540.47 418.10 Td (error) Tj ET Q
q 0 0 0 rg BT 559.50 418.10 Td (, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (war) Tj ET Q
q 0 0 0 rg BT 64.59 406.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 68.62 406.10 Td (terrorism, ) Tj ET Q
q 0 0 0 rg BT 109.31 406.10 Td (piracy ) Tj ET Q
q 0 0 0 rg BT 135.83 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 151.80 406.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 173.88 406.10 Td (circumstances ) Tj ET Q
q 0 0 0 rg BT 232.05 406.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 241.91 406.10 Td (events. ) Tj ET Q
q 0 0 0 rg BT 271.49 406.10 Td (Changing ) Tj ET Q
q 0 0 0 rg BT 311.91 406.10 Td (economic, ) Tj ET Q
q 0 0 0 rg BT 354.81 406.10 Td (regulatory ) Tj ET Q
q 0 0 0 rg BT 397.44 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 413.41 406.10 Td (political ) Tj ET Q
q 0 0 0 rg BT 447.71 406.10 Td (conditions ) Tj ET Q
q 0 0 0 rg BT 490.91 406.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 500.22 406.10 Td (some ) Tj ET Q
q 0 0 0 rg BT 522.86 406.10 Td (countries, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 91.11 394.10 Td (political ) Tj ET Q
q 0 0 0 rg BT 127.21 394.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 144.98 394.10 Td (military ) Tj ET Q
q 0 0 0 rg BT 179.98 394.10 Td (conflicts, ) Tj ET Q
q 0 0 0 rg BT 220.24 394.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 242.46 394.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 265.23 394.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 286.33 394.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 297.45 394.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 318.55 394.10 Td (resulted ) Tj ET Q
q 0 0 0 rg BT 353.54 394.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 364.66 394.10 Td (attacks ) Tj ET Q
q 0 0 0 rg BT 395.75 394.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 409.09 394.10 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 443.25 394.10 Td (mining ) Tj ET Q
q 0 0 0 rg BT 474.92 394.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 486.58 394.10 Td (waterways, ) Tj ET Q
q 0 0 0 rg BT 535.18 394.10 Td (piracy) Tj ET Q
q 0 0 0 rg BT 559.51 394.10 Td (, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (terrorism, ) Tj ET Q
q 0 0 0 rg BT 92.33 382.10 Td (labor ) Tj ET Q
q 0 0 0 rg BT 116.06 382.10 Td (strikes ) Tj ET Q
q 0 0 0 rg BT 145.35 382.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 162.96 382.10 Td (boycotts. ) Tj ET Q
q 0 0 0 rg BT 202.30 382.10 Td (These ) Tj ET Q
q 0 0 0 rg BT 229.36 382.10 Td (hazards ) Tj ET Q
q 0 0 0 rg BT 263.07 382.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 283.47 382.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 308.86 382.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 319.82 382.10 Td (death ) Tj ET Q
q 0 0 0 rg BT 344.65 382.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 356.16 382.10 Td (injury ) Tj ET Q
q 0 0 0 rg BT 383.23 382.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 394.18 382.10 Td (persons, ) Tj ET Q
q 0 0 0 rg BT 430.42 382.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 449.16 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 460.66 382.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 499.38 382.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 510.89 382.10 Td (property) Tj ET Q
q 0 0 0 rg BT 544.12 382.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 549.79 382.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 86.28 370.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 96.46 370.10 Td (ransoms, ) Tj ET Q
q 0 0 0 rg BT 134.14 370.10 Td (environmental ) Tj ET Q
q 0 0 0 rg BT 193.74 370.10 Td (damage, ) Tj ET Q
q 0 0 0 rg BT 229.18 370.10 Td (higher ) Tj ET Q
q 0 0 0 rg BT 256.58 370.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 296.74 370.10 Td (rates, ) Tj ET Q
q 0 0 0 rg BT 319.96 370.10 Td (damage ) Tj ET Q
q 0 0 0 rg BT 352.90 370.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 362.53 370.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 377.71 370.10 Td (customer ) Tj ET Q
q 0 0 0 rg BT 416.21 370.10 Td (relationships ) Tj ET Q
q 0 0 0 rg BT 469.16 370.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 485.45 370.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 515.06 370.10 Td (disruptions, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (delay ) Tj ET Q
q 0 0 0 rg BT 74.16 358.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 84.99 358.10 Td (rerouting.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 58.85 334.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 74.37 334.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 104.89 334.10 Td (suf) Tj ET Q
q 0 0 0 rg BT 116.93 334.10 Td (fer ) Tj ET Q
q 0 0 0 rg BT 130.22 334.10 Td (damage, ) Tj ET Q
q 0 0 0 rg BT 166.00 334.10 Td (they ) Tj ET Q
q 0 0 0 rg BT 185.41 334.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 204.82 334.10 Td (need ) Tj ET Q
q 0 0 0 rg BT 225.88 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 235.85 334.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 247.48 334.10 Td (repaired ) Tj ET Q
q 0 0 0 rg BT 282.42 334.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 291.83 334.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 298.46 334.10 Td (drydocking ) Tj ET Q
q 0 0 0 rg BT 346.20 334.10 Td (facility) Tj ET Q
q 0 0 0 rg BT 373.87 334.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 378.40 334.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 396.14 334.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 418.33 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 428.85 334.10 Td (drydock ) Tj ET Q
q 0 0 0 rg BT 463.80 334.10 Td (repairs ) Tj ET Q
q 0 0 0 rg BT 493.20 334.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 507.60 334.10 Td (unpredictable ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.21 322.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 85.20 322.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 96.41 322.10 Td (substantial. ) Tj ET Q
q 0 0 0 rg BT 143.33 322.10 Td (W) Tj ET Q
q 0 0 0 rg BT 151.97 322.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 158.18 322.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 177.17 322.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 197.82 322.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 207.37 322.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 223.58 322.10 Td (drydocking ) Tj ET Q
q 0 0 0 rg BT 270.90 322.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 292.67 322.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 309.44 322.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 324.54 322.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 364.63 322.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 384.73 322.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 399.28 322.10 Td (cover ) Tj ET Q
q 0 0 0 rg BT 423.26 322.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 432.25 322.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 444.02 322.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 454.12 322.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 463.67 322.10 Td (full. ) Tj ET Q
q 0 0 0 rg BT 481.70 322.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 499.02 322.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 516.36 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 526.46 322.10 Td (revenues ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (while ) Tj ET Q
q 0 0 0 rg BT 74.00 310.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 96.32 310.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 126.43 310.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 140.42 310.10 Td (being ) Tj ET Q
q 0 0 0 rg BT 164.42 310.10 Td (repaired ) Tj ET Q
q 0 0 0 rg BT 198.95 310.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 215.17 310.10 Td (repositioned, ) Tj ET Q
q 0 0 0 rg BT 268.88 310.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 278.99 310.10 Td (well ) Tj ET Q
q 0 0 0 rg BT 297.99 310.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 308.10 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 322.09 310.10 Td (actual ) Tj ET Q
q 0 0 0 rg BT 347.75 310.10 Td (cost ) Tj ET Q
q 0 0 0 rg BT 365.63 310.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 375.74 310.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 398.07 310.10 Td (repairs, ) Tj ET Q
q 0 0 0 rg BT 429.56 310.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 448.55 310.10 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 488.65 310.10 Td (af) Tj ET Q
q 0 0 0 rg BT 496.24 310.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 513.00 310.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 528.11 310.10 Td (business ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 68.09 298.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 106.73 298.10 Td (condition. ) Tj ET Q
q 0 0 0 rg BT 150.66 298.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 162.65 298.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 201.58 298.10 Td (space ) Tj ET Q
q 0 0 0 rg BT 227.44 298.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 238.31 298.10 Td (drydocking ) Tj ET Q
q 0 0 0 rg BT 287.52 298.10 Td (facilities ) Tj ET Q
q 0 0 0 rg BT 325.60 298.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 335.93 298.10 Td (sometimes ) Tj ET Q
q 0 0 0 rg BT 382.36 298.10 Td (limited ) Tj ET Q
q 0 0 0 rg BT 414.34 298.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 432.44 298.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 448.87 298.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 462.52 298.10 Td (drydocking ) Tj ET Q
q 0 0 0 rg BT 511.73 298.10 Td (facilities ) Tj ET Q
q 0 0 0 rg BT 549.81 298.10 Td (are ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (conveniently ) Tj ET Q
q 0 0 0 rg BT 104.05 286.10 Td (located. ) Tj ET Q
q 0 0 0 rg BT 137.64 286.10 Td (W) Tj ET Q
q 0 0 0 rg BT 146.28 286.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 153.11 286.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 172.73 286.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 184.56 286.10 Td (unable ) Tj ET Q
q 0 0 0 rg BT 213.61 286.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 223.79 286.10 Td (find ) Tj ET Q
q 0 0 0 rg BT 242.29 286.10 Td (space ) Tj ET Q
q 0 0 0 rg BT 266.90 286.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 276.51 286.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 283.35 286.10 Td (suitable ) Tj ET Q
q 0 0 0 rg BT 316.85 286.10 Td (drydocking ) Tj ET Q
q 0 0 0 rg BT 364.79 286.10 Td (facility ) Tj ET Q
q 0 0 0 rg BT 395.51 286.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 406.23 286.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 421.96 286.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 452.69 286.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 472.30 286.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 484.13 286.10 Td (forced ) Tj ET Q
q 0 0 0 rg BT 512.07 286.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 522.24 286.10 Td (travel ) Tj ET Q
q 0 0 0 rg BT 547.40 286.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 557.58 286.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (drydocking ) Tj ET Q
q 0 0 0 rg BT 98.02 274.10 Td (facility ) Tj ET Q
q 0 0 0 rg BT 128.80 274.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 146.27 274.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 155.41 274.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 170.65 274.10 Td (conveniently ) Tj ET Q
q 0 0 0 rg BT 224.77 274.10 Td (located ) Tj ET Q
q 0 0 0 rg BT 256.11 274.10 Td (relative ) Tj ET Q
q 0 0 0 rg BT 288.56 274.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 298.81 274.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 314.60 274.10 Td (vessels' ) Tj ET Q
q 0 0 0 rg BT 347.20 274.10 Td (positions. ) Tj ET Q
q 0 0 0 rg BT 388.11 274.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 406.13 274.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 424.16 274.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 434.96 274.10 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 471.30 274.10 Td (while ) Tj ET Q
q 0 0 0 rg BT 495.99 274.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 519.00 274.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 549.80 274.10 Td (are ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (forced ) Tj ET Q
q 0 0 0 rg BT 77.47 262.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 87.19 262.10 Td (wait ) Tj ET Q
q 0 0 0 rg BT 106.34 262.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 119.94 262.10 Td (space ) Tj ET Q
q 0 0 0 rg BT 144.09 262.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 154.35 262.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 164.07 262.10 Td (travel ) Tj ET Q
q 0 0 0 rg BT 188.77 262.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 198.49 262.10 Td (more ) Tj ET Q
q 0 0 0 rg BT 220.97 262.10 Td (distant ) Tj ET Q
q 0 0 0 rg BT 249.57 262.10 Td (drydocking ) Tj ET Q
q 0 0 0 rg BT 297.06 262.10 Td (facilities ) Tj ET Q
q 0 0 0 rg BT 333.42 262.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 352.58 262.10 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 392.83 262.10 Td (af) Tj ET Q
q 0 0 0 rg BT 400.42 262.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 417.34 262.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 432.61 262.10 Td (business ) Tj ET Q
q 0 0 0 rg BT 468.44 262.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 484.82 262.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 521.73 262.10 Td (condition. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (Further) Tj ET Q
q 0 0 0 rg BT 79.04 250.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 84.04 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 98.76 250.10 Td (total ) Tj ET Q
q 0 0 0 rg BT 119.04 250.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 137.11 250.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 147.94 250.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 164.88 250.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 175.72 250.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 191.55 250.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 222.38 250.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 247.10 250.10 Td (harm ) Tj ET Q
q 0 0 0 rg BT 270.16 250.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 285.99 250.10 Td (reputation ) Tj ET Q
q 0 0 0 rg BT 329.04 250.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 339.87 250.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 346.81 250.10 Td (safe ) Tj ET Q
q 0 0 0 rg BT 365.41 250.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 382.36 250.10 Td (reliable ) Tj ET Q
q 0 0 0 rg BT 414.84 250.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 441.78 250.10 Td (owner ) Tj ET Q
q 0 0 0 rg BT 469.28 250.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 486.22 250.10 Td (operator) Tj ET Q
q 0 0 0 rg BT 518.98 250.10 Td (.If ) Tj ET Q
q 0 0 0 rg BT 535.65 250.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 549.81 250.10 Td (are ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (unable ) Tj ET Q
q 0 0 0 rg BT 78.95 238.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 89.03 238.10 Td (adequately ) Tj ET Q
q 0 0 0 rg BT 134.64 238.10 Td (maintain ) Tj ET Q
q 0 0 0 rg BT 171.93 238.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 182.56 238.10 Td (safeguard ) Tj ET Q
q 0 0 0 rg BT 223.72 238.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 239.35 238.10 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 272.48 238.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 286.44 238.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 305.96 238.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 317.69 238.10 Td (unable ) Tj ET Q
q 0 0 0 rg BT 346.65 238.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 356.73 238.10 Td (prevent ) Tj ET Q
q 0 0 0 rg BT 389.01 238.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 405.75 238.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 426.38 238.10 Td (damage, ) Tj ET Q
q 0 0 0 rg BT 462.27 238.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 484.57 238.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 495.20 238.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 513.06 238.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 539.79 238.10 Td (could ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (negatively ) Tj ET Q
q 0 0 0 rg BT 94.15 226.10 Td (impact ) Tj ET Q
q 0 0 0 rg BT 123.86 226.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 139.69 226.10 Td (business, ) Tj ET Q
q 0 0 0 rg BT 178.58 226.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 216.06 226.10 Td (condition, ) Tj ET Q
q 0 0 0 rg BT 258.84 226.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 287.45 226.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 298.28 226.10 Td (operations, ) Tj ET Q
q 0 0 0 rg BT 344.93 226.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 365.20 226.10 Td (flows ) Tj ET Q
q 0 0 0 rg BT 389.92 226.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 406.86 226.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 434.91 226.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 445.19 226.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 462.13 226.10 Td (dividends.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (Increased ) Tj ET Q
q 0 0 0 rg BT 93.74 202.10 Td (inspection ) Tj ET Q
q 0 0 0 rg BT 139.15 202.10 Td (procedures, ) Tj ET Q
q 0 0 0 rg BT 190.39 202.10 Td (tighter ) Tj ET Q
q 0 0 0 rg BT 220.81 202.10 Td (import ) Tj ET Q
q 0 0 0 rg BT 251.22 202.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 269.97 202.10 Td (export ) Tj ET Q
q 0 0 0 rg BT 299.27 202.10 Td (controls ) Tj ET Q
q 0 0 0 rg BT 335.79 202.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 354.54 202.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 374.40 202.10 Td (security ) Tj ET Q
q 0 0 0 rg BT 409.80 202.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 459.67 202.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 485.64 202.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 523.26 202.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 546.45 202.10 Td (and ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (cause ) Tj ET Q
q 0 0 0 rg BT 75.83 190.10 Td (disruption ) Tj ET Q
q 0 0 0 rg BT 120.57 190.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 131.40 190.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 148.35 190.10 Td (business) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.10 Td (International ) Tj ET Q
q 0 0 0 rg BT 103.49 166.10 Td (shipping ) Tj ET Q
q 0 0 0 rg BT 140.33 166.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 149.40 166.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 180.12 166.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 190.29 166.10 Td (security ) Tj ET Q
q 0 0 0 rg BT 224.34 166.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 241.18 166.10 Td (customs ) Tj ET Q
q 0 0 0 rg BT 276.35 166.10 Td (inspection ) Tj ET Q
q 0 0 0 rg BT 319.85 166.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 336.69 166.10 Td (related ) Tj ET Q
q 0 0 0 rg BT 366.29 166.10 Td (procedures ) Tj ET Q
q 0 0 0 rg BT 412.55 166.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 422.73 166.10 Td (countries ) Tj ET Q
q 0 0 0 rg BT 461.78 166.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 472.50 166.10 Td (origin, ) Tj ET Q
q 0 0 0 rg BT 501.29 166.10 Td (destination ) Tj ET Q
q 0 0 0 rg BT 547.57 166.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 154.10 Td (trans-shipment ) Tj ET Q
q 0 0 0 rg BT 112.72 154.10 Td (points. ) Tj ET Q
q 0 0 0 rg BT 142.96 154.10 Td (Under ) Tj ET Q
q 0 0 0 rg BT 171.23 154.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 186.74 154.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 207.81 154.10 Td (Maritime ) Tj ET Q
q 0 0 0 rg BT 248.07 154.10 Td (T) Tj ET Q
q 0 0 0 rg BT 253.83 154.10 Td (ransportation ) Tj ET Q
q 0 0 0 rg BT 309.88 154.10 Td (Security ) Tj ET Q
q 0 0 0 rg BT 345.77 154.10 Td (Act ) Tj ET Q
q 0 0 0 rg BT 363.49 154.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 375.11 154.10 Td (2002, ) Tj ET Q
q 0 0 0 rg BT 400.90 154.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 412.52 154.10 Td (MTSA, ) Tj ET Q
q 0 0 0 rg BT 446.09 154.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 461.59 154.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 482.66 154.10 Td (Coast ) Tj ET Q
q 0 0 0 rg BT 508.73 154.10 Td (Guard ) Tj ET Q
q 0 0 0 rg BT 537.01 154.10 Td (issued ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 142.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 98.50 142.10 Td (requiring ) Tj ET Q
q 0 0 0 rg BT 139.23 142.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 155.51 142.10 Td (implementation ) Tj ET Q
q 0 0 0 rg BT 222.35 142.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 234.75 142.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 266.02 142.10 Td (security ) Tj ET Q
q 0 0 0 rg BT 301.74 142.10 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 358.01 142.10 Td (aboard ) Tj ET Q
q 0 0 0 rg BT 389.29 142.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 421.69 142.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 463.52 142.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 475.37 142.10 Td (waters ) Tj ET Q
q 0 0 0 rg BT 505.54 142.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 537.93 142.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 549.78 142.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 130.10 Td (jurisdiction ) Tj ET Q
q 0 0 0 rg BT 98.19 130.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 109.16 130.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 124.02 130.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 153.87 130.10 Td (States. ) Tj ET Q
q 0 0 0 rg BT 182.71 130.10 Td (These ) Tj ET Q
q 0 0 0 rg BT 209.22 130.10 Td (security ) Tj ET Q
q 0 0 0 rg BT 243.52 130.10 Td (procedures ) Tj ET Q
q 0 0 0 rg BT 290.02 130.10 Td (can ) Tj ET Q
q 0 0 0 rg BT 306.54 130.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 331.40 130.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 341.81 130.10 Td (delays ) Tj ET Q
q 0 0 0 rg BT 370.00 130.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 380.42 130.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 395.27 130.10 Td (loading, ) Tj ET Q
q 0 0 0 rg BT 430.41 130.10 Td (of) Tj ET Q
q 0 0 0 rg BT 438.56 130.10 Td (floading ) Tj ET Q
q 0 0 0 rg BT 474.52 130.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 485.49 130.10 Td (trans-shipment ) Tj ET Q
q 0 0 0 rg BT 547.56 130.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 118.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.64 118.10 Td (levying ) Tj ET Q
q 0 0 0 rg BT 97.06 118.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 107.81 118.10 Td (customs ) Tj ET Q
q 0 0 0 rg BT 143.01 118.10 Td (duties, ) Tj ET Q
q 0 0 0 rg BT 171.82 118.10 Td (fines ) Tj ET Q
q 0 0 0 rg BT 193.69 118.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 204.44 118.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 227.41 118.10 Td (penalties ) Tj ET Q
q 0 0 0 rg BT 265.37 118.10 Td (against ) Tj ET Q
q 0 0 0 rg BT 296.12 118.10 Td (exporters ) Tj ET Q
q 0 0 0 rg BT 335.75 118.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 346.51 118.10 Td (importers ) Tj ET Q
q 0 0 0 rg BT 387.26 118.10 Td (and, ) Tj ET Q
q 0 0 0 rg BT 406.62 118.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 416.82 118.10 Td (some ) Tj ET Q
q 0 0 0 rg BT 440.35 118.10 Td (cases, ) Tj ET Q
q 0 0 0 rg BT 466.37 118.10 Td (carriers. ) Tj ET Q
q 0 0 0 rg BT 501.27 118.10 Td (Future ) Tj ET Q
q 0 0 0 rg BT 529.80 118.10 Td (changes ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 106.10 Td (to ) Tj ET Q
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endstream
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q 0 0 0 rg BT 375.42 526.25 Td (dividend ) Tj ET Q
q 0 0 0 rg BT 412.83 526.25 Td (since ) Tj ET Q
q 0 0 0 rg BT 435.79 526.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 450.42 526.25 Td (second ) Tj ET Q
q 0 0 0 rg BT 480.61 526.25 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 511.34 526.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 522.08 526.25 Td (201) Tj ET Q
q 0 0 0 rg BT 536.71 526.25 Td (1. ) Tj ET Q
q 0 0 0 rg BT 546.46 526.25 Td (The ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.25 Td (amount ) Tj ET Q
q 0 0 0 rg BT 81.62 514.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 97.68 514.25 Td (timing ) Tj ET Q
q 0 0 0 rg BT 125.42 514.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 135.38 514.25 Td (dividends ) Tj ET Q
q 0 0 0 rg BT 175.89 514.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 193.07 514.25 Td (depend ) Tj ET Q
q 0 0 0 rg BT 223.57 514.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 235.20 514.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 250.15 514.25 Td (earnings, ) Tj ET Q
q 0 0 0 rg BT 288.15 514.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 324.76 514.25 Td (condition, ) Tj ET Q
q 0 0 0 rg BT 366.66 514.25 Td (cash ) Tj ET Q
q 0 0 0 rg BT 386.05 514.25 Td (position, ) Tj ET Q
q 0 0 0 rg BT 422.40 514.25 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 460.68 514.25 Td (law ) Tj ET Q
q 0 0 0 rg BT 476.75 514.25 Td (af) Tj ET Q
q 0 0 0 rg BT 484.33 514.25 Td (fecting ) Tj ET Q
q 0 0 0 rg BT 513.72 514.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 527.57 514.25 Td (payment ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.34 502.25 Td (distributions ) Tj ET Q
q 0 0 0 rg BT 112.36 502.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 128.81 502.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 151.37 502.25 Td (factors.However) Tj ET Q
q 0 0 0 rg BT 222.33 502.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 226.84 502.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 240.52 502.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 264.75 502.25 Td (incur ) Tj ET Q
q 0 0 0 rg BT 287.31 502.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 309.87 502.25 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 347.98 502.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 358.32 502.25 Td (contingent ) Tj ET Q
q 0 0 0 rg BT 402.55 502.25 Td (liabilities ) Tj ET Q
q 0 0 0 rg BT 441.78 502.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 458.79 502.25 Td (would ) Tj ET Q
q 0 0 0 rg BT 485.80 502.25 Td (reduce ) Tj ET Q
q 0 0 0 rg BT 514.46 502.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 524.80 502.25 Td (eliminate ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.62 490.25 Td (cash ) Tj ET Q
q 0 0 0 rg BT 84.80 490.25 Td (available ) Tj ET Q
q 0 0 0 rg BT 123.29 490.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 137.36 490.25 Td (distribution ) Tj ET Q
q 0 0 0 rg BT 185.88 490.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 198.29 490.25 Td (us ) Tj ET Q
q 0 0 0 rg BT 209.58 490.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 220.32 490.25 Td (dividends.In ) Tj ET Q
q 0 0 0 rg BT 277.44 490.25 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 315.12 490.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 329.75 490.25 Td (timing ) Tj ET Q
q 0 0 0 rg BT 358.26 490.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 375.11 490.25 Td (amount ) Tj ET Q
q 0 0 0 rg BT 407.51 490.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 418.25 490.25 Td (dividends, ) Tj ET Q
q 0 0 0 rg BT 462.04 490.25 Td (if ) Tj ET Q
q 0 0 0 rg BT 470.55 490.25 Td (any) Tj ET Q
q 0 0 0 rg BT 484.34 490.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 489.25 490.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 498.33 490.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 507.95 490.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 522.57 490.25 Td (discretion ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.83 478.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 76.66 478.25 Td (Board ) Tj ET Q
q 0 0 0 rg BT 103.60 478.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 114.43 478.25 Td (Directors, ) Tj ET Q
q 0 0 0 rg BT 156.64 478.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 167.47 478.25 Td (Board. ) Tj ET Q
q 0 0 0 rg BT 196.72 478.25 Td (W) Tj ET Q
q 0 0 0 rg BT 205.36 478.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 212.30 478.25 Td (cannot ) Tj ET Q
q 0 0 0 rg BT 241.46 478.25 Td (assure ) Tj ET Q
q 0 0 0 rg BT 268.95 478.25 Td (you ) Tj ET Q
q 0 0 0 rg BT 286.45 478.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 303.94 478.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 318.10 478.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 336.16 478.25 Td (pay ) Tj ET Q
q 0 0 0 rg BT 353.10 478.25 Td (dividends.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.25 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.25 Td (W) Tj ET Q
q 0 0 0 rg BT 58.15 454.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.09 454.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 84.80 454.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 100.64 454.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 112.58 454.25 Td (able ) Tj ET Q
q 0 0 0 rg BT 132.30 454.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 142.58 454.25 Td (finance ) Tj ET Q
q 0 0 0 rg BT 176.19 454.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 193.14 454.25 Td (future ) Tj ET Q
q 0 0 0 rg BT 221.20 454.25 Td (capital ) Tj ET Q
q 0 0 0 rg BT 251.47 454.25 Td (commitments) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.25 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.25 Td (W) Tj ET Q
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q 0 0 0 rg BT 150.98 430.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 164.48 430.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 181.89 430.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 193.17 430.25 Td (able ) Tj ET Q
q 0 0 0 rg BT 211.68 430.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 221.30 430.25 Td (obtain ) Tj ET Q
q 0 0 0 rg BT 248.14 430.25 Td (financing ) Tj ET Q
q 0 0 0 rg BT 287.76 430.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 296.82 430.25 Td (all ) Tj ET Q
q 0 0 0 rg BT 308.66 430.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 318.84 430.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 330.69 430.25 Td (terms ) Tj ET Q
q 0 0 0 rg BT 354.75 430.25 Td (acceptable ) Tj ET Q
q 0 0 0 rg BT 398.78 430.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 408.41 430.25 Td (us.If ) Tj ET Q
q 0 0 0 rg BT 433.31 430.25 Td (adequate ) Tj ET Q
q 0 0 0 rg BT 470.69 430.25 Td (funds ) Tj ET Q
q 0 0 0 rg BT 494.76 430.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 508.81 430.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 523.44 430.25 Td (available, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 64.03 418.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 83.62 418.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 104.87 418.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 115.02 418.25 Td (reduce ) Tj ET Q
q 0 0 0 rg BT 144.04 418.25 Td (expenditures ) Tj ET Q
q 0 0 0 rg BT 197.50 418.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 211.54 418.25 Td (investments ) Tj ET Q
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q 0 0 0 rg BT 271.83 418.25 Td (new ) Tj ET Q
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q 0 0 0 rg BT 378.24 418.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 405.05 418.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 429.64 418.25 Td (hinder ) Tj ET Q
q 0 0 0 rg BT 457.56 418.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 473.26 418.25 Td (growth ) Tj ET Q
q 0 0 0 rg BT 503.96 418.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 520.77 418.25 Td (prevent ) Tj ET Q
q 0 0 0 rg BT 553.13 418.25 Td (us ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 72.80 406.25 Td (realizing ) Tj ET Q
q 0 0 0 rg BT 111.14 406.25 Td (potential ) Tj ET Q
q 0 0 0 rg BT 149.49 406.25 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 188.38 406.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 211.18 406.25 Td (prior ) Tj ET Q
q 0 0 0 rg BT 233.98 406.25 Td (investments ) Tj ET Q
q 0 0 0 rg BT 285.11 406.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 312.91 406.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 331.83 406.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 354.06 406.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 361.86 406.25 Td (negative ) Tj ET Q
q 0 0 0 rg BT 399.09 406.25 Td (impact ) Tj ET Q
q 0 0 0 rg BT 429.66 406.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 443.02 406.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 459.71 406.25 Td (cash ) Tj ET Q
q 0 0 0 rg BT 480.84 406.25 Td (flows ) Tj ET Q
q 0 0 0 rg BT 506.42 406.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 524.22 406.25 Td (results ) Tj ET Q
q 0 0 0 rg BT 553.69 406.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.25 Td (operations.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.25 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.25 Td (In ) Tj ET Q
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q 0 0 0 rg BT 202.07 370.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 215.98 370.25 Td (had ) Tj ET Q
q 0 0 0 rg BT 232.66 370.25 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 270.44 370.25 Td (commitments ) Tj ET Q
q 0 0 0 rg BT 327.13 370.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 337.71 370.25 Td ($87.9 ) Tj ET Q
q 0 0 0 rg BT 362.45 370.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 393.59 370.25 Td (relating ) Tj ET Q
q 0 0 0 rg BT 426.38 370.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 436.40 370.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 451.98 370.25 Td (two ) Tj ET Q
q 0 0 0 rg BT 469.22 370.25 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 508.13 370.25 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 539.25 370.25 Td (under ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.25 Td (construction ) Tj ET Q
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q 0 0 0 rg BT 122.46 358.25 Td (expected ) Tj ET Q
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q 0 0 0 rg BT 211.96 358.25 Td (2013. ) Tj ET Q
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q 0 0 0 rg BT 245.53 358.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 252.59 358.25 Td (expect ) Tj ET Q
q 0 0 0 rg BT 281.30 358.25 Td (to ) Tj ET Q
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q 0 0 0 rg BT 346.92 358.25 Td (payments ) Tj ET Q
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q 0 0 0 rg BT 547.57 358.25 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.25 Td (bank ) Tj ET Q
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q 0 0 0 rg BT 92.52 346.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 110.45 346.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 125.04 346.25 Td (intend ) Tj ET Q
q 0 0 0 rg BT 152.97 346.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 163.69 346.25 Td (arrange. ) Tj ET Q
q 0 0 0 rg BT 199.09 346.25 Td (Should ) Tj ET Q
q 0 0 0 rg BT 230.37 346.25 Td (such ) Tj ET Q
q 0 0 0 rg BT 251.63 346.25 Td (financing ) Tj ET Q
q 0 0 0 rg BT 292.33 346.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 308.04 346.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 320.41 346.25 Td (available, ) Tj ET Q
q 0 0 0 rg BT 361.94 346.25 Td (this ) Tj ET Q
q 0 0 0 rg BT 379.32 346.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 404.47 346.25 Td (severely ) Tj ET Q
q 0 0 0 rg BT 440.72 346.25 Td (impact ) Tj ET Q
q 0 0 0 rg BT 470.86 346.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 487.13 346.25 Td (ability ) Tj ET Q
q 0 0 0 rg BT 515.61 346.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 526.32 346.25 Td (meet ) Tj ET Q
q 0 0 0 rg BT 548.69 346.25 Td (our ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.25 Td (obligations ) Tj ET Q
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q 0 0 0 rg BT 113.88 334.25 Td (finance ) Tj ET Q
q 0 0 0 rg BT 145.81 334.25 Td (future ) Tj ET Q
q 0 0 0 rg BT 172.18 334.25 Td (obligations.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.25 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.25 Td (The ) Tj ET Q
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q 0 0 0 rg BT 94.45 310.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 105.28 310.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 122.23 310.25 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 142.50 310.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 162.21 310.25 Td (result ) Tj ET Q
q 0 0 0 rg BT 188.05 310.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 198.89 310.25 Td (increased ) Tj ET Q
q 0 0 0 rg BT 240.83 310.25 Td (operating ) Tj ET Q
q 0 0 0 rg BT 282.78 310.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 305.28 310.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 316.12 310.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 331.40 310.25 Td (future, ) Tj ET Q
q 0 0 0 rg BT 361.96 310.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 389.47 310.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 414.75 310.25 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 455.56 310.25 Td (af) Tj ET Q
q 0 0 0 rg BT 463.71 310.25 Td (fect ) Tj ET Q
q 0 0 0 rg BT 481.20 310.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 498.15 310.25 Td (earnings) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.25 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.25 Td (In ) Tj ET Q
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q 0 0 0 rg BT 110.45 286.25 Td (cost ) Tj ET Q
q 0 0 0 rg BT 129.21 286.25 Td (of ) Tj ET Q
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q 0 0 0 rg BT 485.20 286.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 503.40 286.25 Td (average ) Tj ET Q
q 0 0 0 rg BT 537.14 286.25 Td (age ) Tj ET Q
q 0 0 0 rg BT 553.68 286.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 66.15 274.25 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 93.95 274.25 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 114.54 274.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 124.02 274.25 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 184.60 274.25 Td (14 ) Tj ET Q
q 0 0 0 rg BT 197.42 274.25 Td (years. ) Tj ET Q
q 0 0 0 rg BT 223.22 274.25 Td (As ) Tj ET Q
q 0 0 0 rg BT 237.15 274.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 253.30 274.25 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 273.88 274.25 Td (ages, ) Tj ET Q
q 0 0 0 rg BT 296.97 274.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 311.45 274.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 329.82 274.25 Td (incur ) Tj ET Q
q 0 0 0 rg BT 353.19 274.25 Td (increased ) Tj ET Q
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q 0 0 0 rg BT 490.84 274.25 Td (typically ) Tj ET Q
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q 0 0 0 rg BT 546.47 274.25 Td (fuel ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 360.50 262.25 Td (due ) Tj ET Q
q 0 0 0 rg BT 377.79 262.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 388.42 262.25 Td (improvements ) Tj ET Q
q 0 0 0 rg BT 448.48 262.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 459.10 262.25 Td (engine ) Tj ET Q
q 0 0 0 rg BT 488.61 262.25 Td (technology) Tj ET Q
q 0 0 0 rg BT 532.39 262.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 537.74 262.25 Td (Car) Tj ET Q
q 0 0 0 rg BT 552.00 262.25 Td (go ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.25 Td (insurance ) Tj ET Q
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q 0 0 0 rg BT 111.48 250.25 Td (also ) Tj ET Q
q 0 0 0 rg BT 129.73 250.25 Td (increase ) Tj ET Q
q 0 0 0 rg BT 164.63 250.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 184.55 250.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 198.91 250.25 Td (age ) Tj ET Q
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q 0 0 0 rg BT 455.73 250.25 Td (Governmental ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F5 10.00 Tf ET
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BT /F5 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
159 0 obj
<<
/Length 37546
>>
stream
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F5 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 521.46 682.25 Td (customers ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 670.25 Td (failed ) Tj ET Q
q 0 0 0 rg BT 75.34 670.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 85.70 670.25 Td (compensate ) Tj ET Q
q 0 0 0 rg BT 135.49 670.25 Td (us ) Tj ET Q
q 0 0 0 rg BT 146.96 670.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 161.20 670.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 177.11 670.25 Td (services, ) Tj ET Q
q 0 0 0 rg BT 214.40 670.25 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 259.74 670.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 275.65 670.25 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 314.32 670.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 334.68 670.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 345.59 670.25 Td (without ) Tj ET Q
q 0 0 0 rg BT 378.73 670.25 Td (cause, ) Tj ET Q
q 0 0 0 rg BT 406.02 670.25 Td (failed ) Tj ET Q
q 0 0 0 rg BT 431.36 670.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 441.72 670.25 Td (renew ) Tj ET Q
q 0 0 0 rg BT 468.73 670.25 Td (its ) Tj ET Q
q 0 0 0 rg BT 480.76 670.25 Td (existing ) Tj ET Q
q 0 0 0 rg BT 515.00 670.25 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 553.68 670.25 Td (or ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 658.25 Td (refused ) Tj ET Q
q 0 0 0 rg BT 81.93 658.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 92.21 658.25 Td (award ) Tj ET Q
q 0 0 0 rg BT 119.14 658.25 Td (new ) Tj ET Q
q 0 0 0 rg BT 138.30 658.25 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 176.89 658.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 187.17 658.25 Td (us ) Tj ET Q
q 0 0 0 rg BT 198.56 658.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 215.50 658.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 229.66 658.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 244.37 658.25 Td (unable ) Tj ET Q
q 0 0 0 rg BT 273.52 658.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 283.80 658.25 Td (enter ) Tj ET Q
q 0 0 0 rg BT 306.28 658.25 Td (into ) Tj ET Q
q 0 0 0 rg BT 324.34 658.25 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 362.93 658.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 383.21 658.25 Td (new ) Tj ET Q
q 0 0 0 rg BT 402.37 658.25 Td (customers ) Tj ET Q
q 0 0 0 rg BT 445.42 658.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 455.14 658.25 Td (comparable ) Tj ET Q
q 0 0 0 rg BT 504.28 658.25 Td (daily ) Tj ET Q
q 0 0 0 rg BT 526.77 658.25 Td (rates.) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.25 Td (Our ) Tj ET Q
q 0 0 0 rg BT 68.93 634.25 Td (Chairman ) Tj ET Q
q 0 0 0 rg BT 113.43 634.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 131.24 634.25 Td (President, ) Tj ET Q
q 0 0 0 rg BT 174.88 634.25 Td (Mr) Tj ET Q
q 0 0 0 rg BT 187.12 634.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 191.87 634.25 Td (Fredriksen, ) Tj ET Q
q 0 0 0 rg BT 242.19 634.25 Td (through ) Tj ET Q
q 0 0 0 rg BT 277.80 634.25 Td (his ) Tj ET Q
q 0 0 0 rg BT 292.28 634.25 Td (indirect ) Tj ET Q
q 0 0 0 rg BT 326.20 634.25 Td (influence ) Tj ET Q
q 0 0 0 rg BT 367.34 634.25 Td (over ) Tj ET Q
q 0 0 0 rg BT 387.37 634.25 Td (Hemen ) Tj ET Q
q 0 0 0 rg BT 419.62 634.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 439.09 634.25 Td (continue ) Tj ET Q
q 0 0 0 rg BT 477.46 634.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 487.50 634.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 499.19 634.25 Td (able ) Tj ET Q
q 0 0 0 rg BT 518.66 634.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 528.69 634.25 Td (exercise ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 57.59 622.25 Td (fective ) Tj ET Q
q 0 0 0 rg BT 86.73 622.25 Td (control ) Tj ET Q
q 0 0 0 rg BT 118.68 622.25 Td (over ) Tj ET Q
q 0 0 0 rg BT 138.95 622.25 Td (us ) Tj ET Q
q 0 0 0 rg BT 150.90 622.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 168.96 622.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 188.68 622.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 210.62 622.25 Td (conflicts ) Tj ET Q
q 0 0 0 rg BT 248.11 622.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 258.94 622.25 Td (interest ) Tj ET Q
q 0 0 0 rg BT 292.00 622.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 312.29 622.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 329.24 622.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 353.41 622.25 Td (shareholders) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.25 Td (As ) Tj ET Q
q 0 0 0 rg BT 62.57 598.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 72.36 598.25 Td (March ) Tj ET Q
q 0 0 0 rg BT 99.91 598.25 Td (14, ) Tj ET Q
q 0 0 0 rg BT 113.87 598.25 Td (2013, ) Tj ET Q
q 0 0 0 rg BT 137.82 598.25 Td (Hemen, ) Tj ET Q
q 0 0 0 rg BT 170.66 598.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 176.55 598.25 Td (Cyprus ) Tj ET Q
q 0 0 0 rg BT 206.90 598.25 Td (holding ) Tj ET Q
q 0 0 0 rg BT 238.91 598.25 Td (company ) Tj ET Q
q 0 0 0 rg BT 277.03 598.25 Td (indirectly ) Tj ET Q
q 0 0 0 rg BT 316.80 598.25 Td (controlled ) Tj ET Q
q 0 0 0 rg BT 358.80 598.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 370.26 598.25 Td (trusts ) Tj ET Q
q 0 0 0 rg BT 393.38 598.25 Td (established ) Tj ET Q
q 0 0 0 rg BT 439.27 598.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 450.73 598.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 465.52 598.25 Td (Chairman ) Tj ET Q
q 0 0 0 rg BT 506.41 598.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 522.30 598.25 Td (President, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.25 Td (Mr) Tj ET Q
q 0 0 0 rg BT 61.67 586.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 66.25 586.25 Td (Fredriksen, ) Tj ET Q
q 0 0 0 rg BT 113.59 586.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 127.32 586.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 141.62 586.25 Td (benefit ) Tj ET Q
q 0 0 0 rg BT 171.46 586.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 181.86 586.25 Td (his ) Tj ET Q
q 0 0 0 rg BT 195.61 586.25 Td (immediate ) Tj ET Q
q 0 0 0 rg BT 239.89 586.25 Td (family) Tj ET Q
q 0 0 0 rg BT 265.34 586.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 269.92 586.25 Td (owns ) Tj ET Q
q 0 0 0 rg BT 293.11 586.25 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 352.94 586.25 Td (34% ) Tj ET Q
q 0 0 0 rg BT 373.34 586.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 383.75 586.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 399.16 586.25 Td (outstanding ) Tj ET Q
q 0 0 0 rg BT 447.90 586.25 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 486.07 586.25 Td (Shares. ) Tj ET Q
q 0 0 0 rg BT 517.30 586.25 Td (For ) Tj ET Q
q 0 0 0 rg BT 533.27 586.25 Td (so ) Tj ET Q
q 0 0 0 rg BT 544.24 586.25 Td (long ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 60.96 574.25 Td (Hemen ) Tj ET Q
q 0 0 0 rg BT 92.48 574.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 101.78 574.25 Td (indirectly ) Tj ET Q
q 0 0 0 rg BT 142.73 574.25 Td (influenced ) Tj ET Q
q 0 0 0 rg BT 187.57 574.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 200.21 574.25 Td (Mr) Tj ET Q
q 0 0 0 rg BT 211.88 574.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 217.01 574.25 Td (Fredriksen ) Tj ET Q
q 0 0 0 rg BT 262.41 574.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 279.48 574.25 Td (owns ) Tj ET Q
q 0 0 0 rg BT 303.23 574.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 310.31 574.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 355.15 574.25 Td (percentage ) Tj ET Q
q 0 0 0 rg BT 401.09 574.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 412.05 574.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 428.02 574.25 Td (outstanding ) Tj ET Q
q 0 0 0 rg BT 477.31 574.25 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 516.05 574.25 Td (Shares, ) Tj ET Q
q 0 0 0 rg BT 547.84 574.25 Td (Mr) Tj ET Q
q 0 0 0 rg BT 559.51 574.25 Td (. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.25 Td (Fredriksen ) Tj ET Q
q 0 0 0 rg BT 95.78 562.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 116.00 562.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 128.45 562.25 Td (able ) Tj ET Q
q 0 0 0 rg BT 148.11 562.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 158.90 562.25 Td (exercise ) Tj ET Q
q 0 0 0 rg BT 194.66 562.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 202.25 562.25 Td (fective ) Tj ET Q
q 0 0 0 rg BT 232.46 562.25 Td (control ) Tj ET Q
q 0 0 0 rg BT 263.79 562.25 Td (over ) Tj ET Q
q 0 0 0 rg BT 284.57 562.25 Td (us ) Tj ET Q
q 0 0 0 rg BT 296.46 562.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 313.91 562.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 332.48 562.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 344.92 562.25 Td (able ) Tj ET Q
q 0 0 0 rg BT 364.58 562.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 375.37 562.25 Td (strongly ) Tj ET Q
q 0 0 0 rg BT 411.16 562.25 Td (influence ) Tj ET Q
q 0 0 0 rg BT 451.37 562.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 466.59 562.25 Td (outcome ) Tj ET Q
q 0 0 0 rg BT 504.03 562.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 515.37 562.25 Td (shareholder ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.25 Td (votes ) Tj ET Q
q 0 0 0 rg BT 72.81 550.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 84.52 550.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 106.77 550.25 Td (matters, ) Tj ET Q
q 0 0 0 rg BT 140.42 550.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 179.90 550.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 193.82 550.25 Td (adoption ) Tj ET Q
q 0 0 0 rg BT 230.52 550.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 240.56 550.25 Td (amendment ) Tj ET Q
q 0 0 0 rg BT 288.91 550.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 298.95 550.25 Td (provisions ) Tj ET Q
q 0 0 0 rg BT 342.33 550.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 351.81 550.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 366.85 550.25 Td (articles ) Tj ET Q
q 0 0 0 rg BT 397.43 550.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 407.46 550.25 Td (incorporation ) Tj ET Q
q 0 0 0 rg BT 463.04 550.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 473.08 550.25 Td (bye-laws ) Tj ET Q
q 0 0 0 rg BT 510.88 550.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 527.03 550.25 Td (approval ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 62.31 538.25 Td (possible ) Tj ET Q
q 0 0 0 rg BT 99.08 538.25 Td (mer) Tj ET Q
q 0 0 0 rg BT 114.44 538.25 Td (gers, ) Tj ET Q
q 0 0 0 rg BT 137.58 538.25 Td (amalgamations, ) Tj ET Q
q 0 0 0 rg BT 204.61 538.25 Td (control ) Tj ET Q
q 0 0 0 rg BT 236.91 538.25 Td (transactions ) Tj ET Q
q 0 0 0 rg BT 288.66 538.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 307.08 538.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 331.61 538.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 377.81 538.25 Td (corporate ) Tj ET Q
q 0 0 0 rg BT 419.55 538.25 Td (transactions. ) Tj ET Q
q 0 0 0 rg BT 473.51 538.25 Td (This ) Tj ET Q
q 0 0 0 rg BT 495.27 538.25 Td (concentration ) Tj ET Q
q 0 0 0 rg BT 553.67 538.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.25 Td (ownership ) Tj ET Q
q 0 0 0 rg BT 94.50 526.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 114.56 526.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 136.28 526.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 151.33 526.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 158.92 526.25 Td (fect ) Tj ET Q
q 0 0 0 rg BT 176.75 526.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 187.92 526.25 Td (delaying, ) Tj ET Q
q 0 0 0 rg BT 227.69 526.25 Td (deferring ) Tj ET Q
q 0 0 0 rg BT 267.18 526.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 278.35 526.25 Td (preventing ) Tj ET Q
q 0 0 0 rg BT 323.96 526.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 331.23 526.25 Td (change ) Tj ET Q
q 0 0 0 rg BT 362.39 526.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 373.01 526.25 Td (control, ) Tj ET Q
q 0 0 0 rg BT 406.68 526.25 Td (mer) Tj ET Q
q 0 0 0 rg BT 422.04 526.25 Td (ger) Tj ET Q
q 0 0 0 rg BT 434.41 526.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 439.75 526.25 Td (amalgamations, ) Tj ET Q
q 0 0 0 rg BT 505.63 526.25 Td (consolidation, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.25 Td (takeover ) Tj ET Q
q 0 0 0 rg BT 86.74 514.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 97.39 514.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 120.25 514.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 156.46 514.25 Td (combination. ) Tj ET Q
q 0 0 0 rg BT 211.09 514.25 Td (This ) Tj ET Q
q 0 0 0 rg BT 231.19 514.25 Td (concentration ) Tj ET Q
q 0 0 0 rg BT 287.92 514.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 298.57 514.25 Td (ownership ) Tj ET Q
q 0 0 0 rg BT 342.55 514.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 367.08 514.25 Td (also ) Tj ET Q
q 0 0 0 rg BT 385.50 514.25 Td (discourage ) Tj ET Q
q 0 0 0 rg BT 431.13 514.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 437.89 514.25 Td (potential ) Tj ET Q
q 0 0 0 rg BT 475.19 514.25 Td (acquirer ) Tj ET Q
q 0 0 0 rg BT 510.26 514.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 532.02 514.25 Td (making ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 57.15 502.25 Td (tender ) Tj ET Q
q 0 0 0 rg BT 84.84 502.25 Td (of) Tj ET Q
q 0 0 0 rg BT 92.99 502.25 Td (fer ) Tj ET Q
q 0 0 0 rg BT 106.79 502.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 117.83 502.25 Td (otherwise ) Tj ET Q
q 0 0 0 rg BT 159.42 502.25 Td (attempting ) Tj ET Q
q 0 0 0 rg BT 204.89 502.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 215.38 502.25 Td (obtain ) Tj ET Q
q 0 0 0 rg BT 243.08 502.25 Td (control ) Tj ET Q
q 0 0 0 rg BT 274.11 502.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 285.15 502.25 Td (us, ) Tj ET Q
q 0 0 0 rg BT 299.25 502.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 326.40 502.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 351.32 502.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 361.81 502.25 Td (turn ) Tj ET Q
q 0 0 0 rg BT 380.62 502.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 402.21 502.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 414.35 502.25 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 447.60 502.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 455.19 502.25 Td (fect ) Tj ET Q
q 0 0 0 rg BT 472.88 502.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 485.59 502.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 500.51 502.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 530.98 502.25 Td (price ) Tj ET Q
q 0 0 0 rg BT 553.67 502.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 66.91 490.25 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 106.58 490.25 Td (Shares. ) Tj ET Q
q 0 0 0 rg BT 139.32 490.25 Td (Mr) Tj ET Q
q 0 0 0 rg BT 150.99 490.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 157.07 490.25 Td (Fredriksen, ) Tj ET Q
q 0 0 0 rg BT 205.91 490.25 Td (through ) Tj ET Q
q 0 0 0 rg BT 240.60 490.25 Td (Hemen, ) Tj ET Q
q 0 0 0 rg BT 275.55 490.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 296.34 490.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 312.70 490.25 Td (necessarily ) Tj ET Q
q 0 0 0 rg BT 360.70 490.25 Td (act ) Tj ET Q
q 0 0 0 rg BT 375.93 490.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 387.29 490.25 Td (accordance ) Tj ET Q
q 0 0 0 rg BT 435.82 490.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 457.18 490.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 472.97 490.25 Td (best ) Tj ET Q
q 0 0 0 rg BT 492.66 490.25 Td (interests ) Tj ET Q
q 0 0 0 rg BT 529.56 490.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 541.46 490.25 Td (other ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.25 Td (shareholders. ) Tj ET Q
q 0 0 0 rg BT 105.36 478.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 123.42 478.25 Td (interests ) Tj ET Q
q 0 0 0 rg BT 159.25 478.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 170.09 478.25 Td (Mr) Tj ET Q
q 0 0 0 rg BT 181.76 478.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 186.76 478.25 Td (Fredriksen ) Tj ET Q
q 0 0 0 rg BT 232.04 478.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 251.76 478.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 267.05 478.25 Td (coincide ) Tj ET Q
q 0 0 0 rg BT 303.43 478.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 323.72 478.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 338.44 478.25 Td (interests ) Tj ET Q
q 0 0 0 rg BT 374.27 478.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 385.11 478.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 408.16 478.25 Td (holders ) Tj ET Q
q 0 0 0 rg BT 440.11 478.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 450.95 478.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 466.78 478.25 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 505.39 478.25 Td (Shares. ) Tj ET Q
q 0 0 0 rg BT 536.88 478.25 Td (T) Tj ET Q
q 0 0 0 rg BT 542.29 478.25 Td (o ) Tj ET Q
q 0 0 0 rg BT 549.79 478.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.25 Td (extent ) Tj ET Q
q 0 0 0 rg BT 76.81 466.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 94.18 466.25 Td (conflicts ) Tj ET Q
q 0 0 0 rg BT 130.99 466.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 141.69 466.25 Td (interests ) Tj ET Q
q 0 0 0 rg BT 177.40 466.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 196.99 466.25 Td (arise, ) Tj ET Q
q 0 0 0 rg BT 220.74 466.25 Td (Mr) Tj ET Q
q 0 0 0 rg BT 232.41 466.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 237.29 466.25 Td (Fredriksen, ) Tj ET Q
q 0 0 0 rg BT 284.93 466.25 Td (through ) Tj ET Q
q 0 0 0 rg BT 318.41 466.25 Td (Hemen ) Tj ET Q
q 0 0 0 rg BT 349.67 466.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 369.26 466.25 Td (vote ) Tj ET Q
q 0 0 0 rg BT 388.85 466.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 399.00 466.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 405.82 466.25 Td (manner ) Tj ET Q
q 0 0 0 rg BT 438.18 466.25 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 471.09 466.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 481.25 466.25 Td (us ) Tj ET Q
q 0 0 0 rg BT 492.51 466.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 503.22 466.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 513.37 466.25 Td (you ) Tj ET Q
q 0 0 0 rg BT 530.75 466.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 541.45 466.25 Td (other ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.25 Td (holders ) Tj ET Q
q 0 0 0 rg BT 81.94 454.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 92.77 454.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 108.60 454.25 Td (securities.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.25 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.25 Td (W) Tj ET Q
q 0 0 0 rg BT 58.15 430.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.43 430.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 85.48 430.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 97.76 430.25 Td (unable ) Tj ET Q
q 0 0 0 rg BT 128.94 430.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 139.56 430.25 Td (attract ) Tj ET Q
q 0 0 0 rg BT 169.06 430.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 187.46 430.25 Td (retain ) Tj ET Q
q 0 0 0 rg BT 214.75 430.25 Td (key ) Tj ET Q
q 0 0 0 rg BT 231.47 430.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 287.64 430.25 Td (personnel ) Tj ET Q
q 0 0 0 rg BT 331.04 430.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 342.22 430.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 357.84 430.25 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 387.35 430.25 Td (industry) Tj ET Q
q 0 0 0 rg BT 420.88 430.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 426.22 430.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 454.07 430.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 474.12 430.25 Td (negatively ) Tj ET Q
q 0 0 0 rg BT 518.61 430.25 Td (impact ) Tj ET Q
q 0 0 0 rg BT 549.23 430.25 Td (the ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 57.59 418.25 Td (fectiveness ) Tj ET Q
q 0 0 0 rg BT 104.51 418.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 115.34 418.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 132.29 418.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 188.13 418.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 206.19 418.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 223.14 418.25 Td (results ) Tj ET Q
q 0 0 0 rg BT 252.88 418.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 263.71 418.25 Td (operation) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.25 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.25 Td (Our ) Tj ET Q
q 0 0 0 rg BT 67.65 394.25 Td (success ) Tj ET Q
q 0 0 0 rg BT 99.73 394.25 Td (depends ) Tj ET Q
q 0 0 0 rg BT 134.60 394.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 144.47 394.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 151.01 394.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 195.32 394.25 Td (extent ) Tj ET Q
q 0 0 0 rg BT 221.85 394.25 Td (upon ) Tj ET Q
q 0 0 0 rg BT 243.94 394.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 258.26 394.25 Td (abilities ) Tj ET Q
q 0 0 0 rg BT 292.01 394.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 308.55 394.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 316.13 394.25 Td (forts ) Tj ET Q
q 0 0 0 rg BT 336.56 394.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 346.99 394.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 362.41 394.25 Td (senior ) Tj ET Q
q 0 0 0 rg BT 388.95 394.25 Td (executives, ) Tj ET Q
q 0 0 0 rg BT 435.75 394.25 Td (and ) Tj ET Q
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q 0 0 0 rg BT 500.47 394.25 Td (Mr) Tj ET Q
q 0 0 0 rg BT 512.14 394.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 516.73 394.25 Td (Fredriksen, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 65.47 382.25 Td (Chairman ) Tj ET Q
q 0 0 0 rg BT 107.05 382.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 123.63 382.25 Td (Chief ) Tj ET Q
q 0 0 0 rg BT 147.99 382.25 Td (Executive ) Tj ET Q
q 0 0 0 rg BT 190.12 382.25 Td (Of) Tj ET Q
q 0 0 0 rg BT 200.49 382.25 Td (ficer) Tj ET Q
q 0 0 0 rg BT 218.40 382.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 223.05 382.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 236.85 382.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 251.21 382.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 304.44 382.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 314.92 382.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 330.39 382.25 Td (activities ) Tj ET Q
q 0 0 0 rg BT 368.63 382.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 385.21 382.25 Td (strategic ) Tj ET Q
q 0 0 0 rg BT 421.23 382.25 Td (guidance. ) Tj ET Q
q 0 0 0 rg BT 461.81 382.25 Td (While ) Tj ET Q
q 0 0 0 rg BT 488.39 382.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 502.19 382.25 Td (believe ) Tj ET Q
q 0 0 0 rg BT 533.21 382.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 550.35 382.25 Td (we ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.25 Td (have ) Tj ET Q
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q 0 0 0 rg BT 84.01 370.25 Td (experienced ) Tj ET Q
q 0 0 0 rg BT 135.16 370.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 189.10 370.25 Td (team, ) Tj ET Q
q 0 0 0 rg BT 213.88 370.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 228.95 370.25 Td (loss ) Tj ET Q
q 0 0 0 rg BT 247.36 370.25 Td (or ) Tj ET Q
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q 0 0 0 rg BT 316.37 370.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 327.55 370.25 Td (one ) Tj ET Q
q 0 0 0 rg BT 344.84 370.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 356.02 370.25 Td (more ) Tj ET Q
q 0 0 0 rg BT 379.42 370.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 390.60 370.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 406.77 370.25 Td (senior ) Tj ET Q
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q 0 0 0 rg BT 481.61 370.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 498.90 370.25 Td (particularly ) Tj ET Q
q 0 0 0 rg BT 547.84 370.25 Td (Mr) Tj ET Q
q 0 0 0 rg BT 559.51 370.25 Td (. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.25 Td (Fredriksen, ) Tj ET Q
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q 0 0 0 rg BT 195.51 358.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 206.34 358.25 Td (time ) Tj ET Q
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q 0 0 0 rg BT 272.71 358.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 284.64 358.25 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 317.68 358.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 325.27 358.25 Td (fect ) Tj ET Q
q 0 0 0 rg BT 342.75 358.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 355.25 358.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 371.08 358.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 407.48 358.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 424.41 358.25 Td (results ) Tj ET Q
q 0 0 0 rg BT 453.02 358.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 463.85 358.25 Td (operations.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.25 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.25 Td (If ) Tj ET Q
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q 0 0 0 rg BT 287.59 334.25 Td (, ) Tj ET Q
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q 0 0 0 rg BT 312.69 334.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 338.16 334.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 360.29 334.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 367.98 334.25 Td (material ) Tj ET Q
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q 0 0 0 rg BT 477.42 334.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 494.57 334.25 Td (business, ) Tj ET Q
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BT /F5 10.00 Tf ET
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q 0 0 0 rg BT 157.23 322.25 Td (financial ) Tj ET Q
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q 0 0 0 rg BT 238.35 322.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 256.42 322.25 Td (available ) Tj ET Q
q 0 0 0 rg BT 296.13 322.25 Td (cash) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.25 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.25 Td (As ) Tj ET Q
q 0 0 0 rg BT 63.36 298.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 73.93 298.25 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 132.26 298.25 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 284.82 298.25 Td (people ) Tj ET Q
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q 0 0 0 rg BT 323.74 298.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 339.31 298.25 Td (of) Tj ET Q
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q 0 0 0 rg BT 378.60 298.25 Td (Bermuda, ) Tj ET Q
q 0 0 0 rg BT 420.00 298.25 Td (London, ) Tj ET Q
q 0 0 0 rg BT 455.85 298.25 Td (Oslo, ) Tj ET Q
q 0 0 0 rg BT 479.49 298.25 Td (Singapore ) Tj ET Q
q 0 0 0 rg BT 522.28 298.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 538.96 298.25 Td (India. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.25 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 286.25 Td (e ) Tj ET Q
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q 0 0 0 rg BT 121.95 286.25 Td (independent ) Tj ET Q
q 0 0 0 rg BT 173.78 286.25 Td (ship ) Tj ET Q
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q 0 0 0 rg BT 234.69 286.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 245.43 286.25 Td (manage ) Tj ET Q
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q 0 0 0 rg BT 345.57 286.25 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 379.36 286.25 Td (including ) Tj ET Q
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q 0 0 0 rg BT 505.81 286.25 Td (vessels. ) Tj ET Q
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q 0 0 0 rg BT 549.23 286.25 Td (not ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.25 Td (resolved ) Tj ET Q
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q 0 0 0 rg BT 147.41 274.25 Td (cost-ef) Tj ET Q
q 0 0 0 rg BT 174.44 274.25 Td (fective ) Tj ET Q
q 0 0 0 rg BT 203.91 274.25 Td (manner) Tj ET Q
q 0 0 0 rg BT 233.49 274.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 238.26 274.25 Td (industrial ) Tj ET Q
q 0 0 0 rg BT 278.30 274.25 Td (action ) Tj ET Q
q 0 0 0 rg BT 305.00 274.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 315.59 274.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 338.40 274.25 Td (labor ) Tj ET Q
q 0 0 0 rg BT 361.22 274.25 Td (unrest ) Tj ET Q
q 0 0 0 rg BT 387.92 274.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 412.40 274.25 Td (prevent ) Tj ET Q
q 0 0 0 rg BT 444.65 274.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 455.25 274.25 Td (hinder ) Tj ET Q
q 0 0 0 rg BT 483.06 274.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 498.66 274.25 Td (operations ) Tj ET Q
q 0 0 0 rg BT 542.58 274.25 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.25 Td (being ) Tj ET Q
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q 0 0 0 rg BT 129.00 262.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 142.63 262.25 Td (expect ) Tj ET Q
q 0 0 0 rg BT 170.71 262.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 187.12 262.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 211.32 262.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 232.18 262.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 238.59 262.25 Td (material ) Tj ET Q
q 0 0 0 rg BT 273.33 262.25 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 305.85 262.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 313.44 262.25 Td (fect ) Tj ET Q
q 0 0 0 rg BT 330.40 262.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 342.38 262.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 357.69 262.25 Td (business, ) Tj ET Q
q 0 0 0 rg BT 396.06 262.25 Td (results ) Tj ET Q
q 0 0 0 rg BT 424.15 262.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 434.46 262.25 Td (operations, ) Tj ET Q
q 0 0 0 rg BT 480.59 262.25 Td (cash ) Tj ET Q
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q 0 0 0 rg BT 527.04 262.25 Td (financial ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.25 Td (condition ) Tj ET Q
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q 0 0 0 rg BT 107.21 250.25 Td (available ) Tj ET Q
q 0 0 0 rg BT 145.80 250.25 Td (cash.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.25 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.25 Td (W) Tj ET Q
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q 0 0 0 rg BT 100.64 226.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 122.58 226.25 Td (adequate ) Tj ET Q
q 0 0 0 rg BT 162.30 226.25 Td (insurance ) Tj ET Q
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q 0 0 0 rg BT 216.20 226.25 Td (compensate ) Tj ET Q
q 0 0 0 rg BT 267.03 226.25 Td (us ) Tj ET Q
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q 0 0 0 rg BT 287.59 226.25 Td (our ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.25 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.25 Td (W) Tj ET Q
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q 0 0 0 rg BT 98.56 202.25 Td (insurance ) Tj ET Q
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q 0 0 0 rg BT 169.28 202.25 Td (fleet ) Tj ET Q
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q 0 0 0 rg BT 265.27 202.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 282.73 202.25 Td (we ) Tj ET Q
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q 0 0 0 rg BT 328.21 202.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 342.90 202.25 Td (shipping ) Tj ET Q
q 0 0 0 rg BT 379.82 202.25 Td (industry ) Tj ET Q
q 0 0 0 rg BT 415.08 202.25 Td (commonly ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 525.90 190.25 Td (pollution ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 241.48 178.25 Td (can ) Tj ET Q
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q 0 0 0 rg BT 550.36 178.25 Td (we ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 154.25 Td () Tj ET Q
endstream
endobj
160 0 obj
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/Length 48099
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stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 742.10 Td (Although ) Tj ET Q
q 0 0 0 rg BT 90.08 742.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 104.04 742.10 Td (do ) Tj ET Q
q 0 0 0 rg BT 116.34 742.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 131.42 742.10 Td (anticipate ) Tj ET Q
q 0 0 0 rg BT 172.59 742.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 189.33 742.10 Td (dif) Tj ET Q
q 0 0 0 rg BT 200.26 742.10 Td (ficulty ) Tj ET Q
q 0 0 0 rg BT 228.66 742.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 238.74 742.10 Td (having ) Tj ET Q
q 0 0 0 rg BT 268.26 742.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 283.89 742.10 Td (technical ) Tj ET Q
q 0 0 0 rg BT 322.28 742.10 Td (manager ) Tj ET Q
q 0 0 0 rg BT 359.01 742.10 Td (initially ) Tj ET Q
q 0 0 0 rg BT 392.42 742.10 Td (obtain ) Tj ET Q
q 0 0 0 rg BT 419.71 742.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 460.33 742.10 Td (policies ) Tj ET Q
q 0 0 0 rg BT 493.73 742.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 507.70 742.10 Td (us, ) Tj ET Q
q 0 0 0 rg BT 521.39 742.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 535.35 742.10 Td (cannot ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 730.10 Td (assure ) Tj ET Q
q 0 0 0 rg BT 77.57 730.10 Td (you ) Tj ET Q
q 0 0 0 rg BT 95.16 730.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 112.73 730.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 126.98 730.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 145.12 730.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 157.14 730.10 Td (able ) Tj ET Q
q 0 0 0 rg BT 176.38 730.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 186.74 730.10 Td (obtain ) Tj ET Q
q 0 0 0 rg BT 214.32 730.10 Td (adequate ) Tj ET Q
q 0 0 0 rg BT 252.43 730.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 293.33 730.10 Td (coverage ) Tj ET Q
q 0 0 0 rg BT 332.00 730.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 346.24 730.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 362.15 730.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 393.07 730.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 403.43 730.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 418.23 730.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 444.69 730.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 455.60 730.10 Td (renew ) Tj ET Q
q 0 0 0 rg BT 482.61 730.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 503.53 730.10 Td (policies ) Tj ET Q
q 0 0 0 rg BT 537.21 730.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 549.79 730.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 718.10 Td (same ) Tj ET Q
q 0 0 0 rg BT 73.16 718.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 84.10 718.10 Td (commercially ) Tj ET Q
q 0 0 0 rg BT 141.69 718.10 Td (reasonable ) Tj ET Q
q 0 0 0 rg BT 187.06 718.10 Td (terms, ) Tj ET Q
q 0 0 0 rg BT 214.39 718.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 225.34 718.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 235.17 718.10 Td (all. ) Tj ET Q
q 0 0 0 rg BT 250.28 718.10 Td (For ) Tj ET Q
q 0 0 0 rg BT 266.78 718.10 Td (example, ) Tj ET Q
q 0 0 0 rg BT 305.77 718.10 Td (more ) Tj ET Q
q 0 0 0 rg BT 328.93 718.10 Td (stringent ) Tj ET Q
q 0 0 0 rg BT 366.54 718.10 Td (environmental ) Tj ET Q
q 0 0 0 rg BT 426.91 718.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 473.96 718.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 495.45 718.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 505.84 718.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 520.67 718.10 Td (past ) Tj ET Q
q 0 0 0 rg BT 539.39 718.10 Td (led ) Tj ET Q
q 0 0 0 rg BT 554.22 718.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 706.10 Td (increased ) Tj ET Q
q 0 0 0 rg BT 90.26 706.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 112.76 706.10 Td (for) Tj ET Q
q 0 0 0 rg BT 124.02 706.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 129.02 706.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 145.96 706.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 156.24 706.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 170.96 706.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 197.34 706.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 217.06 706.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 241.78 706.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 252.06 706.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 266.78 706.10 Td (lack ) Tj ET Q
q 0 0 0 rg BT 285.94 706.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 296.77 706.10 Td (availability ) Tj ET Q
q 0 0 0 rg BT 344.26 706.10 Td (of, ) Tj ET Q
q 0 0 0 rg BT 357.59 706.10 Td (protection ) Tj ET Q
q 0 0 0 rg BT 400.63 706.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 417.58 706.10 Td (indemnity ) Tj ET Q
q 0 0 0 rg BT 460.63 706.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 501.45 706.10 Td (against ) Tj ET Q
q 0 0 0 rg BT 532.28 706.10 Td (risks ) Tj ET Q
q 0 0 0 rg BT 553.67 706.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 694.10 Td (environmental ) Tj ET Q
q 0 0 0 rg BT 109.54 694.10 Td (damage ) Tj ET Q
q 0 0 0 rg BT 142.42 694.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 152.53 694.10 Td (pollution. ) Tj ET Q
q 0 0 0 rg BT 192.53 694.10 Td (Any ) Tj ET Q
q 0 0 0 rg BT 211.53 694.10 Td (uninsured ) Tj ET Q
q 0 0 0 rg BT 252.75 694.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 262.86 694.10 Td (underinsured ) Tj ET Q
q 0 0 0 rg BT 316.85 694.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 334.19 694.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 358.19 694.10 Td (harm ) Tj ET Q
q 0 0 0 rg BT 380.52 694.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 395.63 694.10 Td (business, ) Tj ET Q
q 0 0 0 rg BT 433.80 694.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 461.69 694.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 471.80 694.10 Td (operations, ) Tj ET Q
q 0 0 0 rg BT 517.74 694.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 537.29 694.10 Td (flows, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 682.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 87.60 682.10 Td (condition ) Tj ET Q
q 0 0 0 rg BT 127.99 682.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 145.04 682.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 173.21 682.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 183.60 682.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 200.66 682.10 Td (dividends. ) Tj ET Q
q 0 0 0 rg BT 244.66 682.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 255.61 682.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 293.50 682.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 309.44 682.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 350.38 682.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 370.21 682.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 382.26 682.10 Td (voidable ) Tj ET Q
q 0 0 0 rg BT 419.31 682.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 431.93 682.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 446.76 682.10 Td (insurers ) Tj ET Q
q 0 0 0 rg BT 481.04 682.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 491.98 682.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 499.04 682.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 523.87 682.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 534.82 682.10 Td (certain ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 670.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.36 670.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 75.72 670.10 Td (actions, ) Tj ET Q
q 0 0 0 rg BT 108.57 670.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 128.93 670.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 139.29 670.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 154.65 670.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 185.01 670.10 Td (failing ) Tj ET Q
q 0 0 0 rg BT 213.14 670.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 222.95 670.10 Td (maintain ) Tj ET Q
q 0 0 0 rg BT 259.97 670.10 Td (certification ) Tj ET Q
q 0 0 0 rg BT 310.30 670.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 330.11 670.10 Td (applicable ) Tj ET Q
q 0 0 0 rg BT 373.23 670.10 Td (maritime ) Tj ET Q
q 0 0 0 rg BT 411.35 670.10 Td (self-regulatory ) Tj ET Q
q 0 0 0 rg BT 472.24 670.10 Td (or) Tj ET Q
q 0 0 0 rg BT 480.39 670.10 Td (ganizations. ) Tj ET Q
q 0 0 0 rg BT 530.46 670.10 Td (Further) Tj ET Q
q 0 0 0 rg BT 559.50 670.10 Td (, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 658.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 63.86 658.10 Td (cannot ) Tj ET Q
q 0 0 0 rg BT 92.71 658.10 Td (assure ) Tj ET Q
q 0 0 0 rg BT 119.90 658.10 Td (you ) Tj ET Q
q 0 0 0 rg BT 137.10 658.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 154.29 658.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 169.82 658.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 210.34 658.10 Td (policies ) Tj ET Q
q 0 0 0 rg BT 243.64 658.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 261.40 658.10 Td (cover ) Tj ET Q
q 0 0 0 rg BT 285.80 658.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 297.99 658.10 Td (losses ) Tj ET Q
q 0 0 0 rg BT 324.08 658.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 341.28 658.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 355.14 658.10 Td (incur) Tj ET Q
q 0 0 0 rg BT 375.28 658.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 379.98 658.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 390.51 658.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 407.71 658.10 Td (disputes ) Tj ET Q
q 0 0 0 rg BT 442.68 658.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 462.65 658.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 503.16 658.10 Td (claims ) Tj ET Q
q 0 0 0 rg BT 531.47 658.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 549.22 658.10 Td (not ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 646.10 Td (arise ) Tj ET Q
q 0 0 0 rg BT 71.28 646.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 91.46 646.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 107.20 646.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 147.92 646.10 Td (carriers. ) Tj ET Q
q 0 0 0 rg BT 182.26 646.10 Td (Any ) Tj ET Q
q 0 0 0 rg BT 201.89 646.10 Td (claims ) Tj ET Q
q 0 0 0 rg BT 230.40 646.10 Td (covered ) Tj ET Q
q 0 0 0 rg BT 264.45 646.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 276.85 646.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 317.57 646.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 344.97 646.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 356.82 646.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 387.54 646.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 397.73 646.10 Td (deductibles, ) Tj ET Q
q 0 0 0 rg BT 448.17 646.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 465.02 646.10 Td (since ) Tj ET Q
q 0 0 0 rg BT 487.97 646.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 495.93 646.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 505.00 646.10 Td (possible ) Tj ET Q
q 0 0 0 rg BT 540.18 646.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 557.58 646.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.10 Td (lar) Tj ET Q
q 0 0 0 rg BT 60.37 634.10 Td (ge ) Tj ET Q
q 0 0 0 rg BT 72.40 634.10 Td (number ) Tj ET Q
q 0 0 0 rg BT 105.54 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 116.47 634.10 Td (claims ) Tj ET Q
q 0 0 0 rg BT 145.17 634.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 164.98 634.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 177.01 634.10 Td (brought, ) Tj ET Q
q 0 0 0 rg BT 213.22 634.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 228.03 634.10 Td (aggregate ) Tj ET Q
q 0 0 0 rg BT 269.48 634.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 302.08 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 313.00 634.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 336.14 634.10 Td (deductibles ) Tj ET Q
q 0 0 0 rg BT 384.28 634.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 409.09 634.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 421.13 634.10 Td (material. ) Tj ET Q
q 0 0 0 rg BT 458.98 634.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 469.90 634.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 507.77 634.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 523.70 634.10 Td (insurance ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.10 Td (policies ) Tj ET Q
q 0 0 0 rg BT 84.16 622.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 104.42 622.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 116.91 622.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 148.29 622.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 159.12 622.10 Td (limitations ) Tj ET Q
q 0 0 0 rg BT 204.95 622.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 222.44 622.10 Td (exclusions, ) Tj ET Q
q 0 0 0 rg BT 270.21 622.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 297.70 622.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 317.97 622.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 353.77 622.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 370.16 622.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 393.21 622.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 404.59 622.10 Td (lower ) Tj ET Q
q 0 0 0 rg BT 430.41 622.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 446.79 622.10 Td (revenues, ) Tj ET Q
q 0 0 0 rg BT 487.88 622.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 515.37 622.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 535.64 622.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 557.57 622.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td (material ) Tj ET Q
q 0 0 0 rg BT 85.26 610.10 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 118.30 610.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 125.88 610.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 143.37 610.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 155.87 610.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 171.70 610.10 Td (business, ) Tj ET Q
q 0 0 0 rg BT 210.59 610.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 239.20 610.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 250.03 610.10 Td (operations, ) Tj ET Q
q 0 0 0 rg BT 296.68 610.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 316.95 610.10 Td (flows, ) Tj ET Q
q 0 0 0 rg BT 344.17 610.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 381.66 610.10 Td (condition ) Tj ET Q
q 0 0 0 rg BT 421.93 610.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 438.87 610.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 466.92 610.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 477.20 610.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 494.14 610.10 Td (dividends.) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.15 586.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.09 586.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 84.80 586.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 96.74 586.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 128.13 586.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 138.41 586.10 Td (calls ) Tj ET Q
q 0 0 0 rg BT 159.79 586.10 Td (because ) Tj ET Q
q 0 0 0 rg BT 195.06 586.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 208.67 586.10 Td (obtain ) Tj ET Q
q 0 0 0 rg BT 237.29 586.10 Td (some ) Tj ET Q
q 0 0 0 rg BT 260.90 586.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 271.73 586.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 288.68 586.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 332.30 586.10 Td (through) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 365.66 586.10 Td ( ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 368.16 586.10 Td (protection ) Tj ET Q
q 0 0 0 rg BT 412.32 586.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 430.39 586.10 Td (indemnity ) Tj ET Q
q 0 0 0 rg BT 474.00 586.10 Td (associations) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 562.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 66.41 562.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 86.95 562.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 99.72 562.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 131.38 562.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 142.49 562.10 Td (increased ) Tj ET Q
q 0 0 0 rg BT 183.57 562.10 Td (premium ) Tj ET Q
q 0 0 0 rg BT 223.00 562.10 Td (payments, ) Tj ET Q
q 0 0 0 rg BT 267.16 562.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 278.82 562.10 Td (calls, ) Tj ET Q
q 0 0 0 rg BT 302.97 562.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 312.41 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 327.96 562.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 352.94 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 364.60 562.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 381.26 562.10 Td (claim ) Tj ET Q
q 0 0 0 rg BT 406.81 562.10 Td (records, ) Tj ET Q
q 0 0 0 rg BT 442.07 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 457.61 562.10 Td (claim ) Tj ET Q
q 0 0 0 rg BT 483.15 562.10 Td (records ) Tj ET Q
q 0 0 0 rg BT 515.91 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 527.57 562.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 544.23 562.10 Td (fleet ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (managers, ) Tj ET Q
q 0 0 0 rg BT 94.10 550.10 Td (and/or ) Tj ET Q
q 0 0 0 rg BT 122.92 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 138.42 550.10 Td (claim ) Tj ET Q
q 0 0 0 rg BT 163.92 550.10 Td (records ) Tj ET Q
q 0 0 0 rg BT 196.63 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 208.24 550.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 232.07 550.10 Td (members ) Tj ET Q
q 0 0 0 rg BT 272.00 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 283.61 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 299.11 550.10 Td (protection ) Tj ET Q
q 0 0 0 rg BT 342.93 550.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 360.65 550.10 Td (indemnity ) Tj ET Q
q 0 0 0 rg BT 404.49 550.10 Td (associations ) Tj ET Q
q 0 0 0 rg BT 456.09 550.10 Td (through ) Tj ET Q
q 0 0 0 rg BT 490.48 550.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 518.20 550.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 533.14 550.10 Td (receive ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 91.05 538.10 Td (coverage ) Tj ET Q
q 0 0 0 rg BT 129.87 538.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 144.26 538.10 Td (tort ) Tj ET Q
q 0 0 0 rg BT 160.88 538.10 Td (liability ) Tj ET Q
q 0 0 0 rg BT 194.73 538.10 Td (\(including ) Tj ET Q
q 0 0 0 rg BT 238.56 538.10 Td (pollution-related ) Tj ET Q
q 0 0 0 rg BT 307.94 538.10 Td (liability\) ) Tj ET Q
q 0 0 0 rg BT 345.12 538.10 Td (significantly ) Tj ET Q
q 0 0 0 rg BT 397.84 538.10 Td (exceed ) Tj ET Q
q 0 0 0 rg BT 428.33 538.10 Td (projected ) Tj ET Q
q 0 0 0 rg BT 468.27 538.10 Td (claims. ) Tj ET Q
q 0 0 0 rg BT 499.60 538.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 510.67 538.10 Td (addition, ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F5 10.00 Tf ET
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BT /F5 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F5 10.00 Tf ET
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BT /F5 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F5 10.00 Tf ET
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BT /F5 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
161 0 obj
<<
/Length 41500
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stream
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BT /F1 9.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 133.38 718.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 148.96 718.10 Td (position ) Tj ET Q
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q 0 0 0 rg BT 226.24 718.10 Td (of ) Tj ET Q
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q 0 0 0 rg BT 289.65 718.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 319.11 718.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 345.25 718.10 Td (Internal ) Tj ET Q
q 0 0 0 rg BT 378.59 718.10 Td (Revenue ) Tj ET Q
q 0 0 0 rg BT 415.82 718.10 Td (Service, ) Tj ET Q
q 0 0 0 rg BT 450.56 718.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 461.14 718.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 475.60 718.10 Td (IRS, ) Tj ET Q
q 0 0 0 rg BT 495.91 718.10 Td (pronouncements ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 194.24 706.10 Td (income ) Tj ET Q
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q 0 0 0 rg BT 261.37 706.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 284.66 706.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 306.29 706.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 341.79 706.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 360.09 706.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 392.82 706.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 428.32 706.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 440.51 706.10 Td (services ) Tj ET Q
q 0 0 0 rg BT 476.57 706.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 509.86 706.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 525.38 706.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 549.78 706.10 Td (tax ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 694.10 Td (purposes.However) Tj ET Q
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q 0 0 0 rg BT 170.20 694.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 181.70 694.10 Td (noted ) Tj ET Q
q 0 0 0 rg BT 205.97 694.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 223.03 694.10 Td (there ) Tj ET Q
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q 0 0 0 rg BT 253.80 694.10 Td (also ) Tj ET Q
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q 0 0 0 rg BT 310.13 694.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 336.62 694.10 Td (characterizes ) Tj ET Q
q 0 0 0 rg BT 390.86 694.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 410.69 694.10 Td (charter ) Tj ET Q
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q 0 0 0 rg BT 482.38 694.10 Td (rental ) Tj ET Q
q 0 0 0 rg BT 507.20 694.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 538.70 694.10 Td (rather ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 69.46 682.10 Td (services ) Tj ET Q
q 0 0 0 rg BT 103.92 682.10 Td (income ) Tj ET Q
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q 0 0 0 rg BT 149.50 682.10 Td (other ) Tj ET Q
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q 0 0 0 rg BT 280.64 682.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 292.89 682.10 Td (assurance ) Tj ET Q
q 0 0 0 rg BT 334.00 682.10 Td (can ) Tj ET Q
q 0 0 0 rg BT 350.12 682.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 361.81 682.10 Td (given ) Tj ET Q
q 0 0 0 rg BT 386.27 682.10 Td (that ) Tj ET Q
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q 0 0 0 rg BT 486.41 682.10 Td (law ) Tj ET Q
q 0 0 0 rg BT 503.10 682.10 Td (will ) Tj ET Q
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q 0 0 0 rg BT 548.68 682.10 Td (our ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 162.77 670.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 180.69 670.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 195.82 670.10 Td (IRS ) Tj ET Q
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q 0 0 0 rg BT 256.38 670.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 267.62 670.10 Td (law ) Tj ET Q
q 0 0 0 rg BT 284.98 670.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 310.12 670.10 Td (determine ) Tj ET Q
q 0 0 0 rg BT 353.02 670.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 370.93 670.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 385.51 670.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 400.64 670.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 407.99 670.10 Td (PFIC.Moreover) Tj ET Q
q 0 0 0 rg BT 475.64 670.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 481.06 670.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 493.98 670.10 Td (assurance ) Tj ET Q
q 0 0 0 rg BT 535.77 670.10 Td (can ) Tj ET Q
q 0 0 0 rg BT 552.56 670.10 Td (be ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 658.10 Td (given ) Tj ET Q
q 0 0 0 rg BT 74.79 658.10 Td (that ) Tj ET Q
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q 0 0 0 rg BT 134.17 658.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 149.53 658.10 Td (constitute ) Tj ET Q
q 0 0 0 rg BT 190.99 658.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 198.00 658.10 Td (PFIC ) Tj ET Q
q 0 0 0 rg BT 221.70 658.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 235.94 658.10 Td (any ) Tj ET Q
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q 0 0 0 rg BT 279.40 658.10 Td (taxable ) Tj ET Q
q 0 0 0 rg BT 310.85 658.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 330.63 658.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 339.32 658.10 Td (there ) Tj ET Q
q 0 0 0 rg BT 361.88 658.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 383.88 658.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 394.24 658.10 Td (be ) Tj ET Q
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q 0 0 0 rg BT 451.39 658.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 466.18 658.10 Td (nature ) Tj ET Q
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q 0 0 0 rg BT 548.67 658.10 Td (our ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 646.10 Td (operations.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 74.86 622.10 Td (IRS ) Tj ET Q
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q 0 0 0 rg BT 115.83 622.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 126.59 622.10 Td (find ) Tj ET Q
q 0 0 0 rg BT 145.69 622.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 163.68 622.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 178.33 622.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 193.52 622.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 204.84 622.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 226.71 622.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 248.58 622.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 256.01 622.10 Td (PFIC ) Tj ET Q
q 0 0 0 rg BT 280.12 622.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 294.77 622.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 312.20 622.10 Td (taxable ) Tj ET Q
q 0 0 0 rg BT 344.06 622.10 Td (year) Tj ET Q
q 0 0 0 rg BT 360.86 622.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 366.35 622.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 382.67 622.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 412.88 622.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 439.76 622.10 Td (shareholders ) Tj ET Q
q 0 0 0 rg BT 493.28 622.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 511.83 622.10 Td (face ) Tj ET Q
q 0 0 0 rg BT 531.47 622.10 Td (adverse ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 79.12 610.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 104.92 610.10 Td (federal ) Tj ET Q
q 0 0 0 rg BT 134.58 610.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 165.92 610.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 180.04 610.10 Td (consequences.Under ) Tj ET Q
q 0 0 0 rg BT 269.41 610.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 283.54 610.10 Td (PFIC ) Tj ET Q
q 0 0 0 rg BT 306.57 610.10 Td (rules, ) Tj ET Q
q 0 0 0 rg BT 330.41 610.10 Td (unless ) Tj ET Q
q 0 0 0 rg BT 357.32 610.10 Td (those ) Tj ET Q
q 0 0 0 rg BT 380.33 610.10 Td (shareholders ) Tj ET Q
q 0 0 0 rg BT 432.78 610.10 Td (make ) Tj ET Q
q 0 0 0 rg BT 456.34 610.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 467.69 610.10 Td (election ) Tj ET Q
q 0 0 0 rg BT 501.24 610.10 Td (available ) Tj ET Q
q 0 0 0 rg BT 539.24 610.10 Td (under ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.12 598.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 93.23 598.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 119.02 598.10 Td (Internal ) Tj ET Q
q 0 0 0 rg BT 152.01 598.10 Td (Revenue ) Tj ET Q
q 0 0 0 rg BT 188.89 598.10 Td (Code ) Tj ET Q
q 0 0 0 rg BT 211.90 598.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 222.13 598.10 Td (1986, ) Tj ET Q
q 0 0 0 rg BT 246.53 598.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 256.75 598.10 Td (amended, ) Tj ET Q
q 0 0 0 rg BT 297.25 598.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 307.47 598.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 321.59 598.10 Td (Code ) Tj ET Q
q 0 0 0 rg BT 344.60 598.10 Td (\(which ) Tj ET Q
q 0 0 0 rg BT 374.26 598.10 Td (election ) Tj ET Q
q 0 0 0 rg BT 407.81 598.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 431.93 598.10 Td (itself ) Tj ET Q
q 0 0 0 rg BT 453.82 598.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 474.60 598.10 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 507.03 598.10 Td (consequences ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 63.34 586.10 Td (such ) Tj ET Q
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q 0 0 0 rg BT 138.07 586.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 148.08 586.10 Td (discussed ) Tj ET Q
q 0 0 0 rg BT 188.09 586.10 Td (below ) Tj ET Q
q 0 0 0 rg BT 214.21 586.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 238.66 586.10 Td ("T) Tj ET Q
q 0 0 0 rg BT 248.15 586.10 Td (axation"\), ) Tj ET Q
q 0 0 0 rg BT 289.18 586.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 309.19 586.10 Td (shareholders ) Tj ET Q
q 0 0 0 rg BT 361.41 586.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 388.09 586.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 399.21 586.10 Td (liable ) Tj ET Q
q 0 0 0 rg BT 423.10 586.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 432.56 586.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 448.68 586.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 477.58 586.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 503.15 586.10 Td (federal ) Tj ET Q
q 0 0 0 rg BT 532.58 586.10 Td (income ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 64.54 574.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 74.08 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 88.62 574.10 Td (then ) Tj ET Q
q 0 0 0 rg BT 108.16 574.10 Td (prevailing ) Tj ET Q
q 0 0 0 rg BT 151.03 574.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 182.79 574.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 197.33 574.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 218.53 574.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 230.85 574.10 Td (ordinary ) Tj ET Q
q 0 0 0 rg BT 267.06 574.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 298.81 574.10 Td (plus ) Tj ET Q
q 0 0 0 rg BT 317.81 574.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 349.57 574.10 Td (upon ) Tj ET Q
q 0 0 0 rg BT 371.89 574.10 Td (excess ) Tj ET Q
q 0 0 0 rg BT 400.31 574.10 Td (distributions ) Tj ET Q
q 0 0 0 rg BT 452.64 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 469.40 574.10 Td (upon ) Tj ET Q
q 0 0 0 rg BT 491.73 574.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 508.49 574.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 528.03 574.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 549.79 574.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (disposition ) Tj ET Q
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q 0 0 0 rg BT 106.33 562.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 121.71 562.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 159.86 562.10 Td (Shares, ) Tj ET Q
q 0 0 0 rg BT 191.07 562.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 201.45 562.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 209.61 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 223.88 562.10 Td (excess ) Tj ET Q
q 0 0 0 rg BT 252.03 562.10 Td (distribution ) Tj ET Q
q 0 0 0 rg BT 300.19 562.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 310.57 562.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 329.84 562.10 Td (had ) Tj ET Q
q 0 0 0 rg BT 346.33 562.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 367.26 562.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 413.17 562.10 Td (ratably ) Tj ET Q
q 0 0 0 rg BT 442.98 562.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 462.80 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 477.07 562.10 Td (shareholder's ) Tj ET Q
q 0 0 0 rg BT 531.46 562.10 Td (holding ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (period ) Tj ET Q
q 0 0 0 rg BT 78.91 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 90.61 550.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 107.30 550.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 146.76 550.10 Td (Shares.See ) Tj ET Q
q 0 0 0 rg BT 198.73 550.10 Td ("T) Tj ET Q
q 0 0 0 rg BT 208.22 550.10 Td (axation" ) Tj ET Q
q 0 0 0 rg BT 245.10 550.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 260.12 550.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 267.92 550.10 Td (more ) Tj ET Q
q 0 0 0 rg BT 291.84 550.10 Td (comprehensive ) Tj ET Q
q 0 0 0 rg BT 355.73 550.10 Td (discussion ) Tj ET Q
q 0 0 0 rg BT 400.77 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 412.46 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 428.04 550.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 458.62 550.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 485.87 550.10 Td (federal ) Tj ET Q
q 0 0 0 rg BT 516.99 550.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 549.79 550.10 Td (tax ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (consequences ) Tj ET Q
q 0 0 0 rg BT 107.48 538.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 117.75 538.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 147.47 538.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 173.86 538.10 Td (shareholders ) Tj ET Q
q 0 0 0 rg BT 226.89 538.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 235.50 538.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 249.66 538.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 264.37 538.10 Td (treated ) Tj ET Q
q 0 0 0 rg BT 294.07 538.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 304.90 538.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 311.84 538.10 Td (PFIC.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.15 514.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.09 514.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 84.80 514.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 106.74 514.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 117.02 514.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 133.96 514.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 149.24 514.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 162.30 514.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 192.58 514.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 219.53 514.10 Td (source ) Tj ET Q
q 0 0 0 rg BT 249.25 514.10 Td (income, ) Tj ET Q
q 0 0 0 rg BT 284.24 514.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 311.75 514.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 339.26 514.10 Td (reduce ) Tj ET Q
q 0 0 0 rg BT 369.53 514.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 386.48 514.10 Td (earnings) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (Under ) Tj ET Q
q 0 0 0 rg BT 78.51 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 94.25 490.10 Td (Code, ) Tj ET Q
q 0 0 0 rg BT 121.38 490.10 Td (50% ) Tj ET Q
q 0 0 0 rg BT 143.24 490.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 155.09 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 170.83 490.10 Td (gross ) Tj ET Q
q 0 0 0 rg BT 195.47 490.10 Td (shipping ) Tj ET Q
q 0 0 0 rg BT 233.44 490.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 266.39 490.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 278.25 490.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 286.21 490.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 314.17 490.10 Td (owning ) Tj ET Q
q 0 0 0 rg BT 347.69 490.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 359.55 490.10 Td (chartering ) Tj ET Q
q 0 0 0 rg BT 403.60 490.10 Td (corporation, ) Tj ET Q
q 0 0 0 rg BT 455.72 490.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 477.57 490.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 489.42 490.10 Td (ourselves ) Tj ET Q
q 0 0 0 rg BT 530.72 490.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 548.68 490.10 Td (our ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (subsidiaries, ) Tj ET Q
q 0 0 0 rg BT 102.46 478.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 120.20 478.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 129.62 478.10 Td (attributable ) Tj ET Q
q 0 0 0 rg BT 177.90 478.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 188.43 478.10 Td (transportation ) Tj ET Q
q 0 0 0 rg BT 246.71 478.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 264.45 478.10 Td (begins ) Tj ET Q
q 0 0 0 rg BT 293.31 478.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 304.38 478.10 Td (ends, ) Tj ET Q
q 0 0 0 rg BT 327.96 478.10 Td (but ) Tj ET Q
q 0 0 0 rg BT 343.48 478.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 361.22 478.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 382.30 478.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 397.82 478.10 Td (both ) Tj ET Q
q 0 0 0 rg BT 418.35 478.10 Td (begin ) Tj ET Q
q 0 0 0 rg BT 443.31 478.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 460.49 478.10 Td (end, ) Tj ET Q
q 0 0 0 rg BT 480.18 478.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 490.70 478.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 505.66 478.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 535.63 478.10 Td (States, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 70.06 466.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 82.35 466.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 113.52 466.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 124.15 466.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 131.44 466.10 Td (4% ) Tj ET Q
q 0 0 0 rg BT 147.62 466.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 177.68 466.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 204.42 466.10 Td (federal ) Tj ET Q
q 0 0 0 rg BT 235.02 466.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 267.30 466.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 282.36 466.10 Td (without ) Tj ET Q
q 0 0 0 rg BT 315.77 466.10 Td (allowance ) Tj ET Q
q 0 0 0 rg BT 359.15 466.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 373.66 466.10 Td (deduction, ) Tj ET Q
q 0 0 0 rg BT 418.44 466.10 Td (unless ) Tj ET Q
q 0 0 0 rg BT 446.29 466.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 464.13 466.10 Td (corporation ) Tj ET Q
q 0 0 0 rg BT 513.07 466.10 Td (qualifies ) Tj ET Q
q 0 0 0 rg BT 550.35 466.10 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 116.65 454.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 131.37 454.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 156.64 454.10 Td (Section ) Tj ET Q
q 0 0 0 rg BT 189.13 454.10 Td (883 ) Tj ET Q
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q 0 0 0 rg BT 232.18 454.10 Td (Code ) Tj ET Q
q 0 0 0 rg BT 255.79 454.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 272.72 454.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 330.85 454.10 Td (T) Tj ET Q
q 0 0 0 rg BT 336.61 454.10 Td (reasury ) Tj ET Q
q 0 0 0 rg BT 368.54 454.10 Td (Regulations ) Tj ET Q
q 0 0 0 rg BT 418.81 454.10 Td (promulgated ) Tj ET Q
q 0 0 0 rg BT 471.85 454.10 Td (thereunder) Tj ET Q
q 0 0 0 rg BT 514.05 454.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (W) Tj ET Q
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q 0 0 0 rg BT 95.40 430.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 113.50 430.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 128.28 430.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 145.83 430.10 Td (each ) Tj ET Q
q 0 0 0 rg BT 167.26 430.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 178.70 430.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 195.14 430.10 Td (subsidiaries ) Tj ET Q
q 0 0 0 rg BT 245.47 430.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 264.14 430.10 Td (qualify ) Tj ET Q
q 0 0 0 rg BT 295.58 430.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 310.35 430.10 Td (this ) Tj ET Q
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q 0 0 0 rg BT 366.02 430.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 381.35 430.10 Td (exemption ) Tj ET Q
q 0 0 0 rg BT 426.67 430.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 444.23 430.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 459.00 430.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 477.67 430.10 Td (take ) Tj ET Q
q 0 0 0 rg BT 497.44 430.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 515.00 430.10 Td (position ) Tj ET Q
q 0 0 0 rg BT 550.34 430.10 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 104.61 418.10 Td (federal ) Tj ET Q
q 0 0 0 rg BT 134.12 418.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 165.31 418.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 179.28 418.10 Td (return ) Tj ET Q
q 0 0 0 rg BT 204.91 418.10 Td (reporting ) Tj ET Q
q 0 0 0 rg BT 243.32 418.10 Td (purposes. ) Tj ET Q
q 0 0 0 rg BT 283.13 418.10 Td (However) Tj ET Q
q 0 0 0 rg BT 319.38 418.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 323.63 418.10 Td (there ) Tj ET Q
q 0 0 0 rg BT 345.37 418.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 359.33 418.10 Td (factual ) Tj ET Q
q 0 0 0 rg BT 388.29 418.10 Td (circumstances ) Tj ET Q
q 0 0 0 rg BT 446.68 418.10 Td (beyond ) Tj ET Q
q 0 0 0 rg BT 477.88 418.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 492.96 418.10 Td (control ) Tj ET Q
q 0 0 0 rg BT 523.04 418.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 539.79 418.10 Td (could ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (cause ) Tj ET Q
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q 0 0 0 rg BT 86.85 406.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 97.50 406.10 Td (lose ) Tj ET Q
q 0 0 0 rg BT 116.49 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 131.58 406.10 Td (benefit ) Tj ET Q
q 0 0 0 rg BT 162.22 406.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 173.42 406.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 190.74 406.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 205.84 406.10 Td (exemption ) Tj ET Q
q 0 0 0 rg BT 250.92 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 268.24 406.10 Td (become ) Tj ET Q
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q 0 0 0 rg BT 333.41 406.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 344.06 406.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 374.15 406.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 400.91 406.10 Td (federal ) Tj ET Q
q 0 0 0 rg BT 431.54 406.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 463.85 406.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 478.94 406.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 491.82 406.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 508.02 406.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 538.11 406.10 Td (States ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (source ) Tj ET Q
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q 0 0 0 rg BT 115.39 394.10 Td (income.For ) Tj ET Q
q 0 0 0 rg BT 168.64 394.10 Td (example, ) Tj ET Q
q 0 0 0 rg BT 207.44 394.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 221.52 394.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 248.94 394.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 261.37 394.10 Td (longer ) Tj ET Q
q 0 0 0 rg BT 289.34 394.10 Td (qualify ) Tj ET Q
q 0 0 0 rg BT 320.09 394.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 334.17 394.10 Td (exemption ) Tj ET Q
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q 0 0 0 rg BT 404.00 394.10 Td (Section ) Tj ET Q
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q 0 0 0 rg BT 464.59 394.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 479.23 394.10 Td (Code ) Tj ET Q
q 0 0 0 rg BT 502.76 394.10 Td (for ) Tj ET Q
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q 0 0 0 rg BT 523.71 394.10 Td (particular ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 100.67 382.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 109.07 382.10 Td (shareholders ) Tj ET Q
q 0 0 0 rg BT 161.90 382.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 181.97 382.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 188.71 382.10 Td (5% ) Tj ET Q
q 0 0 0 rg BT 204.33 382.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 214.95 382.10 Td (greater ) Tj ET Q
q 0 0 0 rg BT 245.00 382.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 276.73 382.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 286.80 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 301.31 382.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 316.94 382.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 355.33 382.10 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 384.28 382.10 Td (owned, ) Tj ET Q
q 0 0 0 rg BT 415.74 382.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 425.81 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 440.32 382.10 Td (aggregate, ) Tj ET Q
q 0 0 0 rg BT 483.98 382.10 Td (50% ) Tj ET Q
q 0 0 0 rg BT 504.60 382.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 515.22 382.10 Td (more ) Tj ET Q
q 0 0 0 rg BT 538.06 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 548.69 382.10 Td (our ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (outstanding ) Tj ET Q
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q 0 0 0 rg BT 135.42 370.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 162.86 370.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 176.96 370.10 Td (more ) Tj ET Q
q 0 0 0 rg BT 199.95 370.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 219.60 370.10 Td (half ) Tj ET Q
q 0 0 0 rg BT 237.59 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 252.25 370.10 Td (days ) Tj ET Q
q 0 0 0 rg BT 273.02 370.10 Td (during ) Tj ET Q
q 0 0 0 rg BT 301.57 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 316.23 370.10 Td (taxable ) Tj ET Q
q 0 0 0 rg BT 347.54 370.10 Td (year) Tj ET Q
q 0 0 0 rg BT 364.20 370.10 Td (.Due ) Tj ET Q
q 0 0 0 rg BT 390.80 370.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 401.02 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 415.68 370.10 Td (factual ) Tj ET Q
q 0 0 0 rg BT 445.32 370.10 Td (nature ) Tj ET Q
q 0 0 0 rg BT 472.75 370.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 483.52 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 498.18 370.10 Td (issues ) Tj ET Q
q 0 0 0 rg BT 524.51 370.10 Td (involved, ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 100.80 358.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 113.30 358.10 Td (assurances ) Tj ET Q
q 0 0 0 rg BT 158.56 358.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 171.06 358.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 186.89 358.10 Td (tax-exempt ) Tj ET Q
q 0 0 0 rg BT 234.37 358.10 Td (status ) Tj ET Q
q 0 0 0 rg BT 259.65 358.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 270.48 358.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 287.97 358.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 298.80 358.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 315.74 358.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 326.57 358.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 342.40 358.10 Td (subsidiaries.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 58.86 334.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 72.72 334.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 83.25 334.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 98.79 334.10 Td (subsidiaries ) Tj ET Q
q 0 0 0 rg BT 148.20 334.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 162.61 334.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 177.59 334.10 Td (entitled ) Tj ET Q
q 0 0 0 rg BT 209.78 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 219.76 334.10 Td (exemption ) Tj ET Q
q 0 0 0 rg BT 264.17 334.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 289.14 334.10 Td (Section ) Tj ET Q
q 0 0 0 rg BT 321.34 334.10 Td (883 ) Tj ET Q
q 0 0 0 rg BT 338.54 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 349.07 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 363.49 334.10 Td (Code ) Tj ET Q
q 0 0 0 rg BT 386.80 334.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 400.66 334.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 417.30 334.10 Td (taxable ) Tj ET Q
q 0 0 0 rg BT 448.38 334.10 Td (year) Tj ET Q
q 0 0 0 rg BT 465.18 334.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 469.88 334.10 Td (we, ) Tj ET Q
q 0 0 0 rg BT 486.24 334.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 496.78 334.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 512.31 334.10 Td (subsidiaries, ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 145.44 322.10 Td (those ) Tj ET Q
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q 0 0 0 rg BT 192.33 322.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 202.45 322.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 214.22 322.10 Td (ef) Tj ET Q
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q 0 0 0 rg BT 251.35 322.10 Td (2% ) Tj ET Q
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q 0 0 0 rg BT 296.58 322.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 322.80 322.10 Td (federal ) Tj ET Q
q 0 0 0 rg BT 352.90 322.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 384.67 322.10 Td (tax ) Tj ET Q
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q 0 0 0 rg BT 411.56 322.10 Td (gross ) Tj ET Q
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q 0 0 0 rg BT 535.90 322.10 Td (during ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 98.45 310.10 Td (that ) Tj ET Q
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q 0 0 0 rg BT 261.32 310.10 Td (goes ) Tj ET Q
q 0 0 0 rg BT 282.48 310.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 293.08 310.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 304.24 310.10 Td (from ) Tj ET Q
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q 0 0 0 rg BT 371.58 310.10 Td (States. ) Tj ET Q
q 0 0 0 rg BT 400.59 310.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 418.96 310.10 Td (imposition ) Tj ET Q
q 0 0 0 rg BT 464.57 310.10 Td (of ) Tj ET Q
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q 0 0 0 rg BT 493.00 310.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 508.04 310.10 Td (would ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 123.95 298.10 Td (our ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
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q 0 0 0 rg BT 135.86 274.10 Td (price ) Tj ET Q
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q 0 0 0 rg BT 190.01 274.10 Td (highly ) Tj ET Q
q 0 0 0 rg BT 218.45 274.10 Td (volatile ) Tj ET Q
q 0 0 0 rg BT 250.76 274.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 268.64 274.10 Td (future ) Tj ET Q
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q 0 0 0 rg BT 318.83 274.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 329.48 274.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 346.25 274.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 386.35 274.10 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 417.01 274.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 442.10 274.10 Td (cause ) Tj ET Q
q 0 0 0 rg BT 467.75 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 482.85 274.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 514.05 274.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 536.91 274.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 547.56 274.10 Td (our ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 90.28 262.10 Td (Shares ) Tj ET Q
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q 0 0 0 rg BT 131.41 262.10 Td (decline) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (Our ) Tj ET Q
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q 0 0 0 rg BT 216.27 238.10 Td (on ) Tj ET Q
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q 0 0 0 rg BT 270.05 238.10 Td (ork ) Tj ET Q
q 0 0 0 rg BT 285.64 238.10 Td (Stock ) Tj ET Q
q 0 0 0 rg BT 310.68 238.10 Td (Exchange ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
162 0 obj
<<
/Length 39096
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stream
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F4 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 50.00 574.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 574.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.76 574.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 87.31 574.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 103.32 574.10 Td (origin ) Tj ET Q
q 0 0 0 rg BT 129.89 574.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 140.35 574.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 179.10 574.10 Td (AB, ) Tj ET Q
q 0 0 0 rg BT 198.17 574.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 225.29 574.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 243.52 574.10 Td (founded ) Tj ET Q
q 0 0 0 rg BT 278.97 574.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 289.43 574.10 Td (1985, ) Tj ET Q
q 0 0 0 rg BT 314.61 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 331.72 574.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 358.84 574.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 377.07 574.10 Td (listed ) Tj ET Q
q 0 0 0 rg BT 401.42 574.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 414.10 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 429.00 574.10 Td (Stockholm ) Tj ET Q
q 0 0 0 rg BT 475.01 574.10 Td (Stock ) Tj ET Q
q 0 0 0 rg BT 500.47 574.10 Td (Exchange ) Tj ET Q
q 0 0 0 rg BT 542.57 574.10 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (1989 ) Tj ET Q
q 0 0 0 rg BT 72.26 562.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 82.31 562.10 Td (1997. ) Tj ET Q
q 0 0 0 rg BT 107.07 562.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 117.67 562.10 Td (May ) Tj ET Q
q 0 0 0 rg BT 138.26 562.10 Td (1997, ) Tj ET Q
q 0 0 0 rg BT 163.03 562.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 201.46 562.10 Td (AB ) Tj ET Q
q 0 0 0 rg BT 217.61 562.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 235.43 562.10 Td (redomiciled ) Tj ET Q
q 0 0 0 rg BT 285.45 562.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 307.16 562.10 Td (Sweden ) Tj ET Q
q 0 0 0 rg BT 341.08 562.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 351.12 562.10 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 390.04 562.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 406.75 562.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 418.46 562.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 445.71 562.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 467.41 562.10 Td (listed ) Tj ET Q
q 0 0 0 rg BT 491.34 562.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 503.60 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 518.08 562.10 Td (Oslo ) Tj ET Q
q 0 0 0 rg BT 539.24 562.10 Td (Stock ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (Exchange ) Tj ET Q
q 0 0 0 rg BT 91.36 550.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 116.06 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 130.21 550.10 Td (symbol ) Tj ET Q
q 0 0 0 rg BT 161.60 550.10 Td ("FRO". ) Tj ET Q
q 0 0 0 rg BT 193.51 550.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 210.99 550.10 Td (change ) Tj ET Q
q 0 0 0 rg BT 241.24 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 251.51 550.10 Td (domicile ) Tj ET Q
q 0 0 0 rg BT 288.43 550.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 305.92 550.10 Td (executed ) Tj ET Q
q 0 0 0 rg BT 343.39 550.10 Td (through ) Tj ET Q
q 0 0 0 rg BT 376.43 550.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 382.80 550.10 Td (share-for) Tj ET Q
q 0 0 0 rg BT 418.69 550.10 Td (-share ) Tj ET Q
q 0 0 0 rg BT 445.06 550.10 Td (exchange ) Tj ET Q
q 0 0 0 rg BT 484.75 550.10 Td (of) Tj ET Q
q 0 0 0 rg BT 492.89 550.10 Td (fer ) Tj ET Q
q 0 0 0 rg BT 505.93 550.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 527.30 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 541.45 550.10 Td (then-) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (newly ) Tj ET Q
q 0 0 0 rg BT 77.18 538.10 Td (formed ) Tj ET Q
q 0 0 0 rg BT 108.80 538.10 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 148.20 538.10 Td (company) Tj ET Q
q 0 0 0 rg BT 184.20 538.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 189.44 538.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 228.85 538.10 Td (Ltd, ) Tj ET Q
q 0 0 0 rg BT 247.98 538.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 259.05 538.10 Td (Old ) Tj ET Q
q 0 0 0 rg BT 276.79 538.10 Td (Frontline. ) Tj ET Q
q 0 0 0 rg BT 318.70 538.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 329.77 538.10 Td (September ) Tj ET Q
q 0 0 0 rg BT 375.28 538.10 Td (1997, ) Tj ET Q
q 0 0 0 rg BT 400.52 538.10 Td (Old ) Tj ET Q
q 0 0 0 rg BT 418.26 538.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 457.67 538.10 Td (initiated ) Tj ET Q
q 0 0 0 rg BT 493.18 538.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 505.36 538.10 Td (amalgamation ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 70.33 526.10 Td (London ) Tj ET Q
q 0 0 0 rg BT 103.98 526.10 Td (& ) Tj ET Q
q 0 0 0 rg BT 114.31 526.10 Td (Overseas ) Tj ET Q
q 0 0 0 rg BT 153.51 526.10 Td (Freighters ) Tj ET Q
q 0 0 0 rg BT 196.61 526.10 Td (Limited, ) Tj ET Q
q 0 0 0 rg BT 233.32 526.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 244.19 526.10 Td (LOF) Tj ET Q
q 0 0 0 rg BT 262.29 526.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 267.33 526.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 285.99 526.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 292.98 526.10 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 332.18 526.10 Td (company) Tj ET Q
q 0 0 0 rg BT 368.19 526.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 373.05 526.10 Td (This ) Tj ET Q
q 0 0 0 rg BT 393.38 526.10 Td (process ) Tj ET Q
q 0 0 0 rg BT 425.92 526.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 444.02 526.10 Td (completed ) Tj ET Q
q 0 0 0 rg BT 488.22 526.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 498.55 526.10 Td (May ) Tj ET Q
q 0 0 0 rg BT 519.43 526.10 Td (1998. ) Tj ET Q
q 0 0 0 rg BT 543.91 526.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 557.57 526.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 74.92 514.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 85.95 514.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 103.09 514.10 Td (transaction, ) Tj ET Q
q 0 0 0 rg BT 152.16 514.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 191.53 514.10 Td (became ) Tj ET Q
q 0 0 0 rg BT 224.76 514.10 Td (listed ) Tj ET Q
q 0 0 0 rg BT 249.12 514.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 261.82 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 276.74 514.10 Td (London ) Tj ET Q
q 0 0 0 rg BT 310.55 514.10 Td (Stock ) Tj ET Q
q 0 0 0 rg BT 336.02 514.10 Td (Exchange ) Tj ET Q
q 0 0 0 rg BT 378.15 514.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 395.29 514.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 407.98 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 422.90 514.10 Td (NASDAQ ) Tj ET Q
q 0 0 0 rg BT 467.27 514.10 Td (National ) Tj ET Q
q 0 0 0 rg BT 504.40 514.10 Td (Market ) Tj ET Q
q 0 0 0 rg BT 535.98 514.10 Td (\(in ) Tj ET Q
q 0 0 0 rg BT 549.79 514.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (form ) Tj ET Q
q 0 0 0 rg BT 71.85 502.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 82.06 502.10 Td (American ) Tj ET Q
q 0 0 0 rg BT 123.90 502.10 Td (Depositary ) Tj ET Q
q 0 0 0 rg BT 170.19 502.10 Td (Shares, ) Tj ET Q
q 0 0 0 rg BT 201.76 502.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 211.97 502.10 Td (ADSs, ) Tj ET Q
q 0 0 0 rg BT 240.78 502.10 Td (represented ) Tj ET Q
q 0 0 0 rg BT 289.27 502.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 301.15 502.10 Td (American ) Tj ET Q
q 0 0 0 rg BT 342.99 502.10 Td (Depositary ) Tj ET Q
q 0 0 0 rg BT 389.28 502.10 Td (Receipts, ) Tj ET Q
q 0 0 0 rg BT 428.62 502.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 438.83 502.10 Td (ADRs\) ) Tj ET Q
q 0 0 0 rg BT 469.58 502.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 479.77 502.10 Td (addition ) Tj ET Q
q 0 0 0 rg BT 514.96 502.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 525.15 502.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 537.01 502.10 Td (listing ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 62.50 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 77.22 490.10 Td (Oslo ) Tj ET Q
q 0 0 0 rg BT 98.61 490.10 Td (Stock ) Tj ET Q
q 0 0 0 rg BT 123.89 490.10 Td (Exchange.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 66.90 466.10 Td (ADR ) Tj ET Q
q 0 0 0 rg BT 89.74 466.10 Td (program ) Tj ET Q
q 0 0 0 rg BT 125.35 466.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 142.64 466.10 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 187.13 466.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 198.87 466.10 Td (October ) Tj ET Q
q 0 0 0 rg BT 232.81 466.10 Td (5, ) Tj ET Q
q 0 0 0 rg BT 242.04 466.10 Td (2001 ) Tj ET Q
q 0 0 0 rg BT 263.77 466.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 279.94 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 293.51 466.10 Td (ADSs ) Tj ET Q
q 0 0 0 rg BT 319.14 466.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 340.30 466.10 Td (de-listed ) Tj ET Q
q 0 0 0 rg BT 376.47 466.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 397.64 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 411.59 466.10 Td (NASDAQ ) Tj ET Q
q 0 0 0 rg BT 455.00 466.10 Td (National ) Tj ET Q
q 0 0 0 rg BT 491.16 466.10 Td (Market ) Tj ET Q
q 0 0 0 rg BT 521.77 466.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 533.13 466.10 Td (August ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (3, ) Tj ET Q
q 0 0 0 rg BT 60.22 454.10 Td (2001. ) Tj ET Q
q 0 0 0 rg BT 85.25 454.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 103.52 454.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 150.82 454.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 189.64 454.10 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 219.02 454.10 Td (began ) Tj ET Q
q 0 0 0 rg BT 245.62 454.10 Td (trading ) Tj ET Q
q 0 0 0 rg BT 276.67 454.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 289.39 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 304.33 454.10 Td (New ) Tj ET Q
q 0 0 0 rg BT 325.53 454.10 Td (Y) Tj ET Q
q 0 0 0 rg BT 331.75 454.10 Td (ork ) Tj ET Q
q 0 0 0 rg BT 347.80 454.10 Td (Stock ) Tj ET Q
q 0 0 0 rg BT 373.30 454.10 Td (Exchange ) Tj ET Q
q 0 0 0 rg BT 415.45 454.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 427.57 454.10 Td (August ) Tj ET Q
q 0 0 0 rg BT 459.18 454.10 Td (6, ) Tj ET Q
q 0 0 0 rg BT 469.41 454.10 Td (2001 ) Tj ET Q
q 0 0 0 rg BT 492.13 454.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 517.62 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 532.56 454.10 Td (symbol ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td ("FRO".) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (Restructuring) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (On ) Tj ET Q
q 0 0 0 rg BT 65.00 394.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 108.87 394.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 124.15 394.10 Td (201) Tj ET Q
q 0 0 0 rg BT 138.78 394.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 146.56 394.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 157.12 394.10 Td (conjunction ) Tj ET Q
q 0 0 0 rg BT 207.11 394.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 227.67 394.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 234.89 394.10 Td (Board ) Tj ET Q
q 0 0 0 rg BT 262.11 394.10 Td (approved ) Tj ET Q
q 0 0 0 rg BT 302.09 394.10 Td (restructuring ) Tj ET Q
q 0 0 0 rg BT 355.97 394.10 Td (plan ) Tj ET Q
q 0 0 0 rg BT 375.97 394.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 386.53 394.10 Td (meet ) Tj ET Q
q 0 0 0 rg BT 408.74 394.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 423.74 394.10 Td (challenges ) Tj ET Q
q 0 0 0 rg BT 468.72 394.10 Td (created ) Tj ET Q
q 0 0 0 rg BT 500.36 394.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 513.14 394.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 520.36 394.10 Td (very ) Tj ET Q
q 0 0 0 rg BT 540.91 394.10 Td (weak ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 78.18 382.10 Td (market, ) Tj ET Q
q 0 0 0 rg BT 111.64 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 127.05 382.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 169.14 382.10 Td (completed ) Tj ET Q
q 0 0 0 rg BT 213.98 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 229.39 382.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 248.14 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 259.66 382.10 Td (15 ) Tj ET Q
q 0 0 0 rg BT 272.86 382.10 Td (wholly-owned ) Tj ET Q
q 0 0 0 rg BT 333.82 382.10 Td (SPCs ) Tj ET Q
q 0 0 0 rg BT 358.70 382.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 369.68 382.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 409.54 382.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 435.00 382.10 Td (These ) Tj ET Q
q 0 0 0 rg BT 462.08 382.10 Td (SPCs ) Tj ET Q
q 0 0 0 rg BT 486.96 382.10 Td (owned ) Tj ET Q
q 0 0 0 rg BT 516.81 382.10 Td (six ) Tj ET Q
q 0 0 0 rg BT 531.45 382.10 Td (VLCCs ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (\(Front ) Tj ET Q
q 0 0 0 rg BT 76.72 370.10 Td (Kathrine, ) Tj ET Q
q 0 0 0 rg BT 115.93 370.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 139.32 370.10 Td (Queen, ) Tj ET Q
q 0 0 0 rg BT 169.63 370.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 193.02 370.10 Td (Eminence, ) Tj ET Q
q 0 0 0 rg BT 237.23 370.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 260.62 370.10 Td (Endurance, ) Tj ET Q
q 0 0 0 rg BT 307.59 370.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 330.98 370.10 Td (Cecilie ) Tj ET Q
q 0 0 0 rg BT 361.02 370.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 377.18 370.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 400.57 370.10 Td (Signe, ) Tj ET Q
q 0 0 0 rg BT 427.57 370.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 443.73 370.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 453.78 370.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 479.94 370.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 497.21 370.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 508.93 370.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 528.42 370.10 Td (charter\), ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (four ) Tj ET Q
q 0 0 0 rg BT 69.67 358.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 109.33 358.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 141.22 358.10 Td (\(Northia, ) Tj ET Q
q 0 0 0 rg BT 180.61 358.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 205.29 358.10 Td (Odin, ) Tj ET Q
q 0 0 0 rg BT 230.79 358.10 Td (Naticina ) Tj ET Q
q 0 0 0 rg BT 267.68 358.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 285.12 358.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 309.80 358.10 Td (Njord\) ) Tj ET Q
q 0 0 0 rg BT 339.47 358.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 356.92 358.10 Td (five ) Tj ET Q
q 0 0 0 rg BT 375.26 358.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 404.94 358.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 457.94 358.10 Td (contracts. ) Tj ET Q
q 0 0 0 rg BT 499.33 358.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 517.88 358.10 Td (SPCs ) Tj ET Q
q 0 0 0 rg BT 542.58 358.10 Td (were ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 70.35 346.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 81.24 346.10 Td (fair ) Tj ET Q
q 0 0 0 rg BT 98.79 346.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 130.23 346.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 155.57 346.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 167.57 346.10 Td ($1,120.7 ) Tj ET Q
q 0 0 0 rg BT 206.25 346.10 Td (million, ) Tj ET Q
q 0 0 0 rg BT 241.32 346.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 269.43 346.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 288.66 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 304.56 346.10 Td (average ) Tj ET Q
q 0 0 0 rg BT 339.32 346.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 351.32 346.10 Td (three ) Tj ET Q
q 0 0 0 rg BT 374.99 346.10 Td (independent ) Tj ET Q
q 0 0 0 rg BT 427.53 346.10 Td (broker ) Tj ET Q
q 0 0 0 rg BT 457.31 346.10 Td (valuations. ) Tj ET Q
q 0 0 0 rg BT 503.78 346.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 518.57 346.10 Td (part ) Tj ET Q
q 0 0 0 rg BT 537.79 346.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 549.80 346.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (transaction, ) Tj ET Q
q 0 0 0 rg BT 97.77 334.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 135.83 334.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 157.23 334.10 Td (assumed ) Tj ET Q
q 0 0 0 rg BT 193.06 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 206.67 334.10 Td (obligation ) Tj ET Q
q 0 0 0 rg BT 248.62 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 257.80 334.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 273.63 334.10 Td ($666.3 ) Tj ET Q
q 0 0 0 rg BT 302.53 334.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 332.82 334.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 341.99 334.10 Td (bank ) Tj ET Q
q 0 0 0 rg BT 362.83 334.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 381.44 334.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 397.28 334.10 Td ($325.5 ) Tj ET Q
q 0 0 0 rg BT 426.17 334.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 456.46 334.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 465.63 334.10 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 507.57 334.10 Td (commitments ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.28 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 75.00 322.10 Td (yard ) Tj ET Q
q 0 0 0 rg BT 95.26 322.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 120.53 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 135.25 322.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 187.74 322.10 Td (contracts.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td (On ) Tj ET Q
q 0 0 0 rg BT 64.36 298.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 107.58 298.10 Td (16, ) Tj ET Q
q 0 0 0 rg BT 122.21 298.10 Td (201) Tj ET Q
q 0 0 0 rg BT 136.84 298.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 146.48 298.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 185.28 298.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 207.42 298.10 Td (completed ) Tj ET Q
q 0 0 0 rg BT 251.20 298.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 257.78 298.10 Td (private ) Tj ET Q
q 0 0 0 rg BT 287.68 298.10 Td (placement ) Tj ET Q
q 0 0 0 rg BT 330.90 298.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 341.37 298.10 Td (100,000,000 ) Tj ET Q
q 0 0 0 rg BT 393.51 298.10 Td (new ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (share ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
163 0 obj
<<
/Length 41837
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stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 448.64 730.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 477.53 730.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 480.14 730.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 494.41 730.10 Td (1,143,000 ) Tj ET Q
q 0 0 0 rg BT 537.03 730.10 Td (shares ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 718.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 60.29 718.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 67.23 718.10 Td (private ) Tj ET Q
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q 0 0 0 rg BT 141.10 718.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 153.61 718.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 192.79 718.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 215.30 718.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 226.13 718.10 Td (59 ) Tj ET Q
q 0 0 0 rg BT 238.64 718.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 267.54 718.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 270.04 718.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 289.21 718.10 Td (ordinary ) Tj ET Q
q 0 0 0 rg BT 325.60 718.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 353.10 718.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 362.82 718.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 369.77 718.10 Td (subscription ) Tj ET Q
q 0 0 0 rg BT 421.17 718.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 443.66 718.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 454.50 718.10 Td ($5.25) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 477.00 718.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 479.51 718.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 494.79 718.10 Td (share. ) Tj ET Q
q 0 0 0 rg BT 520.89 718.10 Td (Following ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 706.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.72 706.10 Td (private ) Tj ET Q
q 0 0 0 rg BT 94.98 706.10 Td (placement, ) Tj ET Q
q 0 0 0 rg BT 141.07 706.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 155.79 706.10 Td (Company) Tj ET Q
q 0 0 0 rg BT 197.45 706.10 Td (s ) Tj ET Q
q 0 0 0 rg BT 203.84 706.10 Td (ownership ) Tj ET Q
q 0 0 0 rg BT 248.00 706.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 258.28 706.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 297.45 706.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 319.95 706.10 Td (was ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 338.00 706.10 Td (6.3%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 358.83 706.10 Td (. ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 682.10 Td (V) Tj ET Q
q 0 0 0 rg BT 55.56 682.10 Td (essel ) Tj ET Q
q 0 0 0 rg BT 77.13 682.10 Td (Acquisitions, ) Tj ET Q
q 0 0 0 rg BT 133.26 682.10 Td (Disposals ) Tj ET Q
q 0 0 0 rg BT 175.21 682.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 193.27 682.10 Td (Other ) Tj ET Q
q 0 0 0 rg BT 219.66 682.10 Td (Significant ) Tj ET Q
q 0 0 0 rg BT 267.73 682.10 Td (T) Tj ET Q
q 0 0 0 rg BT 273.47 682.10 Td (ransactions) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 658.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 658.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.58 658.10 Td (entered ) Tj ET Q
q 0 0 0 rg BT 97.50 658.10 Td (into ) Tj ET Q
q 0 0 0 rg BT 115.56 658.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 171.66 658.10 Td (acquisitions ) Tj ET Q
q 0 0 0 rg BT 221.93 658.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 238.87 658.10 Td (disposals ) Tj ET Q
q 0 0 0 rg BT 278.04 658.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 288.32 658.10 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 313.32 658.10 Td (201) Tj ET Q
q 0 0 0 rg BT 327.95 658.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 337.95 658.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 360.45 658.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 377.39 658.10 Td (2013 ) Tj ET Q
q 0 0 0 rg BT 399.89 658.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 410.17 658.10 Td (date:) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.10 Td (Newbuilding ) Tj ET Q
q 0 0 0 rg BT 103.61 634.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 121.11 634.10 Td (Option ) Tj ET Q
q 0 0 0 rg BT 151.39 634.10 Td (Contracts) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td (At ) Tj ET Q
q 0 0 0 rg BT 63.34 610.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 107.76 610.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 123.60 610.10 Td (2009, ) Tj ET Q
q 0 0 0 rg BT 149.44 610.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 164.44 610.10 Td (had ) Tj ET Q
q 0 0 0 rg BT 182.22 610.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 235.56 610.10 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 274.99 610.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 289.99 610.10 Td (four ) Tj ET Q
q 0 0 0 rg BT 309.99 610.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 349.99 610.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 382.20 610.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 399.98 610.10 Td (six ) Tj ET Q
q 0 0 0 rg BT 414.75 610.10 Td (VLCCs. ) Tj ET Q
q 0 0 0 rg BT 451.15 610.10 Td (During ) Tj ET Q
q 0 0 0 rg BT 482.82 610.10 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 508.66 610.10 Td (six ) Tj ET Q
q 0 0 0 rg BT 523.67 610.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 535.34 610.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 552.01 610.10 Td (10 ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (newbuildings, ) Tj ET Q
q 0 0 0 rg BT 107.97 598.10 Td (consisting ) Tj ET Q
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q 0 0 0 rg BT 160.01 598.10 Td (four ) Tj ET Q
q 0 0 0 rg BT 178.25 598.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 216.49 598.10 Td (tankers ) Tj ET Q
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q 0 0 0 rg BT 262.96 598.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 279.43 598.10 Td (VLCCs, ) Tj ET Q
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q 0 0 0 rg BT 378.31 598.10 Td (and ) Tj ET Q
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q 0 0 0 rg BT 433.11 598.10 Td (to ) Tj ET Q
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q 0 0 0 rg BT 523.13 598.10 Td (Company ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td (entered ) Tj ET Q
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q 0 0 0 rg BT 314.85 586.10 Td (156,900 ) Tj ET Q
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q 0 0 0 rg BT 366.68 586.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 405.50 586.10 Td (newbuildings. ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (to ) Tj ET Q
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q 0 0 0 rg BT 234.91 574.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 275.40 574.10 Td (announced ) Tj ET Q
q 0 0 0 rg BT 320.32 574.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 336.91 574.10 Td (it ) Tj ET Q
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q 0 0 0 rg BT 360.11 574.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 388.35 574.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 407.73 574.10 Td (Jinhaiwan ) Tj ET Q
q 0 0 0 rg BT 449.88 574.10 Td (to ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 166.64 562.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 175.89 562.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 212.30 562.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 229.88 562.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 270.80 562.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 299.48 562.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 309.29 562.10 Td (take ) Tj ET Q
q 0 0 0 rg BT 327.98 562.10 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 362.78 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 373.14 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 387.39 562.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 404.43 562.10 Td (optional ) Tj ET Q
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q 0 0 0 rg BT 471.68 562.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 480.93 562.10 Td (the ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 138.77 550.10 Td (newbuilding, ) Tj ET Q
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q 0 0 0 rg BT 231.50 550.10 Td (in ) Tj ET Q
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q 0 0 0 rg BT 302.13 550.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 312.53 550.10 Td (take ) Tj ET Q
q 0 0 0 rg BT 331.81 550.10 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 367.19 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 378.14 550.10 Td (five ) Tj ET Q
q 0 0 0 rg BT 396.31 550.10 Td (320,000 ) Tj ET Q
q 0 0 0 rg BT 431.43 550.10 Td (dwt ) Tj ET Q
q 0 0 0 rg BT 448.86 550.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 478.16 550.10 Td (newbuildings, ) Tj ET Q
q 0 0 0 rg BT 537.16 550.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 557.56 550.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 70.92 538.10 Td (contract ) Tj ET Q
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q 0 0 0 rg BT 129.41 538.10 Td (of ) Tj ET Q
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q 0 0 0 rg BT 197.88 538.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 212.14 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 223.62 538.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 267.85 538.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 283.50 538.10 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 309.15 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 324.51 538.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 372.24 538.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 425.39 538.10 Td (program ) Tj ET Q
q 0 0 0 rg BT 462.41 538.10 Td (comprised ) Tj ET Q
q 0 0 0 rg BT 507.21 538.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 525.36 538.10 Td (Suezmax ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 81.38 526.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 98.32 526.10 Td (five ) Tj ET Q
q 0 0 0 rg BT 116.18 526.10 Td (VLCCs.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 59.93 502.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 102.62 502.10 Td (201) Tj ET Q
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q 0 0 0 rg BT 126.35 502.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 191.77 502.10 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 229.47 502.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 242.74 502.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 256.56 502.10 Td (five ) Tj ET Q
q 0 0 0 rg BT 273.59 502.10 Td (VLCCs ) Tj ET Q
q 0 0 0 rg BT 305.76 502.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 326.79 502.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 345.06 502.10 Td (to ) Tj ET Q
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q 0 0 0 rg BT 392.72 502.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 416.82 502.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 426.75 502.10 Td (part ) Tj ET Q
q 0 0 0 rg BT 443.91 502.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 453.84 502.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 523.70 502.10 Td (described ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 149.20 490.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 164.95 490.10 Td (2012, ) Tj ET Q
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q 0 0 0 rg BT 254.01 490.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 307.26 490.10 Td (program ) Tj ET Q
q 0 0 0 rg BT 344.39 490.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 363.19 490.10 Td (comprised ) Tj ET Q
q 0 0 0 rg BT 408.10 490.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 419.69 490.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 437.94 490.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 477.85 490.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 509.98 490.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 527.67 490.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 542.58 490.10 Td (were ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 190.54 478.10 Td (installments ) Tj ET Q
q 0 0 0 rg BT 241.37 478.10 Td (of ) Tj ET Q
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q 0 0 0 rg BT 277.20 478.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 308.59 478.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 328.87 478.10 Td (expected ) Tj ET Q
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BT /F4 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 221.21 430.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 244.64 430.10 Td (V) Tj ET Q
q 0 0 0 rg BT 251.26 430.10 Td (ista ) Tj ET Q
q 0 0 0 rg BT 267.05 430.10 Td (\(renamed ) Tj ET Q
q 0 0 0 rg BT 306.71 430.10 Td (Dewi ) Tj ET Q
q 0 0 0 rg BT 330.28 430.10 Td (Maeswara\) ) Tj ET Q
q 0 0 0 rg BT 376.60 430.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 397.94 430.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 418.19 430.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 451.75 430.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 465.31 430.10 Td ($58.5 ) Tj ET Q
q 0 0 0 rg BT 489.71 430.10 Td (million. ) Tj ET Q
q 0 0 0 rg BT 522.87 430.10 Td (The ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 202.81 418.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 224.49 418.10 Td (chartered ) Tj ET Q
q 0 0 0 rg BT 264.48 418.10 Td (in ) Tj ET Q
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q 0 0 0 rg BT 341.13 418.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 346.44 418.10 Td (Due ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 126.72 406.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 144.72 406.10 Td (paid ) Tj ET Q
q 0 0 0 rg BT 164.39 406.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 174.62 406.10 Td (Ship ) Tj ET Q
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q 0 0 0 rg BT 232.01 406.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 242.79 406.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 271.34 406.10 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 296.28 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 310.95 406.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 352.29 406.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 371.40 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 386.07 406.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 410.01 406.10 Td (V) Tj ET Q
q 0 0 0 rg BT 416.63 406.10 Td (ista ) Tj ET Q
q 0 0 0 rg BT 432.97 406.10 Td (\(renamed ) Tj ET Q
q 0 0 0 rg BT 473.17 406.10 Td (Dewi ) Tj ET Q
q 0 0 0 rg BT 497.28 406.10 Td (Maeswara\). ) Tj ET Q
q 0 0 0 rg BT 546.47 406.10 Td (The ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 68.05 394.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 90.53 394.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 101.36 394.10 Td ($60.0 ) Tj ET Q
q 0 0 0 rg BT 126.36 394.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 157.75 394.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 175.81 394.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 187.75 394.10 Td (settled ) Tj ET Q
q 0 0 0 rg BT 216.35 394.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 226.63 394.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 241.35 394.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 278.28 394.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 289.11 394.10 Td (installments ) Tj ET Q
q 0 0 0 rg BT 339.94 394.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 360.21 394.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 367.15 394.10 Td (10-year ) Tj ET Q
q 0 0 0 rg BT 400.19 394.10 Td (period.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.52 370.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 88.80 370.10 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 113.49 370.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 127.33 370.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 156.17 370.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 176.13 370.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 196.66 370.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 230.50 370.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 240.46 370.10 Td (terminate ) Tj ET Q
q 0 0 0 rg BT 280.41 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 294.81 370.10 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 336.43 370.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 366.37 370.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 389.11 370.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 402.95 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 417.36 370.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 443.43 370.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 461.02 370.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 489.87 370.10 Td (Golden ) Tj ET Q
q 0 0 0 rg BT 521.50 370.10 Td (River ) Tj ET Q
q 0 0 0 rg BT 545.90 370.10 Td (\(ex-) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 74.10 358.10 Td (Lord\) ) Tj ET Q
q 0 0 0 rg BT 99.29 358.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 109.50 358.10 Td (exchange ) Tj ET Q
q 0 0 0 rg BT 149.68 358.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 163.77 358.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 170.64 358.10 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 228.61 358.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 265.47 358.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 275.68 358.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 287.00 358.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 297.76 358.10 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 357.94 358.10 Td ($2.9 ) Tj ET Q
q 0 0 0 rg BT 377.87 358.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 409.19 358.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 423.28 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 437.92 358.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 460.34 358.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 508.86 358.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 519.62 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 534.27 358.10 Td (charter ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (party) Tj ET Q
q 0 0 0 rg BT 69.90 346.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.03 322.10 Td (April ) Tj ET Q
q 0 0 0 rg BT 83.32 322.10 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 108.01 322.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 121.85 322.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 140.71 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 155.11 322.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 181.18 322.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 198.92 322.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 237.76 322.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 261.45 322.10 Td (V) Tj ET Q
q 0 0 0 rg BT 267.39 322.10 Td (oyager ) Tj ET Q
q 0 0 0 rg BT 296.78 322.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 310.62 322.10 Td ($8.3 ) Tj ET Q
q 0 0 0 rg BT 330.31 322.10 Td (million. ) Tj ET Q
q 0 0 0 rg BT 363.72 322.10 Td (W) Tj ET Q
q 0 0 0 rg BT 372.36 322.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 378.98 322.10 Td (alsoagreed ) Tj ET Q
q 0 0 0 rg BT 428.92 322.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 438.88 322.10 Td (acquire ) Tj ET Q
q 0 0 0 rg BT 470.49 322.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 492.11 322.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 503.74 322.10 Td (unrelated ) Tj ET Q
q 0 0 0 rg BT 543.12 322.10 Td (third ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 72.03 310.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 88.52 310.10 Td (2009-built ) Tj ET Q
q 0 0 0 rg BT 131.67 310.10 Td (321,300 ) Tj ET Q
q 0 0 0 rg BT 165.66 310.10 Td (dwt ) Tj ET Q
q 0 0 0 rg BT 182.14 310.10 Td (double ) Tj ET Q
q 0 0 0 rg BT 210.84 310.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 227.78 310.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 255.93 310.10 Td (tankers, ) Tj ET Q
q 0 0 0 rg BT 288.80 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 302.50 310.10 Td (Callisto ) Tj ET Q
q 0 0 0 rg BT 335.10 310.10 Td (Glory) Tj ET Q
q 0 0 0 rg BT 357.78 310.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 361.77 310.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 387.69 310.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 404.73 310.10 Td (renamed ) Tj ET Q
q 0 0 0 rg BT 440.64 310.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 463.79 310.10 Td (Eminence, ) Tj ET Q
q 0 0 0 rg BT 507.76 310.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 524.80 310.10 Td (delivered ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.28 298.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 71.67 298.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 84.17 298.10 Td (May ) Tj ET Q
q 0 0 0 rg BT 105.00 298.10 Td (18, ) Tj ET Q
q 0 0 0 rg BT 120.00 298.10 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 142.50 298.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 159.44 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 173.60 298.10 Td (Andromeda ) Tj ET Q
q 0 0 0 rg BT 223.31 298.10 Td (Glory) Tj ET Q
q 0 0 0 rg BT 245.99 298.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 250.99 298.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 277.93 298.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 295.98 298.10 Td (renamed ) Tj ET Q
q 0 0 0 rg BT 332.91 298.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 357.08 298.10 Td (Endurance, ) Tj ET Q
q 0 0 0 rg BT 404.83 298.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 422.88 298.10 Td (delivered ) Tj ET Q
q 0 0 0 rg BT 462.58 298.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 472.86 298.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 484.25 298.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 496.75 298.10 Td (June ) Tj ET Q
q 0 0 0 rg BT 517.58 298.10 Td (28, ) Tj ET Q
q 0 0 0 rg BT 532.58 298.10 Td (2010.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.55 274.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 93.86 274.10 Td (201) Tj ET Q
q 0 0 0 rg BT 108.49 274.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 118.21 274.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 132.08 274.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 150.97 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 165.25 274.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 194.13 274.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 218.02 274.10 Td (Shanghai ) Tj ET Q
q 0 0 0 rg BT 257.45 274.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 271.33 274.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 285.76 274.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 303.53 274.10 Td (proceeds ) Tj ET Q
q 0 0 0 rg BT 341.28 274.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 351.83 274.10 Td ($91.2 ) Tj ET Q
q 0 0 0 rg BT 376.54 274.10 Td (million. ) Tj ET Q
q 0 0 0 rg BT 410.15 274.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 420.70 274.10 Td (connection ) Tj ET Q
q 0 0 0 rg BT 466.79 274.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 486.78 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 501.22 274.10 Td (sale, ) Tj ET Q
q 0 0 0 rg BT 521.48 274.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 535.36 274.10 Td (agreed ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.12 262.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 80.23 262.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 110.33 262.10 Td (back ) Tj ET Q
q 0 0 0 rg BT 131.55 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 146.11 262.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 172.89 262.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 194.67 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 209.22 262.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 228.23 262.10 Td (owner ) Tj ET Q
q 0 0 0 rg BT 255.56 262.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 269.56 262.10 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 329.66 262.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 347.00 262.10 Td (years ) Tj ET Q
q 0 0 0 rg BT 370.44 262.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 380.00 262.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 386.78 262.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 404.10 262.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 414.78 262.10 Td ($35,000 ) Tj ET Q
q 0 0 0 rg BT 449.62 262.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 464.73 262.10 Td (day) Tj ET Q
q 0 0 0 rg BT 478.52 262.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 483.36 262.10 Td (Delivery ) Tj ET Q
q 0 0 0 rg BT 520.68 262.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 530.80 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 545.36 262.10 Td (new ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (owners ) Tj ET Q
q 0 0 0 rg BT 81.38 250.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 99.43 250.10 Td (completed ) Tj ET Q
q 0 0 0 rg BT 143.58 250.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 156.08 250.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 189.68 250.10 Td (26, ) Tj ET Q
q 0 0 0 rg BT 204.68 250.10 Td (201) Tj ET Q
q 0 0 0 rg BT 219.31 250.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 226.81 250.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 243.75 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 258.47 250.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 285.41 250.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 303.46 250.10 Td (renamed ) Tj ET Q
q 0 0 0 rg BT 340.38 250.10 Td (Gulf ) Tj ET Q
q 0 0 0 rg BT 361.21 250.10 Td (Eyadah.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.05 226.10 Td (February ) Tj ET Q
q 0 0 0 rg BT 99.87 226.10 Td (201) Tj ET Q
q 0 0 0 rg BT 114.50 226.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 124.71 226.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 139.09 226.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 168.46 226.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 188.95 226.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 210.01 226.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 244.39 226.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 254.88 226.10 Td (terminate ) Tj ET Q
q 0 0 0 rg BT 295.36 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 310.30 226.10 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 352.45 226.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 382.92 226.10 Td (parties ) Tj ET Q
q 0 0 0 rg BT 412.30 226.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 426.67 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 441.61 226.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 459.33 226.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 485.93 226.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 504.01 226.10 Td (VLCCs, ) Tj ET Q
q 0 0 0 rg BT 539.60 226.10 Td (T) Tj ET Q
q 0 0 0 rg BT 545.35 226.10 Td (icen ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td (Sun ) Tj ET Q
q 0 0 0 rg BT 67.94 214.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 108.09 214.10 Td (Highness\) ) Tj ET Q
q 0 0 0 rg BT 151.02 214.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 167.83 214.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 191.35 214.10 Td (Ace, ) Tj ET Q
q 0 0 0 rg BT 212.33 214.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 229.15 214.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 249.87 214.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 283.90 214.10 Td (simultaneously ) Tj ET Q
q 0 0 0 rg BT 346.83 214.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 365.88 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 380.47 214.10 Td (vessels. ) Tj ET Q
q 0 0 0 rg BT 413.51 214.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 431.43 214.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 479.91 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 490.62 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 505.21 214.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 535.34 214.10 Td (parties ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (took ) Tj ET Q
q 0 0 0 rg BT 70.36 202.10 Td (place ) Tj ET Q
q 0 0 0 rg BT 94.04 202.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 104.40 202.10 Td (February ) Tj ET Q
q 0 0 0 rg BT 143.08 202.10 Td (201) Tj ET Q
q 0 0 0 rg BT 157.71 202.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 165.29 202.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 182.31 202.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 211.00 202.10 Td (201) Tj ET Q
q 0 0 0 rg BT 225.63 202.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 235.71 202.10 Td (respectively) Tj ET Q
q 0 0 0 rg BT 283.37 202.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 288.45 202.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 305.47 202.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 326.40 202.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 360.63 202.10 Td (made ) Tj ET Q
q 0 0 0 rg BT 384.87 202.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 391.89 202.10 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 450.02 202.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 487.04 202.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 497.40 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 512.20 202.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 553.67 202.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td ($5.3 ) Tj ET Q
q 0 0 0 rg BT 70.00 190.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 101.39 190.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 115.55 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 130.27 190.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 152.75 190.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 201.35 190.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 212.18 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 226.90 190.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 257.15 190.10 Td (parties.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.31 166.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 90.39 166.10 Td (201) Tj ET Q
q 0 0 0 rg BT 105.02 166.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 115.50 166.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 130.15 166.10 Td (exercised ) Tj ET Q
q 0 0 0 rg BT 170.88 166.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 187.20 166.10 Td (option ) Tj ET Q
q 0 0 0 rg BT 215.74 166.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 226.50 166.10 Td (acquire ) Tj ET Q
q 0 0 0 rg BT 258.90 166.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 274.10 166.10 Td (2002-built ) Tj ET Q
q 0 0 0 rg BT 318.53 166.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 348.19 166.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 372.84 166.10 Td (Eagle ) Tj ET Q
q 0 0 0 rg BT 398.58 166.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 416.00 166.10 Td (simultaneously ) Tj ET Q
q 0 0 0 rg BT 479.54 166.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 499.19 166.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 514.39 166.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 541.81 166.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 552.57 166.10 Td (an ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 154.10 Td (unrelated ) Tj ET Q
q 0 0 0 rg BT 89.77 154.10 Td (third ) Tj ET Q
q 0 0 0 rg BT 111.22 154.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 134.34 154.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 148.57 154.10 Td ($67.0 ) Tj ET Q
q 0 0 0 rg BT 173.63 154.10 Td (million. ) Tj ET Q
q 0 0 0 rg BT 207.59 154.10 Td (Delivery ) Tj ET Q
q 0 0 0 rg BT 245.14 154.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 255.49 154.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 270.27 154.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 289.50 154.10 Td (owners ) Tj ET Q
q 0 0 0 rg BT 320.95 154.10 Td (took ) Tj ET Q
q 0 0 0 rg BT 341.30 154.10 Td (place ) Tj ET Q
q 0 0 0 rg BT 364.96 154.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 375.30 154.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 390.09 154.10 Td (second ) Tj ET Q
q 0 0 0 rg BT 420.42 154.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 451.31 154.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 462.20 154.10 Td (201) Tj ET Q
q 0 0 0 rg BT 476.83 154.10 Td (1. ) Tj ET Q
q 0 0 0 rg BT 486.90 154.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 497.80 154.10 Td (connection ) Tj ET Q
q 0 0 0 rg BT 544.24 154.10 Td (with ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 142.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.69 142.10 Td (sale, ) Tj ET Q
q 0 0 0 rg BT 85.20 142.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 99.33 142.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 128.44 142.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 138.69 142.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 158.93 142.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 189.15 142.10 Td (back ) Tj ET Q
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endstream
endobj
164 0 obj
<<
/Length 41958
>>
stream
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (fourth ) Tj ET Q
q 0 0 0 rg BT 76.94 598.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 107.75 598.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 118.58 598.10 Td (201) Tj ET Q
q 0 0 0 rg BT 133.21 598.10 Td (1. ) Tj ET Q
q 0 0 0 rg BT 142.66 598.10 Td (An ) Tj ET Q
q 0 0 0 rg BT 157.38 598.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 205.98 598.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 224.04 598.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 238.20 598.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 255.15 598.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 282.09 598.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 292.92 598.10 Td ($18.5 ) Tj ET Q
q 0 0 0 rg BT 317.92 598.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 349.31 598.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 367.36 598.10 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 404.84 598.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 415.12 598.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 429.83 598.10 Td (third ) Tj ET Q
q 0 0 0 rg BT 451.22 598.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 482.04 598.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 492.87 598.10 Td (201) Tj ET Q
q 0 0 0 rg BT 507.50 598.10 Td (1.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.59 574.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 103.93 574.10 Td (201) Tj ET Q
q 0 0 0 rg BT 118.56 574.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 128.32 574.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 142.24 574.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 161.17 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 175.65 574.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 214.56 574.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 238.49 574.10 Td (Beta ) Tj ET Q
q 0 0 0 rg BT 259.08 574.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 269.12 574.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 280.81 574.10 Td (unrelated ) Tj ET Q
q 0 0 0 rg BT 320.28 574.10 Td (third ) Tj ET Q
q 0 0 0 rg BT 341.42 574.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 364.23 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 380.93 574.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 427.05 574.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 433.75 574.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 451.57 574.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 462.16 574.10 Td ($0.4 ) Tj ET Q
q 0 0 0 rg BT 481.92 574.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 513.07 574.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 523.11 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 537.58 574.10 Td (fourth ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 80.82 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 91.65 562.10 Td (201) Tj ET Q
q 0 0 0 rg BT 106.27 562.10 Td (1. ) Tj ET Q
q 0 0 0 rg BT 115.72 562.10 Td (An ) Tj ET Q
q 0 0 0 rg BT 130.44 562.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 179.04 562.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 197.10 562.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 211.26 562.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 228.21 562.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 255.15 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 265.98 562.10 Td ($20.4 ) Tj ET Q
q 0 0 0 rg BT 290.98 562.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 322.37 562.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 340.42 562.10 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 377.90 562.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 388.18 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 402.90 562.10 Td (third ) Tj ET Q
q 0 0 0 rg BT 424.28 562.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 455.10 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 465.93 562.10 Td (201) Tj ET Q
q 0 0 0 rg BT 480.56 562.10 Td (1.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 59.94 538.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 102.64 538.10 Td (201) Tj ET Q
q 0 0 0 rg BT 117.27 538.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 126.38 538.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 136.33 538.10 Td (part ) Tj ET Q
q 0 0 0 rg BT 153.49 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 163.43 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 177.26 538.10 Td (Restructuring ) Tj ET Q
q 0 0 0 rg BT 233.31 538.10 Td (described ) Tj ET Q
q 0 0 0 rg BT 273.24 538.10 Td (above, ) Tj ET Q
q 0 0 0 rg BT 301.23 538.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 314.50 538.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 332.79 538.10 Td (15 ) Tj ET Q
q 0 0 0 rg BT 344.40 538.10 Td (wholly-owned ) Tj ET Q
q 0 0 0 rg BT 403.78 538.10 Td (SPCs, ) Tj ET Q
q 0 0 0 rg BT 429.58 538.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 455.63 538.10 Td (together ) Tj ET Q
q 0 0 0 rg BT 490.01 538.10 Td (owned ) Tj ET Q
q 0 0 0 rg BT 518.29 538.10 Td (six ) Tj ET Q
q 0 0 0 rg BT 531.45 538.10 Td (VLCCs ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (\(Front ) Tj ET Q
q 0 0 0 rg BT 76.72 526.10 Td (Kathrine, ) Tj ET Q
q 0 0 0 rg BT 115.93 526.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 139.32 526.10 Td (Queen, ) Tj ET Q
q 0 0 0 rg BT 169.63 526.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 193.02 526.10 Td (Eminence, ) Tj ET Q
q 0 0 0 rg BT 237.23 526.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 260.62 526.10 Td (Endurance, ) Tj ET Q
q 0 0 0 rg BT 307.59 526.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 330.98 526.10 Td (Cecilie ) Tj ET Q
q 0 0 0 rg BT 361.02 526.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 377.18 526.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 400.57 526.10 Td (Signe, ) Tj ET Q
q 0 0 0 rg BT 427.57 526.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 443.73 526.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 453.78 526.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 479.94 526.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 497.21 526.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 508.93 526.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 528.42 526.10 Td (charter\), ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (four ) Tj ET Q
q 0 0 0 rg BT 69.20 514.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 108.39 514.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 139.80 514.10 Td (\(Northia, ) Tj ET Q
q 0 0 0 rg BT 178.72 514.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 202.92 514.10 Td (Odin, ) Tj ET Q
q 0 0 0 rg BT 227.96 514.10 Td (Naticina ) Tj ET Q
q 0 0 0 rg BT 264.37 514.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 281.34 514.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 305.55 514.10 Td (Njord\) ) Tj ET Q
q 0 0 0 rg BT 334.75 514.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 351.72 514.10 Td (five ) Tj ET Q
q 0 0 0 rg BT 369.62 514.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 398.83 514.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 451.36 514.10 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 489.99 514.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 500.31 514.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 539.51 514.10 Td (2012, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 56.30 502.10 Td (related ) Tj ET Q
q 0 0 0 rg BT 85.36 502.10 Td (party) Tj ET Q
q 0 0 0 rg BT 105.25 502.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 109.61 502.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 123.13 502.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 129.43 502.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 146.83 502.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 168.67 502.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 178.86 502.10 Td ($1,120.7 ) Tj ET Q
q 0 0 0 rg BT 215.72 502.10 Td (million. ) Tj ET Q
q 0 0 0 rg BT 248.84 502.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 266.24 502.10 Td (sales ) Tj ET Q
q 0 0 0 rg BT 287.54 502.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 297.72 502.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 320.13 502.10 Td (SPCs ) Tj ET Q
q 0 0 0 rg BT 343.67 502.10 Td (resulted ) Tj ET Q
q 0 0 0 rg BT 377.19 502.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 386.82 502.10 Td (a ) Tj ET Q
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q 0 0 0 rg BT 410.54 502.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 420.73 502.10 Td ($307.0 ) Tj ET Q
q 0 0 0 rg BT 450.08 502.10 Td (million, ) Tj ET Q
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q 0 0 0 rg BT 527.04 502.10 Td (recorded ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (in ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 88.39 466.10 Td (2012, ) Tj ET Q
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q 0 0 0 rg BT 126.52 466.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 145.17 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 159.37 466.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 198.01 466.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 221.22 466.10 Td (Alfa ) Tj ET Q
q 0 0 0 rg BT 240.97 466.10 Td (to ) Tj ET Q
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q 0 0 0 rg BT 262.16 466.10 Td (unrelated ) Tj ET Q
q 0 0 0 rg BT 301.34 466.10 Td (third ) Tj ET Q
q 0 0 0 rg BT 322.21 466.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 344.74 466.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 361.16 466.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 407.00 466.10 Td (a ) Tj ET Q
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q 0 0 0 rg BT 430.97 466.10 Td (of ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 224.71 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 235.54 454.10 Td ($24.8 ) Tj ET Q
q 0 0 0 rg BT 260.54 454.10 Td (million ) Tj ET Q
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q 0 0 0 rg BT 347.46 454.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 357.73 454.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 393.84 454.10 Td (quarter ) Tj ET Q
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q 0 0 0 rg BT 435.48 454.10 Td (201) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 82.71 430.10 Td (2012, ) Tj ET Q
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q 0 0 0 rg BT 122.93 430.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 152.60 430.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 173.40 430.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 194.77 430.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 229.45 430.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 240.25 430.10 Td (terminate ) Tj ET Q
q 0 0 0 rg BT 281.04 430.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 296.28 430.10 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 338.74 430.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 369.52 430.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 393.10 430.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 407.78 430.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 423.03 430.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 447.17 430.10 Td (carrier ) Tj ET Q
q 0 0 0 rg BT 476.28 430.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 500.97 430.10 Td (Rider ) Tj ET Q
q 0 0 0 rg BT 526.22 430.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 543.68 430.10 Td (Ship ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 83.78 418.10 Td (simultaneously ) Tj ET Q
q 0 0 0 rg BT 146.45 418.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 165.25 418.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 208.49 418.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 226.16 418.10 Td (termination ) Tj ET Q
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q 0 0 0 rg BT 299.18 418.10 Td (charter ) Tj ET Q
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q 0 0 0 rg BT 351.73 418.10 Td (took ) Tj ET Q
q 0 0 0 rg BT 371.63 418.10 Td (place ) Tj ET Q
q 0 0 0 rg BT 394.84 418.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 404.74 418.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 440.09 418.10 Td (quarter ) Tj ET Q
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q 0 0 0 rg BT 480.99 418.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 505.46 418.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 523.13 418.10 Td (Company ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (recorded ) Tj ET Q
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q 0 0 0 rg BT 99.41 406.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 148.01 406.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 166.07 406.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 176.90 406.10 Td ($4.9 ) Tj ET Q
q 0 0 0 rg BT 196.90 406.10 Td (million ) Tj ET Q
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q 0 0 0 rg BT 238.57 406.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 283.56 406.10 Td (quarter ) Tj ET Q
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q 0 0 0 rg BT 325.21 406.10 Td (2012.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (In ) Tj ET Q
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q 0 0 0 rg BT 90.85 382.10 Td (2012, ) Tj ET Q
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q 0 0 0 rg BT 129.10 382.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 157.78 382.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 177.60 382.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 197.98 382.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 231.68 382.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 241.50 382.10 Td (terminate ) Tj ET Q
q 0 0 0 rg BT 281.30 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 295.56 382.10 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 337.03 382.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 366.82 382.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 389.41 382.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 403.11 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 417.37 382.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 440.53 382.10 Td (carrier ) Tj ET Q
q 0 0 0 rg BT 468.65 382.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 492.36 382.10 Td (Climber ) Tj ET Q
q 0 0 0 rg BT 527.18 382.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 543.66 382.10 Td (Ship ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 83.50 370.10 Td (simultaneously ) Tj ET Q
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q 0 0 0 rg BT 164.41 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 178.47 370.10 Td (vessel. ) Tj ET Q
q 0 0 0 rg BT 207.12 370.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 224.51 370.10 Td (termination ) Tj ET Q
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q 0 0 0 rg BT 296.68 370.10 Td (charter ) Tj ET Q
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q 0 0 0 rg BT 391.23 370.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 400.85 370.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 505.73 370.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 523.12 370.10 Td (Company ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (recorded ) Tj ET Q
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q 0 0 0 rg BT 166.07 358.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 176.90 358.10 Td ($4.2 ) Tj ET Q
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q 0 0 0 rg BT 325.21 358.10 Td (2012.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 60.56 334.10 Td (October ) Tj ET Q
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q 0 0 0 rg BT 182.52 334.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 203.09 334.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 236.98 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 246.99 334.10 Td (terminate ) Tj ET Q
q 0 0 0 rg BT 286.98 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 301.43 334.10 Td (long ) Tj ET Q
q 0 0 0 rg BT 321.44 334.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 342.00 334.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 371.99 334.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 394.77 334.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 408.66 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 423.11 334.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 446.46 334.10 Td (carrier ) Tj ET Q
q 0 0 0 rg BT 474.77 334.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 498.68 334.10 Td (Driver ) Tj ET Q
q 0 0 0 rg BT 527.01 334.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 543.68 334.10 Td (Ship ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 83.50 322.10 Td (simultaneously ) Tj ET Q
q 0 0 0 rg BT 145.89 322.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 164.41 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 178.47 322.10 Td (vessel. ) Tj ET Q
q 0 0 0 rg BT 207.12 322.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 224.51 322.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 272.45 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 282.62 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 296.68 322.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 326.28 322.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 348.67 322.10 Td (took ) Tj ET Q
q 0 0 0 rg BT 368.29 322.10 Td (place ) Tj ET Q
q 0 0 0 rg BT 391.23 322.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 400.85 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 414.91 322.10 Td (fourth ) Tj ET Q
q 0 0 0 rg BT 441.19 322.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 471.35 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 481.52 322.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 505.73 322.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 523.12 322.10 Td (Company ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 87.84 310.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 100.15 310.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 149.11 310.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 167.54 310.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 178.74 310.10 Td ($4.0 ) Tj ET Q
q 0 0 0 rg BT 199.10 310.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 230.86 310.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 241.50 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 256.59 310.10 Td (second ) Tj ET Q
q 0 0 0 rg BT 287.22 310.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 318.40 310.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 335.71 310.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 343.01 310.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 361.44 310.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 372.64 310.10 Td ($0.8 ) Tj ET Q
q 0 0 0 rg BT 393.00 310.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 424.76 310.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 435.41 310.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 455.49 310.10 Td (\(loss\) ) Tj ET Q
q 0 0 0 rg BT 480.58 310.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 491.77 310.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 510.19 310.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 521.38 310.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 547.58 310.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td (amortization ) Tj ET Q
q 0 0 0 rg BT 103.04 298.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 113.87 298.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 149.67 298.10 Td (gains ) Tj ET Q
q 0 0 0 rg BT 173.28 298.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 183.56 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 198.28 298.10 Td (fourth ) Tj ET Q
q 0 0 0 rg BT 225.21 298.10 Td (quarter) Tj ET Q
q 0 0 0 rg BT 252.98 298.10 Td (. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.51 274.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 103.77 274.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 128.45 274.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 142.29 274.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 171.12 274.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 181.08 274.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 192.70 274.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 214.86 274.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 263.14 274.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 273.65 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 288.05 274.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 308.00 274.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 337.94 274.10 Td (out ) Tj ET Q
q 0 0 0 rg BT 352.90 274.10 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 391.17 274.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 403.35 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 417.75 274.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 434.93 274.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 458.22 274.10 Td (carriers, ) Tj ET Q
q 0 0 0 rg BT 492.88 274.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 516.57 274.10 Td (V) Tj ET Q
q 0 0 0 rg BT 523.19 274.10 Td (iewer ) Tj ET Q
q 0 0 0 rg BT 547.58 274.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 75.29 262.10 Td (Guider) Tj ET Q
q 0 0 0 rg BT 102.65 262.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 108.77 262.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 126.82 262.10 Td (received ) Tj ET Q
q 0 0 0 rg BT 164.30 262.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 172.36 262.10 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 231.51 262.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 269.56 262.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 280.96 262.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 325.66 262.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 349.27 262.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 372.33 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 388.16 262.10 Td (charterers ) Tj ET Q
q 0 0 0 rg BT 431.19 262.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 446.46 262.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 465.64 262.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 477.59 262.10 Td (hire ) Tj ET Q
q 0 0 0 rg BT 496.75 262.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 514.80 262.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 526.20 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 542.03 262.10 Td (early ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 99.28 250.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 110.80 250.10 Td ($35.0 ) Tj ET Q
q 0 0 0 rg BT 136.49 250.10 Td (million. ) Tj ET Q
q 0 0 0 rg BT 170.83 250.10 Td (W) Tj ET Q
q 0 0 0 rg BT 179.47 250.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 187.10 250.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 206.39 250.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 236.22 250.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 257.19 250.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 278.71 250.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 313.55 250.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 324.52 250.10 Td (terminate ) Tj ET Q
q 0 0 0 rg BT 365.46 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 380.87 250.10 Td (long ) Tj ET Q
q 0 0 0 rg BT 401.83 250.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 423.34 250.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 454.28 250.10 Td (parties ) Tj ET Q
q 0 0 0 rg BT 484.12 250.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 498.97 250.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 522.70 250.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 540.89 250.10 Td (OBO ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (carriers. ) Tj ET Q
q 0 0 0 rg BT 84.65 238.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 102.53 238.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 132.62 238.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 155.51 238.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 169.51 238.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 193.35 238.10 Td (V) Tj ET Q
q 0 0 0 rg BT 199.97 238.10 Td (iewer ) Tj ET Q
q 0 0 0 rg BT 224.52 238.10 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 269.61 238.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 279.73 238.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 323.15 238.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 347.82 238.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 365.71 238.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 395.80 238.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 418.69 238.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 432.69 238.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 447.24 238.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 471.25 238.10 Td (Guider ) Tj ET Q
q 0 0 0 rg BT 501.36 238.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 519.25 238.10 Td (terminated ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.24 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 80.25 226.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 106.49 226.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 123.84 226.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 142.31 226.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 151.89 226.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 179.79 226.10 Td (2013. ) Tj ET Q
q 0 0 0 rg BT 203.96 226.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 221.30 226.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 261.99 226.10 Td (paid ) Tj ET Q
q 0 0 0 rg BT 281.01 226.10 Td ($23.5 ) Tj ET Q
q 0 0 0 rg BT 305.30 226.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 336.00 226.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 345.57 226.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 365.71 226.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 399.17 226.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 409.30 226.10 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 466.64 226.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 480.10 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 494.11 226.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 515.90 226.10 Td (termination ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td (of ) Tj ET Q
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q 0 0 0 rg BT 75.60 214.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 109.77 214.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 126.74 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 141.48 214.10 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 182.33 214.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 200.42 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 211.27 214.10 Td (contingent ) Tj ET Q
q 0 0 0 rg BT 256.01 214.10 Td (rentals ) Tj ET Q
q 0 0 0 rg BT 285.20 214.10 Td (relating ) Tj ET Q
q 0 0 0 rg BT 318.26 214.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 328.57 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 343.31 214.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 360.84 214.10 Td (vessels. ) Tj ET Q
q 0 0 0 rg BT 394.01 214.10 Td (W) Tj ET Q
q 0 0 0 rg BT 402.65 214.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 409.62 214.10 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 447.12 214.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 454.08 214.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 472.17 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 483.03 214.10 Td ($16.5 ) Tj ET Q
q 0 0 0 rg BT 508.06 214.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 539.48 214.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 549.78 214.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (fourth ) Tj ET Q
q 0 0 0 rg BT 77.77 202.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 109.41 202.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 121.07 202.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 144.40 202.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 157.73 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 173.28 202.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 222.70 202.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 234.36 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 249.91 202.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 273.22 202.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 288.21 202.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 312.97 202.10 Td (V) Tj ET Q
q 0 0 0 rg BT 319.59 202.10 Td (iewer ) Tj ET Q
q 0 0 0 rg BT 345.13 202.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 362.90 202.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 370.66 202.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 398.43 202.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 447.86 202.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 466.75 202.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 478.41 202.10 Td ($14.2 ) Tj ET Q
q 0 0 0 rg BT 504.24 202.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 536.46 202.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 549.79 202.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (expected ) Tj ET Q
q 0 0 0 rg BT 88.03 190.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 106.09 190.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 118.59 190.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 167.19 190.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 178.02 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 192.74 190.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 215.22 190.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 227.72 190.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 251.89 190.10 Td (Guider ) Tj ET Q
q 0 0 0 rg BT 282.16 190.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 292.44 190.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 321.04 190.10 Td (2013.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.91 166.10 Td (February ) Tj ET Q
q 0 0 0 rg BT 99.58 166.10 Td (2013, ) Tj ET Q
q 0 0 0 rg BT 124.66 166.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 138.90 166.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 168.12 166.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 188.48 166.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 209.39 166.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 243.63 166.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 253.98 166.10 Td (terminate ) Tj ET Q
q 0 0 0 rg BT 294.32 166.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 309.11 166.10 Td (long ) Tj ET Q
q 0 0 0 rg BT 329.47 166.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 350.37 166.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 380.70 166.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 403.82 166.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 418.06 166.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 432.85 166.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 472.09 166.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 499.65 166.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 523.90 166.10 Td (Pride ) Tj ET Q
q 0 0 0 rg BT 547.58 166.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 154.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 70.85 154.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 105.02 154.10 Td (simultaneously ) Tj ET Q
q 0 0 0 rg BT 168.08 154.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 187.27 154.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 201.99 154.10 Td (vessel. ) Tj ET Q
q 0 0 0 rg BT 231.26 154.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 249.32 154.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 297.93 154.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 308.78 154.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 323.50 154.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 353.77 154.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 376.83 154.10 Td (took ) Tj ET Q
q 0 0 0 rg BT 397.12 154.10 Td (place ) Tj ET Q
q 0 0 0 rg BT 420.73 154.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 431.02 154.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 445.75 154.10 Td (first ) Tj ET Q
q 0 0 0 rg BT 464.37 154.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 495.19 154.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 506.04 154.10 Td (2013. ) Tj ET Q
q 0 0 0 rg BT 530.87 154.10 Td (W) Tj ET Q
q 0 0 0 rg BT 539.50 154.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 546.46 154.10 Td (will ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 142.10 Td (make ) Tj ET Q
q 0 0 0 rg BT 73.65 142.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 80.07 142.10 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 137.60 142.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 174.03 142.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 183.80 142.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 204.13 142.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 237.77 142.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 248.09 142.10 Td ($2.1 ) Tj ET Q
q 0 0 0 rg BT 267.58 142.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 298.46 142.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 312.11 142.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 326.32 142.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 348.29 142.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 396.38 142.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 406.70 142.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 420.91 142.10 Td (charter) Tj ET Q
q 0 0 0 rg BT 448.11 142.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 452.46 142.10 Td (W) Tj ET Q
q 0 0 0 rg BT 461.09 142.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 467.52 142.10 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 504.49 142.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 515.92 142.10 Td (impairment ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 130.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 68.06 130.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 78.89 130.10 Td ($4.7 ) Tj ET Q
q 0 0 0 rg BT 98.89 130.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 130.28 130.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 140.56 130.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 155.28 130.10 Td (fourth ) Tj ET Q
q 0 0 0 rg BT 182.22 130.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 213.03 130.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 223.86 130.10 Td (2012.) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 50.00 106.10 Td (Charters ) Tj ET Q
q 0 0 0 rg BT 88.06 106.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 105.56 106.10 Td (Redeliveries) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 60.62 82.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 94.00 82.10 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 118.79 82.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 132.74 82.10 Td (entered ) Tj ET Q
q 0 0 0 rg BT 164.45 82.10 Td (into ) Tj ET Q
q 0 0 0 rg BT 182.29 82.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 194.01 82.10 Td (agreement ) Tj ET Q
q 0 0 0 rg BT 237.94 82.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 248.01 82.10 Td (charter) Tj ET Q
q 0 0 0 rg BT 275.56 82.10 Td (-in ) Tj ET Q
q 0 0 0 rg BT 288.96 82.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 303.29 82.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 332.25 82.10 Td (Desh ) Tj ET Q
q 0 0 0 rg BT 355.09 82.10 Td (Ujaala ) Tj ET Q
q 0 0 0 rg BT 383.47 82.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 397.42 82.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 404.14 82.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 420.87 82.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 440.36 82.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 460.42 82.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 490.46 82.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 499.96 82.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 514.47 82.10 Td ($29,625 ) Tj ET Q
q 0 0 0 rg BT 549.25 82.10 Td (per ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 70.10 Td (day ) Tj ET Q
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endstream
endobj
165 0 obj
<<
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>>
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BT /F1 9.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 127.55 490.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 134.58 490.10 Td (gross ) Tj ET Q
q 0 0 0 rg BT 158.28 490.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 175.85 490.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 186.77 490.10 Td ($40,000 ) Tj ET Q
q 0 0 0 rg BT 221.86 490.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 237.22 490.10 Td (day) Tj ET Q
q 0 0 0 rg BT 251.01 490.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 255.91 490.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 274.04 490.10 Td (latter ) Tj ET Q
q 0 0 0 rg BT 297.17 490.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 313.09 490.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 325.12 490.10 Td (option ) Tj ET Q
q 0 0 0 rg BT 353.26 490.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 367.51 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 382.31 490.10 Td (charterer ) Tj ET Q
q 0 0 0 rg BT 420.42 490.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 430.79 490.10 Td (extend ) Tj ET Q
q 0 0 0 rg BT 460.03 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 474.84 490.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 495.75 490.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 510.00 490.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 522.02 490.10 Td (additional ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 67.50 478.10 Td (years ) Tj ET Q
q 0 0 0 rg BT 91.10 478.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 100.82 478.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 107.75 478.10 Td (premium.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.18 454.10 Td (November ) Tj ET Q
q 0 0 0 rg BT 106.23 454.10 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 131.57 454.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 146.08 454.10 Td (extended ) Tj ET Q
q 0 0 0 rg BT 185.02 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 200.08 454.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 220.70 454.10 Td (charter) Tj ET Q
q 0 0 0 rg BT 248.25 454.10 Td (-in ) Tj ET Q
q 0 0 0 rg BT 262.21 454.10 Td (agreements ) Tj ET Q
q 0 0 0 rg BT 310.59 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 321.76 454.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 346.28 454.10 Td (Chief, ) Tj ET Q
q 0 0 0 rg BT 373.84 454.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 398.36 454.10 Td (Commander ) Tj ET Q
q 0 0 0 rg BT 450.64 454.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 467.92 454.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 492.44 454.10 Td (Crown ) Tj ET Q
q 0 0 0 rg BT 522.50 454.10 Td (\(all ) Tj ET Q
q 0 0 0 rg BT 538.67 454.10 Td (1999-) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (built ) Tj ET Q
q 0 0 0 rg BT 70.83 442.10 Td (double ) Tj ET Q
q 0 0 0 rg BT 100.55 442.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 118.43 442.10 Td (VLCCs\), ) Tj ET Q
q 0 0 0 rg BT 157.32 442.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 171.48 442.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 188.42 442.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 208.13 442.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 230.06 442.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 263.66 442.10 Td (201) Tj ET Q
q 0 0 0 rg BT 278.29 442.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 285.79 442.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 295.51 442.10 Td ($26,500 ) Tj ET Q
q 0 0 0 rg BT 330.51 442.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 345.78 442.10 Td (day ) Tj ET Q
q 0 0 0 rg BT 362.71 442.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 377.98 442.10 Td (vessel.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 62.51 418.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 107.78 418.10 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 134.47 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 150.87 418.10 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 189.48 418.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 221.42 418.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 243.38 418.10 Td (Chevron ) Tj ET Q
q 0 0 0 rg BT 281.70 418.10 Td (T) Tj ET Q
q 0 0 0 rg BT 287.46 418.10 Td (ransport ) Tj ET Q
q 0 0 0 rg BT 324.41 418.10 Td (Corporation ) Tj ET Q
q 0 0 0 rg BT 376.92 418.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 392.76 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 408.86 418.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 439.72 418.10 Td (Ulriken ) Tj ET Q
q 0 0 0 rg BT 474.45 418.10 Td (\(ex-Antares ) Tj ET Q
q 0 0 0 rg BT 525.53 418.10 Td (V) Tj ET Q
q 0 0 0 rg BT 531.46 418.10 Td (oyager\) ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 95.26 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 112.20 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 126.91 406.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 153.85 406.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 171.90 406.10 Td (redelivered ) Tj ET Q
q 0 0 0 rg BT 219.38 406.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 229.65 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 244.37 406.10 Td (Company) Tj ET Q
q 0 0 0 rg BT 282.61 406.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 287.43 406.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 305.47 406.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 332.41 406.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 341.58 406.10 Td (currently ) Tj ET Q
q 0 0 0 rg BT 380.18 406.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 420.44 406.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 430.72 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 445.43 406.10 Td (spot ) Tj ET Q
q 0 0 0 rg BT 464.60 406.10 Td (market.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.17 382.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 95.11 382.10 Td (201) Tj ET Q
q 0 0 0 rg BT 109.74 382.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 120.08 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 135.14 382.10 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 172.40 382.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 203.00 382.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 223.62 382.10 Td (BP) Tj ET Q
q 0 0 0 rg BT 235.48 382.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 238.32 382.10 Td (Shipping ) Tj ET Q
q 0 0 0 rg BT 277.28 382.10 Td (Limited ) Tj ET Q
q 0 0 0 rg BT 311.78 382.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 326.28 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 341.13 382.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 370.64 382.10 Td (Pioneer ) Tj ET Q
q 0 0 0 rg BT 404.03 382.10 Td (\(ex-British ) Tj ET Q
q 0 0 0 rg BT 450.19 382.10 Td (Pioneer\) ) Tj ET Q
q 0 0 0 rg BT 486.91 382.10 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 532.51 382.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 549.79 382.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 76.94 370.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 94.99 370.10 Td (redelivered ) Tj ET Q
q 0 0 0 rg BT 142.46 370.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 152.74 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 167.46 370.10 Td (Company) Tj ET Q
q 0 0 0 rg BT 205.69 370.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 210.51 370.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 228.56 370.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 255.50 370.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 264.67 370.10 Td (currently ) Tj ET Q
q 0 0 0 rg BT 303.26 370.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 343.53 370.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 353.80 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 368.52 370.10 Td (spot ) Tj ET Q
q 0 0 0 rg BT 387.69 370.10 Td (market.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.83 346.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 94.43 346.10 Td (201) Tj ET Q
q 0 0 0 rg BT 109.06 346.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 119.06 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 133.77 346.10 Td (chartered-in ) Tj ET Q
q 0 0 0 rg BT 184.39 346.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 213.56 346.10 Td (Desh ) Tj ET Q
q 0 0 0 rg BT 236.62 346.10 Td (Ujaala ) Tj ET Q
q 0 0 0 rg BT 265.21 346.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 283.26 346.10 Td (redelivered ) Tj ET Q
q 0 0 0 rg BT 330.73 346.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 341.01 346.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 352.96 346.10 Td (owners.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.25 322.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 88.26 322.10 Td (201) Tj ET Q
q 0 0 0 rg BT 102.89 322.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 112.30 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 126.44 322.10 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 162.78 322.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 192.45 322.10 Td (out ) Tj ET Q
q 0 0 0 rg BT 207.14 322.10 Td (contract ) Tj ET Q
q 0 0 0 rg BT 241.26 322.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 254.83 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 268.96 322.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 294.77 322.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 312.10 322.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 340.55 322.10 Td (T) Tj ET Q
q 0 0 0 rg BT 346.30 322.10 Td (icen ) Tj ET Q
q 0 0 0 rg BT 364.88 322.10 Td (Ocean ) Tj ET Q
q 0 0 0 rg BT 392.33 322.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 432.01 322.10 Td (Lady\) ) Tj ET Q
q 0 0 0 rg BT 457.80 322.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 475.27 322.10 Td (extended ) Tj ET Q
q 0 0 0 rg BT 513.28 322.10 Td (until ) Tj ET Q
q 0 0 0 rg BT 533.11 322.10 Td (August ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (2013.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.83 286.10 Td (May ) Tj ET Q
q 0 0 0 rg BT 81.66 286.10 Td (201) Tj ET Q
q 0 0 0 rg BT 96.29 286.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 106.29 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 121.01 286.10 Td (chartered-in ) Tj ET Q
q 0 0 0 rg BT 171.63 286.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 200.80 286.10 Td (Kensington ) Tj ET Q
q 0 0 0 rg BT 249.40 286.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 267.46 286.10 Td (redelivered ) Tj ET Q
q 0 0 0 rg BT 314.93 286.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 325.21 286.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 337.15 286.10 Td (owner) Tj ET Q
q 0 0 0 rg BT 361.59 286.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.04 262.10 Td (September ) Tj ET Q
q 0 0 0 rg BT 106.52 262.10 Td (201) Tj ET Q
q 0 0 0 rg BT 121.15 262.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 131.36 262.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 145.73 262.10 Td (negotiated ) Tj ET Q
q 0 0 0 rg BT 190.10 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 205.02 262.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 227.72 262.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 276.53 262.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 287.58 262.10 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 324.71 262.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 359.07 262.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 371.78 262.10 Td (three ) Tj ET Q
q 0 0 0 rg BT 394.48 262.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 421.08 262.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 439.15 262.10 Td (VLCCs, ) Tj ET Q
q 0 0 0 rg BT 474.73 262.10 Td (T) Tj ET Q
q 0 0 0 rg BT 480.49 262.10 Td (itan ) Tj ET Q
q 0 0 0 rg BT 498.19 262.10 Td (Orion ) Tj ET Q
q 0 0 0 rg BT 524.24 262.10 Td (\(ex-Front ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (Duke\), ) Tj ET Q
q 0 0 0 rg BT 79.31 250.10 Td (T) Tj ET Q
q 0 0 0 rg BT 85.07 250.10 Td (itan ) Tj ET Q
q 0 0 0 rg BT 101.59 250.10 Td (Aries ) Tj ET Q
q 0 0 0 rg BT 125.22 250.10 Td (\(ex-Edinbur) Tj ET Q
q 0 0 0 rg BT 173.35 250.10 Td (gh\) ) Tj ET Q
q 0 0 0 rg BT 188.64 250.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 204.90 250.10 Td (T) Tj ET Q
q 0 0 0 rg BT 210.66 250.10 Td (icen ) Tj ET Q
q 0 0 0 rg BT 229.28 250.10 Td (Ocean ) Tj ET Q
q 0 0 0 rg BT 256.78 250.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 296.51 250.10 Td (Lady\), ) Tj ET Q
q 0 0 0 rg BT 324.85 250.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 351.25 250.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 365.42 250.10 Td (being ) Tj ET Q
q 0 0 0 rg BT 389.60 250.10 Td (chartered ) Tj ET Q
q 0 0 0 rg BT 428.76 250.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 438.50 250.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 459.90 250.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 480.20 250.10 Td (Finance. ) Tj ET Q
q 0 0 0 rg BT 516.18 250.10 Td (These ) Tj ET Q
q 0 0 0 rg BT 542.02 250.10 Td (three ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 81.63 238.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 103.80 238.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 125.98 238.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 145.95 238.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 159.25 238.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 180.88 238.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 215.84 238.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 236.91 238.10 Td (expected ) Tj ET Q
q 0 0 0 rg BT 275.74 238.10 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 311.81 238.10 Td (during ) Tj ET Q
q 0 0 0 rg BT 341.21 238.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 364.51 238.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 382.25 238.10 Td (2013. ) Tj ET Q
q 0 0 0 rg BT 407.81 238.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 426.42 238.10 Td (T) Tj ET Q
q 0 0 0 rg BT 432.17 238.10 Td (itan ) Tj ET Q
q 0 0 0 rg BT 450.47 238.10 Td (Orion ) Tj ET Q
q 0 0 0 rg BT 477.09 238.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 518.16 238.10 Td (Duke\) ) Tj ET Q
q 0 0 0 rg BT 546.45 238.10 Td (was ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (delivered, ) Tj ET Q
q 0 0 0 rg BT 92.20 226.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 109.14 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 123.86 226.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 154.11 226.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 177.16 226.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 197.44 226.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 218.28 226.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 252.43 226.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 270.48 226.10 Td (terminated, ) Tj ET Q
q 0 0 0 rg BT 318.24 226.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 330.74 226.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 359.34 226.10 Td (27, ) Tj ET Q
q 0 0 0 rg BT 374.34 226.10 Td (2012.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.47 202.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 105.70 202.10 Td (201) Tj ET Q
q 0 0 0 rg BT 120.33 202.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 130.97 202.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 145.77 202.10 Td (left ) Tj ET Q
q 0 0 0 rg BT 162.23 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 177.59 202.10 Td (Gemini ) Tj ET Q
q 0 0 0 rg BT 210.73 202.10 Td (pool, ) Tj ET Q
q 0 0 0 rg BT 234.15 202.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 241.73 202.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 281.52 202.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 309.65 202.10 Td (pool ) Tj ET Q
q 0 0 0 rg BT 330.57 202.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 348.71 202.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 367.40 202.10 Td (comprised ) Tj ET Q
q 0 0 0 rg BT 412.19 202.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 423.67 202.10 Td (36 ) Tj ET Q
q 0 0 0 rg BT 436.81 202.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 468.28 202.10 Td (operated ) Tj ET Q
q 0 0 0 rg BT 505.84 202.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 518.98 202.10 Td (us, ) Tj ET Q
q 0 0 0 rg BT 533.29 202.10 Td (T) Tj ET Q
q 0 0 0 rg BT 538.70 202.10 Td (eekay ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (Corporation, ) Tj ET Q
q 0 0 0 rg BT 102.85 190.10 Td (NA) Tj ET Q
q 0 0 0 rg BT 116.18 190.10 Td (TS, ) Tj ET Q
q 0 0 0 rg BT 132.38 190.10 Td (Koenig ) Tj ET Q
q 0 0 0 rg BT 163.84 190.10 Td (& ) Tj ET Q
q 0 0 0 rg BT 173.64 190.10 Td (Cie ) Tj ET Q
q 0 0 0 rg BT 189.55 190.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 206.02 190.10 Td (Hyundai ) Tj ET Q
q 0 0 0 rg BT 242.48 190.10 Td (Merchant ) Tj ET Q
q 0 0 0 rg BT 282.82 190.10 Td (Marine, ) Tj ET Q
q 0 0 0 rg BT 316.22 190.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 332.68 190.10 Td (established ) Tj ET Q
q 0 0 0 rg BT 379.14 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 393.38 190.10 Td (Orion ) Tj ET Q
q 0 0 0 rg BT 418.59 190.10 Td (T) Tj ET Q
q 0 0 0 rg BT 424.00 190.10 Td (ankers ) Tj ET Q
q 0 0 0 rg BT 452.12 190.10 Td (pool ) Tj ET Q
q 0 0 0 rg BT 471.92 190.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 491.72 190.10 Td (NA) Tj ET Q
q 0 0 0 rg BT 505.06 190.10 Td (TS. ) Tj ET Q
q 0 0 0 rg BT 521.11 190.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 538.68 190.10 Td (Orion ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.10 Td (T) Tj ET Q
q 0 0 0 rg BT 55.41 178.10 Td (ankers ) Tj ET Q
q 0 0 0 rg BT 84.01 178.10 Td (pool ) Tj ET Q
q 0 0 0 rg BT 104.29 178.10 Td (had ) Tj ET Q
q 0 0 0 rg BT 121.23 178.10 Td (29 ) Tj ET Q
q 0 0 0 rg BT 133.73 178.10 Td (double ) Tj ET Q
q 0 0 0 rg BT 163.44 178.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 181.50 178.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 220.65 178.10 Td (tankers, ) Tj ET Q
q 0 0 0 rg BT 254.53 178.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 294.80 178.10 Td (nine ) Tj ET Q
q 0 0 0 rg BT 314.52 178.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 345.35 178.10 Td (operated ) Tj ET Q
q 0 0 0 rg BT 382.28 178.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 394.78 178.10 Td (us.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 154.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 154.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 67.26 154.10 Td (redelivered ) Tj ET Q
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endstream
endobj
166 0 obj
<<
/Length 36419
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stream
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 374.78 538.10 Td (either ) Tj ET Q
q 0 0 0 rg BT 400.60 538.10 Td (owned ) Tj ET Q
q 0 0 0 rg BT 430.32 538.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 441.71 538.10 Td (chartered ) Tj ET Q
q 0 0 0 rg BT 481.96 538.10 Td (in. ) Tj ET Q
q 0 0 0 rg BT 495.08 538.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 513.68 538.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 536.73 538.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 549.78 538.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 89.64 526.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 113.74 526.10 Td (carrier ) Tj ET Q
q 0 0 0 rg BT 142.81 526.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 161.35 526.10 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 207.10 526.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 217.87 526.10 Td (February ) Tj ET Q
q 0 0 0 rg BT 256.95 526.10 Td (2013. ) Tj ET Q
q 0 0 0 rg BT 282.22 526.10 Td (W) Tj ET Q
q 0 0 0 rg BT 290.86 526.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 298.29 526.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 317.38 526.10 Td (had ) Tj ET Q
q 0 0 0 rg BT 334.81 526.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 352.79 526.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 392.44 526.10 Td (newbuildings ) Tj ET Q
q 0 0 0 rg BT 449.31 526.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 462.30 526.10 Td (order) Tj ET Q
q 0 0 0 rg BT 483.00 526.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 488.48 526.10 Td (seven ) Tj ET Q
q 0 0 0 rg BT 514.02 526.10 Td (VLCCs ) Tj ET Q
q 0 0 0 rg BT 547.57 526.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (four ) Tj ET Q
q 0 0 0 rg BT 69.16 514.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 108.32 514.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 139.69 514.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 164.96 514.10 Td (commercial ) Tj ET Q
q 0 0 0 rg BT 214.66 514.10 Td (management. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (Although ) Tj ET Q
q 0 0 0 rg BT 90.34 490.10 Td (there ) Tj ET Q
q 0 0 0 rg BT 112.89 490.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 128.78 490.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 150.22 490.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 157.23 490.10 Td (trend ) Tj ET Q
q 0 0 0 rg BT 180.34 490.10 Td (towards ) Tj ET Q
q 0 0 0 rg BT 214.56 490.10 Td (consolidation ) Tj ET Q
q 0 0 0 rg BT 271.01 490.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 291.34 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 306.12 490.10 Td (past ) Tj ET Q
q 0 0 0 rg BT 324.79 490.10 Td (15 ) Tj ET Q
q 0 0 0 rg BT 337.35 490.10 Td (years, ) Tj ET Q
q 0 0 0 rg BT 363.52 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 378.30 490.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 405.84 490.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 436.17 490.10 Td (remains ) Tj ET Q
q 0 0 0 rg BT 470.39 490.10 Td (highly ) Tj ET Q
q 0 0 0 rg BT 498.51 490.10 Td (fragmented. ) Tj ET Q
q 0 0 0 rg BT 548.92 490.10 Td (W) Tj ET Q
q 0 0 0 rg BT 557.56 490.10 Td (e ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (estimate, ) Tj ET Q
q 0 0 0 rg BT 87.73 478.10 Td (based ) Tj ET Q
q 0 0 0 rg BT 112.40 478.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 124.31 478.10 Td (available ) Tj ET Q
q 0 0 0 rg BT 162.30 478.10 Td (industry ) Tj ET Q
q 0 0 0 rg BT 196.99 478.10 Td (data ) Tj ET Q
q 0 0 0 rg BT 215.55 478.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 232.45 478.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 246.02 478.10 Td (currently ) Tj ET Q
q 0 0 0 rg BT 284.02 478.10 Td (own ) Tj ET Q
q 0 0 0 rg BT 303.15 478.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 313.39 478.10 Td (operate ) Tj ET Q
q 0 0 0 rg BT 344.72 478.10 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 404.38 478.10 Td (9.3% ) Tj ET Q
q 0 0 0 rg BT 427.12 478.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 437.36 478.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 451.48 478.10 Td (world ) Tj ET Q
q 0 0 0 rg BT 476.58 478.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 505.16 478.10 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 524.83 478.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 541.17 478.10 Td (3.0% ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.83 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 75.55 466.10 Td (world ) Tj ET Q
q 0 0 0 rg BT 101.38 466.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 140.53 466.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 168.02 466.10 Td (fleet.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 442.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 66.45 442.10 Td (operate ) Tj ET Q
q 0 0 0 rg BT 99.24 442.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 110.39 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 125.97 442.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 154.33 442.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 185.46 442.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 197.16 442.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 209.97 442.10 Td (international ) Tj ET Q
q 0 0 0 rg BT 263.87 442.10 Td (provider ) Tj ET Q
q 0 0 0 rg BT 301.12 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 312.82 442.10 Td (seaborne ) Tj ET Q
q 0 0 0 rg BT 351.72 442.10 Td (transportation ) Tj ET Q
q 0 0 0 rg BT 410.63 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 422.33 442.10 Td (crude ) Tj ET Q
q 0 0 0 rg BT 447.91 442.10 Td (oil. ) Tj ET Q
q 0 0 0 rg BT 463.59 442.10 Td (An ) Tj ET Q
q 0 0 0 rg BT 479.18 442.10 Td (analysis ) Tj ET Q
q 0 0 0 rg BT 514.77 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 526.47 442.10 Td (revenues ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (\(excluding ) Tj ET Q
q 0 0 0 rg BT 95.26 430.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 118.31 430.10 Td (income\) ) Tj ET Q
q 0 0 0 rg BT 153.57 430.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 175.51 430.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 198.56 430.10 Td (services ) Tj ET Q
q 0 0 0 rg BT 233.27 430.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 242.44 430.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 253.27 430.10 Td (follows:) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 404.60 335.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
385.50 404.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
389.50 404.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
444.50 404.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
448.50 404.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
503.50 404.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
507.50 404.60 55.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 404.6 m
385.5 404.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
389.5 404.6 m
444.5 404.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
448.5 404.6 m
503.5 404.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
507.5 404.6 m
562.5 404.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
389.5 404.6 m
444.5 404.6 l
s
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 409.31 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 421.00 409.28 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 480.35 409.27 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 539.00 409.27 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 394.27 Td (Total operating revenues tanker market) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 408.15 394.28 Td (552,576) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 467.15 394.27 Td (702,525) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 518.60 394.27 Td (1,007,625) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 379.27 Td (Total operating revenues drybulk carrier market) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 413.15 379.28 Td (89,746) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 472.15 379.27 Td (86,608) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 379.27 Td (136,912) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 351.10 Td (Our ) Tj ET Q
q 0 0 0 rg BT 66.94 351.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 96.66 351.10 Td (operate ) Tj ET Q
q 0 0 0 rg BT 127.47 351.10 Td (worldwide ) Tj ET Q
q 0 0 0 rg BT 171.63 351.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 187.45 351.10 Td (therefore ) Tj ET Q
q 0 0 0 rg BT 224.93 351.10 Td (management ) Tj ET Q
q 0 0 0 rg BT 277.40 351.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 297.12 351.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 311.29 351.10 Td (evaluate ) Tj ET Q
q 0 0 0 rg BT 345.99 351.10 Td (performance ) Tj ET Q
q 0 0 0 rg BT 397.90 351.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 409.29 351.10 Td (geographical ) Tj ET Q
q 0 0 0 rg BT 462.31 351.10 Td (region ) Tj ET Q
q 0 0 0 rg BT 489.25 351.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 498.97 351.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 514.80 351.10 Td (information ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 339.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 59.17 339.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 74.45 339.10 Td (meaningful.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 315.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 63.90 315.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 75.02 315.10 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 133.89 315.10 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 153.89 315.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 159.18 315.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 174.18 315.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 201.96 315.10 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 222.51 315.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 240.29 315.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 254.74 315.10 Td (operate ) Tj ET Q
q 0 0 0 rg BT 286.95 315.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 303.07 315.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 310.30 315.10 Td (total ) Tj ET Q
q 0 0 0 rg BT 330.86 315.10 Td (tonnage ) Tj ET Q
q 0 0 0 rg BT 365.30 315.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 376.42 315.10 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 436.97 315.10 Td (12.6 ) Tj ET Q
q 0 0 0 rg BT 457.26 315.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 488.94 315.10 Td (dwt, ) Tj ET Q
q 0 0 0 rg BT 509.22 315.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 549.79 315.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 303.10 Td (2.8 ) Tj ET Q
q 0 0 0 rg BT 64.72 303.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 95.83 303.10 Td (dwt ) Tj ET Q
q 0 0 0 rg BT 113.05 303.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 138.04 303.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 153.59 303.10 Td (commercial ) Tj ET Q
q 0 0 0 rg BT 203.01 303.10 Td (management. ) Tj ET Q
q 0 0 0 rg BT 258.82 303.10 Td (Our ) Tj ET Q
q 0 0 0 rg BT 276.59 303.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 303.80 303.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 334.35 303.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 355.45 303.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 367.11 303.10 Td (average ) Tj ET Q
q 0 0 0 rg BT 400.41 303.10 Td (age ) Tj ET Q
q 0 0 0 rg BT 416.51 303.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 427.06 303.10 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 487.04 303.10 Td (14 ) Tj ET Q
q 0 0 0 rg BT 499.26 303.10 Td (years ) Tj ET Q
q 0 0 0 rg BT 522.58 303.10 Td (compared ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 291.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 70.39 291.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 82.45 291.10 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 123.39 291.10 Td (industry ) Tj ET Q
q 0 0 0 rg BT 158.78 291.10 Td (average ) Tj ET Q
q 0 0 0 rg BT 192.48 291.10 Td (age ) Tj ET Q
q 0 0 0 rg BT 208.97 291.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 219.92 291.10 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 280.29 291.10 Td (7 ) Tj ET Q
q 0 0 0 rg BT 287.91 291.10 Td (years. ) Tj ET Q
q 0 0 0 rg BT 313.94 291.10 Td (W) Tj ET Q
q 0 0 0 rg BT 322.57 291.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 329.63 291.10 Td (believe ) Tj ET Q
q 0 0 0 rg BT 361.12 291.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 378.73 291.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 394.67 291.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 426.17 291.10 Td (comply ) Tj ET Q
q 0 0 0 rg BT 458.78 291.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 479.17 291.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 494.01 291.10 Td (most ) Tj ET Q
q 0 0 0 rg BT 516.07 291.10 Td (stringent ) Tj ET Q
q 0 0 0 rg BT 553.68 291.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 279.10 Td (generally ) Tj ET Q
q 0 0 0 rg BT 89.70 279.10 Td (applicable ) Tj ET Q
q 0 0 0 rg BT 133.29 279.10 Td (environmental ) Tj ET Q
q 0 0 0 rg BT 193.55 279.10 Td (regulations.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 255.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 255.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.86 255.10 Td (own ) Tj ET Q
q 0 0 0 rg BT 85.87 255.10 Td (various ) Tj ET Q
q 0 0 0 rg BT 118.10 255.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 145.32 255.10 Td (owning ) Tj ET Q
q 0 0 0 rg BT 178.11 255.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 195.34 255.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 235.89 255.10 Td (subsidiaries. ) Tj ET Q
q 0 0 0 rg BT 288.39 255.10 Td (Our ) Tj ET Q
q 0 0 0 rg BT 306.73 255.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 351.17 255.10 Td (take ) Tj ET Q
q 0 0 0 rg BT 370.61 255.10 Td (place ) Tj ET Q
q 0 0 0 rg BT 394.50 255.10 Td (substantially ) Tj ET Q
q 0 0 0 rg BT 447.83 255.10 Td (outside ) Tj ET Q
q 0 0 0 rg BT 479.51 255.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 490.63 255.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 505.63 255.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 535.63 255.10 Td (States. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 243.10 Td (Our ) Tj ET Q
q 0 0 0 rg BT 67.81 243.10 Td (subsidiaries, ) Tj ET Q
q 0 0 0 rg BT 119.79 243.10 Td (therefore, ) Tj ET Q
q 0 0 0 rg BT 160.63 243.10 Td (own ) Tj ET Q
q 0 0 0 rg BT 180.12 243.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 196.82 243.10 Td (operate ) Tj ET Q
q 0 0 0 rg BT 228.50 243.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 259.09 243.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 276.35 243.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 295.83 243.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 307.52 243.10 Td (af) Tj ET Q
q 0 0 0 rg BT 315.11 243.10 Td (fected ) Tj ET Q
q 0 0 0 rg BT 341.80 243.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 354.06 243.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 388.53 243.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 398.56 243.10 Td (foreign ) Tj ET Q
q 0 0 0 rg BT 429.70 243.10 Td (governments ) Tj ET Q
q 0 0 0 rg BT 483.62 243.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 500.32 243.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 523.13 243.10 Td (economic ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 231.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.92 231.10 Td (political ) Tj ET Q
q 0 0 0 rg BT 102.16 231.10 Td (conditions. ) Tj ET Q
q 0 0 0 rg BT 148.62 231.10 Td (W) Tj ET Q
q 0 0 0 rg BT 157.26 231.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 164.18 231.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 178.86 231.10 Td (engaged ) Tj ET Q
q 0 0 0 rg BT 214.65 231.10 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 254.34 231.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 264.60 231.10 Td (transporting ) Tj ET Q
q 0 0 0 rg BT 315.40 231.10 Td (crude ) Tj ET Q
q 0 0 0 rg BT 340.08 231.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 353.12 231.10 Td (and, ) Tj ET Q
q 0 0 0 rg BT 372.53 231.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 382.79 231.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 420.54 231.10 Td (raw ) Tj ET Q
q 0 0 0 rg BT 438.01 231.10 Td (materials ) Tj ET Q
q 0 0 0 rg BT 477.13 231.10 Td (like ) Tj ET Q
q 0 0 0 rg BT 494.61 231.10 Td (coal ) Tj ET Q
q 0 0 0 rg BT 513.74 231.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 530.65 231.10 Td (iron ) Tj ET Q
q 0 0 0 rg BT 549.24 231.10 Td (ore ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 219.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.74 219.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 82.36 219.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 112.99 219.10 Td (operate ) Tj ET Q
q 0 0 0 rg BT 144.71 219.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 154.79 219.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 169.30 219.10 Td (spot ) Tj ET Q
q 0 0 0 rg BT 188.27 219.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 205.00 219.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 225.08 219.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 255.13 219.10 Td (markets. ) Tj ET Q
q 0 0 0 rg BT 291.58 219.10 Td (Our ) Tj ET Q
q 0 0 0 rg BT 309.26 219.10 Td (VLCCs ) Tj ET Q
q 0 0 0 rg BT 342.12 219.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 356.63 219.10 Td (specifically ) Tj ET Q
q 0 0 0 rg BT 405.01 219.10 Td (designed ) Tj ET Q
q 0 0 0 rg BT 442.86 219.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 456.81 219.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 471.33 219.10 Td (transportation ) Tj ET Q
q 0 0 0 rg BT 529.17 219.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 539.79 219.10 Td (crude ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 207.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 62.78 207.10 Td (and, ) Tj ET Q
q 0 0 0 rg BT 81.93 207.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 98.59 207.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 108.59 207.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 129.13 207.10 Td (size, ) Tj ET Q
q 0 0 0 rg BT 149.40 207.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 163.83 207.10 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 203.26 207.10 Td (used ) Tj ET Q
q 0 0 0 rg BT 223.81 207.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 233.80 207.10 Td (transport ) Tj ET Q
q 0 0 0 rg BT 271.57 207.10 Td (crude ) Tj ET Q
q 0 0 0 rg BT 296.00 207.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 308.77 207.10 Td (from ) Tj ET Q
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q 0 0 0 rg BT 344.87 207.10 Td (Middle ) Tj ET Q
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q 0 0 0 rg BT 455.94 207.10 Td (East, ) Tj ET Q
q 0 0 0 rg BT 477.88 207.10 Td (Northern ) Tj ET Q
q 0 0 0 rg BT 516.19 207.10 Td (Europe, ) Tj ET Q
q 0 0 0 rg BT 549.79 207.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 124.29 195.10 Td (Louisiana ) Tj ET Q
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q 0 0 0 rg BT 176.28 195.10 Td (fshore ) Tj ET Q
q 0 0 0 rg BT 203.45 195.10 Td (Oil ) Tj ET Q
q 0 0 0 rg BT 218.41 195.10 Td (Port, ) Tj ET Q
q 0 0 0 rg BT 239.76 195.10 Td (or ) Tj ET Q
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q 0 0 0 rg BT 275.28 195.10 Td (. ) Tj ET Q
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q 0 0 0 rg BT 471.28 195.10 Td (worldwide ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 398.75 147.10 Td (Suezmax ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
167 0 obj
<<
/Length 38383
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stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 394.50 730.10 Td (values ) Tj ET Q
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q 0 0 0 rg BT 495.53 730.10 Td (Freight ) Tj ET Q
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q 0 0 0 rg BT 549.80 730.10 Td (are ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 159.80 670.10 Td (Frontline ) Tj ET Q
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q 0 0 0 rg BT 294.92 670.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 336.63 670.10 Td (Management ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 239.99 646.10 Td (management ) Tj ET Q
q 0 0 0 rg BT 293.49 646.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 304.24 646.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 319.99 646.10 Td (shipowning ) Tj ET Q
q 0 0 0 rg BT 369.07 646.10 Td (subsidiaries, ) Tj ET Q
q 0 0 0 rg BT 421.21 646.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 461.39 646.10 Td (chartering ) Tj ET Q
q 0 0 0 rg BT 504.34 646.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 521.20 646.10 Td (insurance. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.10 Td (Each ) Tj ET Q
q 0 0 0 rg BT 72.40 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 83.14 634.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 98.89 634.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 129.63 634.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 138.71 634.10 Td (registered ) Tj ET Q
q 0 0 0 rg BT 180.55 634.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 205.73 634.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 220.36 634.10 Td (Bahamas, ) Tj ET Q
q 0 0 0 rg BT 261.93 634.10 Td (Liberian, ) Tj ET Q
q 0 0 0 rg BT 300.72 634.10 Td (Panamanian, ) Tj ET Q
q 0 0 0 rg BT 354.50 634.10 Td (Cypriot, ) Tj ET Q
q 0 0 0 rg BT 389.97 634.10 Td (Singaporean, ) Tj ET Q
q 0 0 0 rg BT 444.87 634.10 Td (Isle ) Tj ET Q
q 0 0 0 rg BT 461.72 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 472.47 634.10 Td (Man, ) Tj ET Q
q 0 0 0 rg BT 495.71 634.10 Td (Marshall ) Tj ET Q
q 0 0 0 rg BT 533.67 634.10 Td (Islands ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 60.83 622.10 Td (Hong ) Tj ET Q
q 0 0 0 rg BT 85.55 622.10 Td (Kong ) Tj ET Q
q 0 0 0 rg BT 110.27 622.10 Td (flag.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 62.25 598.10 Td (August ) Tj ET Q
q 0 0 0 rg BT 96.18 598.10 Td (2009, ) Tj ET Q
q 0 0 0 rg BT 123.71 598.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 140.96 598.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 184.88 598.10 Td (established ) Tj ET Q
q 0 0 0 rg BT 234.35 598.10 Td (SeaT) Tj ET Q
q 0 0 0 rg BT 254.20 598.10 Td (eam ) Tj ET Q
q 0 0 0 rg BT 275.88 598.10 Td (Management, ) Tj ET Q
q 0 0 0 rg BT 335.62 598.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 345.09 598.10 Td (ship ) Tj ET Q
q 0 0 0 rg BT 366.79 598.10 Td (management ) Tj ET Q
q 0 0 0 rg BT 422.92 598.10 Td (company ) Tj ET Q
q 0 0 0 rg BT 464.60 598.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 477.42 598.10 Td (Singapore. ) Tj ET Q
q 0 0 0 rg BT 525.50 598.10 Td (SeaT) Tj ET Q
q 0 0 0 rg BT 545.35 598.10 Td (eam ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td (Management ) Tj ET Q
q 0 0 0 rg BT 104.62 586.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 113.70 586.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 120.55 586.10 Td (complement ) Tj ET Q
q 0 0 0 rg BT 172.39 586.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 182.59 586.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 197.22 586.10 Td (external ) Tj ET Q
q 0 0 0 rg BT 231.83 586.10 Td (ship ) Tj ET Q
q 0 0 0 rg BT 250.92 586.10 Td (management ) Tj ET Q
q 0 0 0 rg BT 304.42 586.10 Td (companies ) Tj ET Q
q 0 0 0 rg BT 349.59 586.10 Td (currently ) Tj ET Q
q 0 0 0 rg BT 388.10 586.10 Td (of) Tj ET Q
q 0 0 0 rg BT 396.25 586.10 Td (fering ) Tj ET Q
q 0 0 0 rg BT 422.54 586.10 Td (services ) Tj ET Q
q 0 0 0 rg BT 457.16 586.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 467.35 586.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 481.98 586.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 523.29 586.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 540.14 586.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 549.22 586.10 Td (not ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 56.52 574.10 Td (change ) Tj ET Q
q 0 0 0 rg BT 86.92 574.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 96.78 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 111.08 574.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 157.74 574.10 Td (outsourcing ) Tj ET Q
q 0 0 0 rg BT 207.04 574.10 Td (strategy) Tj ET Q
q 0 0 0 rg BT 238.05 574.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 242.63 574.10 Td (However) Tj ET Q
q 0 0 0 rg BT 278.88 574.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 283.46 574.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 297.20 574.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 324.29 574.10 Td (like ) Tj ET Q
q 0 0 0 rg BT 341.36 574.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 351.23 574.10 Td (strengthen ) Tj ET Q
q 0 0 0 rg BT 394.96 574.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 410.38 574.10 Td (position ) Tj ET Q
q 0 0 0 rg BT 444.69 574.10 Td (towards ) Tj ET Q
q 0 0 0 rg BT 478.43 574.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 493.84 574.10 Td (service ) Tj ET Q
q 0 0 0 rg BT 524.24 574.10 Td (providers ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.08 562.10 Td (enhance ) Tj ET Q
q 0 0 0 rg BT 95.13 562.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 111.87 562.10 Td (secure ) Tj ET Q
q 0 0 0 rg BT 139.70 562.10 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 174.77 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 185.39 562.10 Td (high ) Tj ET Q
q 0 0 0 rg BT 205.47 562.10 Td (quality ) Tj ET Q
q 0 0 0 rg BT 235.54 562.10 Td (service ) Tj ET Q
q 0 0 0 rg BT 266.16 562.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 275.67 562.10 Td (low ) Tj ET Q
q 0 0 0 rg BT 292.97 562.10 Td (cost ) Tj ET Q
q 0 0 0 rg BT 311.38 562.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 321.46 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 335.97 562.10 Td (future. ) Tj ET Q
q 0 0 0 rg BT 364.65 562.10 Td (SeaT) Tj ET Q
q 0 0 0 rg BT 384.50 562.10 Td (eam ) Tj ET Q
q 0 0 0 rg BT 403.45 562.10 Td (Management ) Tj ET Q
q 0 0 0 rg BT 457.95 562.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 475.80 562.10 Td (certified ) Tj ET Q
q 0 0 0 rg BT 511.41 562.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 528.15 562.10 Td (received ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 61.93 550.10 Td (ISM ) Tj ET Q
q 0 0 0 rg BT 82.19 550.10 Td (Document ) Tj ET Q
q 0 0 0 rg BT 126.33 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 137.14 550.10 Td (Compliance ) Tj ET Q
q 0 0 0 rg BT 187.94 550.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 200.42 550.10 Td (Det ) Tj ET Q
q 0 0 0 rg BT 217.34 550.10 Td (Norske ) Tj ET Q
q 0 0 0 rg BT 248.52 550.10 Td (V) Tj ET Q
q 0 0 0 rg BT 254.64 550.10 Td (eritas ) Tj ET Q
q 0 0 0 rg BT 278.77 550.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 291.25 550.10 Td (February ) Tj ET Q
q 0 0 0 rg BT 329.83 550.10 Td (3, ) Tj ET Q
q 0 0 0 rg BT 339.81 550.10 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 362.29 550.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 379.21 550.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 388.36 550.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 400.28 550.10 Td (approved ) Tj ET Q
q 0 0 0 rg BT 439.97 550.10 Td (ship ) Tj ET Q
q 0 0 0 rg BT 459.12 550.10 Td (management ) Tj ET Q
q 0 0 0 rg BT 512.69 550.10 Td (company) Tj ET Q
q 0 0 0 rg BT 548.69 550.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 553.67 550.10 Td (In ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 87.77 538.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 94.71 538.10 Td (crewing ) Tj ET Q
q 0 0 0 rg BT 129.42 538.10 Td (company ) Tj ET Q
q 0 0 0 rg BT 168.57 538.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 186.63 538.10 Td (formally ) Tj ET Q
q 0 0 0 rg BT 223.56 538.10 Td (opened ) Tj ET Q
q 0 0 0 rg BT 254.94 538.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 265.21 538.10 Td (Chennai, ) Tj ET Q
q 0 0 0 rg BT 303.54 538.10 Td (India, ) Tj ET Q
q 0 0 0 rg BT 329.09 538.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 339.37 538.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 372.96 538.10 Td (2010.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 511.70 Td (Our ) Tj ET Q
q 0 0 0 rg BT 68.05 511.70 Td (principal ) Tj ET Q
q 0 0 0 rg BT 106.09 511.70 Td (executive ) Tj ET Q
q 0 0 0 rg BT 146.90 511.70 Td (of) Tj ET Q
q 0 0 0 rg BT 155.05 511.70 Td (fices ) Tj ET Q
q 0 0 0 rg BT 176.43 511.70 Td (are ) Tj ET Q
q 0 0 0 rg BT 191.14 511.70 Td (located ) Tj ET Q
q 0 0 0 rg BT 222.51 511.70 Td (at ) Tj ET Q
q 0 0 0 rg BT 232.23 511.70 Td (Par) Tj ET Q
q 0 0 0 rg BT 245.36 511.70 Td (-la-V) Tj ET Q
q 0 0 0 rg BT 265.85 511.70 Td (ille ) Tj ET Q
q 0 0 0 rg BT 281.13 511.70 Td (Place, ) Tj ET Q
q 0 0 0 rg BT 307.78 511.70 Td (14 ) Tj ET Q
q 0 0 0 rg BT 320.28 511.70 Td (Par) Tj ET Q
q 0 0 0 rg BT 333.41 511.70 Td (-la-V) Tj ET Q
q 0 0 0 rg BT 353.91 511.70 Td (ille ) Tj ET Q
q 0 0 0 rg BT 369.18 511.70 Td (Road ) Tj ET Q
q 0 0 0 rg BT 392.79 511.70 Td (in ) Tj ET Q
q 0 0 0 rg BT 403.07 511.70 Td (Hamilton, ) Tj ET Q
q 0 0 0 rg BT 445.84 511.70 Td (Bermuda.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 487.70 Td (Strategy) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 463.70 Td (Our ) Tj ET Q
q 0 0 0 rg BT 68.14 463.70 Td (principal ) Tj ET Q
q 0 0 0 rg BT 106.27 463.70 Td (focus ) Tj ET Q
q 0 0 0 rg BT 130.52 463.70 Td (is ) Tj ET Q
q 0 0 0 rg BT 139.79 463.70 Td (the ) Tj ET Q
q 0 0 0 rg BT 154.59 463.70 Td (transportation ) Tj ET Q
q 0 0 0 rg BT 212.72 463.70 Td (of ) Tj ET Q
q 0 0 0 rg BT 223.65 463.70 Td (crude ) Tj ET Q
q 0 0 0 rg BT 248.44 463.70 Td (oil ) Tj ET Q
q 0 0 0 rg BT 261.59 463.70 Td (and ) Tj ET Q
q 0 0 0 rg BT 278.62 463.70 Td (its ) Tj ET Q
q 0 0 0 rg BT 290.66 463.70 Td (related ) Tj ET Q
q 0 0 0 rg BT 320.45 463.70 Td (refined ) Tj ET Q
q 0 0 0 rg BT 351.35 463.70 Td (dirty ) Tj ET Q
q 0 0 0 rg BT 372.83 463.70 Td (petroleum ) Tj ET Q
q 0 0 0 rg BT 415.96 463.70 Td (car) Tj ET Q
q 0 0 0 rg BT 427.99 463.70 Td (goes ) Tj ET Q
q 0 0 0 rg BT 448.91 463.70 Td (for ) Tj ET Q
q 0 0 0 rg BT 463.16 463.70 Td (major ) Tj ET Q
q 0 0 0 rg BT 489.08 463.70 Td (oil ) Tj ET Q
q 0 0 0 rg BT 502.22 463.70 Td (companies ) Tj ET Q
q 0 0 0 rg BT 547.58 463.70 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 451.70 Td (major ) Tj ET Q
q 0 0 0 rg BT 77.75 451.70 Td (oil ) Tj ET Q
q 0 0 0 rg BT 92.73 451.70 Td (trading ) Tj ET Q
q 0 0 0 rg BT 125.48 451.70 Td (companies. ) Tj ET Q
q 0 0 0 rg BT 174.85 451.70 Td (W) Tj ET Q
q 0 0 0 rg BT 183.48 451.70 Td (e ) Tj ET Q
q 0 0 0 rg BT 192.35 451.70 Td (seek ) Tj ET Q
q 0 0 0 rg BT 214.54 451.70 Td (to ) Tj ET Q
q 0 0 0 rg BT 226.74 451.70 Td (optimize ) Tj ET Q
q 0 0 0 rg BT 266.15 451.70 Td (our ) Tj ET Q
q 0 0 0 rg BT 283.91 451.70 Td (income ) Tj ET Q
q 0 0 0 rg BT 317.77 451.70 Td (and ) Tj ET Q
q 0 0 0 rg BT 336.63 451.70 Td (adjust ) Tj ET Q
q 0 0 0 rg BT 364.94 451.70 Td (our ) Tj ET Q
q 0 0 0 rg BT 382.69 451.70 Td (exposure ) Tj ET Q
q 0 0 0 rg BT 423.22 451.70 Td (through ) Tj ET Q
q 0 0 0 rg BT 458.75 451.70 Td (actively ) Tj ET Q
q 0 0 0 rg BT 494.82 451.70 Td (pursuing ) Tj ET Q
q 0 0 0 rg BT 534.25 451.70 Td (charter ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 439.70 Td (opportunities ) Tj ET Q
q 0 0 0 rg BT 106.62 439.70 Td (whether ) Tj ET Q
q 0 0 0 rg BT 142.68 439.70 Td (through ) Tj ET Q
q 0 0 0 rg BT 177.63 439.70 Td (time ) Tj ET Q
q 0 0 0 rg BT 199.25 439.70 Td (charters, ) Tj ET Q
q 0 0 0 rg BT 237.25 439.70 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 275.52 439.70 Td (charters, ) Tj ET Q
q 0 0 0 rg BT 313.51 439.70 Td (sale ) Tj ET Q
q 0 0 0 rg BT 332.91 439.70 Td (and ) Tj ET Q
q 0 0 0 rg BT 351.20 439.70 Td (leasebacks, ) Tj ET Q
q 0 0 0 rg BT 400.30 439.70 Td (straight ) Tj ET Q
q 0 0 0 rg BT 434.14 439.70 Td (sales ) Tj ET Q
q 0 0 0 rg BT 457.43 439.70 Td (and ) Tj ET Q
q 0 0 0 rg BT 475.71 439.70 Td (purchases ) Tj ET Q
q 0 0 0 rg BT 518.99 439.70 Td (of ) Tj ET Q
q 0 0 0 rg BT 531.17 439.70 Td (vessels, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 427.70 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 102.50 427.70 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 141.09 427.70 Td (and ) Tj ET Q
q 0 0 0 rg BT 158.03 427.70 Td (acquisitions.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 403.70 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 403.70 Td (e ) Tj ET Q
q 0 0 0 rg BT 66.27 403.70 Td (presently ) Tj ET Q
q 0 0 0 rg BT 106.12 403.70 Td (operate ) Tj ET Q
q 0 0 0 rg BT 138.51 403.70 Td (VLCCs ) Tj ET Q
q 0 0 0 rg BT 172.27 403.70 Td (and ) Tj ET Q
q 0 0 0 rg BT 189.90 403.70 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 229.75 403.70 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 261.83 403.70 Td (in ) Tj ET Q
q 0 0 0 rg BT 272.80 403.70 Td (the ) Tj ET Q
q 0 0 0 rg BT 288.21 403.70 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 316.40 403.70 Td (market. ) Tj ET Q
q 0 0 0 rg BT 349.85 403.70 Td (Our ) Tj ET Q
q 0 0 0 rg BT 368.60 403.70 Td (preferred ) Tj ET Q
q 0 0 0 rg BT 408.43 403.70 Td (strategy ) Tj ET Q
q 0 0 0 rg BT 443.28 403.70 Td (is ) Tj ET Q
q 0 0 0 rg BT 453.15 403.70 Td (to ) Tj ET Q
q 0 0 0 rg BT 464.12 403.70 Td (have ) Tj ET Q
q 0 0 0 rg BT 486.20 403.70 Td (some ) Tj ET Q
q 0 0 0 rg BT 510.50 403.70 Td (fixed ) Tj ET Q
q 0 0 0 rg BT 534.24 403.70 Td (charter ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 391.70 Td (income ) Tj ET Q
q 0 0 0 rg BT 81.85 391.70 Td (coverage ) Tj ET Q
q 0 0 0 rg BT 120.36 391.70 Td (for ) Tj ET Q
q 0 0 0 rg BT 134.44 391.70 Td (our ) Tj ET Q
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q 0 0 0 rg BT 172.87 391.70 Td (predominantly ) Tj ET Q
q 0 0 0 rg BT 233.61 391.70 Td (through ) Tj ET Q
q 0 0 0 rg BT 267.14 391.70 Td (time ) Tj ET Q
q 0 0 0 rg BT 287.33 391.70 Td (charters, ) Tj ET Q
q 0 0 0 rg BT 323.89 391.70 Td (and ) Tj ET Q
q 0 0 0 rg BT 340.75 391.70 Td (trade ) Tj ET Q
q 0 0 0 rg BT 363.16 391.70 Td (the ) Tj ET Q
q 0 0 0 rg BT 377.79 391.70 Td (balance ) Tj ET Q
q 0 0 0 rg BT 410.74 391.70 Td (of ) Tj ET Q
q 0 0 0 rg BT 421.49 391.70 Td (the ) Tj ET Q
q 0 0 0 rg BT 436.13 391.70 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 456.31 391.70 Td (on ) Tj ET Q
q 0 0 0 rg BT 468.73 391.70 Td (the ) Tj ET Q
q 0 0 0 rg BT 483.37 391.70 Td (spot ) Tj ET Q
q 0 0 0 rg BT 502.46 391.70 Td (market. ) Tj ET Q
q 0 0 0 rg BT 535.14 391.70 Td (Due ) Tj ET Q
q 0 0 0 rg BT 554.22 391.70 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 379.70 Td (the ) Tj ET Q
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q 0 0 0 rg BT 168.34 379.70 Td (time ) Tj ET Q
q 0 0 0 rg BT 187.46 379.70 Td (charter ) Tj ET Q
q 0 0 0 rg BT 216.56 379.70 Td (contracts, ) Tj ET Q
q 0 0 0 rg BT 256.49 379.70 Td (however) Tj ET Q
q 0 0 0 rg BT 290.52 379.70 Td (, ) Tj ET Q
q 0 0 0 rg BT 294.37 379.70 Td (our ) Tj ET Q
q 0 0 0 rg BT 309.04 379.70 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 328.14 379.70 Td (is ) Tj ET Q
q 0 0 0 rg BT 336.16 379.70 Td (mainly ) Tj ET Q
q 0 0 0 rg BT 365.27 379.70 Td (trading ) Tj ET Q
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q 0 0 0 rg BT 404.06 379.70 Td (the ) Tj ET Q
q 0 0 0 rg BT 417.62 379.70 Td (spot ) Tj ET Q
q 0 0 0 rg BT 435.63 379.70 Td (market. ) Tj ET Q
q 0 0 0 rg BT 467.14 379.70 Td (W) Tj ET Q
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q 0 0 0 rg BT 481.56 379.70 Td (focus ) Tj ET Q
q 0 0 0 rg BT 504.57 379.70 Td (on ) Tj ET Q
q 0 0 0 rg BT 515.91 379.70 Td (minimizing ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 94.37 367.70 Td (on ) Tj ET Q
q 0 0 0 rg BT 107.12 367.70 Td (ballast ) Tj ET Q
q 0 0 0 rg BT 135.97 367.70 Td (by ) Tj ET Q
q 0 0 0 rg BT 148.71 367.70 Td ("cross ) Tj ET Q
q 0 0 0 rg BT 176.09 367.70 Td (trading" ) Tj ET Q
q 0 0 0 rg BT 211.25 367.70 Td (our ) Tj ET Q
q 0 0 0 rg BT 227.32 367.70 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 260.90 367.70 Td (typically ) Tj ET Q
q 0 0 0 rg BT 298.63 367.70 Td (with ) Tj ET Q
q 0 0 0 rg BT 319.16 367.70 Td (voyages ) Tj ET Q
q 0 0 0 rg BT 354.67 367.70 Td (loading ) Tj ET Q
q 0 0 0 rg BT 387.41 367.70 Td (in ) Tj ET Q
q 0 0 0 rg BT 397.94 367.70 Td (the ) Tj ET Q
q 0 0 0 rg BT 412.90 367.70 Td (Persian ) Tj ET Q
q 0 0 0 rg BT 445.08 367.70 Td (Gulf ) Tj ET Q
q 0 0 0 rg BT 466.16 367.70 Td (dischar) Tj ET Q
q 0 0 0 rg BT 494.85 367.70 Td (ging ) Tj ET Q
q 0 0 0 rg BT 515.38 367.70 Td (in ) Tj ET Q
q 0 0 0 rg BT 525.90 367.70 Td (Northern ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 83.77 355.70 Td (followed ) Tj ET Q
q 0 0 0 rg BT 121.70 355.70 Td (by ) Tj ET Q
q 0 0 0 rg BT 134.09 355.70 Td (a ) Tj ET Q
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q 0 0 0 rg BT 229.55 355.70 Td (to ) Tj ET Q
q 0 0 0 rg BT 239.72 355.70 Td (the ) Tj ET Q
q 0 0 0 rg BT 254.33 355.70 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 274.50 355.70 Td (Gulf ) Tj ET Q
q 0 0 0 rg BT 295.22 355.70 Td (of ) Tj ET Q
q 0 0 0 rg BT 305.94 355.70 Td (Mexico ) Tj ET Q
q 0 0 0 rg BT 338.88 355.70 Td (and, ) Tj ET Q
q 0 0 0 rg BT 358.20 355.70 Td (finally) Tj ET Q
q 0 0 0 rg BT 383.66 355.70 Td (, ) Tj ET Q
q 0 0 0 rg BT 388.55 355.70 Td (a ) Tj ET Q
q 0 0 0 rg BT 395.37 355.70 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 426.64 355.70 Td (from ) Tj ET Q
q 0 0 0 rg BT 448.47 355.70 Td (either ) Tj ET Q
q 0 0 0 rg BT 473.62 355.70 Td (the ) Tj ET Q
q 0 0 0 rg BT 488.23 355.70 Td (Caribbean ) Tj ET Q
q 0 0 0 rg BT 531.71 355.70 Td (or ) Tj ET Q
q 0 0 0 rg BT 542.26 355.70 Td (W) Tj ET Q
q 0 0 0 rg BT 550.89 355.70 Td (est ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 343.70 Td (Africa ) Tj ET Q
q 0 0 0 rg BT 77.09 343.70 Td (to ) Tj ET Q
q 0 0 0 rg BT 86.43 343.70 Td (the ) Tj ET Q
q 0 0 0 rg BT 100.20 343.70 Td (Far ) Tj ET Q
q 0 0 0 rg BT 115.09 343.70 Td (East/Indian ) Tj ET Q
q 0 0 0 rg BT 162.19 343.70 Td (Ocean. ) Tj ET Q
q 0 0 0 rg BT 191.67 343.70 Td (W) Tj ET Q
q 0 0 0 rg BT 200.31 343.70 Td (e ) Tj ET Q
q 0 0 0 rg BT 206.30 343.70 Td (believe ) Tj ET Q
q 0 0 0 rg BT 236.73 343.70 Td (that ) Tj ET Q
q 0 0 0 rg BT 253.28 343.70 Td (operating ) Tj ET Q
q 0 0 0 rg BT 292.60 343.70 Td (a ) Tj ET Q
q 0 0 0 rg BT 298.60 343.70 Td (certain ) Tj ET Q
q 0 0 0 rg BT 327.36 343.70 Td (number ) Tj ET Q
q 0 0 0 rg BT 359.46 343.70 Td (of ) Tj ET Q
q 0 0 0 rg BT 369.35 343.70 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 399.23 343.70 Td (in ) Tj ET Q
q 0 0 0 rg BT 408.57 343.70 Td (the ) Tj ET Q
q 0 0 0 rg BT 422.34 343.70 Td (spot ) Tj ET Q
q 0 0 0 rg BT 440.57 343.70 Td (market, ) Tj ET Q
q 0 0 0 rg BT 472.39 343.70 Td (enables ) Tj ET Q
q 0 0 0 rg BT 503.93 343.70 Td (us ) Tj ET Q
q 0 0 0 rg BT 514.38 343.70 Td (to ) Tj ET Q
q 0 0 0 rg BT 523.71 343.70 Td (capitalize ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 331.70 Td (on ) Tj ET Q
q 0 0 0 rg BT 62.41 331.70 Td (a ) Tj ET Q
q 0 0 0 rg BT 69.26 331.70 Td (potentially ) Tj ET Q
q 0 0 0 rg BT 114.44 331.70 Td (stronger ) Tj ET Q
q 0 0 0 rg BT 149.62 331.70 Td (spot ) Tj ET Q
q 0 0 0 rg BT 168.70 331.70 Td (market ) Tj ET Q
q 0 0 0 rg BT 198.88 331.70 Td (as ) Tj ET Q
q 0 0 0 rg BT 209.62 331.70 Td (well ) Tj ET Q
q 0 0 0 rg BT 229.25 331.70 Td (as ) Tj ET Q
q 0 0 0 rg BT 239.99 331.70 Td (to ) Tj ET Q
q 0 0 0 rg BT 250.18 331.70 Td (serve ) Tj ET Q
q 0 0 0 rg BT 273.69 331.70 Td (our ) Tj ET Q
q 0 0 0 rg BT 289.43 331.70 Td (main ) Tj ET Q
q 0 0 0 rg BT 311.83 331.70 Td (customers ) Tj ET Q
q 0 0 0 rg BT 354.79 331.70 Td (on ) Tj ET Q
q 0 0 0 rg BT 367.20 331.70 Td (a ) Tj ET Q
q 0 0 0 rg BT 374.05 331.70 Td (regular ) Tj ET Q
q 0 0 0 rg BT 404.78 331.70 Td (non ) Tj ET Q
q 0 0 0 rg BT 422.19 331.70 Td (term ) Tj ET Q
q 0 0 0 rg BT 442.93 331.70 Td (basis. ) Tj ET Q
q 0 0 0 rg BT 467.66 331.70 Td (W) Tj ET Q
q 0 0 0 rg BT 476.30 331.70 Td (e ) Tj ET Q
q 0 0 0 rg BT 483.15 331.70 Td (believe ) Tj ET Q
q 0 0 0 rg BT 514.43 331.70 Td (that ) Tj ET Q
q 0 0 0 rg BT 531.84 331.70 Td (the ) Tj ET Q
q 0 0 0 rg BT 546.47 331.70 Td (size ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 319.70 Td (of ) Tj ET Q
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q 0 0 0 rg BT 77.44 319.70 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 98.09 319.70 Td (is ) Tj ET Q
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q 0 0 0 rg BT 160.09 319.70 Td (negotiating ) Tj ET Q
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q 0 0 0 rg BT 253.75 319.70 Td (our ) Tj ET Q
q 0 0 0 rg BT 269.97 319.70 Td (major ) Tj ET Q
q 0 0 0 rg BT 296.18 319.70 Td (clients ) Tj ET Q
q 0 0 0 rg BT 325.17 319.70 Td (and ) Tj ET Q
q 0 0 0 rg BT 342.50 319.70 Td (charterers. ) Tj ET Q
q 0 0 0 rg BT 387.10 319.70 Td (W) Tj ET Q
q 0 0 0 rg BT 395.73 319.70 Td (e ) Tj ET Q
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q 0 0 0 rg BT 422.06 319.70 Td (believe ) Tj ET Q
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q 0 0 0 rg BT 487.93 319.70 Td (lar) Tj ET Q
q 0 0 0 rg BT 498.29 319.70 Td (ge, ) Tj ET Q
q 0 0 0 rg BT 513.12 319.70 Td (high-quality ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 79.21 307.70 Td (and ) Tj ET Q
q 0 0 0 rg BT 96.19 307.70 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 135.38 307.70 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 155.68 307.70 Td (enhances ) Tj ET Q
q 0 0 0 rg BT 194.87 307.70 Td (our ) Tj ET Q
q 0 0 0 rg BT 210.74 307.70 Td (ability ) Tj ET Q
q 0 0 0 rg BT 238.83 307.70 Td (to ) Tj ET Q
q 0 0 0 rg BT 249.15 307.70 Td (obtain ) Tj ET Q
q 0 0 0 rg BT 276.68 307.70 Td (competitive ) Tj ET Q
q 0 0 0 rg BT 326.43 307.70 Td (terms ) Tj ET Q
q 0 0 0 rg BT 351.18 307.70 Td (from ) Tj ET Q
q 0 0 0 rg BT 373.16 307.70 Td (suppliers ) Tj ET Q
q 0 0 0 rg BT 411.81 307.70 Td (and ) Tj ET Q
q 0 0 0 rg BT 428.78 307.70 Td (ship ) Tj ET Q
q 0 0 0 rg BT 447.99 307.70 Td (repairers ) Tj ET Q
q 0 0 0 rg BT 485.51 307.70 Td (and ) Tj ET Q
q 0 0 0 rg BT 502.49 307.70 Td (builders ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 189.13 295.70 Td (and ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 147.77 271.70 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 187.48 271.70 Td (based ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 247.70 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 229.84 247.70 Td (quality ) Tj ET Q
q 0 0 0 rg BT 260.11 247.70 Td (maintenance ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 164.05 235.70 Td (current ) Tj ET Q
q 0 0 0 rg BT 194.86 235.70 Td (and ) Tj ET Q
q 0 0 0 rg BT 211.80 235.70 Td (proposed ) Tj ET Q
q 0 0 0 rg BT 250.96 235.70 Td (environmental ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 223.70 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 135.72 223.70 Td (technical ) Tj ET Q
q 0 0 0 rg BT 174.31 223.70 Td (operations ) Tj ET Q
q 0 0 0 rg BT 218.46 223.70 Td (and ) Tj ET Q
q 0 0 0 rg BT 235.40 223.70 Td (crewing;) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 199.70 Td (operating ) Tj ET Q
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q 0 0 0 rg BT 133.20 199.70 Td (homogeneous ) Tj ET Q
q 0 0 0 rg BT 191.25 199.70 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 211.51 199.70 Td (of ) Tj ET Q
q 0 0 0 rg BT 222.34 199.70 Td (tankers;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 187.70 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 187.70 Td (achieving ) Tj ET Q
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q 0 0 0 rg BT 201.53 187.70 Td (our ) Tj ET Q
q 0 0 0 rg BT 217.36 187.70 Td (vessels;) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 217.34 175.70 Td (arrangements;) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 269.26 163.70 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 307.86 163.70 Td (of ) Tj ET Q
q 0 0 0 rg BT 318.69 163.70 Td (af) Tj ET Q
q 0 0 0 rg BT 326.27 163.70 Td (freightment, ) Tj ET Q
q 0 0 0 rg BT 377.92 163.70 Td (or ) Tj ET Q
q 0 0 0 rg BT 388.75 163.70 Td (COAs, ) Tj ET Q
q 0 0 0 rg BT 418.76 163.70 Td (and ) Tj ET Q
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q 0 0 0 rg BT 492.91 163.70 Td (and) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 149.87 151.70 Td (maintaining ) Tj ET Q
q 0 0 0 rg BT 200.14 151.70 Td (relationships ) Tj ET Q
q 0 0 0 rg BT 253.74 151.70 Td (with ) Tj ET Q
q 0 0 0 rg BT 274.02 151.70 Td (major ) Tj ET Q
q 0 0 0 rg BT 299.85 151.70 Td (oil ) Tj ET Q
q 0 0 0 rg BT 312.90 151.70 Td (companies ) Tj ET Q
q 0 0 0 rg BT 358.17 151.70 Td (and ) Tj ET Q
q 0 0 0 rg BT 375.11 151.70 Td (industrial ) Tj ET Q
q 0 0 0 rg BT 415.38 151.70 Td (charterers.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 58.64 127.70 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.34 127.70 Td (have ) Tj ET Q
q 0 0 0 rg BT 86.49 127.70 Td (a ) Tj ET Q
q 0 0 0 rg BT 93.19 127.70 Td (strategy ) Tj ET Q
q 0 0 0 rg BT 127.12 127.70 Td (of ) Tj ET Q
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q 0 0 0 rg BT 177.74 127.70 Td (outsourcing, ) Tj ET Q
q 0 0 0 rg BT 229.73 127.70 Td (which ) Tj ET Q
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q 0 0 0 rg BT 292.02 127.70 Td (the ) Tj ET Q
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q 0 0 0 rg BT 355.99 127.70 Td (of ) Tj ET Q
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q 0 0 0 rg BT 422.45 127.70 Td (crewing ) Tj ET Q
q 0 0 0 rg BT 456.92 127.70 Td (and ) Tj ET Q
q 0 0 0 rg BT 473.63 127.70 Td (accounting ) Tj ET Q
q 0 0 0 rg BT 519.76 127.70 Td (services ) Tj ET Q
q 0 0 0 rg BT 554.24 127.70 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 148.56 115.70 Td (and ) Tj ET Q
q 0 0 0 rg BT 164.59 115.70 Td (competing ) Tj ET Q
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q 0 0 0 rg BT 265.74 115.70 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 295.67 115.70 Td (are ) Tj ET Q
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q 0 0 0 rg BT 427.48 115.70 Td (management ) Tj ET Q
q 0 0 0 rg BT 480.16 115.70 Td (companies. ) Tj ET Q
q 0 0 0 rg BT 527.02 115.70 Td (Pursuant ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 59.48 103.70 Td (management ) Tj ET Q
q 0 0 0 rg BT 112.28 103.70 Td (agreements, ) Tj ET Q
q 0 0 0 rg BT 162.01 103.70 Td (each ) Tj ET Q
q 0 0 0 rg BT 182.03 103.70 Td (of ) Tj ET Q
q 0 0 0 rg BT 192.07 103.70 Td (the ) Tj ET Q
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q 0 0 0 rg BT 256.56 103.70 Td (ship ) Tj ET Q
q 0 0 0 rg BT 274.94 103.70 Td (management ) Tj ET Q
q 0 0 0 rg BT 327.73 103.70 Td (companies ) Tj ET Q
q 0 0 0 rg BT 372.20 103.70 Td (provides ) Tj ET Q
q 0 0 0 rg BT 408.34 103.70 Td (operations, ) Tj ET Q
q 0 0 0 rg BT 454.20 103.70 Td (ship ) Tj ET Q
q 0 0 0 rg BT 472.57 103.70 Td (maintenance, ) Tj ET Q
q 0 0 0 rg BT 527.30 103.70 Td (crewing, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 91.70 Td (technical ) Tj ET Q
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q 0 0 0 rg BT 163.70 91.70 Td (supervision ) Tj ET Q
q 0 0 0 rg BT 213.37 91.70 Td (and ) Tj ET Q
q 0 0 0 rg BT 231.37 91.70 Td (related ) Tj ET Q
q 0 0 0 rg BT 262.13 91.70 Td (services ) Tj ET Q
q 0 0 0 rg BT 297.89 91.70 Td (to ) Tj ET Q
q 0 0 0 rg BT 309.23 91.70 Td (us. ) Tj ET Q
q 0 0 0 rg BT 323.40 91.70 Td (A) Tj ET Q
q 0 0 0 rg BT 330.06 91.70 Td ( ) Tj ET Q
q 0 0 0 rg BT 333.62 91.70 Td (central ) Tj ET Q
q 0 0 0 rg BT 364.38 91.70 Td (part ) Tj ET Q
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q 0 0 0 rg BT 469.05 91.70 Td (benchmark ) Tj ET Q
q 0 0 0 rg BT 517.03 91.70 Td (operational ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 233.48 79.70 Td (managers. ) Tj ET Q
q 0 0 0 rg BT 277.02 79.70 Td (Independent ) Tj ET Q
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q 0 0 0 rg BT 521.82 79.70 Td (Currently) Tj ET Q
q 0 0 0 rg BT 559.50 79.70 Td (, ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 111.19 67.70 Td (crewed ) Tj ET Q
q 0 0 0 rg BT 142.50 67.70 Td (with ) Tj ET Q
q 0 0 0 rg BT 162.71 67.70 Td (Russian, ) Tj ET Q
q 0 0 0 rg BT 199.33 67.70 Td (Ukrainian, ) Tj ET Q
q 0 0 0 rg BT 244.25 67.70 Td (Croatian, ) Tj ET Q
q 0 0 0 rg BT 283.63 67.70 Td (Romanian, ) Tj ET Q
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q 0 0 0 rg BT 374.54 67.70 Td (Filipino ) Tj ET Q
q 0 0 0 rg BT 408.65 67.70 Td (of) Tj ET Q
q 0 0 0 rg BT 416.80 67.70 Td (ficers ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 457.95 55.70 Td (the ) Tj ET Q
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endstream
endobj
168 0 obj
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/Length 33922
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stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 95.05 730.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 125.08 730.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 140.67 730.10 Td (shown ) Tj ET Q
q 0 0 0 rg BT 169.04 730.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 175.74 730.10 Td (strong ) Tj ET Q
q 0 0 0 rg BT 203.00 730.10 Td (negative ) Tj ET Q
q 0 0 0 rg BT 239.14 730.10 Td (development ) Tj ET Q
q 0 0 0 rg BT 293.05 730.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 303.09 730.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 317.56 730.10 Td (last ) Tj ET Q
q 0 0 0 rg BT 333.71 730.10 Td (four ) Tj ET Q
q 0 0 0 rg BT 352.63 730.10 Td (years. ) Tj ET Q
q 0 0 0 rg BT 378.49 730.10 Td (Currently ) Tj ET Q
q 0 0 0 rg BT 419.08 730.10 Td (crude ) Tj ET Q
q 0 0 0 rg BT 443.54 730.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 474.68 730.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 489.15 730.10 Td (going ) Tj ET Q
q 0 0 0 rg BT 514.19 730.10 Td (through ) Tj ET Q
q 0 0 0 rg BT 547.56 730.10 Td (one ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 718.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.70 718.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 75.28 718.10 Td (worst ) Tj ET Q
q 0 0 0 rg BT 99.87 718.10 Td (winters ) Tj ET Q
q 0 0 0 rg BT 131.68 718.10 Td (ever ) Tj ET Q
q 0 0 0 rg BT 151.25 718.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 171.22 718.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 200.26 718.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 221.51 718.10 Td (close ) Tj ET Q
q 0 0 0 rg BT 244.42 718.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 254.56 718.10 Td (zero, ) Tj ET Q
q 0 0 0 rg BT 276.64 718.10 Td (limited ) Tj ET Q
q 0 0 0 rg BT 307.34 718.10 Td (number ) Tj ET Q
q 0 0 0 rg BT 340.25 718.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 350.95 718.10 Td (fixtures ) Tj ET Q
q 0 0 0 rg BT 383.86 718.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 400.67 718.10 Td (very ) Tj ET Q
q 0 0 0 rg BT 420.80 718.10 Td (high ) Tj ET Q
q 0 0 0 rg BT 440.95 718.10 Td (availability ) Tj ET Q
q 0 0 0 rg BT 488.30 718.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 498.83 718.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 527.86 718.10 Td (tonnage. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 706.10 Td (Several ) Tj ET Q
q 0 0 0 rg BT 81.43 706.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 107.86 706.10 Td (companies ) Tj ET Q
q 0 0 0 rg BT 152.07 706.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 165.72 706.10 Td (already ) Tj ET Q
q 0 0 0 rg BT 196.59 706.10 Td (experiencing ) Tj ET Q
q 0 0 0 rg BT 249.67 706.10 Td (severe ) Tj ET Q
q 0 0 0 rg BT 276.65 706.10 Td (problems ) Tj ET Q
q 0 0 0 rg BT 315.31 706.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 331.20 706.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 338.75 706.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 352.41 706.10 Td (weak ) Tj ET Q
q 0 0 0 rg BT 374.95 706.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 404.16 706.10 Td (continues ) Tj ET Q
q 0 0 0 rg BT 443.93 706.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 450.93 706.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 459.05 706.10 Td (likely ) Tj ET Q
q 0 0 0 rg BT 483.26 706.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 492.49 706.10 Td (lead ) Tj ET Q
q 0 0 0 rg BT 510.59 706.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 519.81 706.10 Td (significant ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 694.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 87.22 694.10 Td (problems ) Tj ET Q
q 0 0 0 rg BT 126.67 694.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 140.57 694.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 155.03 694.10 Td (whole ) Tj ET Q
q 0 0 0 rg BT 181.71 694.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 208.93 694.10 Td (industry) Tj ET Q
q 0 0 0 rg BT 241.06 694.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 245.80 694.10 Td (Consensus ) Tj ET Q
q 0 0 0 rg BT 290.82 694.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 299.73 694.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 316.96 694.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 331.42 694.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 358.64 694.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 388.65 694.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 406.44 694.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 421.46 694.10 Td (experience ) Tj ET Q
q 0 0 0 rg BT 467.00 694.10 Td (sustained ) Tj ET Q
q 0 0 0 rg BT 506.45 694.10 Td (recovery ) Tj ET Q
q 0 0 0 rg BT 543.67 694.10 Td (until ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 682.10 Td (overcapacity ) Tj ET Q
q 0 0 0 rg BT 103.60 682.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 112.79 682.10 Td (removed. ) Tj ET Q
q 0 0 0 rg BT 152.61 682.10 Td (W) Tj ET Q
q 0 0 0 rg BT 161.25 682.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 168.21 682.10 Td (will, ) Tj ET Q
q 0 0 0 rg BT 188.79 682.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 199.09 682.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 216.06 682.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 246.34 682.10 Td (environment, ) Tj ET Q
q 0 0 0 rg BT 301.91 682.10 Td (continue ) Tj ET Q
q 0 0 0 rg BT 338.86 682.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 354.71 682.10 Td (strategy ) Tj ET Q
q 0 0 0 rg BT 388.89 682.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 399.19 682.10 Td (reduce ) Tj ET Q
q 0 0 0 rg BT 428.35 682.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 443.09 682.10 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 463.38 682.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 475.90 682.10 Td (redelivering ) Tj ET Q
q 0 0 0 rg BT 526.73 682.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 541.47 682.10 Td (older ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 670.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 67.25 670.10 Td (non ) Tj ET Q
q 0 0 0 rg BT 85.06 670.10 Td (core ) Tj ET Q
q 0 0 0 rg BT 105.08 670.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 136.22 670.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 146.80 670.10 Td (order ) Tj ET Q
q 0 0 0 rg BT 170.71 670.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 181.30 670.10 Td (reduce ) Tj ET Q
q 0 0 0 rg BT 210.76 670.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 226.90 670.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 264.69 670.10 Td (exposure. ) Tj ET Q
q 0 0 0 rg BT 305.89 670.10 Td (W) Tj ET Q
q 0 0 0 rg BT 314.53 670.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 321.78 670.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 340.15 670.10 Td (remain ) Tj ET Q
q 0 0 0 rg BT 370.72 670.10 Td (cautious ) Tj ET Q
q 0 0 0 rg BT 406.85 670.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 424.10 670.10 Td (focus ) Tj ET Q
q 0 0 0 rg BT 448.57 670.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 464.71 670.10 Td (resources ) Tj ET Q
q 0 0 0 rg BT 505.28 670.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 518.09 670.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 533.12 670.10 Td (present ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 658.10 Td (activities ) Tj ET Q
q 0 0 0 rg BT 88.60 658.10 Td (until ) Tj ET Q
q 0 0 0 rg BT 109.43 658.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 116.37 658.10 Td (clearer ) Tj ET Q
q 0 0 0 rg BT 146.06 658.10 Td (sign ) Tj ET Q
q 0 0 0 rg BT 165.23 658.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 176.06 658.10 Td (recovery ) Tj ET Q
q 0 0 0 rg BT 213.54 658.10 Td (can ) Tj ET Q
q 0 0 0 rg BT 229.92 658.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 241.86 658.10 Td (seen ) Tj ET Q
q 0 0 0 rg BT 262.12 658.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 272.40 658.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 287.12 658.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 314.60 658.10 Td (market.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.10 Td (Seasonality) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td (Historically) Tj ET Q
q 0 0 0 rg BT 96.56 610.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 101.44 610.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 114.38 610.10 Td (trade ) Tj ET Q
q 0 0 0 rg BT 136.74 610.10 Td (and, ) Tj ET Q
q 0 0 0 rg BT 156.05 610.10 Td (therefore, ) Tj ET Q
q 0 0 0 rg BT 197.02 610.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 227.15 610.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 248.40 610.10 Td (increased ) Tj ET Q
q 0 0 0 rg BT 288.54 610.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 298.69 610.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 313.29 610.10 Td (winter ) Tj ET Q
q 0 0 0 rg BT 341.21 610.10 Td (months ) Tj ET Q
q 0 0 0 rg BT 373.04 610.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 389.85 610.10 Td (eased ) Tj ET Q
q 0 0 0 rg BT 414.44 610.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 424.59 610.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 439.19 610.10 Td (summer ) Tj ET Q
q 0 0 0 rg BT 473.78 610.10 Td (months ) Tj ET Q
q 0 0 0 rg BT 505.61 610.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 516.32 610.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 550.35 610.10 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 63.42 598.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 74.06 598.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 89.14 598.10 Td (Northern ) Tj ET Q
q 0 0 0 rg BT 128.10 598.10 Td (Hemisphere ) Tj ET Q
q 0 0 0 rg BT 179.27 598.10 Td (rose ) Tj ET Q
q 0 0 0 rg BT 198.79 598.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 209.43 598.10 Td (colder ) Tj ET Q
q 0 0 0 rg BT 237.28 598.10 Td (weather ) Tj ET Q
q 0 0 0 rg BT 271.79 598.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 289.09 598.10 Td (fell ) Tj ET Q
q 0 0 0 rg BT 305.27 598.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 315.91 598.10 Td (warmer ) Tj ET Q
q 0 0 0 rg BT 349.31 598.10 Td (weather) Tj ET Q
q 0 0 0 rg BT 380.41 598.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 385.56 598.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 403.97 598.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 431.81 598.10 Td (industry) Tj ET Q
q 0 0 0 rg BT 463.94 598.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 469.31 598.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 479.94 598.10 Td (general, ) Tj ET Q
q 0 0 0 rg BT 514.73 598.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 530.92 598.10 Td (become ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td (less ) Tj ET Q
q 0 0 0 rg BT 67.99 586.10 Td (dependent ) Tj ET Q
q 0 0 0 rg BT 112.07 586.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 125.06 586.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 140.27 586.10 Td (seasonal ) Tj ET Q
q 0 0 0 rg BT 177.14 586.10 Td (transport ) Tj ET Q
q 0 0 0 rg BT 215.67 586.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 226.99 586.10 Td (heating ) Tj ET Q
q 0 0 0 rg BT 259.42 586.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 272.96 586.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 293.17 586.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 300.60 586.10 Td (decade ) Tj ET Q
q 0 0 0 rg BT 331.34 586.10 Td (ago ) Tj ET Q
q 0 0 0 rg BT 348.77 586.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 360.09 586.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 379.74 586.10 Td (uses ) Tj ET Q
q 0 0 0 rg BT 399.95 586.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 414.60 586.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 428.15 586.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 445.57 586.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 459.12 586.10 Td (products ) Tj ET Q
q 0 0 0 rg BT 496.55 586.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 518.42 586.10 Td (developed, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (spreading ) Tj ET Q
q 0 0 0 rg BT 91.86 574.10 Td (consumption ) Tj ET Q
q 0 0 0 rg BT 146.51 574.10 Td (more ) Tj ET Q
q 0 0 0 rg BT 170.05 574.10 Td (evenly ) Tj ET Q
q 0 0 0 rg BT 199.69 574.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 220.44 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 235.64 574.10 Td (year) Tj ET Q
q 0 0 0 rg BT 252.30 574.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 257.57 574.10 Td (This ) Tj ET Q
q 0 0 0 rg BT 278.33 574.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 287.99 574.10 Td (most ) Tj ET Q
q 0 0 0 rg BT 310.42 574.10 Td (apparent ) Tj ET Q
q 0 0 0 rg BT 347.83 574.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 370.26 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 385.46 574.10 Td (higher ) Tj ET Q
q 0 0 0 rg BT 413.99 574.10 Td (seasonal ) Tj ET Q
q 0 0 0 rg BT 450.86 574.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 485.50 574.10 Td (during ) Tj ET Q
q 0 0 0 rg BT 514.59 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 529.79 574.10 Td (summer ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (months ) Tj ET Q
q 0 0 0 rg BT 81.95 562.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 98.89 562.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 109.17 562.10 Td (ener) Tj ET Q
q 0 0 0 rg BT 126.19 562.10 Td (gy ) Tj ET Q
q 0 0 0 rg BT 138.69 562.10 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 193.39 562.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 207.55 562.10 Td (air ) Tj ET Q
q 0 0 0 rg BT 220.60 562.10 Td (conditioning ) Tj ET Q
q 0 0 0 rg BT 273.65 562.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 290.59 562.10 Td (motor ) Tj ET Q
q 0 0 0 rg BT 316.98 562.10 Td (vehicles.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (Customers) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (During ) Tj ET Q
q 0 0 0 rg BT 82.05 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 97.99 514.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 118.92 514.10 Td (ended ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 146.51 514.10 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 206.32 514.10 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 226.32 514.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 232.54 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 248.48 514.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 291.08 514.10 Td (reported ) Tj ET Q
q 0 0 0 rg BT 328.12 514.10 Td (total ) Tj ET Q
q 0 0 0 rg BT 349.61 514.10 Td (revenue ) Tj ET Q
q 0 0 0 rg BT 384.98 514.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 408.14 514.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 426.30 514.10 Td (customer ) Tj ET Q
q 0 0 0 rg BT 466.67 514.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 478.73 514.10 Td ($105 ) Tj ET Q
q 0 0 0 rg BT 502.45 514.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.34 514.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 537.56 514.10 Td (which ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (represented ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 98.84 502.10 Td (16%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 117.17 502.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 119.93 502.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 131.02 502.10 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 184.32 502.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 224.84 502.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 263.14 502.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 280.34 502.10 Td (revenue ) Tj ET Q
q 0 0 0 rg BT 314.74 502.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 336.94 502.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 354.14 502.10 Td (customer ) Tj ET Q
q 0 0 0 rg BT 393.55 502.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 404.64 502.10 Td ($83 ) Tj ET Q
q 0 0 0 rg BT 422.40 502.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 451.29 502.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 456.55 502.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 483.75 502.10 Td (represented ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 532.59 502.10 Td (12%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.92 502.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 553.68 502.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 102.89 490.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 143.01 490.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 180.90 490.10 Td (\() Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 184.23 490.10 Td (201) Tj ET Q
q 0 0 0 rg BT 198.86 490.10 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 203.86 490.10 Td (: ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 208.99 490.10 Td (one) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 223.43 490.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 225.78 490.10 Td (customer) Tj ET Q
q 0 0 0 rg BT 262.04 490.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 266.89 490.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 293.68 490.10 Td (represented ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 342.12 490.10 Td (21%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 360.45 490.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 362.80 490.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 379.59 490.10 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 399.59 490.10 Td (: ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 404.72 490.10 Td (one) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 419.16 490.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 421.51 490.10 Td (customer) Tj ET Q
q 0 0 0 rg BT 457.77 490.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 462.62 490.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 489.41 490.10 Td (represented ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 537.85 490.10 Td (21%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 556.18 490.10 Td (\). ) Tj ET Q
q 0 0 0 rg BT 564.51 490.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (No ) Tj ET Q
q 0 0 0 rg BT 64.72 478.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 87.77 478.10 Td (customers ) Tj ET Q
q 0 0 0 rg BT 130.82 478.10 Td (represent ) Tj ET Q
q 0 0 0 rg BT 169.96 478.10 Td (more ) Tj ET Q
q 0 0 0 rg BT 193.01 478.10 Td (than ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 212.72 478.10 Td (10%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 231.05 478.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 233.55 478.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 244.38 478.10 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 297.43 478.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 337.69 478.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 375.73 478.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 389.89 478.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 404.60 478.10 Td (periods ) Tj ET Q
q 0 0 0 rg BT 436.54 478.10 Td (presented.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (Competition) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.96 430.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 98.13 430.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 112.20 430.10 Td (international ) Tj ET Q
q 0 0 0 rg BT 165.15 430.10 Td (seaborne ) Tj ET Q
q 0 0 0 rg BT 203.10 430.10 Td (crude ) Tj ET Q
q 0 0 0 rg BT 227.72 430.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 240.69 430.10 Td (transportation ) Tj ET Q
q 0 0 0 rg BT 298.64 430.10 Td (services ) Tj ET Q
q 0 0 0 rg BT 333.26 430.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 342.34 430.10 Td (highly ) Tj ET Q
q 0 0 0 rg BT 370.31 430.10 Td (fragmented ) Tj ET Q
q 0 0 0 rg BT 418.25 430.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 435.10 430.10 Td (competitive. ) Tj ET Q
q 0 0 0 rg BT 487.22 430.10 Td (Seaborne ) Tj ET Q
q 0 0 0 rg BT 526.84 430.10 Td (crude ) Tj ET Q
q 0 0 0 rg BT 551.45 430.10 Td (oil ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (transportation ) Tj ET Q
q 0 0 0 rg BT 107.79 418.10 Td (services ) Tj ET Q
q 0 0 0 rg BT 142.25 418.10 Td (generally ) Tj ET Q
q 0 0 0 rg BT 181.70 418.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 196.16 418.10 Td (provided ) Tj ET Q
q 0 0 0 rg BT 233.96 418.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 246.21 418.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 263.46 418.10 Td (main ) Tj ET Q
q 0 0 0 rg BT 285.70 418.10 Td (types ) Tj ET Q
q 0 0 0 rg BT 309.06 418.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 319.64 418.10 Td (operators: ) Tj ET Q
q 0 0 0 rg BT 361.87 418.10 Td (major ) Tj ET Q
q 0 0 0 rg BT 387.45 418.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 400.26 418.10 Td (company ) Tj ET Q
q 0 0 0 rg BT 439.16 418.10 Td (captive ) Tj ET Q
q 0 0 0 rg BT 470.28 418.10 Td (fleets ) Tj ET Q
q 0 0 0 rg BT 494.19 418.10 Td (\(both ) Tj ET Q
q 0 0 0 rg BT 517.55 418.10 Td (private ) Tj ET Q
q 0 0 0 rg BT 547.56 418.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (state-owned\) ) Tj ET Q
q 0 0 0 rg BT 103.18 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 119.15 406.10 Td (independent ) Tj ET Q
q 0 0 0 rg BT 169.55 406.10 Td (ship-owner ) Tj ET Q
q 0 0 0 rg BT 216.08 406.10 Td (fleets. ) Tj ET Q
q 0 0 0 rg BT 241.76 406.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 251.63 406.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 288.43 406.10 Td (several ) Tj ET Q
q 0 0 0 rg BT 318.28 406.10 Td (owners ) Tj ET Q
q 0 0 0 rg BT 348.69 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 364.66 406.10 Td (operators ) Tj ET Q
q 0 0 0 rg BT 403.40 406.10 Td (pool ) Tj ET Q
q 0 0 0 rg BT 422.71 406.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 442.57 406.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 472.43 406.10 Td (together ) Tj ET Q
q 0 0 0 rg BT 506.73 406.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 518.26 406.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 529.23 406.10 Td (ongoing ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (basis, ) Tj ET Q
q 0 0 0 rg BT 75.00 394.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 91.93 394.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 112.76 394.10 Td (pools ) Tj ET Q
q 0 0 0 rg BT 136.92 394.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 151.63 394.10 Td (available ) Tj ET Q
q 0 0 0 rg BT 190.21 394.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 200.49 394.10 Td (customers ) Tj ET Q
q 0 0 0 rg BT 243.53 394.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 253.81 394.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 268.52 394.10 Td (same ) Tj ET Q
q 0 0 0 rg BT 291.56 394.10 Td (extent ) Tj ET Q
q 0 0 0 rg BT 318.49 394.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 329.32 394.10 Td (independently ) Tj ET Q
q 0 0 0 rg BT 388.47 394.10 Td (owned-and-operated ) Tj ET Q
q 0 0 0 rg BT 473.15 394.10 Td (fleets. ) Tj ET Q
q 0 0 0 rg BT 499.80 394.10 Td (Many ) Tj ET Q
q 0 0 0 rg BT 525.63 394.10 Td (major ) Tj ET Q
q 0 0 0 rg BT 551.45 394.10 Td (oil ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (companies ) Tj ET Q
q 0 0 0 rg BT 94.76 382.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 111.20 382.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 133.74 382.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 146.29 382.10 Td (trading ) Tj ET Q
q 0 0 0 rg BT 176.62 382.10 Td (companies, ) Tj ET Q
q 0 0 0 rg BT 223.88 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 238.09 382.10 Td (primary ) Tj ET Q
q 0 0 0 rg BT 271.74 382.10 Td (charterers ) Tj ET Q
q 0 0 0 rg BT 313.15 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 323.48 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 337.70 382.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 368.02 382.10 Td (owned ) Tj ET Q
q 0 0 0 rg BT 396.68 382.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 407.01 382.10 Td (controlled ) Tj ET Q
q 0 0 0 rg BT 449.55 382.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 461.54 382.10 Td (us, ) Tj ET Q
q 0 0 0 rg BT 474.93 382.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 493.04 382.10 Td (operate ) Tj ET Q
q 0 0 0 rg BT 524.46 382.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 544.78 382.10 Td (own ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 81.08 370.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 98.26 370.10 Td (use ) Tj ET Q
q 0 0 0 rg BT 114.34 370.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 135.42 370.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 166.50 370.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 182.03 370.10 Td (only ) Tj ET Q
q 0 0 0 rg BT 202.55 370.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 213.08 370.10 Td (transport ) Tj ET Q
q 0 0 0 rg BT 251.37 370.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 272.45 370.10 Td (own ) Tj ET Q
q 0 0 0 rg BT 292.42 370.10 Td (crude ) Tj ET Q
q 0 0 0 rg BT 317.37 370.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 330.68 370.10 Td (but ) Tj ET Q
q 0 0 0 rg BT 346.20 370.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 365.06 370.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 375.58 370.10 Td (transport ) Tj ET Q
q 0 0 0 rg BT 413.88 370.10 Td (crude ) Tj ET Q
q 0 0 0 rg BT 438.83 370.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 452.14 370.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 466.55 370.10 Td (third-party ) Tj ET Q
q 0 0 0 rg BT 512.06 370.10 Td (charterers ) Tj ET Q
q 0 0 0 rg BT 554.22 370.10 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (direct ) Tj ET Q
q 0 0 0 rg BT 75.09 358.10 Td (competition ) Tj ET Q
q 0 0 0 rg BT 125.19 358.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 145.29 358.10 Td (independent ) Tj ET Q
q 0 0 0 rg BT 196.49 358.10 Td (owners ) Tj ET Q
q 0 0 0 rg BT 227.70 358.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 244.46 358.10 Td (operators ) Tj ET Q
q 0 0 0 rg BT 284.00 358.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 294.10 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 308.65 358.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 335.96 358.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 366.04 358.10 Td (market. ) Tj ET Q
q 0 0 0 rg BT 398.63 358.10 Td (Competition ) Tj ET Q
q 0 0 0 rg BT 450.95 358.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 464.94 358.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 498.91 358.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 507.91 358.10 Td (intense ) Tj ET Q
q 0 0 0 rg BT 538.56 358.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 555.33 358.10 Td (is ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (based ) Tj ET Q
q 0 0 0 rg BT 75.63 346.10 Td (upon ) Tj ET Q
q 0 0 0 rg BT 98.48 346.10 Td (price, ) Tj ET Q
q 0 0 0 rg BT 123.83 346.10 Td (location, ) Tj ET Q
q 0 0 0 rg BT 161.40 346.10 Td (size, ) Tj ET Q
q 0 0 0 rg BT 182.30 346.10 Td (age, ) Tj ET Q
q 0 0 0 rg BT 201.54 346.10 Td (condition ) Tj ET Q
q 0 0 0 rg BT 242.17 346.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 259.46 346.10 Td (acceptability ) Tj ET Q
q 0 0 0 rg BT 313.41 346.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 324.59 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 339.67 346.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 366.97 346.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 384.26 346.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 396.57 346.10 Td (manager) Tj ET Q
q 0 0 0 rg BT 430.44 346.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 435.80 346.10 Td (Competition ) Tj ET Q
q 0 0 0 rg BT 488.66 346.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 498.18 346.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 517.15 346.10 Td (af) Tj ET Q
q 0 0 0 rg BT 524.74 346.10 Td (fected ) Tj ET Q
q 0 0 0 rg BT 552.02 346.10 Td (by ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 65.60 334.10 Td (availability ) Tj ET Q
q 0 0 0 rg BT 113.96 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 125.67 334.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 149.59 334.10 Td (size ) Tj ET Q
q 0 0 0 rg BT 168.52 334.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 200.23 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 211.39 334.10 Td (compete ) Tj ET Q
q 0 0 0 rg BT 248.64 334.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 259.79 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 275.39 334.10 Td (trades ) Tj ET Q
q 0 0 0 rg BT 302.65 334.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 313.80 334.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 341.62 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 357.22 334.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 399.48 334.10 Td (engages. ) Tj ET Q
q 0 0 0 rg BT 437.57 334.10 Td (Charters ) Tj ET Q
q 0 0 0 rg BT 474.82 334.10 Td (are, ) Tj ET Q
q 0 0 0 rg BT 492.91 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 504.07 334.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 511.88 334.10 Td (lar) Tj ET Q
q 0 0 0 rg BT 522.25 334.10 Td (ge ) Tj ET Q
q 0 0 0 rg BT 535.07 334.10 Td (extent, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (brokered ) Tj ET Q
q 0 0 0 rg BT 88.15 322.10 Td (through ) Tj ET Q
q 0 0 0 rg BT 121.87 322.10 Td (international ) Tj ET Q
q 0 0 0 rg BT 175.02 322.10 Td (independent ) Tj ET Q
q 0 0 0 rg BT 226.50 322.10 Td (brokerage ) Tj ET Q
q 0 0 0 rg BT 269.09 322.10 Td (houses ) Tj ET Q
q 0 0 0 rg BT 298.93 322.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 316.53 322.10 Td (specialize ) Tj ET Q
q 0 0 0 rg BT 358.56 322.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 368.96 322.10 Td (finding ) Tj ET Q
q 0 0 0 rg BT 400.45 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 415.28 322.10 Td (optimal ) Tj ET Q
q 0 0 0 rg BT 448.45 322.10 Td (ship ) Tj ET Q
q 0 0 0 rg BT 467.73 322.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 482.00 322.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 499.05 322.10 Td (particular ) Tj ET Q
q 0 0 0 rg BT 539.98 322.10 Td (car) Tj ET Q
q 0 0 0 rg BT 552.00 322.10 Td (go ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (based ) Tj ET Q
q 0 0 0 rg BT 75.27 310.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 87.77 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 102.49 310.10 Td (aforementioned ) Tj ET Q
q 0 0 0 rg BT 167.73 310.10 Td (criteria. ) Tj ET Q
q 0 0 0 rg BT 201.04 310.10 Td (Brokers ) Tj ET Q
q 0 0 0 rg BT 235.21 310.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 254.92 310.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 266.86 310.10 Td (appointed ) Tj ET Q
q 0 0 0 rg BT 308.79 310.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 321.29 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 336.01 310.10 Td (car) Tj ET Q
q 0 0 0 rg BT 348.04 310.10 Td (go ) Tj ET Q
q 0 0 0 rg BT 360.54 310.10 Td (shipper ) Tj ET Q
q 0 0 0 rg BT 392.48 310.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 403.31 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 418.02 310.10 Td (ship ) Tj ET Q
q 0 0 0 rg BT 437.19 310.10 Td (owner) Tj ET Q
q 0 0 0 rg BT 461.63 310.10 Td (.) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (Environmental and Other Regulations) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (Government ) Tj ET Q
q 0 0 0 rg BT 102.45 262.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 149.35 262.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 166.26 262.10 Td (laws ) Tj ET Q
q 0 0 0 rg BT 187.06 262.10 Td (significantly ) Tj ET Q
q 0 0 0 rg BT 239.51 262.10 Td (af) Tj ET Q
q 0 0 0 rg BT 247.10 262.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 264.55 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 279.24 262.10 Td (ownership ) Tj ET Q
q 0 0 0 rg BT 323.37 262.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 340.27 262.10 Td (operation ) Tj ET Q
q 0 0 0 rg BT 380.50 262.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 391.30 262.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 407.10 262.10 Td (vessels. ) Tj ET Q
q 0 0 0 rg BT 440.22 262.10 Td (W) Tj ET Q
q 0 0 0 rg BT 448.85 262.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 455.76 262.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 470.43 262.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 501.23 262.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 511.47 262.10 Td (international ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (conventions, ) Tj ET Q
q 0 0 0 rg BT 102.33 250.10 Td (national, ) Tj ET Q
q 0 0 0 rg BT 138.55 250.10 Td (state ) Tj ET Q
q 0 0 0 rg BT 158.38 250.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 174.33 250.10 Td (local ) Tj ET Q
q 0 0 0 rg BT 195.27 250.10 Td (laws ) Tj ET Q
q 0 0 0 rg BT 215.10 250.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 231.05 250.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 276.99 250.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 286.27 250.10 Td (force ) Tj ET Q
q 0 0 0 rg BT 308.32 250.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 317.60 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 331.32 250.10 Td (countries ) Tj ET Q
q 0 0 0 rg BT 369.48 250.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 378.77 250.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 404.71 250.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 419.55 250.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 449.39 250.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 468.11 250.10 Td (operate ) Tj ET Q
q 0 0 0 rg BT 499.04 250.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 508.88 250.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 522.59 250.10 Td (registered ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.94 238.10 Td (compliance ) Tj ET Q
q 0 0 0 rg BT 115.53 238.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 135.81 238.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 156.64 238.10 Td (laws, ) Tj ET Q
q 0 0 0 rg BT 179.97 238.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 226.90 238.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 243.84 238.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 266.88 238.10 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 321.59 238.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 341.30 238.10 Td (entail ) Tj ET Q
q 0 0 0 rg BT 366.02 238.10 Td (significant ) Tj ET Q
q 0 0 0 rg BT 410.73 238.10 Td (expense.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td (Our ) Tj ET Q
q 0 0 0 rg BT 67.33 214.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 97.44 214.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 111.42 214.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 141.52 214.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 151.08 214.10 Td (both ) Tj ET Q
q 0 0 0 rg BT 170.63 214.10 Td (scheduled ) Tj ET Q
q 0 0 0 rg BT 212.40 214.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 228.61 214.10 Td (unscheduled ) Tj ET Q
q 0 0 0 rg BT 280.38 214.10 Td (inspections ) Tj ET Q
q 0 0 0 rg BT 327.15 214.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 338.93 214.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 345.14 214.10 Td (variety ) Tj ET Q
q 0 0 0 rg BT 374.68 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 384.79 214.10 Td (government, ) Tj ET Q
q 0 0 0 rg BT 436.83 214.10 Td (quasi-governmental ) Tj ET Q
q 0 0 0 rg BT 518.03 214.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 534.24 214.10 Td (private ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (or) Tj ET Q
q 0 0 0 rg BT 58.15 202.10 Td (ganizations ) Tj ET Q
q 0 0 0 rg BT 105.60 202.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 145.29 202.10 Td (local ) Tj ET Q
q 0 0 0 rg BT 166.64 202.10 Td (port ) Tj ET Q
q 0 0 0 rg BT 184.66 202.10 Td (authorities, ) Tj ET Q
q 0 0 0 rg BT 231.28 202.10 Td (national ) Tj ET Q
q 0 0 0 rg BT 265.41 202.10 Td (authorities, ) Tj ET Q
q 0 0 0 rg BT 312.03 202.10 Td (harbor ) Tj ET Q
q 0 0 0 rg BT 340.05 202.10 Td (masters ) Tj ET Q
q 0 0 0 rg BT 372.51 202.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 382.75 202.10 Td (equivalents, ) Tj ET Q
q 0 0 0 rg BT 432.70 202.10 Td (classification ) Tj ET Q
q 0 0 0 rg BT 487.38 202.10 Td (societies, ) Tj ET Q
q 0 0 0 rg BT 526.22 202.10 Td (flag ) Tj ET Q
q 0 0 0 rg BT 543.68 202.10 Td (state ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (administrations ) Tj ET Q
q 0 0 0 rg BT 114.94 190.10 Td (\(countries ) Tj ET Q
q 0 0 0 rg BT 158.20 190.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 169.80 190.10 Td (registry\) ) Tj ET Q
q 0 0 0 rg BT 206.95 190.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 224.67 190.10 Td (charterers. ) Tj ET Q
q 0 0 0 rg BT 269.86 190.10 Td (Our ) Tj ET Q
q 0 0 0 rg BT 288.68 190.10 Td (failure ) Tj ET Q
q 0 0 0 rg BT 318.05 190.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 329.11 190.10 Td (maintain ) Tj ET Q
q 0 0 0 rg BT 367.37 190.10 Td (permits, ) Tj ET Q
q 0 0 0 rg BT 403.14 190.10 Td (licenses, ) Tj ET Q
q 0 0 0 rg BT 440.57 190.10 Td (certificates ) Tj ET Q
q 0 0 0 rg BT 487.71 190.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 499.31 190.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 523.13 190.10 Td (approvals ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.10 Td (required ) Tj ET Q
q 0 0 0 rg BT 85.90 178.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 98.49 178.10 Td (some ) Tj ET Q
q 0 0 0 rg BT 122.19 178.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 133.11 178.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 156.25 178.10 Td (entities ) Tj ET Q
q 0 0 0 rg BT 187.72 178.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 212.52 178.10 Td (require ) Tj ET Q
q 0 0 0 rg BT 243.43 178.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 254.91 178.10 Td (to ) Tj ET Q
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endstream
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q 0 0 0 rg BT 517.01 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 527.76 526.10 Td (dif) Tj ET Q
q 0 0 0 rg BT 538.68 526.10 Td (ferent ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (sources ) Tj ET Q
q 0 0 0 rg BT 82.41 514.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 93.16 514.10 Td (pollution: ) Tj ET Q
q 0 0 0 rg BT 133.94 514.10 Td (Annex ) Tj ET Q
q 0 0 0 rg BT 163.02 514.10 Td (I ) Tj ET Q
q 0 0 0 rg BT 168.77 514.10 Td (relates ) Tj ET Q
q 0 0 0 rg BT 197.28 514.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 207.48 514.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 220.45 514.10 Td (leakage ) Tj ET Q
q 0 0 0 rg BT 253.40 514.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 264.15 514.10 Td (spilling; ) Tj ET Q
q 0 0 0 rg BT 298.82 514.10 Td (Annexes ) Tj ET Q
q 0 0 0 rg BT 336.23 514.10 Td (II ) Tj ET Q
q 0 0 0 rg BT 345.31 514.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 362.17 514.10 Td (III ) Tj ET Q
q 0 0 0 rg BT 374.58 514.10 Td (relate ) Tj ET Q
q 0 0 0 rg BT 399.20 514.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 409.40 514.10 Td (harmful ) Tj ET Q
q 0 0 0 rg BT 443.47 514.10 Td (substances ) Tj ET Q
q 0 0 0 rg BT 488.66 514.10 Td (carried, ) Tj ET Q
q 0 0 0 rg BT 521.33 514.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 531.53 514.10 Td (bulk, ) Tj ET Q
q 0 0 0 rg BT 554.23 514.10 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (liquid ) Tj ET Q
q 0 0 0 rg BT 75.68 502.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 86.36 502.10 Td (packaged ) Tj ET Q
q 0 0 0 rg BT 126.46 502.10 Td (form, ) Tj ET Q
q 0 0 0 rg BT 150.75 502.10 Td (respectively; ) Tj ET Q
q 0 0 0 rg BT 203.67 502.10 Td (Annexes ) Tj ET Q
q 0 0 0 rg BT 241.01 502.10 Td (IV) Tj ET Q
q 0 0 0 rg BT 251.38 502.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 253.73 502.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 270.35 502.10 Td (V) Tj ET Q
q 0 0 0 rg BT 277.39 502.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 279.74 502.10 Td (relate ) Tj ET Q
q 0 0 0 rg BT 304.29 502.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 314.41 502.10 Td (sewage ) Tj ET Q
q 0 0 0 rg BT 346.19 502.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 362.98 502.10 Td (garbage ) Tj ET Q
q 0 0 0 rg BT 396.97 502.10 Td (management, ) Tj ET Q
q 0 0 0 rg BT 452.91 502.10 Td (respectively; ) Tj ET Q
q 0 0 0 rg BT 506.35 502.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 522.62 502.10 Td (Annex ) Tj ET Q
q 0 0 0 rg BT 551.46 502.10 Td (VI ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (relates ) Tj ET Q
q 0 0 0 rg BT 78.59 490.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 88.87 490.10 Td (air ) Tj ET Q
q 0 0 0 rg BT 101.92 490.10 Td (emissions.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.01 466.10 Td (operation ) Tj ET Q
q 0 0 0 rg BT 108.24 466.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 119.03 466.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 134.82 466.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 165.62 466.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 174.75 466.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 193.32 466.10 Td (af) Tj ET Q
q 0 0 0 rg BT 200.91 466.10 Td (fected ) Tj ET Q
q 0 0 0 rg BT 227.80 466.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 240.26 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 254.94 466.10 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 309.61 466.10 Td (contained ) Tj ET Q
q 0 0 0 rg BT 350.94 466.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 361.18 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 375.86 466.10 Td (International ) Tj ET Q
q 0 0 0 rg BT 429.42 466.10 Td (Safety ) Tj ET Q
q 0 0 0 rg BT 457.43 466.10 Td (Management ) Tj ET Q
q 0 0 0 rg BT 512.09 466.10 Td (Code ) Tj ET Q
q 0 0 0 rg BT 535.66 466.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 549.79 466.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (Safe ) Tj ET Q
q 0 0 0 rg BT 70.01 454.10 Td (Operation ) Tj ET Q
q 0 0 0 rg BT 112.25 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 122.82 454.10 Td (Ships ) Tj ET Q
q 0 0 0 rg BT 147.30 454.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 163.98 454.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 177.89 454.10 Td (Pollution ) Tj ET Q
q 0 0 0 rg BT 216.81 454.10 Td (Prevention, ) Tj ET Q
q 0 0 0 rg BT 264.88 454.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 275.46 454.10 Td (ISM ) Tj ET Q
q 0 0 0 rg BT 295.49 454.10 Td (Code, ) Tj ET Q
q 0 0 0 rg BT 321.34 454.10 Td (promulgated ) Tj ET Q
q 0 0 0 rg BT 374.13 454.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 386.38 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 400.84 454.10 Td (IMO ) Tj ET Q
q 0 0 0 rg BT 422.53 454.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 447.54 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 462.01 454.10 Td (International ) Tj ET Q
q 0 0 0 rg BT 515.34 454.10 Td (Convention ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 63.98 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 78.51 442.10 Td (Safety ) Tj ET Q
q 0 0 0 rg BT 106.38 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 117.03 442.10 Td (Life ) Tj ET Q
q 0 0 0 rg BT 136.00 442.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 145.54 442.10 Td (Sea ) Tj ET Q
q 0 0 0 rg BT 162.29 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 172.94 442.10 Td (1974, ) Tj ET Q
q 0 0 0 rg BT 197.76 442.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 208.41 442.10 Td (SOLAS. ) Tj ET Q
q 0 0 0 rg BT 244.73 442.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 262.60 442.10 Td (ISM ) Tj ET Q
q 0 0 0 rg BT 282.70 442.10 Td (Code ) Tj ET Q
q 0 0 0 rg BT 306.13 442.10 Td (requires ) Tj ET Q
q 0 0 0 rg BT 340.65 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 355.19 442.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 378.05 442.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 398.15 442.10 Td (operational ) Tj ET Q
q 0 0 0 rg BT 445.45 442.10 Td (control ) Tj ET Q
q 0 0 0 rg BT 476.09 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 486.74 442.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 493.50 442.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 520.25 442.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 530.35 442.10 Td (develop ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 61.79 430.10 Td (extensive ) Tj ET Q
q 0 0 0 rg BT 101.90 430.10 Td (safety ) Tj ET Q
q 0 0 0 rg BT 128.13 430.10 Td (management ) Tj ET Q
q 0 0 0 rg BT 181.56 430.10 Td (system ) Tj ET Q
q 0 0 0 rg BT 211.69 430.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 229.03 430.10 Td (includes, ) Tj ET Q
q 0 0 0 rg BT 267.21 430.10 Td (among ) Tj ET Q
q 0 0 0 rg BT 296.77 430.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 319.67 430.10 Td (things, ) Tj ET Q
q 0 0 0 rg BT 348.96 430.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 363.53 430.10 Td (adoption ) Tj ET Q
q 0 0 0 rg BT 400.87 430.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 411.55 430.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 418.34 430.10 Td (safety ) Tj ET Q
q 0 0 0 rg BT 444.57 430.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 461.35 430.10 Td (environmental ) Tj ET Q
q 0 0 0 rg BT 521.46 430.10 Td (protection ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (policy ) Tj ET Q
q 0 0 0 rg BT 78.81 418.10 Td (setting ) Tj ET Q
q 0 0 0 rg BT 109.29 418.10 Td (forth ) Tj ET Q
q 0 0 0 rg BT 132.54 418.10 Td (instructions ) Tj ET Q
q 0 0 0 rg BT 183.02 418.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 201.27 418.10 Td (procedures ) Tj ET Q
q 0 0 0 rg BT 248.95 418.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 264.42 418.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 306.00 418.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 319.26 418.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 351.41 418.10 Td (safely ) Tj ET Q
q 0 0 0 rg BT 379.10 418.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 397.35 418.10 Td (describing ) Tj ET Q
q 0 0 0 rg BT 442.82 418.10 Td (procedures ) Tj ET Q
q 0 0 0 rg BT 490.50 418.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 505.97 418.10 Td (responding ) Tj ET Q
q 0 0 0 rg BT 554.22 418.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (emer) Tj ET Q
q 0 0 0 rg BT 69.80 406.10 Td (gencies. ) Tj ET Q
q 0 0 0 rg BT 104.61 406.10 Td (W) Tj ET Q
q 0 0 0 rg BT 113.25 406.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 120.19 406.10 Td (intend ) Tj ET Q
q 0 0 0 rg BT 147.68 406.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 157.96 406.10 Td (rely ) Tj ET Q
q 0 0 0 rg BT 176.01 406.10 Td (upon ) Tj ET Q
q 0 0 0 rg BT 198.51 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 213.22 406.10 Td (safety ) Tj ET Q
q 0 0 0 rg BT 239.60 406.10 Td (management ) Tj ET Q
q 0 0 0 rg BT 293.19 406.10 Td (system ) Tj ET Q
q 0 0 0 rg BT 323.47 406.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 340.96 406.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 356.79 406.10 Td (appointed ) Tj ET Q
q 0 0 0 rg BT 398.73 406.10 Td (ship ) Tj ET Q
q 0 0 0 rg BT 417.90 406.10 Td (managers ) Tj ET Q
q 0 0 0 rg BT 458.71 406.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 480.09 406.10 Td (developed.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.87 382.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 104.50 382.10 Td (2003, ) Tj ET Q
q 0 0 0 rg BT 129.54 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 144.30 382.10 Td (Marine ) Tj ET Q
q 0 0 0 rg BT 175.72 382.10 Td (Environmental ) Tj ET Q
q 0 0 0 rg BT 237.69 382.10 Td (Protection ) Tj ET Q
q 0 0 0 rg BT 281.33 382.10 Td (Committee ) Tj ET Q
q 0 0 0 rg BT 328.31 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 339.18 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 353.94 382.10 Td (IMO, ) Tj ET Q
q 0 0 0 rg BT 378.43 382.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 389.30 382.10 Td (MEPC, ) Tj ET Q
q 0 0 0 rg BT 421.57 382.10 Td (adopted ) Tj ET Q
q 0 0 0 rg BT 455.77 382.10 Td (amendments ) Tj ET Q
q 0 0 0 rg BT 508.85 382.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 518.61 382.10 Td (Annex ) Tj ET Q
q 0 0 0 rg BT 547.81 382.10 Td (I ) Tj ET Q
q 0 0 0 rg BT 553.68 382.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 65.39 370.10 Td (MARPOL) Tj ET Q
q 0 0 0 rg BT 106.70 370.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 109.88 370.10 Td (Convention, ) Tj ET Q
q 0 0 0 rg BT 162.22 370.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 189.83 370.10 Td (became ) Tj ET Q
q 0 0 0 rg BT 223.54 370.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 231.13 370.10 Td (fective ) Tj ET Q
q 0 0 0 rg BT 261.51 370.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 271.77 370.10 Td (April ) Tj ET Q
q 0 0 0 rg BT 296.05 370.10 Td (2005. ) Tj ET Q
q 0 0 0 rg BT 321.50 370.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 340.23 370.10 Td (amendment ) Tj ET Q
q 0 0 0 rg BT 390.05 370.10 Td (revised ) Tj ET Q
q 0 0 0 rg BT 422.11 370.10 Td (then ) Tj ET Q
q 0 0 0 rg BT 442.50 370.10 Td (existing ) Tj ET Q
q 0 0 0 rg BT 477.35 370.10 Td (regulation ) Tj ET Q
q 0 0 0 rg BT 521.07 370.10 Td (13G ) Tj ET Q
q 0 0 0 rg BT 541.46 370.10 Td (\(now ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (regulation ) Tj ET Q
q 0 0 0 rg BT 92.93 358.10 Td (20 ) Tj ET Q
q 0 0 0 rg BT 105.31 358.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 115.50 358.10 Td (Annex ) Tj ET Q
q 0 0 0 rg BT 144.55 358.10 Td (I\) ) Tj ET Q
q 0 0 0 rg BT 153.59 358.10 Td (accelerating ) Tj ET Q
q 0 0 0 rg BT 204.27 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 218.88 358.10 Td (phase-out ) Tj ET Q
q 0 0 0 rg BT 260.14 358.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 270.85 358.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 297.13 358.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 315.07 358.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 328.01 358.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 359.27 358.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 376.09 358.10 Td (adopted ) Tj ET Q
q 0 0 0 rg BT 410.14 358.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 416.96 358.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 436.00 358.10 Td (regulation ) Tj ET Q
q 0 0 0 rg BT 478.93 358.10 Td (13H ) Tj ET Q
q 0 0 0 rg BT 498.54 358.10 Td (\(now ) Tj ET Q
q 0 0 0 rg BT 521.48 358.10 Td (regulation ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (21 ) Tj ET Q
q 0 0 0 rg BT 63.35 346.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 75.03 346.10 Td (annex ) Tj ET Q
q 0 0 0 rg BT 102.26 346.10 Td (I\) ) Tj ET Q
q 0 0 0 rg BT 112.28 346.10 Td (aimed ) Tj ET Q
q 0 0 0 rg BT 140.06 346.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 150.63 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 166.20 346.10 Td (prevention ) Tj ET Q
q 0 0 0 rg BT 212.31 346.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 224.00 346.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 237.91 346.10 Td (pollution ) Tj ET Q
q 0 0 0 rg BT 277.37 346.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 300.16 346.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 314.07 346.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 346.30 346.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 382.97 346.10 Td (heavy ) Tj ET Q
q 0 0 0 rg BT 410.20 346.10 Td (grade ) Tj ET Q
q 0 0 0 rg BT 435.75 346.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 449.66 346.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 461.35 346.10 Td (car) Tj ET Q
q 0 0 0 rg BT 473.37 346.10 Td (go. ) Tj ET Q
q 0 0 0 rg BT 489.22 346.10 Td (Under ) Tj ET Q
q 0 0 0 rg BT 517.57 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 533.13 346.10 Td (revised ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (regulations, ) Tj ET Q
q 0 0 0 rg BT 98.68 334.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 124.31 334.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 141.62 334.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 153.92 334.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 184.55 334.10 Td (exceeding ) Tj ET Q
q 0 0 0 rg BT 226.83 334.10 Td (5,000 ) Tj ET Q
q 0 0 0 rg BT 251.07 334.10 Td (deadweight ) Tj ET Q
q 0 0 0 rg BT 298.91 334.10 Td (tons ) Tj ET Q
q 0 0 0 rg BT 317.33 334.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 338.51 334.10 Td (required ) Tj ET Q
q 0 0 0 rg BT 373.57 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 383.09 334.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 394.28 334.10 Td (phased ) Tj ET Q
q 0 0 0 rg BT 423.79 334.10 Td (out ) Tj ET Q
q 0 0 0 rg BT 438.32 334.10 Td (\(or ) Tj ET Q
q 0 0 0 rg BT 451.73 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 461.25 334.10 Td (meet ) Tj ET Q
q 0 0 0 rg BT 482.43 334.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 511.38 334.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 533.68 334.10 Td (limited ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (exceptions\) ) Tj ET Q
q 0 0 0 rg BT 98.47 322.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 110.85 322.10 Td (later ) Tj ET Q
q 0 0 0 rg BT 131.00 322.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 150.07 322.10 Td (April ) Tj ET Q
q 0 0 0 rg BT 173.55 322.10 Td (5, ) Tj ET Q
q 0 0 0 rg BT 183.43 322.10 Td (2005 ) Tj ET Q
q 0 0 0 rg BT 205.81 322.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 216.52 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 231.12 322.10 Td (anniversary ) Tj ET Q
q 0 0 0 rg BT 280.14 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 290.85 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 305.45 322.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 324.48 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 335.19 322.10 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 370.34 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 381.05 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 395.64 322.10 Td (ship ) Tj ET Q
q 0 0 0 rg BT 414.69 322.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 427.07 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 441.67 322.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 460.70 322.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 471.41 322.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 481.57 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 496.17 322.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 515.75 322.10 Td (specified ) Tj ET Q
q 0 0 0 rg BT 554.22 322.10 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.72 310.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 106.10 310.10 Td (table:) Tj ET Q
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 287.6 m
299.5 287.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
314.5 287.6 m
563.5 287.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 272.6 m
299.5 272.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
314.5 272.6 m
563.5 272.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 207.60000000000002 m
299.5 207.60000000000002 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 102.60000000000002 m
299.5 102.60000000000002 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
314.5 207.60000000000002 m
563.5 207.60000000000002 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
314.5 102.60000000000002 m
563.5 102.60000000000002 l
s
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 277.28 Td (Category ) Tj ET Q
q 0 0 0 rg BT 94.93 277.28 Td (of ) Tj ET Q
q 0 0 0 rg BT 105.76 277.28 Td (Oil ) Tj ET Q
q 0 0 0 rg BT 121.50 277.28 Td (T) Tj ET Q
q 0 0 0 rg BT 127.62 277.28 Td (ankers) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 302.00 278.17 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 317.00 277.28 Td (Date ) Tj ET Q
q 0 0 0 rg BT 339.49 277.28 Td (or) Tj ET Q
q 0 0 0 rg BT 348.75 277.28 Td ( ) Tj ET Q
q 0 0 0 rg BT 350.88 277.28 Td (Y) Tj ET Q
q 0 0 0 rg BT 356.99 277.28 Td (ear) Tj ET Q
q 0 0 0 rg BT 370.69 277.28 Td ( ) Tj ET Q
q 0 0 0 rg BT 373.19 277.28 Td (for) Tj ET Q
q 0 0 0 rg BT 385.77 277.28 Td ( ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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0.49 w
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[] 0 d
1 J
1 j
3 M
53 146.83339843750002 m
67.4384765625 146.83339843750002 l
s
q 0 0 0 rg BT 53.00 148.17 Td (and) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 118.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 302.00 198.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 317.00 197.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 373.11 187.27 Td (for ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 339.50 177.27 Td (for ) Tj ET Q
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q 0 0 0 rg BT 436.69 177.27 Td (April ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 360.60 167.27 Td (1978) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 339.50 157.27 Td (for ) Tj ET Q
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q 0 0 0 rg BT 466.14 157.27 Td (1979) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 339.50 147.27 Td (for ) Tj ET Q
q 0 0 0 rg BT 353.66 147.27 Td (ships ) Tj ET Q
q 0 0 0 rg BT 376.72 147.27 Td (delivered ) Tj ET Q
q 0 0 0 rg BT 416.42 147.27 Td (in ) Tj ET Q
q 0 0 0 rg BT 426.70 147.27 Td (1980 ) Tj ET Q
q 0 0 0 rg BT 449.20 147.27 Td (and ) Tj ET Q
q 0 0 0 rg BT 466.14 147.27 Td (1981) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 339.50 137.27 Td (for ) Tj ET Q
q 0 0 0 rg BT 353.66 137.27 Td (ships ) Tj ET Q
q 0 0 0 rg BT 376.72 137.27 Td (delivered ) Tj ET Q
q 0 0 0 rg BT 416.42 137.27 Td (in ) Tj ET Q
q 0 0 0 rg BT 426.70 137.27 Td (1982) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 317.00 127.27 Td (2009 ) Tj ET Q
q 0 0 0 rg BT 339.50 127.27 Td (for ) Tj ET Q
q 0 0 0 rg BT 353.66 127.27 Td (ships ) Tj ET Q
q 0 0 0 rg BT 376.72 127.27 Td (delivered ) Tj ET Q
q 0 0 0 rg BT 416.42 127.27 Td (in ) Tj ET Q
q 0 0 0 rg BT 426.70 127.27 Td (1983) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 339.50 117.27 Td (for ) Tj ET Q
q 0 0 0 rg BT 353.66 117.27 Td (ships ) Tj ET Q
q 0 0 0 rg BT 376.72 117.27 Td (delivered ) Tj ET Q
q 0 0 0 rg BT 416.42 117.27 Td (in ) Tj ET Q
q 0 0 0 rg BT 426.70 117.27 Td (1984 ) Tj ET Q
q 0 0 0 rg BT 449.20 117.27 Td (or ) Tj ET Q
q 0 0 0 rg BT 460.03 117.27 Td (later) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 317.00 107.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
endstream
endobj
170 0 obj
<<
/Length 35286
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 361.98 742.10 Td (certain ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 530.37 694.10 Td (allowed ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 682.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 62.32 682.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 76.85 682.10 Td (flag ) Tj ET Q
q 0 0 0 rg BT 94.71 682.10 Td (state ) Tj ET Q
q 0 0 0 rg BT 115.35 682.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 125.45 682.10 Td (continue ) Tj ET Q
q 0 0 0 rg BT 162.20 682.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 206.17 682.10 Td (until ) Tj ET Q
q 0 0 0 rg BT 226.82 682.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 247.46 682.10 Td (25th ) Tj ET Q
q 0 0 0 rg BT 267.55 682.10 Td (anniversary ) Tj ET Q
q 0 0 0 rg BT 316.52 682.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 327.16 682.10 Td (delivery) Tj ET Q
q 0 0 0 rg BT 359.28 682.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 364.09 682.10 Td (Port ) Tj ET Q
q 0 0 0 rg BT 383.08 682.10 Td (states ) Tj ET Q
q 0 0 0 rg BT 407.61 682.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 422.13 682.10 Td (however ) Tj ET Q
q 0 0 0 rg BT 458.88 682.10 Td (permitted ) Tj ET Q
q 0 0 0 rg BT 499.51 682.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 509.61 682.10 Td (deny ) Tj ET Q
q 0 0 0 rg BT 531.36 682.10 Td (entry ) Tj ET Q
q 0 0 0 rg BT 554.23 682.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 670.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 70.83 670.10 Td (tankers, ) Tj ET Q
q 0 0 0 rg BT 104.71 670.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 113.32 670.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 128.03 670.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 159.41 670.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 174.12 670.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 192.72 670.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 232.99 670.10 Td (beyond ) Tj ET Q
q 0 0 0 rg BT 264.93 670.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 279.64 670.10 Td (anniversary ) Tj ET Q
q 0 0 0 rg BT 328.79 670.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 339.62 670.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 354.34 670.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 373.49 670.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 384.32 670.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 405.15 670.10 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 440.41 670.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 450.69 670.10 Td (2015.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 658.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 646.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.11 646.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 111.75 646.10 Td (2003 ) Tj ET Q
q 0 0 0 rg BT 134.31 646.10 Td (amendments ) Tj ET Q
q 0 0 0 rg BT 187.41 646.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 197.19 646.10 Td (Annex ) Tj ET Q
q 0 0 0 rg BT 226.41 646.10 Td (I ) Tj ET Q
q 0 0 0 rg BT 232.30 646.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 243.19 646.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 257.96 646.10 Td (MARPOL) Tj ET Q
q 0 0 0 rg BT 299.27 646.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 301.83 646.10 Td (convention, ) Tj ET Q
q 0 0 0 rg BT 351.32 646.10 Td (discussed ) Tj ET Q
q 0 0 0 rg BT 392.21 646.10 Td (above, ) Tj ET Q
q 0 0 0 rg BT 421.15 646.10 Td (adopted ) Tj ET Q
q 0 0 0 rg BT 455.36 646.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 462.36 646.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 481.58 646.10 Td (regulation ) Tj ET Q
q 0 0 0 rg BT 524.68 646.10 Td (21 ) Tj ET Q
q 0 0 0 rg BT 537.24 646.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 549.80 646.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.10 Td (prevention ) Tj ET Q
q 0 0 0 rg BT 95.75 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 107.06 634.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 120.60 634.10 Td (pollution ) Tj ET Q
q 0 0 0 rg BT 159.69 634.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 182.11 634.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 195.65 634.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 227.51 634.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 263.81 634.10 Td (heavy ) Tj ET Q
q 0 0 0 rg BT 290.67 634.10 Td (grade ) Tj ET Q
q 0 0 0 rg BT 315.86 634.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 329.40 634.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 340.71 634.10 Td (car) Tj ET Q
q 0 0 0 rg BT 352.74 634.10 Td (go ) Tj ET Q
q 0 0 0 rg BT 365.72 634.10 Td (\("HGO"\), ) Tj ET Q
q 0 0 0 rg BT 407.69 634.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 435.11 634.10 Td (includes ) Tj ET Q
q 0 0 0 rg BT 471.42 634.10 Td (most ) Tj ET Q
q 0 0 0 rg BT 493.85 634.10 Td (grades ) Tj ET Q
q 0 0 0 rg BT 522.93 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 534.24 634.10 Td (marine ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.10 Td (fuel. ) Tj ET Q
q 0 0 0 rg BT 70.01 622.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 87.67 622.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 106.44 622.10 Td (regulation ) Tj ET Q
q 0 0 0 rg BT 149.10 622.10 Td (requires, ) Tj ET Q
q 0 0 0 rg BT 185.92 622.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 205.81 622.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 235.13 622.10 Td (limited ) Tj ET Q
q 0 0 0 rg BT 265.57 622.10 Td (exceptions, ) Tj ET Q
q 0 0 0 rg BT 312.95 622.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 330.06 622.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 356.06 622.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 373.73 622.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 386.40 622.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 417.40 622.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 427.84 622.10 Td (5,000 ) Tj ET Q
q 0 0 0 rg BT 452.45 622.10 Td (dwt ) Tj ET Q
q 0 0 0 rg BT 469.57 622.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 486.12 622.10 Td (above ) Tj ET Q
q 0 0 0 rg BT 512.11 622.10 Td (comply ) Tj ET Q
q 0 0 0 rg BT 544.22 622.10 Td (with ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td (regulation ) Tj ET Q
q 0 0 0 rg BT 92.91 610.10 Td (13F ) Tj ET Q
q 0 0 0 rg BT 110.84 610.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 121.02 610.10 Td (Annex ) Tj ET Q
q 0 0 0 rg BT 150.04 610.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 157.41 610.10 Td (\(setting ) Tj ET Q
q 0 0 0 rg BT 189.78 610.10 Td (out ) Tj ET Q
q 0 0 0 rg BT 204.92 610.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 211.73 610.10 Td (number ) Tj ET Q
q 0 0 0 rg BT 244.64 610.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 255.34 610.10 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 309.91 610.10 Td (aimed ) Tj ET Q
q 0 0 0 rg BT 336.71 610.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 346.30 610.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 360.88 610.10 Td (prevention ) Tj ET Q
q 0 0 0 rg BT 406.02 610.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 416.71 610.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 429.64 610.10 Td (pollution ) Tj ET Q
q 0 0 0 rg BT 468.12 610.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 478.27 610.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 492.85 610.10 Td (event ) Tj ET Q
q 0 0 0 rg BT 516.88 610.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 527.57 610.10 Td (collision ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 59.93 598.10 Td (stranding\) ) Tj ET Q
q 0 0 0 rg BT 102.07 598.10 Td (after ) Tj ET Q
q 0 0 0 rg BT 121.63 598.10 Td (April ) Tj ET Q
q 0 0 0 rg BT 144.33 598.10 Td (5, ) Tj ET Q
q 0 0 0 rg BT 153.43 598.10 Td (2005, ) Tj ET Q
q 0 0 0 rg BT 177.52 598.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 193.56 598.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 210.15 598.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 235.63 598.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 252.78 598.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 264.93 598.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 295.41 598.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 305.33 598.10 Td (600 ) Tj ET Q
q 0 0 0 rg BT 321.93 598.10 Td (dwt ) Tj ET Q
q 0 0 0 rg BT 338.52 598.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 354.56 598.10 Td (above ) Tj ET Q
q 0 0 0 rg BT 380.03 598.10 Td (but ) Tj ET Q
q 0 0 0 rg BT 394.41 598.10 Td (less ) Tj ET Q
q 0 0 0 rg BT 411.00 598.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 429.81 598.10 Td (5,000 ) Tj ET Q
q 0 0 0 rg BT 453.91 598.10 Td (dwt ) Tj ET Q
q 0 0 0 rg BT 470.50 598.10 Td (comply ) Tj ET Q
q 0 0 0 rg BT 502.10 598.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 521.47 598.10 Td (regulation ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td (13F\(7\)\(a\) ) Tj ET Q
q 0 0 0 rg BT 90.84 586.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 101.14 586.10 Td (Annex ) Tj ET Q
q 0 0 0 rg BT 130.33 586.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 137.85 586.10 Td (\(requiring ) Tj ET Q
q 0 0 0 rg BT 180.36 586.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 210.09 586.10 Td (modifications ) Tj ET Q
q 0 0 0 rg BT 267.60 586.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 277.90 586.10 Td (smaller ) Tj ET Q
q 0 0 0 rg BT 309.86 586.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 341.26 586.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 351.57 586.10 Td (order ) Tj ET Q
q 0 0 0 rg BT 375.19 586.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 385.49 586.10 Td (prevent ) Tj ET Q
q 0 0 0 rg BT 418.00 586.10 Td (pollution ) Tj ET Q
q 0 0 0 rg BT 456.64 586.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 466.94 586.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 481.68 586.10 Td (event ) Tj ET Q
q 0 0 0 rg BT 505.86 586.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 516.72 586.10 Td (collision ) Tj ET Q
q 0 0 0 rg BT 553.69 586.10 Td (or ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (stranding\) ) Tj ET Q
q 0 0 0 rg BT 93.05 574.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 105.55 574.10 Td (later ) Tj ET Q
q 0 0 0 rg BT 125.81 574.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 145.53 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 160.24 574.10 Td (anniversary ) Tj ET Q
q 0 0 0 rg BT 209.39 574.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 220.22 574.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 241.04 574.10 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 276.31 574.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 286.59 574.10 Td (2008.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (Under ) Tj ET Q
q 0 0 0 rg BT 77.49 550.10 Td (regulation ) Tj ET Q
q 0 0 0 rg BT 120.53 550.10 Td (21, ) Tj ET Q
q 0 0 0 rg BT 135.53 550.10 Td (HGO ) Tj ET Q
q 0 0 0 rg BT 159.70 550.10 Td (means ) Tj ET Q
q 0 0 0 rg BT 187.74 550.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 204.68 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 215.51 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 230.23 550.10 Td (following:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 530.17 Td () Tj ET Q
/GS0 gs
q 6.00 0 0 9.09 81.00 528.01 cm
/I23 Do Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 109.00 529.27 Td (crude oils having a density at 15C higher than 900 kg/m) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 6.50 Tf ET
q 0 0 0 rg BT 336.50 533.80 Td (3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 339.75 529.27 Td (;) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 505.17 Td () Tj ET Q
/GS0 gs
q 6.00 0 0 9.09 81.00 503.01 cm
/I24 Do Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 109.00 504.27 Td (fuel oils having either a density at 15C higher than 900 kg/m) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 6.50 Tf ET
q 0 0 0 rg BT 355.11 508.80 Td (3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 358.36 504.27 Td ( or a kinematic viscosity at 50C higher than 180 ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 109.00 494.27 Td (mm) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 6.50 Tf ET
q 0 0 0 rg BT 124.56 498.80 Td (2) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 127.81 494.27 Td (/s; or) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 470.17 Td () Tj ET Q
/GS0 gs
q 6.00 0 0 9.09 81.00 468.01 cm
/I25 Do Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 109.00 470.17 Td (bitumen, tar and their emulsions.) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 441.10 Td (Under ) Tj ET Q
q 0 0 0 rg BT 77.51 441.10 Td (regulation ) Tj ET Q
q 0 0 0 rg BT 120.58 441.10 Td (21, ) Tj ET Q
q 0 0 0 rg BT 135.60 441.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 150.34 441.10 Td (flag ) Tj ET Q
q 0 0 0 rg BT 168.41 441.10 Td (state ) Tj ET Q
q 0 0 0 rg BT 189.26 441.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 209.00 441.10 Td (allow ) Tj ET Q
q 0 0 0 rg BT 233.74 441.10 Td (continued ) Tj ET Q
q 0 0 0 rg BT 275.70 441.10 Td (operation ) Tj ET Q
q 0 0 0 rg BT 315.99 441.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 326.84 441.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 339.92 441.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 371.32 441.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 382.17 441.10 Td (5,000 ) Tj ET Q
q 0 0 0 rg BT 407.20 441.10 Td (dwt ) Tj ET Q
q 0 0 0 rg BT 424.72 441.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 441.68 441.10 Td (above, ) Tj ET Q
q 0 0 0 rg BT 470.58 441.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 506.42 441.10 Td (crude ) Tj ET Q
q 0 0 0 rg BT 531.15 441.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 544.23 441.10 Td (with ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 429.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 56.91 429.10 Td (density ) Tj ET Q
q 0 0 0 rg BT 88.28 429.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 97.97 429.10 Td (15C ) Tj ET Q
q 0 0 0 rg BT 120.21 429.10 Td (higher ) Tj ET Q
q 0 0 0 rg BT 148.24 429.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 167.93 429.10 Td (900 ) Tj ET Q
q 0 0 0 rg BT 185.41 429.10 Td (kg/m) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 6.50 Tf ET
q 0 0 0 rg BT 205.96 433.63 Td (3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 209.21 429.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 211.69 429.10 Td (but ) Tj ET Q
q 0 0 0 rg BT 226.94 429.10 Td (lower ) Tj ET Q
q 0 0 0 rg BT 252.19 429.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 271.88 429.10 Td (945 ) Tj ET Q
q 0 0 0 rg BT 289.35 429.10 Td (kg/m) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 6.50 Tf ET
q 0 0 0 rg BT 309.91 433.63 Td (3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 313.16 429.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 318.13 429.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 335.61 429.10 Td (conform ) Tj ET Q
q 0 0 0 rg BT 371.96 429.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 382.21 429.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 411.89 429.10 Td (technical ) Tj ET Q
q 0 0 0 rg BT 450.45 429.10 Td (specifications ) Tj ET Q
q 0 0 0 rg BT 507.91 429.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 524.82 429.10 Td (where, ) Tj ET Q
q 0 0 0 rg BT 554.23 429.10 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 417.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 65.06 417.10 Td (opinion ) Tj ET Q
q 0 0 0 rg BT 98.47 417.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 109.65 417.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 124.71 417.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 145.89 417.10 Td (flag ) Tj ET Q
q 0 0 0 rg BT 164.29 417.10 Td (state, ) Tj ET Q
q 0 0 0 rg BT 187.96 417.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 203.02 417.10 Td (ship ) Tj ET Q
q 0 0 0 rg BT 222.54 417.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 232.06 417.10 Td (fit ) Tj ET Q
q 0 0 0 rg BT 243.80 417.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 254.42 417.10 Td (continue ) Tj ET Q
q 0 0 0 rg BT 291.70 417.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 312.88 417.10 Td (operation, ) Tj ET Q
q 0 0 0 rg BT 355.99 417.10 Td (having ) Tj ET Q
q 0 0 0 rg BT 386.06 417.10 Td (regard ) Tj ET Q
q 0 0 0 rg BT 414.44 417.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 425.07 417.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 440.14 417.10 Td (size, ) Tj ET Q
q 0 0 0 rg BT 461.03 417.10 Td (age, ) Tj ET Q
q 0 0 0 rg BT 480.26 417.10 Td (operational ) Tj ET Q
q 0 0 0 rg BT 528.08 417.10 Td (area ) Tj ET Q
q 0 0 0 rg BT 547.58 417.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 405.10 Td (structural ) Tj ET Q
q 0 0 0 rg BT 90.03 405.10 Td (conditions ) Tj ET Q
q 0 0 0 rg BT 133.97 405.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 144.57 405.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 159.06 405.10 Td (ship ) Tj ET Q
q 0 0 0 rg BT 178.00 405.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 194.71 405.10 Td (provided ) Tj ET Q
q 0 0 0 rg BT 232.52 405.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 249.79 405.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 264.28 405.10 Td (continued ) Tj ET Q
q 0 0 0 rg BT 305.98 405.10 Td (operation ) Tj ET Q
q 0 0 0 rg BT 346.02 405.10 Td (shall ) Tj ET Q
q 0 0 0 rg BT 367.17 405.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 382.22 405.10 Td (go ) Tj ET Q
q 0 0 0 rg BT 394.49 405.10 Td (beyond ) Tj ET Q
q 0 0 0 rg BT 426.20 405.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 440.69 405.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 459.61 405.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 471.88 405.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 498.59 405.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 513.08 405.10 Td (ship ) Tj ET Q
q 0 0 0 rg BT 532.02 405.10 Td (reaches ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 393.10 Td (25 ) Tj ET Q
q 0 0 0 rg BT 62.50 393.10 Td (years ) Tj ET Q
q 0 0 0 rg BT 86.10 393.10 Td (after ) Tj ET Q
q 0 0 0 rg BT 106.91 393.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 121.63 393.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 140.79 393.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 151.62 393.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 163.56 393.10 Td (delivery) Tj ET Q
q 0 0 0 rg BT 195.68 393.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 369.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.51 369.10 Td (flag ) Tj ET Q
q 0 0 0 rg BT 85.02 369.10 Td (state ) Tj ET Q
q 0 0 0 rg BT 105.31 369.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 124.49 369.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 142.57 369.10 Td (allow ) Tj ET Q
q 0 0 0 rg BT 166.75 369.10 Td (continued ) Tj ET Q
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q 0 0 0 rg BT 258.17 369.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 264.57 369.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 290.42 369.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 307.94 369.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 320.46 369.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 347.41 369.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 357.71 369.10 Td (600 ) Tj ET Q
q 0 0 0 rg BT 374.67 369.10 Td (dwt ) Tj ET Q
q 0 0 0 rg BT 391.64 369.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 408.04 369.10 Td (above ) Tj ET Q
q 0 0 0 rg BT 433.88 369.10 Td (but ) Tj ET Q
q 0 0 0 rg BT 448.62 369.10 Td (less ) Tj ET Q
q 0 0 0 rg BT 465.59 369.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 484.77 369.10 Td (5,000 ) Tj ET Q
q 0 0 0 rg BT 509.23 369.10 Td (dwt, ) Tj ET Q
q 0 0 0 rg BT 528.70 369.10 Td (carrying ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 357.10 Td (HGO ) Tj ET Q
q 0 0 0 rg BT 75.12 357.10 Td (as ) Tj ET Q
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q 0 0 0 rg BT 98.93 357.10 Td (go, ) Tj ET Q
q 0 0 0 rg BT 114.88 357.10 Td (if, ) Tj ET Q
q 0 0 0 rg BT 126.94 357.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 138.18 357.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 153.85 357.10 Td (opinion ) Tj ET Q
q 0 0 0 rg BT 187.86 357.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 199.64 357.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 221.42 357.10 Td (flag ) Tj ET Q
q 0 0 0 rg BT 240.42 357.10 Td (state, ) Tj ET Q
q 0 0 0 rg BT 264.70 357.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 280.37 357.10 Td (ship ) Tj ET Q
q 0 0 0 rg BT 300.50 357.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 310.62 357.10 Td (fit ) Tj ET Q
q 0 0 0 rg BT 322.96 357.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 334.19 357.10 Td (continue ) Tj ET Q
q 0 0 0 rg BT 372.08 357.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 393.86 357.10 Td (operation, ) Tj ET Q
q 0 0 0 rg BT 437.58 357.10 Td (having ) Tj ET Q
q 0 0 0 rg BT 468.25 357.10 Td (regard ) Tj ET Q
q 0 0 0 rg BT 497.24 357.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 508.47 357.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 524.15 357.10 Td (size, ) Tj ET Q
q 0 0 0 rg BT 545.65 357.10 Td (age, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 345.10 Td (operational ) Tj ET Q
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q 0 0 0 rg BT 133.63 345.10 Td (structural ) Tj ET Q
q 0 0 0 rg BT 173.92 345.10 Td (conditions ) Tj ET Q
q 0 0 0 rg BT 218.10 345.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 228.96 345.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 243.69 345.10 Td (ship, ) Tj ET Q
q 0 0 0 rg BT 265.39 345.10 Td (provided ) Tj ET Q
q 0 0 0 rg BT 303.45 345.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 320.97 345.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 335.71 345.10 Td (operation ) Tj ET Q
q 0 0 0 rg BT 376.00 345.10 Td (shall ) Tj ET Q
q 0 0 0 rg BT 397.40 345.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 412.71 345.10 Td (go ) Tj ET Q
q 0 0 0 rg BT 425.23 345.10 Td (beyond ) Tj ET Q
q 0 0 0 rg BT 457.19 345.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 471.93 345.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 491.10 345.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 503.63 345.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 530.59 345.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 545.32 345.10 Td (ship ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 333.10 Td (reaches ) Tj ET Q
q 0 0 0 rg BT 82.48 333.10 Td (25 ) Tj ET Q
q 0 0 0 rg BT 94.98 333.10 Td (years ) Tj ET Q
q 0 0 0 rg BT 118.57 333.10 Td (after ) Tj ET Q
q 0 0 0 rg BT 139.39 333.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 154.11 333.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 173.26 333.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 184.09 333.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 196.04 333.10 Td (delivery) Tj ET Q
q 0 0 0 rg BT 228.15 333.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 67.73 309.10 Td (flag ) Tj ET Q
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q 0 0 0 rg BT 105.97 309.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 125.37 309.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 143.66 309.10 Td (exempt ) Tj ET Q
q 0 0 0 rg BT 175.27 309.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 186.89 309.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 199.63 309.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 226.80 309.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 237.31 309.10 Td (600 ) Tj ET Q
q 0 0 0 rg BT 254.50 309.10 Td (dwt ) Tj ET Q
q 0 0 0 rg BT 271.68 309.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 288.30 309.10 Td (above ) Tj ET Q
q 0 0 0 rg BT 314.36 309.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 349.86 309.10 Td (HGO ) Tj ET Q
q 0 0 0 rg BT 373.71 309.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 384.22 309.10 Td (car) Tj ET Q
q 0 0 0 rg BT 396.25 309.10 Td (go ) Tj ET Q
q 0 0 0 rg BT 408.43 309.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 416.72 309.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 431.12 309.10 Td (ship ) Tj ET Q
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q 0 0 0 rg BT 458.82 309.10 Td (either ) Tj ET Q
q 0 0 0 rg BT 483.77 309.10 Td (engaged ) Tj ET Q
q 0 0 0 rg BT 519.27 309.10 Td (in ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 137.46 297.10 Td (area ) Tj ET Q
q 0 0 0 rg BT 156.41 297.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 181.48 297.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 196.00 297.10 Td (flag ) Tj ET Q
q 0 0 0 rg BT 213.86 297.10 Td (state's ) Tj ET Q
q 0 0 0 rg BT 240.18 297.10 Td (jurisdiction, ) Tj ET Q
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q 0 0 0 rg BT 309.59 297.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 324.11 297.10 Td (ship ) Tj ET Q
q 0 0 0 rg BT 343.09 297.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 352.07 297.10 Td (engaged ) Tj ET Q
q 0 0 0 rg BT 387.69 297.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 397.77 297.10 Td (voyages ) Tj ET Q
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q 0 0 0 rg BT 480.70 297.10 Td (within ) Tj ET Q
q 0 0 0 rg BT 508.56 297.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 520.30 297.10 Td (area ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 156.68 285.10 Td (party ) Tj ET Q
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q 0 0 0 rg BT 190.30 285.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 246.47 285.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 249.12 285.10 Td (Convention, ) Tj ET Q
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q 0 0 0 rg BT 339.13 285.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 356.77 285.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 379.97 285.10 Td (agrees. ) Tj ET Q
q 0 0 0 rg BT 410.47 285.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 428.66 285.10 Td (same ) Tj ET Q
q 0 0 0 rg BT 451.86 285.10 Td (applies ) Tj ET Q
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q 0 0 0 rg BT 493.26 285.10 Td (vessels ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 94.43 273.10 Td (storage ) Tj ET Q
q 0 0 0 rg BT 125.81 273.10 Td (units ) Tj ET Q
q 0 0 0 rg BT 147.76 273.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 158.59 273.10 Td (HGO.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 87.25 249.10 Td (state, ) Tj ET Q
q 0 0 0 rg BT 110.04 249.10 Td (however) Tj ET Q
q 0 0 0 rg BT 144.07 249.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 148.53 249.10 Td (can ) Tj ET Q
q 0 0 0 rg BT 164.37 249.10 Td (deny ) Tj ET Q
q 0 0 0 rg BT 185.77 249.10 Td (entry ) Tj ET Q
q 0 0 0 rg BT 208.28 249.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 218.57 249.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 244.42 249.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 261.94 249.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 292.78 249.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 328.05 249.10 Td (HGO ) Tj ET Q
q 0 0 0 rg BT 351.68 249.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 378.08 249.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 398.92 249.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 419.76 249.10 Td (allowed ) Tj ET Q
q 0 0 0 rg BT 453.38 249.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 463.12 249.10 Td (continue ) Tj ET Q
q 0 0 0 rg BT 499.51 249.10 Td (operation ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 534.30 225.10 Td (ship ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 374.16 189.10 Td (a ) Tj ET Q
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q 0 0 0 rg BT 437.56 189.10 Td (bareboat ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 153.10 Td () Tj ET Q
endstream
endobj
171 0 obj
<<
/Length 49445
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q
BT /F5 10.00 Tf ET
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BT /F5 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 313.33 682.25 Td (whose ) Tj ET Q
q 0 0 0 rg BT 341.76 682.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 372.96 682.25 Td (trade ) Tj ET Q
q 0 0 0 rg BT 395.82 682.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 416.47 682.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 431.56 682.25 Td (United ) Tj ET Q
q 0 0 0 rg BT 461.65 682.25 Td (States ) Tj ET Q
q 0 0 0 rg BT 488.41 682.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 499.62 682.25 Td (its ) Tj ET Q
q 0 0 0 rg BT 511.94 682.25 Td (territories ) Tj ET Q
q 0 0 0 rg BT 553.68 682.25 Td (or ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 670.25 Td (possessions, ) Tj ET Q
q 0 0 0 rg BT 101.23 670.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 111.62 670.25 Td (whose ) Tj ET Q
q 0 0 0 rg BT 139.24 670.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 169.63 670.25 Td (operate ) Tj ET Q
q 0 0 0 rg BT 201.11 670.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 210.95 670.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 225.22 670.25 Td (waters ) Tj ET Q
q 0 0 0 rg BT 253.38 670.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 263.77 670.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 278.05 670.25 Td (United ) Tj ET Q
q 0 0 0 rg BT 307.32 670.25 Td (States, ) Tj ET Q
q 0 0 0 rg BT 335.77 670.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 362.27 670.25 Td (include ) Tj ET Q
q 0 0 0 rg BT 393.76 670.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 408.04 670.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 427.88 670.25 Td (territorial ) Tj ET Q
q 0 0 0 rg BT 467.70 670.25 Td (sea ) Tj ET Q
q 0 0 0 rg BT 482.53 670.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 499.02 670.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 513.30 670.25 Td (200 ) Tj ET Q
q 0 0 0 rg BT 530.36 670.25 Td (nautical ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 658.25 Td (mile ) Tj ET Q
q 0 0 0 rg BT 69.20 658.25 Td (exclusive ) Tj ET Q
q 0 0 0 rg BT 108.40 658.25 Td (economic ) Tj ET Q
q 0 0 0 rg BT 148.70 658.25 Td (zone ) Tj ET Q
q 0 0 0 rg BT 169.00 658.25 Td (around ) Tj ET Q
q 0 0 0 rg BT 198.20 658.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 211.85 658.25 Td (United ) Tj ET Q
q 0 0 0 rg BT 240.50 658.25 Td (States. ) Tj ET Q
q 0 0 0 rg BT 268.21 658.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 285.19 658.25 Td (Comprehensive ) Tj ET Q
q 0 0 0 rg BT 349.38 658.25 Td (Environmental ) Tj ET Q
q 0 0 0 rg BT 410.24 658.25 Td (Response, ) Tj ET Q
q 0 0 0 rg BT 452.50 658.25 Td (Compensation ) Tj ET Q
q 0 0 0 rg BT 511.70 658.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 527.57 658.25 Td (Liability ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 646.25 Td (Act, ) Tj ET Q
q 0 0 0 rg BT 69.10 646.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 79.58 646.25 Td (CERCLA, ) Tj ET Q
q 0 0 0 rg BT 123.69 646.25 Td (imposes ) Tj ET Q
q 0 0 0 rg BT 158.63 646.25 Td (liability ) Tj ET Q
q 0 0 0 rg BT 191.89 646.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 205.71 646.25 Td (cleanup ) Tj ET Q
q 0 0 0 rg BT 238.96 646.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 255.56 646.25 Td (natural ) Tj ET Q
q 0 0 0 rg BT 285.48 646.25 Td (resource ) Tj ET Q
q 0 0 0 rg BT 321.51 646.25 Td (damage ) Tj ET Q
q 0 0 0 rg BT 354.76 646.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 376.36 646.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 390.73 646.25 Td (release ) Tj ET Q
q 0 0 0 rg BT 420.64 646.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 431.13 646.25 Td (hazardous ) Tj ET Q
q 0 0 0 rg BT 473.83 646.25 Td (substances ) Tj ET Q
q 0 0 0 rg BT 518.75 646.25 Td (\(other ) Tj ET Q
q 0 0 0 rg BT 544.79 646.25 Td (than ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.25 Td (oil\) ) Tj ET Q
q 0 0 0 rg BT 66.37 634.25 Td (whether ) Tj ET Q
q 0 0 0 rg BT 101.06 634.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 113.55 634.25 Td (land ) Tj ET Q
q 0 0 0 rg BT 133.25 634.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 144.06 634.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 153.76 634.25 Td (sea. ) Tj ET Q
q 0 0 0 rg BT 174.02 634.25 Td (OP) Tj ET Q
q 0 0 0 rg BT 185.88 634.25 Td (A) Tj ET Q
q 0 0 0 rg BT 192.55 634.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 195.04 634.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 211.96 634.25 Td (CERCLA) Tj ET Q
q 0 0 0 rg BT 250.86 634.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 253.34 634.25 Td (both ) Tj ET Q
q 0 0 0 rg BT 273.60 634.25 Td (define ) Tj ET Q
q 0 0 0 rg BT 301.07 634.25 Td ("owner ) Tj ET Q
q 0 0 0 rg BT 332.63 634.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 343.44 634.25 Td (operator" ) Tj ET Q
q 0 0 0 rg BT 383.33 634.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 393.59 634.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 408.29 634.25 Td (case ) Tj ET Q
q 0 0 0 rg BT 427.98 634.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 438.79 634.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 445.72 634.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 472.64 634.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 483.46 634.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 500.38 634.25 Td (person ) Tj ET Q
q 0 0 0 rg BT 529.52 634.25 Td (owning, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.25 Td (operating ) Tj ET Q
q 0 0 0 rg BT 90.26 622.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 101.09 622.25 Td (chartering ) Tj ET Q
q 0 0 0 rg BT 144.13 622.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 156.63 622.25 Td (demise, ) Tj ET Q
q 0 0 0 rg BT 189.95 622.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 204.67 622.25 Td (vessel. ) Tj ET Q
q 0 0 0 rg BT 236.05 622.25 Td (Accordingly) Tj ET Q
q 0 0 0 rg BT 285.39 622.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 290.39 622.25 Td (both ) Tj ET Q
q 0 0 0 rg BT 310.67 622.25 Td (OP) Tj ET Q
q 0 0 0 rg BT 322.53 622.25 Td (A) Tj ET Q
q 0 0 0 rg BT 329.20 622.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 331.70 622.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 348.64 622.25 Td (CERCLA) Tj ET Q
q 0 0 0 rg BT 387.54 622.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 390.04 622.25 Td (impact ) Tj ET Q
q 0 0 0 rg BT 419.75 622.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 435.58 622.25 Td (operations.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.25 Td (Under ) Tj ET Q
q 0 0 0 rg BT 76.79 598.25 Td (OP) Tj ET Q
q 0 0 0 rg BT 88.66 598.25 Td (A, ) Tj ET Q
q 0 0 0 rg BT 100.18 598.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 126.43 598.25 Td (owners ) Tj ET Q
q 0 0 0 rg BT 157.11 598.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 173.35 598.25 Td (operators ) Tj ET Q
q 0 0 0 rg BT 212.36 598.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 226.37 598.25 Td (responsible ) Tj ET Q
q 0 0 0 rg BT 273.72 598.25 Td (parties ) Tj ET Q
q 0 0 0 rg BT 302.18 598.25 Td (who ) Tj ET Q
q 0 0 0 rg BT 321.21 598.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 335.22 598.25 Td (jointly) Tj ET Q
q 0 0 0 rg BT 360.68 598.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 364.98 598.25 Td (severally ) Tj ET Q
q 0 0 0 rg BT 402.88 598.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 419.12 598.25 Td (strictly ) Tj ET Q
q 0 0 0 rg BT 448.70 598.25 Td (liable ) Tj ET Q
q 0 0 0 rg BT 472.71 598.25 Td (\(unless ) Tj ET Q
q 0 0 0 rg BT 502.85 598.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 516.87 598.25 Td (spill ) Tj ET Q
q 0 0 0 rg BT 535.90 598.25 Td (results ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.25 Td (solely ) Tj ET Q
q 0 0 0 rg BT 76.53 586.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 98.61 586.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 113.46 586.25 Td (act ) Tj ET Q
q 0 0 0 rg BT 127.76 586.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 138.73 586.25 Td (omission ) Tj ET Q
q 0 0 0 rg BT 177.49 586.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 188.46 586.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 195.54 586.25 Td (third ) Tj ET Q
q 0 0 0 rg BT 217.07 586.25 Td (party) Tj ET Q
q 0 0 0 rg BT 236.96 586.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 242.10 586.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 254.18 586.25 Td (act ) Tj ET Q
q 0 0 0 rg BT 268.48 586.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 279.45 586.25 Td (God ) Tj ET Q
q 0 0 0 rg BT 299.31 586.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 310.28 586.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 322.36 586.25 Td (act ) Tj ET Q
q 0 0 0 rg BT 336.66 586.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 347.63 586.25 Td (war\) ) Tj ET Q
q 0 0 0 rg BT 368.59 586.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 382.89 586.25 Td (all ) Tj ET Q
q 0 0 0 rg BT 395.53 586.25 Td (containment ) Tj ET Q
q 0 0 0 rg BT 447.60 586.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 464.67 586.25 Td (clean-up ) Tj ET Q
q 0 0 0 rg BT 501.74 586.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 524.38 586.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 541.46 586.25 Td (other ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.25 Td (damages ) Tj ET Q
q 0 0 0 rg BT 87.54 574.25 Td (arising ) Tj ET Q
q 0 0 0 rg BT 117.31 574.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 139.30 574.25 Td (oil ) Tj ET Q
q 0 0 0 rg BT 152.41 574.25 Td (spills ) Tj ET Q
q 0 0 0 rg BT 176.08 574.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 198.08 574.25 Td (their ) Tj ET Q
q 0 0 0 rg BT 218.96 574.25 Td (vessels. ) Tj ET Q
q 0 0 0 rg BT 252.34 574.25 Td (OP) Tj ET Q
q 0 0 0 rg BT 264.20 574.25 Td (A) Tj ET Q
q 0 0 0 rg BT 270.87 574.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 273.43 574.25 Td (contains ) Tj ET Q
q 0 0 0 rg BT 309.31 574.25 Td (statutory ) Tj ET Q
q 0 0 0 rg BT 346.86 574.25 Td (caps ) Tj ET Q
q 0 0 0 rg BT 367.18 574.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 379.73 574.25 Td (liability ) Tj ET Q
q 0 0 0 rg BT 413.39 574.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 430.39 574.25 Td (damages; ) Tj ET Q
q 0 0 0 rg BT 470.70 574.25 Td (such ) Tj ET Q
q 0 0 0 rg BT 491.59 574.25 Td (caps ) Tj ET Q
q 0 0 0 rg BT 511.91 574.25 Td (do ) Tj ET Q
q 0 0 0 rg BT 524.46 574.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 539.79 574.25 Td (apply ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.24 562.25 Td (direct ) Tj ET Q
q 0 0 0 rg BT 85.46 562.25 Td (cleanup ) Tj ET Q
q 0 0 0 rg BT 119.01 562.25 Td (costs.OP) Tj ET Q
q 0 0 0 rg BT 158.37 562.25 Td (A) Tj ET Q
q 0 0 0 rg BT 165.04 562.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 167.50 562.25 Td (limits ) Tj ET Q
q 0 0 0 rg BT 192.74 562.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 207.42 562.25 Td (liability ) Tj ET Q
q 0 0 0 rg BT 240.98 562.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 251.77 562.25 Td (responsible ) Tj ET Q
q 0 0 0 rg BT 299.77 562.25 Td (parties ) Tj ET Q
q 0 0 0 rg BT 328.89 562.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 349.12 562.25 Td (respect ) Tj ET Q
q 0 0 0 rg BT 379.90 562.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 390.13 562.25 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 421.47 562.25 Td (over ) Tj ET Q
q 0 0 0 rg BT 441.69 562.25 Td (3,000 ) Tj ET Q
q 0 0 0 rg BT 466.65 562.25 Td (gross ) Tj ET Q
q 0 0 0 rg BT 490.22 562.25 Td (tons ) Tj ET Q
q 0 0 0 rg BT 509.35 562.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 519.58 562.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 534.26 562.25 Td (greater ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 61.36 550.25 Td ($3,200 ) Tj ET Q
q 0 0 0 rg BT 91.89 550.25 Td (per ) Tj ET Q
q 0 0 0 rg BT 107.69 550.25 Td (gross ) Tj ET Q
q 0 0 0 rg BT 131.83 550.25 Td (ton ) Tj ET Q
q 0 0 0 rg BT 147.63 550.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 158.99 550.25 Td ($23.496 ) Tj ET Q
q 0 0 0 rg BT 194.52 550.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 226.44 550.25 Td (per ) Tj ET Q
q 0 0 0 rg BT 242.24 550.25 Td (single ) Tj ET Q
q 0 0 0 rg BT 269.16 550.25 Td (hull ) Tj ET Q
q 0 0 0 rg BT 287.74 550.25 Td (tanker) Tj ET Q
q 0 0 0 rg BT 312.33 550.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 317.85 550.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 335.32 550.25 Td ($2,000 ) Tj ET Q
q 0 0 0 rg BT 365.85 550.25 Td (per ) Tj ET Q
q 0 0 0 rg BT 381.65 550.25 Td (gross ) Tj ET Q
q 0 0 0 rg BT 405.79 550.25 Td (ton ) Tj ET Q
q 0 0 0 rg BT 421.60 550.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 432.96 550.25 Td ($17.088 ) Tj ET Q
q 0 0 0 rg BT 468.48 550.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 500.41 550.25 Td (per ) Tj ET Q
q 0 0 0 rg BT 516.20 550.25 Td (double ) Tj ET Q
q 0 0 0 rg BT 546.45 550.25 Td (hull ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.25 Td (tanker) Tj ET Q
q 0 0 0 rg BT 74.58 538.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 79.37 538.25 Td (respectively) Tj ET Q
q 0 0 0 rg BT 127.03 538.25 Td (.) Tj ET Q
q 0 0 0 rg BT 134.35 538.25 Td (These ) Tj ET Q
q 0 0 0 rg BT 160.51 538.25 Td (limits ) Tj ET Q
q 0 0 0 rg BT 185.57 538.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 196.19 538.25 Td (liability ) Tj ET Q
q 0 0 0 rg BT 229.58 538.25 Td (do ) Tj ET Q
q 0 0 0 rg BT 241.86 538.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 256.92 538.25 Td (apply ) Tj ET Q
q 0 0 0 rg BT 281.42 538.25 Td (if ) Tj ET Q
q 0 0 0 rg BT 289.81 538.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 301.53 538.25 Td (incident ) Tj ET Q
q 0 0 0 rg BT 336.03 538.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 353.86 538.25 Td (proximately ) Tj ET Q
q 0 0 0 rg BT 404.47 538.25 Td (caused ) Tj ET Q
q 0 0 0 rg BT 433.96 538.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 446.24 538.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 460.74 538.25 Td (violation ) Tj ET Q
q 0 0 0 rg BT 498.57 538.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 509.18 538.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 520.91 538.25 Td (applicable ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 69.98 526.25 Td (federal ) Tj ET Q
q 0 0 0 rg BT 99.93 526.25 Td (safety) Tj ET Q
q 0 0 0 rg BT 123.15 526.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 127.85 526.25 Td (construction ) Tj ET Q
q 0 0 0 rg BT 179.48 526.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 190.00 526.25 Td (operating ) Tj ET Q
q 0 0 0 rg BT 229.96 526.25 Td (regulation ) Tj ET Q
q 0 0 0 rg BT 272.70 526.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 284.89 526.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 291.53 526.25 Td (responsible ) Tj ET Q
q 0 0 0 rg BT 339.27 526.25 Td (party ) Tj ET Q
q 0 0 0 rg BT 362.01 526.25 Td (\(or ) Tj ET Q
q 0 0 0 rg BT 375.86 526.25 Td (its ) Tj ET Q
q 0 0 0 rg BT 387.51 526.25 Td (agent, ) Tj ET Q
q 0 0 0 rg BT 413.86 526.25 Td (employee ) Tj ET Q
q 0 0 0 rg BT 454.92 526.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 465.45 526.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 472.08 526.25 Td (person ) Tj ET Q
q 0 0 0 rg BT 500.94 526.25 Td (acting ) Tj ET Q
q 0 0 0 rg BT 527.57 526.25 Td (pursuant ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 59.89 514.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 66.45 514.25 Td (contractual ) Tj ET Q
q 0 0 0 rg BT 112.98 514.25 Td (relationship\), ) Tj ET Q
q 0 0 0 rg BT 168.13 514.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 178.58 514.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 185.13 514.25 Td (responsible ) Tj ET Q
q 0 0 0 rg BT 232.79 514.25 Td (party's ) Tj ET Q
q 0 0 0 rg BT 261.15 514.25 Td (gross ) Tj ET Q
q 0 0 0 rg BT 284.38 514.25 Td (negligence ) Tj ET Q
q 0 0 0 rg BT 329.80 514.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 340.24 514.25 Td (willful ) Tj ET Q
q 0 0 0 rg BT 369.02 514.25 Td (misconduct.) Tj ET Q
q 0 0 0 rg BT 422.45 514.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 440.11 514.25 Td (limitation ) Tj ET Q
q 0 0 0 rg BT 481.11 514.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 493.22 514.25 Td (liability ) Tj ET Q
q 0 0 0 rg BT 526.45 514.25 Td (similarly ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.25 Td (does ) Tj ET Q
q 0 0 0 rg BT 70.98 502.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 86.40 502.25 Td (apply ) Tj ET Q
q 0 0 0 rg BT 111.27 502.25 Td (if ) Tj ET Q
q 0 0 0 rg BT 120.03 502.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 134.89 502.25 Td (responsible ) Tj ET Q
q 0 0 0 rg BT 183.08 502.25 Td (party ) Tj ET Q
q 0 0 0 rg BT 206.28 502.25 Td (fails ) Tj ET Q
q 0 0 0 rg BT 226.14 502.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 237.12 502.25 Td (refuses ) Tj ET Q
q 0 0 0 rg BT 268.09 502.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 278.52 502.25 Td (\(i\) ) Tj ET Q
q 0 0 0 rg BT 290.60 502.25 Td (report ) Tj ET Q
q 0 0 0 rg BT 317.13 502.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 331.99 502.25 Td (incident ) Tj ET Q
q 0 0 0 rg BT 366.85 502.25 Td (where ) Tj ET Q
q 0 0 0 rg BT 393.93 502.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 408.79 502.25 Td (responsible ) Tj ET Q
q 0 0 0 rg BT 456.99 502.25 Td (party ) Tj ET Q
q 0 0 0 rg BT 480.18 502.25 Td (knows ) Tj ET Q
q 0 0 0 rg BT 508.95 502.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 519.92 502.25 Td (has ) Tj ET Q
q 0 0 0 rg BT 535.90 502.25 Td (reason ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 59.97 490.25 Td (know ) Tj ET Q
q 0 0 0 rg BT 84.38 490.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 94.90 490.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 109.31 490.25 Td (incident; ) Tj ET Q
q 0 0 0 rg BT 146.49 490.25 Td (\(ii\) ) Tj ET Q
q 0 0 0 rg BT 160.90 490.25 Td (reasonably ) Tj ET Q
q 0 0 0 rg BT 206.41 490.25 Td (cooperate ) Tj ET Q
q 0 0 0 rg BT 247.46 490.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 264.09 490.25 Td (assist ) Tj ET Q
q 0 0 0 rg BT 287.95 490.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 298.48 490.25 Td (requested ) Tj ET Q
q 0 0 0 rg BT 338.98 490.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 348.95 490.25 Td (connection ) Tj ET Q
q 0 0 0 rg BT 395.02 490.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 414.99 490.25 Td (oil ) Tj ET Q
q 0 0 0 rg BT 427.73 490.25 Td (removal ) Tj ET Q
q 0 0 0 rg BT 462.69 490.25 Td (activities; ) Tj ET Q
q 0 0 0 rg BT 503.76 490.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 514.28 490.25 Td (\(iii\) ) Tj ET Q
q 0 0 0 rg BT 531.46 490.25 Td (without ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.25 Td (suf) Tj ET Q
q 0 0 0 rg BT 62.04 478.25 Td (ficient ) Tj ET Q
q 0 0 0 rg BT 90.19 478.25 Td (cause, ) Tj ET Q
q 0 0 0 rg BT 117.50 478.25 Td (comply ) Tj ET Q
q 0 0 0 rg BT 150.09 478.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 170.47 478.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 182.51 478.25 Td (order ) Tj ET Q
q 0 0 0 rg BT 206.22 478.25 Td (issued ) Tj ET Q
q 0 0 0 rg BT 233.82 478.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 259.19 478.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 274.01 478.25 Td (Federal ) Tj ET Q
q 0 0 0 rg BT 306.41 478.25 Td (W) Tj ET Q
q 0 0 0 rg BT 315.05 478.25 Td (ater ) Tj ET Q
q 0 0 0 rg BT 332.63 478.25 Td (Pollution ) Tj ET Q
q 0 0 0 rg BT 371.34 478.25 Td (Act ) Tj ET Q
q 0 0 0 rg BT 388.38 478.25 Td (\(Section ) Tj ET Q
q 0 0 0 rg BT 424.31 478.25 Td (31) Tj ET Q
q 0 0 0 rg BT 433.94 478.25 Td (1 ) Tj ET Q
q 0 0 0 rg BT 441.54 478.25 Td (\(c\), ) Tj ET Q
q 0 0 0 rg BT 457.74 478.25 Td (\(e\)\) ) Tj ET Q
q 0 0 0 rg BT 474.77 478.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 485.70 478.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 500.52 478.25 Td (Intervention ) Tj ET Q
q 0 0 0 rg BT 552.00 478.25 Td (on ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.72 466.25 Td (High ) Tj ET Q
q 0 0 0 rg BT 87.22 466.25 Td (Seas ) Tj ET Q
q 0 0 0 rg BT 107.50 466.25 Td (Act.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.25 Td (OP) Tj ET Q
q 0 0 0 rg BT 61.87 442.25 Td (A) Tj ET Q
q 0 0 0 rg BT 68.54 442.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 71.29 442.25 Td (permits ) Tj ET Q
q 0 0 0 rg BT 104.05 442.25 Td (individual ) Tj ET Q
q 0 0 0 rg BT 147.36 442.25 Td (states ) Tj ET Q
q 0 0 0 rg BT 172.33 442.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 182.87 442.25 Td (impose ) Tj ET Q
q 0 0 0 rg BT 214.52 442.25 Td (their ) Tj ET Q
q 0 0 0 rg BT 235.60 442.25 Td (own ) Tj ET Q
q 0 0 0 rg BT 255.58 442.25 Td (liability ) Tj ET Q
q 0 0 0 rg BT 289.45 442.25 Td (regimes ) Tj ET Q
q 0 0 0 rg BT 323.86 442.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 344.40 442.25 Td (regard ) Tj ET Q
q 0 0 0 rg BT 372.70 442.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 383.23 442.25 Td (oil ) Tj ET Q
q 0 0 0 rg BT 396.55 442.25 Td (pollution ) Tj ET Q
q 0 0 0 rg BT 435.42 442.25 Td (incidents ) Tj ET Q
q 0 0 0 rg BT 474.28 442.25 Td (occurring ) Tj ET Q
q 0 0 0 rg BT 515.36 442.25 Td (within ) Tj ET Q
q 0 0 0 rg BT 543.67 442.25 Td (their ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.25 Td (boundaries, ) Tj ET Q
q 0 0 0 rg BT 98.15 430.25 Td (provided ) Tj ET Q
q 0 0 0 rg BT 135.47 430.25 Td (they ) Tj ET Q
q 0 0 0 rg BT 154.47 430.25 Td (accept, ) Tj ET Q
q 0 0 0 rg BT 184.27 430.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 193.26 430.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 199.48 430.25 Td (minimum, ) Tj ET Q
q 0 0 0 rg BT 242.64 430.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 256.64 430.25 Td (levels ) Tj ET Q
q 0 0 0 rg BT 281.74 430.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 291.84 430.25 Td (liability ) Tj ET Q
q 0 0 0 rg BT 324.72 430.25 Td (established ) Tj ET Q
q 0 0 0 rg BT 370.93 430.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 395.48 430.25 Td (OP) Tj ET Q
q 0 0 0 rg BT 407.34 430.25 Td (A. ) Tj ET Q
q 0 0 0 rg BT 418.84 430.25 Td (Some ) Tj ET Q
q 0 0 0 rg BT 443.39 430.25 Td (states ) Tj ET Q
q 0 0 0 rg BT 467.38 430.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 488.03 430.25 Td (enacted ) Tj ET Q
q 0 0 0 rg BT 520.34 430.25 Td (legislation ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.25 Td (providing ) Tj ET Q
q 0 0 0 rg BT 90.94 418.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 104.65 418.25 Td (unlimited ) Tj ET Q
q 0 0 0 rg BT 145.03 418.25 Td (liability ) Tj ET Q
q 0 0 0 rg BT 178.18 418.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 191.89 418.25 Td (dischar) Tj ET Q
q 0 0 0 rg BT 220.59 418.25 Td (ge ) Tj ET Q
q 0 0 0 rg BT 232.08 418.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 242.46 418.25 Td (pollutants ) Tj ET Q
q 0 0 0 rg BT 283.95 418.25 Td (within ) Tj ET Q
q 0 0 0 rg BT 311.56 418.25 Td (their ) Tj ET Q
q 0 0 0 rg BT 331.93 418.25 Td (waters, ) Tj ET Q
q 0 0 0 rg BT 362.58 418.25 Td (however) Tj ET Q
q 0 0 0 rg BT 396.61 418.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 401.16 418.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 410.99 418.25 Td (some ) Tj ET Q
q 0 0 0 rg BT 434.15 418.25 Td (cases, ) Tj ET Q
q 0 0 0 rg BT 459.79 418.25 Td (states ) Tj ET Q
q 0 0 0 rg BT 484.06 418.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 510.55 418.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 531.48 418.25 Td (enacted ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.25 Td (this ) Tj ET Q
q 0 0 0 rg BT 66.95 406.25 Td (type ) Tj ET Q
q 0 0 0 rg BT 86.67 406.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 97.50 406.25 Td (legislation ) Tj ET Q
q 0 0 0 rg BT 141.66 406.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 163.03 406.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 178.31 406.25 Td (yet ) Tj ET Q
q 0 0 0 rg BT 193.03 406.25 Td (issued ) Tj ET Q
q 0 0 0 rg BT 220.53 406.25 Td (implementing ) Tj ET Q
q 0 0 0 rg BT 278.57 406.25 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 325.51 406.25 Td (defining ) Tj ET Q
q 0 0 0 rg BT 361.33 406.25 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 388.82 406.25 Td (owners' ) Tj ET Q
q 0 0 0 rg BT 422.00 406.25 Td (responsibilities ) Tj ET Q
q 0 0 0 rg BT 485.05 406.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 510.32 406.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 533.37 406.25 Td (laws.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.17 382.25 Td (2010 ) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 88.78 382.25 Td (Deepwater ) Tj ET Q
q 0 0 0 rg BT 134.28 382.25 Td (Horizon) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 167.06 382.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 168.68 382.25 Td (oil ) Tj ET Q
q 0 0 0 rg BT 180.86 382.25 Td (spill ) Tj ET Q
q 0 0 0 rg BT 199.70 382.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 209.10 382.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 222.93 382.25 Td (Gulf ) Tj ET Q
q 0 0 0 rg BT 242.88 382.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 252.83 382.25 Td (Mexico ) Tj ET Q
q 0 0 0 rg BT 285.00 382.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 303.83 382.25 Td (also ) Tj ET Q
q 0 0 0 rg BT 321.56 382.25 Td (result ) Tj ET Q
q 0 0 0 rg BT 345.40 382.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 354.79 382.25 Td (additional ) Tj ET Q
q 0 0 0 rg BT 396.40 382.25 Td (regulatory ) Tj ET Q
q 0 0 0 rg BT 439.11 382.25 Td (initiatives ) Tj ET Q
q 0 0 0 rg BT 480.17 382.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 490.12 382.25 Td (statutes, ) Tj ET Q
q 0 0 0 rg BT 524.23 382.25 Td (including ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 65.24 370.25 Td (raising ) Tj ET Q
q 0 0 0 rg BT 95.47 370.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 106.82 370.25 Td (liability ) Tj ET Q
q 0 0 0 rg BT 140.95 370.25 Td (caps ) Tj ET Q
q 0 0 0 rg BT 161.74 370.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 187.52 370.25 Td (OP) Tj ET Q
q 0 0 0 rg BT 199.39 370.25 Td (A.For ) Tj ET Q
q 0 0 0 rg BT 231.02 370.25 Td (example, ) Tj ET Q
q 0 0 0 rg BT 270.41 370.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 278.00 370.25 Td (fective ) Tj ET Q
q 0 0 0 rg BT 308.22 370.25 Td (October ) Tj ET Q
q 0 0 0 rg BT 343.45 370.25 Td (22, ) Tj ET Q
q 0 0 0 rg BT 358.97 370.25 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 384.49 370.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 399.72 370.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 420.52 370.25 Td (Bureau ) Tj ET Q
q 0 0 0 rg BT 452.42 370.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 463.77 370.25 Td (Safety ) Tj ET Q
q 0 0 0 rg BT 492.33 370.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 509.79 370.25 Td (Environment ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.25 Td (Enforcement ) Tj ET Q
q 0 0 0 rg BT 103.74 358.25 Td (\(BSEE\) ) Tj ET Q
q 0 0 0 rg BT 136.95 358.25 Td (implemented ) Tj ET Q
q 0 0 0 rg BT 191.25 358.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 197.79 358.25 Td (final ) Tj ET Q
q 0 0 0 rg BT 218.21 358.25 Td (drilling ) Tj ET Q
q 0 0 0 rg BT 249.75 358.25 Td (safety ) Tj ET Q
q 0 0 0 rg BT 275.73 358.25 Td (rule ) Tj ET Q
q 0 0 0 rg BT 293.38 358.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 307.13 358.25 Td (of) Tj ET Q
q 0 0 0 rg BT 315.28 358.25 Td (fshore ) Tj ET Q
q 0 0 0 rg BT 342.37 358.25 Td (oil ) Tj ET Q
q 0 0 0 rg BT 355.03 358.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 371.57 358.25 Td (gas ) Tj ET Q
q 0 0 0 rg BT 386.99 358.25 Td (operations ) Tj ET Q
q 0 0 0 rg BT 430.75 358.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 447.84 358.25 Td (strengthens ) Tj ET Q
q 0 0 0 rg BT 495.49 358.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 509.80 358.25 Td (requirements ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 64.65 346.25 Td (safety ) Tj ET Q
q 0 0 0 rg BT 91.51 346.25 Td (equipment, ) Tj ET Q
q 0 0 0 rg BT 139.21 346.25 Td (well ) Tj ET Q
q 0 0 0 rg BT 159.41 346.25 Td (control ) Tj ET Q
q 0 0 0 rg BT 190.72 346.25 Td (systems, ) Tj ET Q
q 0 0 0 rg BT 227.88 346.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 245.30 346.25 Td (blowout ) Tj ET Q
q 0 0 0 rg BT 281.06 346.25 Td (prevention ) Tj ET Q
q 0 0 0 rg BT 326.81 346.25 Td (practices. ) Tj ET Q
q 0 0 0 rg BT 367.83 346.25 Td (Compliance ) Tj ET Q
q 0 0 0 rg BT 419.14 346.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 439.90 346.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 457.33 346.25 Td (new ) Tj ET Q
q 0 0 0 rg BT 476.97 346.25 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 532.16 346.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 543.48 346.25 Td (OP) Tj ET Q
q 0 0 0 rg BT 555.34 346.25 Td (A) Tj ET Q
q 0 0 0 rg BT 562.01 346.25 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 70.37 334.25 Td (substantially ) Tj ET Q
q 0 0 0 rg BT 124.08 334.25 Td (impact ) Tj ET Q
q 0 0 0 rg BT 154.44 334.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 170.92 334.25 Td (cost ) Tj ET Q
q 0 0 0 rg BT 190.19 334.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 201.67 334.25 Td (operations ) Tj ET Q
q 0 0 0 rg BT 246.48 334.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 257.96 334.25 Td (require ) Tj ET Q
q 0 0 0 rg BT 289.43 334.25 Td (us ) Tj ET Q
q 0 0 0 rg BT 301.47 334.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 312.41 334.25 Td (incur ) Tj ET Q
q 0 0 0 rg BT 336.11 334.25 Td (additional ) Tj ET Q
q 0 0 0 rg BT 379.25 334.25 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 418.50 334.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 429.43 334.25 Td (comply ) Tj ET Q
q 0 0 0 rg BT 462.58 334.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 483.51 334.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 501.11 334.25 Td (new ) Tj ET Q
q 0 0 0 rg BT 520.92 334.25 Td (regulatory ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.25 Td (initiatives ) Tj ET Q
q 0 0 0 rg BT 91.94 322.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 102.77 322.25 Td (statutes.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.25 Td (CERCLA) Tj ET Q
q 0 0 0 rg BT 88.90 298.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 90.85 298.25 Td (contains ) Tj ET Q
q 0 0 0 rg BT 126.14 298.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 132.53 298.25 Td (similar ) Tj ET Q
q 0 0 0 rg BT 162.26 298.25 Td (liability ) Tj ET Q
q 0 0 0 rg BT 195.33 298.25 Td (regime ) Tj ET Q
q 0 0 0 rg BT 225.05 298.25 Td (whereby ) Tj ET Q
q 0 0 0 rg BT 261.43 298.25 Td (owners ) Tj ET Q
q 0 0 0 rg BT 292.27 298.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 308.67 298.25 Td (operators ) Tj ET Q
q 0 0 0 rg BT 347.83 298.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 358.12 298.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 388.41 298.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 402.57 298.25 Td (liable ) Tj ET Q
q 0 0 0 rg BT 426.74 298.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 440.36 298.25 Td (cleanup, ) Tj ET Q
q 0 0 0 rg BT 475.91 298.25 Td (removal ) Tj ET Q
q 0 0 0 rg BT 510.63 298.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 527.02 298.25 Td (remedial ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.25 Td (costs, ) Tj ET Q
q 0 0 0 rg BT 75.08 286.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 85.99 286.25 Td (well ) Tj ET Q
q 0 0 0 rg BT 105.79 286.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 116.70 286.25 Td (damage ) Tj ET Q
q 0 0 0 rg BT 150.37 286.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 164.61 286.25 Td (injury ) Tj ET Q
q 0 0 0 rg BT 191.07 286.25 Td (to, ) Tj ET Q
q 0 0 0 rg BT 203.93 286.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 214.84 286.25 Td (destruction ) Tj ET Q
q 0 0 0 rg BT 261.86 286.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 272.77 286.25 Td (loss ) Tj ET Q
q 0 0 0 rg BT 290.91 286.25 Td (of, ) Tj ET Q
q 0 0 0 rg BT 304.32 286.25 Td (natural ) Tj ET Q
q 0 0 0 rg BT 334.66 286.25 Td (resources, ) Tj ET Q
q 0 0 0 rg BT 377.50 286.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 417.85 286.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 432.65 286.25 Td (reasonable ) Tj ET Q
q 0 0 0 rg BT 477.98 286.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 500.56 286.25 Td (associated ) Tj ET Q
q 0 0 0 rg BT 544.23 286.25 Td (with ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.25 Td (assessing ) Tj ET Q
q 0 0 0 rg BT 90.03 274.25 Td (same, ) Tj ET Q
q 0 0 0 rg BT 115.88 274.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 133.12 274.25 Td (health ) Tj ET Q
q 0 0 0 rg BT 160.36 274.25 Td (assessments ) Tj ET Q
q 0 0 0 rg BT 211.49 274.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 222.63 274.25 Td (health ) Tj ET Q
q 0 0 0 rg BT 249.86 274.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 257.45 274.25 Td (fects ) Tj ET Q
q 0 0 0 rg BT 279.13 274.25 Td (studies.) Tj ET Q
q 0 0 0 rg BT 314.23 274.25 Td (There ) Tj ET Q
q 0 0 0 rg BT 340.35 274.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 349.82 274.25 Td (no ) Tj ET Q
q 0 0 0 rg BT 362.63 274.25 Td (liability ) Tj ET Q
q 0 0 0 rg BT 396.54 274.25 Td (if ) Tj ET Q
q 0 0 0 rg BT 405.45 274.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 420.47 274.25 Td (dischar) Tj ET Q
q 0 0 0 rg BT 449.17 274.25 Td (ge ) Tj ET Q
q 0 0 0 rg BT 461.41 274.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 472.55 274.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 479.79 274.25 Td (hazardous ) Tj ET Q
q 0 0 0 rg BT 523.13 274.25 Td (substance ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.25 Td (results ) Tj ET Q
q 0 0 0 rg BT 78.62 262.25 Td (solely ) Tj ET Q
q 0 0 0 rg BT 105.02 262.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 126.97 262.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 141.70 262.25 Td (act ) Tj ET Q
q 0 0 0 rg BT 155.86 262.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 166.70 262.25 Td (omission ) Tj ET Q
q 0 0 0 rg BT 205.33 262.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 216.17 262.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 223.12 262.25 Td (third ) Tj ET Q
q 0 0 0 rg BT 244.52 262.25 Td (party) Tj ET Q
q 0 0 0 rg BT 264.42 262.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 269.43 262.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 281.38 262.25 Td (act ) Tj ET Q
q 0 0 0 rg BT 295.55 262.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 306.39 262.25 Td (God ) Tj ET Q
q 0 0 0 rg BT 326.12 262.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 336.96 262.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 348.91 262.25 Td (act ) Tj ET Q
q 0 0 0 rg BT 363.08 262.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 373.92 262.25 Td (war) Tj ET Q
q 0 0 0 rg BT 388.36 262.25 Td (.Liability ) Tj ET Q
q 0 0 0 rg BT 432.81 262.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 458.09 262.25 Td (CERCLA) Tj ET Q
q 0 0 0 rg BT 496.98 262.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 499.50 262.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 508.68 262.25 Td (limited ) Tj ET Q
q 0 0 0 rg BT 539.52 262.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 549.81 262.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.25 Td (greater ) Tj ET Q
q 0 0 0 rg BT 80.27 250.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 91.12 250.25 Td ($300 ) Tj ET Q
q 0 0 0 rg BT 113.64 250.25 Td (per ) Tj ET Q
q 0 0 0 rg BT 128.92 250.25 Td (gross ) Tj ET Q
q 0 0 0 rg BT 152.55 250.25 Td (ton ) Tj ET Q
q 0 0 0 rg BT 167.85 250.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 178.69 250.25 Td ($5 ) Tj ET Q
q 0 0 0 rg BT 191.21 250.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 222.62 250.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 236.80 250.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 267.64 250.25 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 303.48 250.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 310.43 250.25 Td (hazardous ) Tj ET Q
q 0 0 0 rg BT 353.49 250.25 Td (substance ) Tj ET Q
q 0 0 0 rg BT 394.88 250.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 405.73 250.25 Td (car) Tj ET Q
q 0 0 0 rg BT 417.75 250.25 Td (go ) Tj ET Q
q 0 0 0 rg BT 430.27 250.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 447.23 250.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 461.96 250.25 Td (greater ) Tj ET Q
q 0 0 0 rg BT 492.23 250.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 503.08 250.25 Td ($300 ) Tj ET Q
q 0 0 0 rg BT 525.60 250.25 Td (per ) Tj ET Q
q 0 0 0 rg BT 540.88 250.25 Td (gross ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.25 Td (ton ) Tj ET Q
q 0 0 0 rg BT 64.40 238.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 74.35 238.25 Td ($500,000 ) Tj ET Q
q 0 0 0 rg BT 113.46 238.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 126.74 238.25 Td (any ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
172 0 obj
<<
/Length 45711
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stream
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F5 10.00 Tf ET
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q 0 0 0 rg BT 492.98 706.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 509.80 706.25 Td (unauthorized ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 694.25 Td (dischar) Tj ET Q
q 0 0 0 rg BT 78.70 694.25 Td (ges. ) Tj ET Q
q 0 0 0 rg BT 96.88 694.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 114.95 694.25 Td (CW) Tj ET Q
q 0 0 0 rg BT 129.95 694.25 Td (A) Tj ET Q
q 0 0 0 rg BT 136.62 694.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 139.16 694.25 Td (also ) Tj ET Q
q 0 0 0 rg BT 157.80 694.25 Td (imposes ) Tj ET Q
q 0 0 0 rg BT 193.11 694.25 Td (substantial ) Tj ET Q
q 0 0 0 rg BT 238.41 694.25 Td (liability ) Tj ET Q
q 0 0 0 rg BT 272.05 694.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 286.24 694.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 300.99 694.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 323.52 694.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 334.38 694.25 Td (removal, ) Tj ET Q
q 0 0 0 rg BT 372.18 694.25 Td (remediation ) Tj ET Q
q 0 0 0 rg BT 422.47 694.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 439.44 694.25 Td (damages ) Tj ET Q
q 0 0 0 rg BT 476.96 694.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 493.93 694.25 Td (complements ) Tj ET Q
q 0 0 0 rg BT 549.78 694.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 682.25 Td (remedies ) Tj ET Q
q 0 0 0 rg BT 89.52 682.25 Td (available ) Tj ET Q
q 0 0 0 rg BT 129.03 682.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 155.22 682.25 Td (OP) Tj ET Q
q 0 0 0 rg BT 167.08 682.25 Td (A) Tj ET Q
q 0 0 0 rg BT 173.75 682.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 177.17 682.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 195.03 682.25 Td (CERCLA. ) Tj ET Q
q 0 0 0 rg BT 240.40 682.25 Td (Furthermore, ) Tj ET Q
q 0 0 0 rg BT 296.31 682.25 Td (many ) Tj ET Q
q 0 0 0 rg BT 321.95 682.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 343.16 682.25 Td (states ) Tj ET Q
q 0 0 0 rg BT 368.79 682.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 387.21 682.25 Td (border ) Tj ET Q
q 0 0 0 rg BT 416.73 682.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 424.59 682.25 Td (navigable ) Tj ET Q
q 0 0 0 rg BT 466.89 682.25 Td (waterway ) Tj ET Q
q 0 0 0 rg BT 509.17 682.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 531.47 682.25 Td (enacted ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 670.25 Td (environmental ) Tj ET Q
q 0 0 0 rg BT 110.10 670.25 Td (pollution ) Tj ET Q
q 0 0 0 rg BT 148.56 670.25 Td (laws ) Tj ET Q
q 0 0 0 rg BT 169.23 670.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 186.57 670.25 Td (impose ) Tj ET Q
q 0 0 0 rg BT 217.80 670.25 Td (strict ) Tj ET Q
q 0 0 0 rg BT 240.14 670.25 Td (liability ) Tj ET Q
q 0 0 0 rg BT 273.59 670.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 285.94 670.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 292.72 670.25 Td (person ) Tj ET Q
q 0 0 0 rg BT 321.72 670.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 335.73 670.25 Td (removal ) Tj ET Q
q 0 0 0 rg BT 370.83 670.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 393.18 670.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 409.96 670.25 Td (damages ) Tj ET Q
q 0 0 0 rg BT 447.29 670.25 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 484.63 670.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 506.41 670.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 513.19 670.25 Td (dischar) Tj ET Q
q 0 0 0 rg BT 541.89 670.25 Td (ge ) Tj ET Q
q 0 0 0 rg BT 553.67 670.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 658.25 Td (oil ) Tj ET Q
q 0 0 0 rg BT 63.06 658.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 73.89 658.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 80.83 658.25 Td (release ) Tj ET Q
q 0 0 0 rg BT 111.08 658.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 121.91 658.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 128.85 658.25 Td (hazardous ) Tj ET Q
q 0 0 0 rg BT 171.88 658.25 Td (substance. ) Tj ET Q
q 0 0 0 rg BT 215.58 658.25 Td (These ) Tj ET Q
q 0 0 0 rg BT 241.96 658.25 Td (laws ) Tj ET Q
q 0 0 0 rg BT 262.79 658.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 282.50 658.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 294.44 658.25 Td (more ) Tj ET Q
q 0 0 0 rg BT 317.49 658.25 Td (stringent ) Tj ET Q
q 0 0 0 rg BT 354.99 658.25 Td (than ) Tj ET Q
q 0 0 0 rg BT 374.70 658.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 394.99 658.25 Td (federal ) Tj ET Q
q 0 0 0 rg BT 425.24 658.25 Td (law) Tj ET Q
q 0 0 0 rg BT 439.03 658.25 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 66.84 634.25 Td (United ) Tj ET Q
q 0 0 0 rg BT 95.35 634.25 Td (States ) Tj ET Q
q 0 0 0 rg BT 120.53 634.25 Td (Environmental ) Tj ET Q
q 0 0 0 rg BT 181.25 634.25 Td (Protection ) Tj ET Q
q 0 0 0 rg BT 223.36 634.25 Td (Agency) Tj ET Q
q 0 0 0 rg BT 253.81 634.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 257.60 634.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 267.23 634.25 Td (EP) Tj ET Q
q 0 0 0 rg BT 277.98 634.25 Td (A, ) Tj ET Q
q 0 0 0 rg BT 288.99 634.25 Td (has ) Tj ET Q
q 0 0 0 rg BT 303.62 634.25 Td (enacted ) Tj ET Q
q 0 0 0 rg BT 335.44 634.25 Td (rules ) Tj ET Q
q 0 0 0 rg BT 356.17 634.25 Td (requiring ) Tj ET Q
q 0 0 0 rg BT 394.12 634.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 399.85 634.25 Td (permit ) Tj ET Q
q 0 0 0 rg BT 427.25 634.25 Td (regulating ) Tj ET Q
q 0 0 0 rg BT 469.08 634.25 Td (ballast ) Tj ET Q
q 0 0 0 rg BT 496.48 634.25 Td (water ) Tj ET Q
q 0 0 0 rg BT 519.98 634.25 Td (dischar) Tj ET Q
q 0 0 0 rg BT 548.68 634.25 Td (ges ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 67.27 622.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 90.64 622.25 Td (dischar) Tj ET Q
q 0 0 0 rg BT 119.34 622.25 Td (ges ) Tj ET Q
q 0 0 0 rg BT 135.49 622.25 Td (incidental ) Tj ET Q
q 0 0 0 rg BT 177.75 622.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 188.35 622.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 203.40 622.25 Td (normal ) Tj ET Q
q 0 0 0 rg BT 234.55 622.25 Td (operation ) Tj ET Q
q 0 0 0 rg BT 275.14 622.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 286.30 622.25 Td (certain ) Tj ET Q
q 0 0 0 rg BT 316.33 622.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 347.49 622.25 Td (within ) Tj ET Q
q 0 0 0 rg BT 375.87 622.25 Td (United ) Tj ET Q
q 0 0 0 rg BT 405.91 622.25 Td (States ) Tj ET Q
q 0 0 0 rg BT 432.63 622.25 Td (waters ) Tj ET Q
q 0 0 0 rg BT 461.55 622.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 487.15 622.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 501.99 622.25 Td (V) Tj ET Q
q 0 0 0 rg BT 508.10 622.25 Td (essel ) Tj ET Q
q 0 0 0 rg BT 530.37 622.25 Td (General ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.25 Td (Permit ) Tj ET Q
q 0 0 0 rg BT 78.99 610.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 92.97 610.25 Td (Dischar) Tj ET Q
q 0 0 0 rg BT 123.89 610.25 Td (ges ) Tj ET Q
q 0 0 0 rg BT 139.54 610.25 Td (Incidental ) Tj ET Q
q 0 0 0 rg BT 181.85 610.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 191.95 610.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 206.49 610.25 Td (Normal ) Tj ET Q
q 0 0 0 rg BT 239.36 610.25 Td (Operation ) Tj ET Q
q 0 0 0 rg BT 281.67 610.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 292.15 610.25 Td (V) Tj ET Q
q 0 0 0 rg BT 298.27 610.25 Td (essels, ) Tj ET Q
q 0 0 0 rg BT 326.42 610.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 336.90 610.25 Td (VGP) Tj ET Q
q 0 0 0 rg BT 355.80 610.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 360.62 610.25 Td (For ) Tj ET Q
q 0 0 0 rg BT 376.84 610.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 383.60 610.25 Td (new ) Tj ET Q
q 0 0 0 rg BT 402.58 610.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 429.35 610.25 Td (delivered ) Tj ET Q
q 0 0 0 rg BT 468.87 610.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 478.97 610.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 490.73 610.25 Td (owner ) Tj ET Q
q 0 0 0 rg BT 518.05 610.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 528.70 610.25 Td (operator ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.25 Td (after ) Tj ET Q
q 0 0 0 rg BT 70.59 598.25 Td (September ) Tj ET Q
q 0 0 0 rg BT 115.62 598.25 Td (19, ) Tj ET Q
q 0 0 0 rg BT 130.39 598.25 Td (2009 ) Tj ET Q
q 0 0 0 rg BT 152.66 598.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 162.71 598.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 174.42 598.25 Td (covered ) Tj ET Q
q 0 0 0 rg BT 208.33 598.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 220.61 598.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 234.93 598.25 Td (VGP) Tj ET Q
q 0 0 0 rg BT 253.83 598.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 258.60 598.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 273.08 598.25 Td (owner ) Tj ET Q
q 0 0 0 rg BT 300.34 598.25 Td (must ) Tj ET Q
q 0 0 0 rg BT 322.06 598.25 Td (submit ) Tj ET Q
q 0 0 0 rg BT 351.56 598.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 358.27 598.25 Td (Notice ) Tj ET Q
q 0 0 0 rg BT 387.19 598.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 397.79 598.25 Td (Intent, ) Tj ET Q
q 0 0 0 rg BT 425.89 598.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 436.49 598.25 Td (NOI, ) Tj ET Q
q 0 0 0 rg BT 459.04 598.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 468.52 598.25 Td (least ) Tj ET Q
q 0 0 0 rg BT 489.12 598.25 Td (30 ) Tj ET Q
q 0 0 0 rg BT 501.39 598.25 Td (days ) Tj ET Q
q 0 0 0 rg BT 521.99 598.25 Td (before ) Tj ET Q
q 0 0 0 rg BT 549.80 598.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 77.04 586.25 Td (operates ) Tj ET Q
q 0 0 0 rg BT 112.96 586.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 123.34 586.25 Td (United ) Tj ET Q
q 0 0 0 rg BT 153.16 586.25 Td (States ) Tj ET Q
q 0 0 0 rg BT 179.64 586.25 Td (waters. ) Tj ET Q
q 0 0 0 rg BT 210.66 586.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 228.80 586.25 Td (EP) Tj ET Q
q 0 0 0 rg BT 239.56 586.25 Td (A) Tj ET Q
q 0 0 0 rg BT 246.23 586.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 248.83 586.25 Td (has ) Tj ET Q
q 0 0 0 rg BT 264.76 586.25 Td (proposed ) Tj ET Q
q 0 0 0 rg BT 304.02 586.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 311.06 586.25 Td (draft ) Tj ET Q
q 0 0 0 rg BT 332.54 586.25 Td (2013 ) Tj ET Q
q 0 0 0 rg BT 354.95 586.25 Td (VGP) Tj ET Q
q 0 0 0 rg BT 374.59 586.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 377.19 586.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 387.57 586.25 Td (replace ) Tj ET Q
q 0 0 0 rg BT 419.03 586.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 433.85 586.25 Td (current ) Tj ET Q
q 0 0 0 rg BT 464.58 586.25 Td (VGP) Tj ET Q
q 0 0 0 rg BT 484.21 586.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 486.81 586.25 Td (upon ) Tj ET Q
q 0 0 0 rg BT 509.42 586.25 Td (its ) Tj ET Q
q 0 0 0 rg BT 521.47 586.25 Td (expiration ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 63.34 574.25 Td (December ) Tj ET Q
q 0 0 0 rg BT 107.76 574.25 Td (19, ) Tj ET Q
q 0 0 0 rg BT 123.60 574.25 Td (2013, ) Tj ET Q
q 0 0 0 rg BT 149.44 574.25 Td (authorizing ) Tj ET Q
q 0 0 0 rg BT 198.32 574.25 Td (dischar) Tj ET Q
q 0 0 0 rg BT 227.02 574.25 Td (ges ) Tj ET Q
q 0 0 0 rg BT 243.69 574.25 Td (incidental ) Tj ET Q
q 0 0 0 rg BT 286.45 574.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 297.57 574.25 Td (operations ) Tj ET Q
q 0 0 0 rg BT 342.56 574.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 354.23 574.25 Td (commercial ) Tj ET Q
q 0 0 0 rg BT 404.77 574.25 Td (vessels. ) Tj ET Q
q 0 0 0 rg BT 438.70 574.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 457.58 574.25 Td (draft ) Tj ET Q
q 0 0 0 rg BT 479.80 574.25 Td (permit ) Tj ET Q
q 0 0 0 rg BT 509.24 574.25 Td (also ) Tj ET Q
q 0 0 0 rg BT 528.69 574.25 Td (contains ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.25 Td (numeric ) Tj ET Q
q 0 0 0 rg BT 86.64 562.25 Td (ballast ) Tj ET Q
q 0 0 0 rg BT 116.62 562.25 Td (water ) Tj ET Q
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q 0 0 0 rg BT 171.41 562.25 Td (ge ) Tj ET Q
q 0 0 0 rg BT 184.72 562.25 Td (limits ) Tj ET Q
q 0 0 0 rg BT 211.38 562.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 226.92 562.25 Td (most ) Tj ET Q
q 0 0 0 rg BT 250.25 562.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 282.46 562.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 294.11 562.25 Td (reduce ) Tj ET Q
q 0 0 0 rg BT 324.64 562.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 340.73 562.25 Td (risk ) Tj ET Q
q 0 0 0 rg BT 359.61 562.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 371.82 562.25 Td (invasive ) Tj ET Q
q 0 0 0 rg BT 409.02 562.25 Td (species ) Tj ET Q
q 0 0 0 rg BT 441.78 562.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 453.44 562.25 Td (US ) Tj ET Q
q 0 0 0 rg BT 470.10 562.25 Td (waters, ) Tj ET Q
q 0 0 0 rg BT 502.58 562.25 Td (more ) Tj ET Q
q 0 0 0 rg BT 527.00 562.25 Td (stringent ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.25 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 104.70 550.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 118.86 550.25 Td (exhaust ) Tj ET Q
q 0 0 0 rg BT 151.91 550.25 Td (gas ) Tj ET Q
q 0 0 0 rg BT 167.74 550.25 Td (scrubbers ) Tj ET Q
q 0 0 0 rg BT 208.56 550.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 225.50 550.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 240.21 550.25 Td (use ) Tj ET Q
q 0 0 0 rg BT 256.04 550.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 266.88 550.25 Td (environmentally ) Tj ET Q
q 0 0 0 rg BT 334.91 550.25 Td (acceptable ) Tj ET Q
q 0 0 0 rg BT 379.60 550.25 Td (lubricants.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.25 Td (Compliance ) Tj ET Q
q 0 0 0 rg BT 100.83 526.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 121.11 526.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 135.65 526.25 Td (VGP) Tj ET Q
q 0 0 0 rg BT 155.28 526.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 157.79 526.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 182.51 526.25 Td (require ) Tj ET Q
q 0 0 0 rg BT 213.33 526.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 228.05 526.25 Td (installation ) Tj ET Q
q 0 0 0 rg BT 274.99 526.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 285.83 526.25 Td (equipment ) Tj ET Q
q 0 0 0 rg BT 330.55 526.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 343.05 526.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 358.89 526.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 389.72 526.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 400.00 526.25 Td (treat ) Tj ET Q
q 0 0 0 rg BT 420.27 526.25 Td (ballast ) Tj ET Q
q 0 0 0 rg BT 448.88 526.25 Td (water ) Tj ET Q
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q 0 0 0 rg BT 501.64 526.25 Td (it ) Tj ET Q
q 0 0 0 rg BT 509.70 526.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 518.87 526.25 Td (dischar) Tj ET Q
q 0 0 0 rg BT 547.57 526.25 Td (ged ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 61.14 514.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 76.16 514.25 Td (implementation ) Tj ET Q
q 0 0 0 rg BT 141.73 514.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 152.87 514.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 176.23 514.25 Td (disposal ) Tj ET Q
q 0 0 0 rg BT 211.81 514.25 Td (arrangements, ) Tj ET Q
q 0 0 0 rg BT 270.98 514.25 Td (and/or ) Tj ET Q
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q 0 0 0 rg BT 341.02 514.25 Td (restrict ) Tj ET Q
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q 0 0 0 rg BT 387.73 514.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 418.87 514.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 441.11 514.25 Td (entering ) Tj ET Q
q 0 0 0 rg BT 476.68 514.25 Td (United ) Tj ET Q
q 0 0 0 rg BT 506.71 514.25 Td (States ) Tj ET Q
q 0 0 0 rg BT 533.40 514.25 Td (waters. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.25 Td (In ) Tj ET Q
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q 0 0 0 rg BT 151.61 502.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 172.63 502.25 Td (enacted ) Tj ET Q
q 0 0 0 rg BT 205.31 502.25 Td (more ) Tj ET Q
q 0 0 0 rg BT 228.00 502.25 Td (stringent ) Tj ET Q
q 0 0 0 rg BT 265.14 502.25 Td (dischar) Tj ET Q
q 0 0 0 rg BT 293.84 502.25 Td (ge ) Tj ET Q
q 0 0 0 rg BT 305.42 502.25 Td (standards ) Tj ET Q
q 0 0 0 rg BT 345.34 502.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 355.81 502.25 Td (conditions ) Tj ET Q
q 0 0 0 rg BT 399.62 502.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 409.55 502.25 Td (their ) Tj ET Q
q 0 0 0 rg BT 430.02 502.25 Td (required ) Tj ET Q
q 0 0 0 rg BT 465.48 502.25 Td (certification ) Tj ET Q
q 0 0 0 rg BT 515.93 502.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 526.41 502.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 540.62 502.25 Td (VGP) Tj ET Q
q 0 0 0 rg BT 559.51 502.25 Td (. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.25 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 490.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.78 490.25 Td (submit ) Tj ET Q
q 0 0 0 rg BT 95.71 490.25 Td (NOIs ) Tj ET Q
q 0 0 0 rg BT 120.07 490.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 134.43 490.25 Td (our ) Tj ET Q
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q 0 0 0 rg BT 244.65 490.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 261.79 490.25 Td (do ) Tj ET Q
q 0 0 0 rg BT 274.49 490.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 289.97 490.25 Td (believe ) Tj ET Q
q 0 0 0 rg BT 321.54 490.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 339.24 490.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 354.16 490.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 376.86 490.25 Td (associated ) Tj ET Q
q 0 0 0 rg BT 420.65 490.25 Td (with ) Tj ET Q
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q 0 0 0 rg BT 498.75 490.25 Td (complying ) Tj ET Q
q 0 0 0 rg BT 544.22 490.25 Td (with ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.54 478.25 Td (VGP) Tj ET Q
q 0 0 0 rg BT 84.17 478.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 86.67 478.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 108.05 478.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 114.99 478.25 Td (material ) Tj ET Q
q 0 0 0 rg BT 150.24 478.25 Td (impact ) Tj ET Q
q 0 0 0 rg BT 179.96 478.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 192.46 478.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 208.29 478.25 Td (operations.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 70.99 454.25 Td (Coast ) Tj ET Q
q 0 0 0 rg BT 96.97 454.25 Td (Guard ) Tj ET Q
q 0 0 0 rg BT 125.17 454.25 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 172.80 454.25 Td (adopted ) Tj ET Q
q 0 0 0 rg BT 207.66 454.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 233.64 454.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 249.06 454.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 270.05 454.25 Td (National ) Tj ET Q
q 0 0 0 rg BT 307.68 454.25 Td (Invasive ) Tj ET Q
q 0 0 0 rg BT 344.77 454.25 Td (Species ) Tj ET Q
q 0 0 0 rg BT 377.81 454.25 Td (Act, ) Tj ET Q
q 0 0 0 rg BT 397.95 454.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 409.49 454.25 Td (NISA, ) Tj ET Q
q 0 0 0 rg BT 438.53 454.25 Td (also ) Tj ET Q
q 0 0 0 rg BT 457.84 454.25 Td (impose ) Tj ET Q
q 0 0 0 rg BT 489.93 454.25 Td (mandatory ) Tj ET Q
q 0 0 0 rg BT 535.90 454.25 Td (ballast ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.25 Td (water ) Tj ET Q
q 0 0 0 rg BT 74.54 442.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 127.95 442.25 Td (practices ) Tj ET Q
q 0 0 0 rg BT 165.81 442.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 179.80 442.25 Td (all ) Tj ET Q
q 0 0 0 rg BT 192.12 442.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 222.78 442.25 Td (equipped ) Tj ET Q
q 0 0 0 rg BT 261.77 442.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 281.87 442.25 Td (ballast ) Tj ET Q
q 0 0 0 rg BT 310.30 442.25 Td (water ) Tj ET Q
q 0 0 0 rg BT 334.84 442.25 Td (tanks ) Tj ET Q
q 0 0 0 rg BT 358.28 442.25 Td (entering ) Tj ET Q
q 0 0 0 rg BT 393.37 442.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 404.03 442.25 Td (operating ) Tj ET Q
q 0 0 0 rg BT 444.12 442.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 454.22 442.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 474.33 442.25 Td (waters. ) Tj ET Q
q 0 0 0 rg BT 504.75 442.25 Td (As ) Tj ET Q
q 0 0 0 rg BT 518.19 442.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 528.85 442.25 Td (June ) Tj ET Q
q 0 0 0 rg BT 549.51 442.25 Td (21, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.25 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 76.19 430.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 92.10 430.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 113.57 430.25 Td (Coast ) Tj ET Q
q 0 0 0 rg BT 140.04 430.25 Td (Guard ) Tj ET Q
q 0 0 0 rg BT 168.73 430.25 Td (implemented ) Tj ET Q
q 0 0 0 rg BT 224.62 430.25 Td (revised ) Tj ET Q
q 0 0 0 rg BT 257.19 430.25 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 305.32 430.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 319.01 430.25 Td (ballast ) Tj ET Q
q 0 0 0 rg BT 348.80 430.25 Td (water ) Tj ET Q
q 0 0 0 rg BT 374.70 430.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 429.48 430.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 443.17 430.25 Td (establishing ) Tj ET Q
q 0 0 0 rg BT 494.64 430.25 Td (standards ) Tj ET Q
q 0 0 0 rg BT 536.10 430.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 549.79 430.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.25 Td (allowable ) Tj ET Q
q 0 0 0 rg BT 92.42 418.25 Td (concentration ) Tj ET Q
q 0 0 0 rg BT 150.38 418.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 162.26 418.25 Td (living ) Tj ET Q
q 0 0 0 rg BT 189.14 418.25 Td (or) Tj ET Q
q 0 0 0 rg BT 197.29 418.25 Td (ganisms ) Tj ET Q
q 0 0 0 rg BT 233.61 418.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 244.93 418.25 Td (ballast ) Tj ET Q
q 0 0 0 rg BT 274.58 418.25 Td (water ) Tj ET Q
q 0 0 0 rg BT 300.33 418.25 Td (dischar) Tj ET Q
q 0 0 0 rg BT 329.03 418.25 Td (ged ) Tj ET Q
q 0 0 0 rg BT 347.01 418.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 370.00 418.25 Td (ships ) Tj ET Q
q 0 0 0 rg BT 394.10 418.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 405.42 418.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 426.75 418.25 Td (waters. ) Tj ET Q
q 0 0 0 rg BT 458.64 418.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 477.73 418.25 Td (revised ) Tj ET Q
q 0 0 0 rg BT 510.15 418.25 Td (ballast ) Tj ET Q
q 0 0 0 rg BT 539.80 418.25 Td (water ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.25 Td (standards ) Tj ET Q
q 0 0 0 rg BT 89.99 406.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 104.41 406.25 Td (consistent ) Tj ET Q
q 0 0 0 rg BT 146.63 406.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 166.63 406.25 Td (those ) Tj ET Q
q 0 0 0 rg BT 189.95 406.25 Td (adopted ) Tj ET Q
q 0 0 0 rg BT 223.83 406.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 236.05 406.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 250.48 406.25 Td (IMO ) Tj ET Q
q 0 0 0 rg BT 272.15 406.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 282.14 406.25 Td (2004.Compliance ) Tj ET Q
q 0 0 0 rg BT 360.18 406.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 380.18 406.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 394.62 406.25 Td (EP) Tj ET Q
q 0 0 0 rg BT 405.37 406.25 Td (A) Tj ET Q
q 0 0 0 rg BT 412.04 406.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 414.26 406.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 430.92 406.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 445.35 406.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 465.35 406.25 Td (Coast ) Tj ET Q
q 0 0 0 rg BT 490.35 406.25 Td (Guard ) Tj ET Q
q 0 0 0 rg BT 517.56 406.25 Td (regulations ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 75.67 394.25 Td (require ) Tj ET Q
q 0 0 0 rg BT 107.44 394.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 123.11 394.25 Td (installation ) Tj ET Q
q 0 0 0 rg BT 171.01 394.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 182.79 394.25 Td (certain ) Tj ET Q
q 0 0 0 rg BT 213.45 394.25 Td (engineering ) Tj ET Q
q 0 0 0 rg BT 264.10 394.25 Td (equipment ) Tj ET Q
q 0 0 0 rg BT 309.77 394.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 327.66 394.25 Td (water ) Tj ET Q
q 0 0 0 rg BT 353.33 394.25 Td (treatment ) Tj ET Q
q 0 0 0 rg BT 394.54 394.25 Td (systems ) Tj ET Q
q 0 0 0 rg BT 429.66 394.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 440.90 394.25 Td (treat ) Tj ET Q
q 0 0 0 rg BT 462.11 394.25 Td (ballast ) Tj ET Q
q 0 0 0 rg BT 491.67 394.25 Td (water ) Tj ET Q
q 0 0 0 rg BT 517.33 394.25 Td (before ) Tj ET Q
q 0 0 0 rg BT 546.33 394.25 Td (it ) Tj ET Q
q 0 0 0 rg BT 555.34 394.25 Td (is ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.25 Td (dischar) Tj ET Q
q 0 0 0 rg BT 78.70 382.25 Td (ged ) Tj ET Q
q 0 0 0 rg BT 95.28 382.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 105.76 382.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 120.12 382.25 Td (implementation ) Tj ET Q
q 0 0 0 rg BT 185.04 382.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 195.51 382.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 218.21 382.25 Td (port ) Tj ET Q
q 0 0 0 rg BT 236.46 382.25 Td (facility ) Tj ET Q
q 0 0 0 rg BT 266.93 382.25 Td (disposal ) Tj ET Q
q 0 0 0 rg BT 301.86 382.25 Td (arrangements ) Tj ET Q
q 0 0 0 rg BT 357.87 382.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 368.34 382.25 Td (procedures ) Tj ET Q
q 0 0 0 rg BT 414.36 382.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 423.72 382.25 Td (potentially ) Tj ET Q
q 0 0 0 rg BT 468.64 382.25 Td (substantial ) Tj ET Q
q 0 0 0 rg BT 513.56 382.25 Td (cost, ) Tj ET Q
q 0 0 0 rg BT 534.32 382.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 544.79 382.25 Td (may ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.25 Td (otherwise ) Tj ET Q
q 0 0 0 rg BT 91.38 370.25 Td (restrict ) Tj ET Q
q 0 0 0 rg BT 121.64 370.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 137.47 370.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 168.30 370.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 190.24 370.25 Td (entering ) Tj ET Q
q 0 0 0 rg BT 225.50 370.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 245.79 370.25 Td (waters.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.25 Td (At ) Tj ET Q
q 0 0 0 rg BT 62.34 346.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 76.90 346.25 Td (international ) Tj ET Q
q 0 0 0 rg BT 129.78 346.25 Td (level, ) Tj ET Q
q 0 0 0 rg BT 154.05 346.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 168.61 346.25 Td (IMO ) Tj ET Q
q 0 0 0 rg BT 190.40 346.25 Td (adopted ) Tj ET Q
q 0 0 0 rg BT 224.39 346.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 236.17 346.25 Td (International ) Tj ET Q
q 0 0 0 rg BT 289.60 346.25 Td (Convention ) Tj ET Q
q 0 0 0 rg BT 338.61 346.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 352.61 346.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 367.17 346.25 Td (Control ) Tj ET Q
q 0 0 0 rg BT 400.07 346.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 416.85 346.25 Td (Management ) Tj ET Q
q 0 0 0 rg BT 471.39 346.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 482.06 346.25 Td (Ships' ) Tj ET Q
q 0 0 0 rg BT 508.44 346.25 Td (Ballast ) Tj ET Q
q 0 0 0 rg BT 538.38 346.25 Td (W) Tj ET Q
q 0 0 0 rg BT 547.02 346.25 Td (ater ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.07 334.25 Td (Sediments ) Tj ET Q
q 0 0 0 rg BT 109.38 334.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 118.79 334.25 Td (February ) Tj ET Q
q 0 0 0 rg BT 156.52 334.25 Td (2004, ) Tj ET Q
q 0 0 0 rg BT 180.66 334.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 190.63 334.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 204.48 334.25 Td (BWM ) Tj ET Q
q 0 0 0 rg BT 231.11 334.25 Td (Convention. ) Tj ET Q
q 0 0 0 rg BT 281.80 334.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 298.98 334.25 Td (BWM ) Tj ET Q
q 0 0 0 rg BT 325.61 334.25 Td (Convention ) Tj ET Q
q 0 0 0 rg BT 373.92 334.25 Td (provides ) Tj ET Q
q 0 0 0 rg BT 409.99 334.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 423.29 334.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 429.36 334.25 Td (phased ) Tj ET Q
q 0 0 0 rg BT 458.76 334.25 Td (introduction ) Tj ET Q
q 0 0 0 rg BT 509.28 334.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 519.25 334.25 Td (mandatory ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.25 Td (ballast ) Tj ET Q
q 0 0 0 rg BT 78.40 322.25 Td (water ) Tj ET Q
q 0 0 0 rg BT 102.90 322.25 Td (exchange ) Tj ET Q
q 0 0 0 rg BT 142.94 322.25 Td (requirements, ) Tj ET Q
q 0 0 0 rg BT 199.94 322.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 210.01 322.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 221.74 322.25 Td (replaced ) Tj ET Q
q 0 0 0 rg BT 257.89 322.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 267.96 322.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 288.03 322.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 308.10 322.25 Td (mandatory ) Tj ET Q
q 0 0 0 rg BT 353.16 322.25 Td (concentration ) Tj ET Q
q 0 0 0 rg BT 409.87 322.25 Td (limits. ) Tj ET Q
q 0 0 0 rg BT 437.28 322.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 455.12 322.25 Td (BWM ) Tj ET Q
q 0 0 0 rg BT 482.41 322.25 Td (Convention ) Tj ET Q
q 0 0 0 rg BT 531.37 322.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 549.22 322.25 Td (not ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.25 Td (enter ) Tj ET Q
q 0 0 0 rg BT 72.62 310.25 Td (into ) Tj ET Q
q 0 0 0 rg BT 90.81 310.25 Td (force ) Tj ET Q
q 0 0 0 rg BT 113.99 310.25 Td (until ) Tj ET Q
q 0 0 0 rg BT 134.96 310.25 Td (12 ) Tj ET Q
q 0 0 0 rg BT 147.59 310.25 Td (months ) Tj ET Q
q 0 0 0 rg BT 179.68 310.25 Td (after ) Tj ET Q
q 0 0 0 rg BT 200.63 310.25 Td (it ) Tj ET Q
q 0 0 0 rg BT 208.82 310.25 Td (has ) Tj ET Q
q 0 0 0 rg BT 224.79 310.25 Td (been ) Tj ET Q
q 0 0 0 rg BT 246.30 310.25 Td (adopted ) Tj ET Q
q 0 0 0 rg BT 280.59 310.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 293.23 310.25 Td (30 ) Tj ET Q
q 0 0 0 rg BT 305.86 310.25 Td (states, ) Tj ET Q
q 0 0 0 rg BT 333.21 310.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 348.07 310.25 Td (combined ) Tj ET Q
q 0 0 0 rg BT 390.14 310.25 Td (merchant ) Tj ET Q
q 0 0 0 rg BT 429.97 310.25 Td (fleets ) Tj ET Q
q 0 0 0 rg BT 454.26 310.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 465.23 310.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 492.30 310.25 Td (represent ) Tj ET Q
q 0 0 0 rg BT 531.59 310.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 547.00 310.25 Td (less ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.25 Td (than ) Tj ET Q
q 0 0 0 rg BT 69.88 298.25 Td (35% ) Tj ET Q
q 0 0 0 rg BT 90.87 298.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 101.86 298.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 116.73 298.25 Td (gross ) Tj ET Q
q 0 0 0 rg BT 140.51 298.25 Td (tonnage ) Tj ET Q
q 0 0 0 rg BT 174.82 298.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 185.81 298.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 200.69 298.25 Td (world's ) Tj ET Q
q 0 0 0 rg BT 232.37 298.25 Td (merchant ) Tj ET Q
q 0 0 0 rg BT 272.24 298.25 Td (shipping. ) Tj ET Q
q 0 0 0 rg BT 311.65 298.25 Td (T) Tj ET Q
q 0 0 0 rg BT 317.06 298.25 Td (o ) Tj ET Q
q 0 0 0 rg BT 324.72 298.25 Td (date, ) Tj ET Q
q 0 0 0 rg BT 346.54 298.25 Td (there ) Tj ET Q
q 0 0 0 rg BT 369.18 298.25 Td (has ) Tj ET Q
q 0 0 0 rg BT 385.17 298.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 400.61 298.25 Td (been ) Tj ET Q
q 0 0 0 rg BT 422.15 298.25 Td (suf) Tj ET Q
q 0 0 0 rg BT 434.19 298.25 Td (ficient ) Tj ET Q
q 0 0 0 rg BT 462.39 298.25 Td (adoption ) Tj ET Q
q 0 0 0 rg BT 500.05 298.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 511.04 298.25 Td (this ) Tj ET Q
q 0 0 0 rg BT 528.15 298.25 Td (standard ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 64.58 286.25 Td (it ) Tj ET Q
q 0 0 0 rg BT 73.06 286.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 83.76 286.25 Td (take ) Tj ET Q
q 0 0 0 rg BT 103.34 286.25 Td (force.However) Tj ET Q
q 0 0 0 rg BT 167.63 286.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 173.05 286.25 Td (Panama ) Tj ET Q
q 0 0 0 rg BT 207.63 286.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 227.77 286.25 Td (adopt ) Tj ET Q
q 0 0 0 rg BT 252.91 286.25 Td (this ) Tj ET Q
q 0 0 0 rg BT 270.28 286.25 Td (standard ) Tj ET Q
q 0 0 0 rg BT 307.08 286.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 317.78 286.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 332.92 286.25 Td (relatively ) Tj ET Q
q 0 0 0 rg BT 373.60 286.25 Td (near ) Tj ET Q
q 0 0 0 rg BT 393.73 286.25 Td (future, ) Tj ET Q
q 0 0 0 rg BT 423.02 286.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 450.39 286.25 Td (would ) Tj ET Q
q 0 0 0 rg BT 478.31 286.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 490.67 286.25 Td (suf) Tj ET Q
q 0 0 0 rg BT 502.71 286.25 Td (ficient ) Tj ET Q
q 0 0 0 rg BT 531.17 286.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 545.76 286.25 Td (it ) Tj ET Q
q 0 0 0 rg BT 554.24 286.25 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.25 Td (take ) Tj ET Q
q 0 0 0 rg BT 69.85 274.25 Td (force.Upon ) Tj ET Q
q 0 0 0 rg BT 123.31 274.25 Td (entry ) Tj ET Q
q 0 0 0 rg BT 147.05 274.25 Td (into ) Tj ET Q
q 0 0 0 rg BT 165.80 274.25 Td (force ) Tj ET Q
q 0 0 0 rg BT 189.53 274.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 201.06 274.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 216.47 274.25 Td (BWM ) Tj ET Q
q 0 0 0 rg BT 244.67 274.25 Td (Convention, ) Tj ET Q
q 0 0 0 rg BT 297.03 274.25 Td (mid-ocean ) Tj ET Q
q 0 0 0 rg BT 342.43 274.25 Td (ballast ) Tj ET Q
q 0 0 0 rg BT 371.73 274.25 Td (exchange ) Tj ET Q
q 0 0 0 rg BT 412.68 274.25 Td (would ) Tj ET Q
q 0 0 0 rg BT 440.87 274.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 453.51 274.25 Td (mandatory) Tj ET Q
q 0 0 0 rg BT 495.62 274.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 501.32 274.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 518.95 274.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 534.36 274.25 Td (cost ) Tj ET Q
q 0 0 0 rg BT 553.67 274.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.25 Td (compliance ) Tj ET Q
q 0 0 0 rg BT 99.00 262.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 124.13 262.25 Td (increase ) Tj ET Q
q 0 0 0 rg BT 159.80 262.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 174.38 262.25 Td (ocean ) Tj ET Q
q 0 0 0 rg BT 200.61 262.25 Td (carriers.) Tj ET Q
q 0 0 0 rg BT 237.53 262.25 Td (Although ) Tj ET Q
q 0 0 0 rg BT 278.22 262.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 292.80 262.25 Td (do ) Tj ET Q
q 0 0 0 rg BT 305.71 262.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 321.40 262.25 Td (believe ) Tj ET Q
q 0 0 0 rg BT 353.19 262.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 371.10 262.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 386.23 262.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 409.14 262.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 420.39 262.25 Td (compliance ) Tj ET Q
q 0 0 0 rg BT 469.39 262.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 490.08 262.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 497.43 262.25 Td (mandatory ) Tj ET Q
q 0 0 0 rg BT 543.11 262.25 Td (mid-) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.25 Td (ocean ) Tj ET Q
q 0 0 0 rg BT 75.82 250.25 Td (ballast ) Tj ET Q
q 0 0 0 rg BT 104.42 250.25 Td (exchange ) Tj ET Q
q 0 0 0 rg BT 144.67 250.25 Td (would ) Tj ET Q
q 0 0 0 rg BT 172.17 250.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 184.11 250.25 Td (material, ) Tj ET Q
q 0 0 0 rg BT 221.87 250.25 Td (it ) Tj ET Q
q 0 0 0 rg BT 229.93 250.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 239.10 250.25 Td (dif) Tj ET Q
q 0 0 0 rg BT 250.02 250.25 Td (ficult ) Tj ET Q
q 0 0 0 rg BT 273.63 250.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 283.91 250.25 Td (predict ) Tj ET Q
q 0 0 0 rg BT 314.17 250.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 328.89 250.25 Td (overall ) Tj ET Q
q 0 0 0 rg BT 359.15 250.25 Td (impact ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
173 0 obj
<<
/Length 40752
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stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F5 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 264.55 634.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 281.55 634.25 Td (directives ) Tj ET Q
q 0 0 0 rg BT 322.99 634.25 Td (requiring, ) Tj ET Q
q 0 0 0 rg BT 364.71 634.25 Td (among ) Tj ET Q
q 0 0 0 rg BT 394.49 634.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 417.61 634.25 Td (things, ) Tj ET Q
q 0 0 0 rg BT 447.12 634.25 Td (more ) Tj ET Q
q 0 0 0 rg BT 470.23 634.25 Td (frequent ) Tj ET Q
q 0 0 0 rg BT 506.11 634.25 Td (inspections ) Tj ET Q
q 0 0 0 rg BT 553.67 634.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.25 Td (high-risk ) Tj ET Q
q 0 0 0 rg BT 88.96 622.25 Td (ships, ) Tj ET Q
q 0 0 0 rg BT 114.88 622.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 126.07 622.25 Td (determined ) Tj ET Q
q 0 0 0 rg BT 173.91 622.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 186.76 622.25 Td (type, ) Tj ET Q
q 0 0 0 rg BT 209.34 622.25 Td (age, ) Tj ET Q
q 0 0 0 rg BT 228.57 622.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 245.86 622.25 Td (flag ) Tj ET Q
q 0 0 0 rg BT 264.27 622.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 275.45 622.25 Td (well ) Tj ET Q
q 0 0 0 rg BT 295.53 622.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 306.71 622.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 321.79 622.25 Td (number ) Tj ET Q
q 0 0 0 rg BT 355.19 622.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 366.38 622.25 Td (times ) Tj ET Q
q 0 0 0 rg BT 390.90 622.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 405.97 622.25 Td (ship ) Tj ET Q
q 0 0 0 rg BT 425.50 622.25 Td (has ) Tj ET Q
q 0 0 0 rg BT 441.68 622.25 Td (been ) Tj ET Q
q 0 0 0 rg BT 463.42 622.25 Td (detained. ) Tj ET Q
q 0 0 0 rg BT 502.65 622.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 505.30 622.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 523.70 622.25 Td (European ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.25 Td (Union ) Tj ET Q
q 0 0 0 rg BT 77.99 610.25 Td (also ) Tj ET Q
q 0 0 0 rg BT 97.08 610.25 Td (adopted ) Tj ET Q
q 0 0 0 rg BT 131.72 610.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 149.15 610.25 Td (then ) Tj ET Q
q 0 0 0 rg BT 169.35 610.25 Td (extended ) Tj ET Q
q 0 0 0 rg BT 208.43 610.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 215.85 610.25 Td (ban ) Tj ET Q
q 0 0 0 rg BT 233.28 610.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 246.26 610.25 Td (substandard ) Tj ET Q
q 0 0 0 rg BT 297.02 610.25 Td (ships ) Tj ET Q
q 0 0 0 rg BT 320.56 610.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 337.99 610.25 Td (enacted ) Tj ET Q
q 0 0 0 rg BT 371.51 610.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 378.93 610.25 Td (minimum ) Tj ET Q
q 0 0 0 rg BT 420.81 610.25 Td (ban ) Tj ET Q
q 0 0 0 rg BT 438.23 610.25 Td (period ) Tj ET Q
q 0 0 0 rg BT 466.77 610.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 484.19 610.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 491.61 610.25 Td (definitive ) Tj ET Q
q 0 0 0 rg BT 532.92 610.25 Td (ban ) Tj ET Q
q 0 0 0 rg BT 550.34 610.25 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.25 Td (repeated ) Tj ET Q
q 0 0 0 rg BT 85.48 598.25 Td (of) Tj ET Q
q 0 0 0 rg BT 93.63 598.25 Td (fenses. ) Tj ET Q
q 0 0 0 rg BT 122.73 598.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 124.23 598.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 141.40 598.25 Td (regulation ) Tj ET Q
q 0 0 0 rg BT 183.56 598.25 Td (also ) Tj ET Q
q 0 0 0 rg BT 201.28 598.25 Td (provided ) Tj ET Q
q 0 0 0 rg BT 238.44 598.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 252.28 598.25 Td (European ) Tj ET Q
q 0 0 0 rg BT 292.21 598.25 Td (Union ) Tj ET Q
q 0 0 0 rg BT 318.82 598.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 338.22 598.25 Td (greater ) Tj ET Q
q 0 0 0 rg BT 367.59 598.25 Td (authority ) Tj ET Q
q 0 0 0 rg BT 405.31 598.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 421.36 598.25 Td (control ) Tj ET Q
q 0 0 0 rg BT 451.30 598.25 Td (over ) Tj ET Q
q 0 0 0 rg BT 470.69 598.25 Td (classification ) Tj ET Q
q 0 0 0 rg BT 525.06 598.25 Td (societies, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 61.84 586.25 Td (imposing ) Tj ET Q
q 0 0 0 rg BT 100.90 586.25 Td (more ) Tj ET Q
q 0 0 0 rg BT 123.28 586.25 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 177.32 586.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 189.16 586.25 Td (classification ) Tj ET Q
q 0 0 0 rg BT 243.75 586.25 Td (societies ) Tj ET Q
q 0 0 0 rg BT 280.02 586.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 296.29 586.25 Td (providing ) Tj ET Q
q 0 0 0 rg BT 337.02 586.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 350.51 586.25 Td (fines ) Tj ET Q
q 0 0 0 rg BT 371.79 586.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 381.95 586.25 Td (penalty ) Tj ET Q
q 0 0 0 rg BT 413.22 586.25 Td (payments ) Tj ET Q
q 0 0 0 rg BT 453.38 586.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 466.88 586.25 Td (or) Tj ET Q
q 0 0 0 rg BT 475.03 586.25 Td (ganizations ) Tj ET Q
q 0 0 0 rg BT 522.41 586.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 539.24 586.25 Td (failed ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.28 574.25 Td (comply) Tj ET Q
q 0 0 0 rg BT 89.62 574.25 Td (.) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.25 Td (Greenhouse ) Tj ET Q
q 0 0 0 rg BT 102.50 550.25 Td (Gas ) Tj ET Q
q 0 0 0 rg BT 121.12 550.25 Td (Regulation) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.25 Td (Currently) Tj ET Q
q 0 0 0 rg BT 87.68 526.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 92.60 526.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 107.24 526.25 Td (emissions ) Tj ET Q
q 0 0 0 rg BT 149.11 526.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 159.86 526.25 Td (greenhouse ) Tj ET Q
q 0 0 0 rg BT 207.82 526.25 Td (gases ) Tj ET Q
q 0 0 0 rg BT 231.90 526.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 253.76 526.25 Td (ships ) Tj ET Q
q 0 0 0 rg BT 276.74 526.25 Td (involved ) Tj ET Q
q 0 0 0 rg BT 314.16 526.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 324.36 526.25 Td (international ) Tj ET Q
q 0 0 0 rg BT 377.32 526.25 Td (transport ) Tj ET Q
q 0 0 0 rg BT 415.29 526.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 429.92 526.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 445.12 526.25 Td (subject ) Tj ET Q
q 0 0 0 rg BT 475.86 526.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 486.06 526.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 500.70 526.25 Td (Kyoto ) Tj ET Q
q 0 0 0 rg BT 528.13 526.25 Td (Protocol ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 59.48 514.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 73.41 514.25 Td (United ) Tj ET Q
q 0 0 0 rg BT 102.33 514.25 Td (Nations ) Tj ET Q
q 0 0 0 rg BT 135.14 514.25 Td (Framework ) Tj ET Q
q 0 0 0 rg BT 182.95 514.25 Td (Convention ) Tj ET Q
q 0 0 0 rg BT 231.32 514.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 243.02 514.25 Td (Climate ) Tj ET Q
q 0 0 0 rg BT 276.39 514.25 Td (Change, ) Tj ET Q
q 0 0 0 rg BT 311.14 514.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 337.29 514.25 Td (entered ) Tj ET Q
q 0 0 0 rg BT 368.41 514.25 Td (into ) Tj ET Q
q 0 0 0 rg BT 385.68 514.25 Td (force ) Tj ET Q
q 0 0 0 rg BT 407.92 514.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 417.40 514.25 Td (2005 ) Tj ET Q
q 0 0 0 rg BT 439.11 514.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 455.25 514.25 Td (pursuant ) Tj ET Q
q 0 0 0 rg BT 491.40 514.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 500.88 514.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 527.02 514.25 Td (adopting ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.25 Td (countries ) Tj ET Q
q 0 0 0 rg BT 89.74 502.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 111.71 502.25 Td (been ) Tj ET Q
q 0 0 0 rg BT 133.67 502.25 Td (required ) Tj ET Q
q 0 0 0 rg BT 170.07 502.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 180.94 502.25 Td (implement ) Tj ET Q
q 0 0 0 rg BT 226.80 502.25 Td (national ) Tj ET Q
q 0 0 0 rg BT 262.10 502.25 Td (programs ) Tj ET Q
q 0 0 0 rg BT 302.95 502.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 313.82 502.25 Td (reduce ) Tj ET Q
q 0 0 0 rg BT 343.55 502.25 Td (greenhouse ) Tj ET Q
q 0 0 0 rg BT 392.17 502.25 Td (gas ) Tj ET Q
q 0 0 0 rg BT 408.59 502.25 Td (emissions. ) Tj ET Q
q 0 0 0 rg BT 453.63 502.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 456.03 502.25 Td (As ) Tj ET Q
q 0 0 0 rg BT 470.23 502.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 481.65 502.25 Td (January ) Tj ET Q
q 0 0 0 rg BT 515.84 502.25 Td (1, ) Tj ET Q
q 0 0 0 rg BT 526.42 502.25 Td (2013, ) Tj ET Q
q 0 0 0 rg BT 552.01 502.25 Td (all ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.25 Td (ships ) Tj ET Q
q 0 0 0 rg BT 73.60 490.25 Td (\(including ) Tj ET Q
q 0 0 0 rg BT 117.74 490.25 Td (rigs ) Tj ET Q
q 0 0 0 rg BT 135.77 490.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 153.25 490.25 Td (drillships\) ) Tj ET Q
q 0 0 0 rg BT 196.84 490.25 Td (must ) Tj ET Q
q 0 0 0 rg BT 219.33 490.25 Td (comply ) Tj ET Q
q 0 0 0 rg BT 252.36 490.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 273.17 490.25 Td (mandatory ) Tj ET Q
q 0 0 0 rg BT 318.97 490.25 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 374.21 490.25 Td (adopted ) Tj ET Q
q 0 0 0 rg BT 408.90 490.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 421.94 490.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 437.19 490.25 Td (MEPC ) Tj ET Q
q 0 0 0 rg BT 467.46 490.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 478.27 490.25 Td (July ) Tj ET Q
q 0 0 0 rg BT 497.98 490.25 Td (201) Tj ET Q
q 0 0 0 rg BT 512.61 490.25 Td (1 ) Tj ET Q
q 0 0 0 rg BT 520.64 490.25 Td (relating ) Tj ET Q
q 0 0 0 rg BT 554.22 490.25 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.25 Td (greenhouse ) Tj ET Q
q 0 0 0 rg BT 98.24 478.25 Td (gas ) Tj ET Q
q 0 0 0 rg BT 114.28 478.25 Td (emissions. ) Tj ET Q
q 0 0 0 rg BT 158.93 478.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 161.04 478.25 Td (All ) Tj ET Q
q 0 0 0 rg BT 176.52 478.25 Td (ships ) Tj ET Q
q 0 0 0 rg BT 199.79 478.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 214.70 478.25 Td (required ) Tj ET Q
q 0 0 0 rg BT 250.72 478.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 261.20 478.25 Td (follow ) Tj ET Q
q 0 0 0 rg BT 290.02 478.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 304.94 478.25 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 325.98 478.25 Td (Ener) Tj ET Q
q 0 0 0 rg BT 344.68 478.25 Td (gy ) Tj ET Q
q 0 0 0 rg BT 357.39 478.25 Td (Ef) Tj ET Q
q 0 0 0 rg BT 366.64 478.25 Td (ficiency ) Tj ET Q
q 0 0 0 rg BT 401.55 478.25 Td (Management ) Tj ET Q
q 0 0 0 rg BT 456.46 478.25 Td (Plans. ) Tj ET Q
q 0 0 0 rg BT 483.33 478.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 486.04 478.25 Td (Now ) Tj ET Q
q 0 0 0 rg BT 508.19 478.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 523.11 478.25 Td (minimum ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.25 Td (ener) Tj ET Q
q 0 0 0 rg BT 67.03 466.25 Td (gy ) Tj ET Q
q 0 0 0 rg BT 80.69 466.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 88.28 466.25 Td (ficiency ) Tj ET Q
q 0 0 0 rg BT 124.14 466.25 Td (levels ) Tj ET Q
q 0 0 0 rg BT 151.13 466.25 Td (per ) Tj ET Q
q 0 0 0 rg BT 167.55 466.25 Td (capacity ) Tj ET Q
q 0 0 0 rg BT 204.53 466.25 Td (mile, ) Tj ET Q
q 0 0 0 rg BT 228.46 466.25 Td (outlined ) Tj ET Q
q 0 0 0 rg BT 264.90 466.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 276.33 466.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 292.21 466.25 Td (Ener) Tj ET Q
q 0 0 0 rg BT 310.91 466.25 Td (gy ) Tj ET Q
q 0 0 0 rg BT 324.57 466.25 Td (Ef) Tj ET Q
q 0 0 0 rg BT 333.83 466.25 Td (ficiency ) Tj ET Q
q 0 0 0 rg BT 369.69 466.25 Td (Design ) Tj ET Q
q 0 0 0 rg BT 401.68 466.25 Td (Index, ) Tj ET Q
q 0 0 0 rg BT 430.61 466.25 Td (applies ) Tj ET Q
q 0 0 0 rg BT 462.60 466.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 474.04 466.25 Td (all ) Tj ET Q
q 0 0 0 rg BT 487.69 466.25 Td (new ) Tj ET Q
q 0 0 0 rg BT 508.02 466.25 Td (ships. ) Tj ET Q
q 0 0 0 rg BT 534.74 466.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 538.13 466.25 Td (These ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.25 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 105.03 454.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 130.08 454.25 Td (cause ) Tj ET Q
q 0 0 0 rg BT 155.12 454.25 Td (us ) Tj ET Q
q 0 0 0 rg BT 166.84 454.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 177.45 454.25 Td (incur ) Tj ET Q
q 0 0 0 rg BT 200.83 454.25 Td (additional ) Tj ET Q
q 0 0 0 rg BT 243.65 454.25 Td (compliance ) Tj ET Q
q 0 0 0 rg BT 292.57 454.25 Td (costs. ) Tj ET Q
q 0 0 0 rg BT 317.90 454.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 320.53 454.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 338.91 454.25 Td (IMO ) Tj ET Q
q 0 0 0 rg BT 361.18 454.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 370.68 454.25 Td (also ) Tj ET Q
q 0 0 0 rg BT 389.62 454.25 Td (considering ) Tj ET Q
q 0 0 0 rg BT 439.11 454.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 454.15 454.25 Td (implementation ) Tj ET Q
q 0 0 0 rg BT 519.75 454.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 530.91 454.25 Td (market-) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.25 Td (based ) Tj ET Q
q 0 0 0 rg BT 76.09 442.25 Td (mechanisms ) Tj ET Q
q 0 0 0 rg BT 128.85 442.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 139.95 442.25 Td (reduce ) Tj ET Q
q 0 0 0 rg BT 169.92 442.25 Td (greenhouse ) Tj ET Q
q 0 0 0 rg BT 218.78 442.25 Td (gas ) Tj ET Q
q 0 0 0 rg BT 235.44 442.25 Td (emissions ) Tj ET Q
q 0 0 0 rg BT 278.21 442.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 300.97 442.25 Td (ships ) Tj ET Q
q 0 0 0 rg BT 324.86 442.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 335.40 442.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 348.16 442.25 Td (upcoming ) Tj ET Q
q 0 0 0 rg BT 391.48 442.25 Td (MEPC ) Tj ET Q
q 0 0 0 rg BT 422.04 442.25 Td (session. ) Tj ET Q
q 0 0 0 rg BT 456.75 442.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 459.84 442.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 478.71 442.25 Td (European ) Tj ET Q
q 0 0 0 rg BT 520.35 442.25 Td (Union ) Tj ET Q
q 0 0 0 rg BT 548.67 442.25 Td (has ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.25 Td (indicated ) Tj ET Q
q 0 0 0 rg BT 89.24 430.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 106.82 430.25 Td (it ) Tj ET Q
q 0 0 0 rg BT 114.96 430.25 Td (intends ) Tj ET Q
q 0 0 0 rg BT 146.43 430.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 156.79 430.25 Td (propose ) Tj ET Q
q 0 0 0 rg BT 191.04 430.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 203.06 430.25 Td (expansion ) Tj ET Q
q 0 0 0 rg BT 246.20 430.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 257.11 430.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 271.91 430.25 Td (existing ) Tj ET Q
q 0 0 0 rg BT 306.16 430.25 Td (European ) Tj ET Q
q 0 0 0 rg BT 347.07 430.25 Td (Union ) Tj ET Q
q 0 0 0 rg BT 374.65 430.25 Td (emissions ) Tj ET Q
q 0 0 0 rg BT 416.68 430.25 Td (trading ) Tj ET Q
q 0 0 0 rg BT 447.60 430.25 Td (scheme ) Tj ET Q
q 0 0 0 rg BT 480.17 430.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 490.53 430.25 Td (include ) Tj ET Q
q 0 0 0 rg BT 522.55 430.25 Td (emissions ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 61.84 418.25 Td (greenhouse ) Tj ET Q
q 0 0 0 rg BT 110.88 418.25 Td (gases ) Tj ET Q
q 0 0 0 rg BT 136.05 418.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 159.00 418.25 Td (marine ) Tj ET Q
q 0 0 0 rg BT 190.27 418.25 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 224.60 418.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 242.55 418.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 253.83 418.25 Td (January ) Tj ET Q
q 0 0 0 rg BT 288.44 418.25 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 311.95 418.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 327.67 418.25 Td (European ) Tj ET Q
q 0 0 0 rg BT 369.50 418.25 Td (Commission ) Tj ET Q
q 0 0 0 rg BT 423.57 418.25 Td (launched ) Tj ET Q
q 0 0 0 rg BT 463.17 418.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 471.12 418.25 Td (public ) Tj ET Q
q 0 0 0 rg BT 499.62 418.25 Td (consultation ) Tj ET Q
q 0 0 0 rg BT 552.01 418.25 Td (on ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.25 Td (possible ) Tj ET Q
q 0 0 0 rg BT 84.32 406.25 Td (measures ) Tj ET Q
q 0 0 0 rg BT 123.07 406.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 132.39 406.25 Td (reduce ) Tj ET Q
q 0 0 0 rg BT 160.57 406.25 Td (greenhouse ) Tj ET Q
q 0 0 0 rg BT 207.65 406.25 Td (gas ) Tj ET Q
q 0 0 0 rg BT 222.52 406.25 Td (emissions ) Tj ET Q
q 0 0 0 rg BT 263.51 406.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 284.49 406.25 Td (ships. ) Tj ET Q
q 0 0 0 rg BT 309.09 406.25 Td (In ) Tj ET Q
q 0 0 0 rg BT 318.96 406.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 332.72 406.25 Td (United ) Tj ET Q
q 0 0 0 rg BT 361.47 406.25 Td (States, ) Tj ET Q
q 0 0 0 rg BT 389.40 406.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 403.16 406.25 Td (EP) Tj ET Q
q 0 0 0 rg BT 413.91 406.25 Td (A) Tj ET Q
q 0 0 0 rg BT 420.58 406.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 422.12 406.25 Td (has ) Tj ET Q
q 0 0 0 rg BT 436.99 406.25 Td (issued ) Tj ET Q
q 0 0 0 rg BT 463.53 406.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 469.51 406.25 Td (finding ) Tj ET Q
q 0 0 0 rg BT 499.94 406.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 516.47 406.25 Td (greenhouse ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.25 Td (gases ) Tj ET Q
q 0 0 0 rg BT 74.46 394.25 Td (endanger ) Tj ET Q
q 0 0 0 rg BT 113.91 394.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 128.94 394.25 Td (public ) Tj ET Q
q 0 0 0 rg BT 156.73 394.25 Td (health ) Tj ET Q
q 0 0 0 rg BT 183.97 394.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 201.21 394.25 Td (safety ) Tj ET Q
q 0 0 0 rg BT 227.90 394.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 245.14 394.25 Td (has ) Tj ET Q
q 0 0 0 rg BT 261.27 394.25 Td (adopted ) Tj ET Q
q 0 0 0 rg BT 295.73 394.25 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 342.97 394.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 353.55 394.25 Td (limit ) Tj ET Q
q 0 0 0 rg BT 375.25 394.25 Td (greenhouse ) Tj ET Q
q 0 0 0 rg BT 423.59 394.25 Td (gas ) Tj ET Q
q 0 0 0 rg BT 439.72 394.25 Td (emissions ) Tj ET Q
q 0 0 0 rg BT 481.98 394.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 504.22 394.25 Td (certain ) Tj ET Q
q 0 0 0 rg BT 534.23 394.25 Td (mobile ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.25 Td (sources ) Tj ET Q
q 0 0 0 rg BT 82.20 382.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 98.84 382.25 Td (lar) Tj ET Q
q 0 0 0 rg BT 109.21 382.25 Td (ge ) Tj ET Q
q 0 0 0 rg BT 120.85 382.25 Td (stationary ) Tj ET Q
q 0 0 0 rg BT 162.49 382.25 Td (sources. ) Tj ET Q
q 0 0 0 rg BT 196.70 382.25 Td (Although ) Tj ET Q
q 0 0 0 rg BT 236.68 382.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 251.11 382.25 Td (mobile ) Tj ET Q
q 0 0 0 rg BT 281.09 382.25 Td (source ) Tj ET Q
q 0 0 0 rg BT 309.39 382.25 Td (emissions ) Tj ET Q
q 0 0 0 rg BT 351.05 382.25 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 397.69 382.25 Td (do ) Tj ET Q
q 0 0 0 rg BT 409.89 382.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 424.88 382.25 Td (apply ) Tj ET Q
q 0 0 0 rg BT 449.30 382.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 459.28 382.25 Td (greenhouse ) Tj ET Q
q 0 0 0 rg BT 507.03 382.25 Td (gas ) Tj ET Q
q 0 0 0 rg BT 522.56 382.25 Td (emissions ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 72.61 370.25 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 106.62 370.25 Td (such ) Tj ET Q
q 0 0 0 rg BT 128.12 370.25 Td (regulation ) Tj ET Q
q 0 0 0 rg BT 171.84 370.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 183.34 370.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 214.84 370.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 224.69 370.25 Td (foreseeable, ) Tj ET Q
q 0 0 0 rg BT 275.88 370.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 293.50 370.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 308.89 370.25 Td (EP) Tj ET Q
q 0 0 0 rg BT 319.64 370.25 Td (A) Tj ET Q
q 0 0 0 rg BT 326.31 370.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 329.48 370.25 Td (has ) Tj ET Q
q 0 0 0 rg BT 345.99 370.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 356.94 370.25 Td (recent ) Tj ET Q
q 0 0 0 rg BT 384.54 370.25 Td (years ) Tj ET Q
q 0 0 0 rg BT 408.81 370.25 Td (received ) Tj ET Q
q 0 0 0 rg BT 445.84 370.25 Td (petitions ) Tj ET Q
q 0 0 0 rg BT 483.46 370.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 506.07 370.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 521.46 370.25 Td (California ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.25 Td (Attorney ) Tj ET Q
q 0 0 0 rg BT 88.02 358.25 Td (General ) Tj ET Q
q 0 0 0 rg BT 122.15 358.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 139.06 358.25 Td (various ) Tj ET Q
q 0 0 0 rg BT 170.98 358.25 Td (environmental ) Tj ET Q
q 0 0 0 rg BT 231.22 358.25 Td (groups ) Tj ET Q
q 0 0 0 rg BT 260.92 358.25 Td (seeking ) Tj ET Q
q 0 0 0 rg BT 293.94 358.25 Td (such ) Tj ET Q
q 0 0 0 rg BT 314.75 358.25 Td (regulation. ) Tj ET Q
q 0 0 0 rg BT 359.72 358.25 Td (Any ) Tj ET Q
q 0 0 0 rg BT 379.42 358.25 Td (passage ) Tj ET Q
q 0 0 0 rg BT 413.00 358.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 423.81 358.25 Td (climate ) Tj ET Q
q 0 0 0 rg BT 455.72 358.25 Td (control ) Tj ET Q
q 0 0 0 rg BT 486.52 358.25 Td (legislation ) Tj ET Q
q 0 0 0 rg BT 530.66 358.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 541.46 358.25 Td (other ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.25 Td (regulatory ) Tj ET Q
q 0 0 0 rg BT 94.16 346.25 Td (initiatives ) Tj ET Q
q 0 0 0 rg BT 136.67 346.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 149.73 346.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 165.01 346.25 Td (IMO, ) Tj ET Q
q 0 0 0 rg BT 190.02 346.25 Td (European ) Tj ET Q
q 0 0 0 rg BT 231.41 346.25 Td (Union, ) Tj ET Q
q 0 0 0 rg BT 261.97 346.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 277.26 346.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 298.11 346.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 309.50 346.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 333.12 346.25 Td (countries ) Tj ET Q
q 0 0 0 rg BT 372.84 346.25 Td (where ) Tj ET Q
q 0 0 0 rg BT 400.33 346.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 415.06 346.25 Td (operate, ) Tj ET Q
q 0 0 0 rg BT 450.05 346.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 461.45 346.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 478.95 346.25 Td (treaty ) Tj ET Q
q 0 0 0 rg BT 504.78 346.25 Td (adopted ) Tj ET Q
q 0 0 0 rg BT 539.50 346.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 549.79 346.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.25 Td (international ) Tj ET Q
q 0 0 0 rg BT 102.77 334.25 Td (level ) Tj ET Q
q 0 0 0 rg BT 124.44 334.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 134.45 334.25 Td (succeed ) Tj ET Q
q 0 0 0 rg BT 168.33 334.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 182.78 334.25 Td (Kyoto ) Tj ET Q
q 0 0 0 rg BT 210.01 334.25 Td (Protocol, ) Tj ET Q
q 0 0 0 rg BT 248.64 334.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 265.86 334.25 Td (restrict ) Tj ET Q
q 0 0 0 rg BT 295.86 334.25 Td (emissions ) Tj ET Q
q 0 0 0 rg BT 337.54 334.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 348.11 334.25 Td (greenhouse ) Tj ET Q
q 0 0 0 rg BT 395.88 334.25 Td (gases ) Tj ET Q
q 0 0 0 rg BT 419.77 334.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 444.22 334.25 Td (require ) Tj ET Q
q 0 0 0 rg BT 474.77 334.25 Td (us ) Tj ET Q
q 0 0 0 rg BT 485.90 334.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 495.91 334.25 Td (make ) Tj ET Q
q 0 0 0 rg BT 519.80 334.25 Td (significant ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 87.48 322.25 Td (expenditures ) Tj ET Q
q 0 0 0 rg BT 141.07 322.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 168.01 322.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 182.17 322.25 Td (cannot ) Tj ET Q
q 0 0 0 rg BT 211.33 322.25 Td (predict ) Tj ET Q
q 0 0 0 rg BT 241.59 322.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 261.87 322.25 Td (certainty ) Tj ET Q
q 0 0 0 rg BT 299.35 322.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 309.07 322.25 Td (this ) Tj ET Q
q 0 0 0 rg BT 326.02 322.25 Td (time.) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.25 Td (International ) Tj ET Q
q 0 0 0 rg BT 107.52 298.25 Td (Labor ) Tj ET Q
q 0 0 0 rg BT 135.02 298.25 Td (Organization) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.31 274.25 Td (International ) Tj ET Q
q 0 0 0 rg BT 122.17 274.25 Td (Labour ) Tj ET Q
q 0 0 0 rg BT 153.81 274.25 Td (Or) Tj ET Q
q 0 0 0 rg BT 164.18 274.25 Td (ganization ) Tj ET Q
q 0 0 0 rg BT 208.60 274.25 Td (\(ILO\) ) Tj ET Q
q 0 0 0 rg BT 234.69 274.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 244.12 274.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 251.33 274.25 Td (specialized ) Tj ET Q
q 0 0 0 rg BT 298.51 274.25 Td (agency ) Tj ET Q
q 0 0 0 rg BT 329.59 274.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 340.69 274.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 355.67 274.25 Td (UN ) Tj ET Q
q 0 0 0 rg BT 372.88 274.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 393.43 274.25 Td (headquarters ) Tj ET Q
q 0 0 0 rg BT 447.28 274.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 457.82 274.25 Td (Geneva, ) Tj ET Q
q 0 0 0 rg BT 493.62 274.25 Td (Switzerland. ) Tj ET Q
q 0 0 0 rg BT 546.45 274.25 Td (The ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 118.15 262.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 132.53 262.25 Td (Maritime ) Tj ET Q
q 0 0 0 rg BT 171.91 262.25 Td (Labor ) Tj ET Q
q 0 0 0 rg BT 197.96 262.25 Td (Convention ) Tj ET Q
q 0 0 0 rg BT 246.79 262.25 Td (2006 ) Tj ET Q
q 0 0 0 rg BT 268.96 262.25 Td (\(MLC ) Tj ET Q
q 0 0 0 rg BT 296.13 262.25 Td (2006\). ) Tj ET Q
q 0 0 0 rg BT 323.65 262.25 Td (A) Tj ET Q
q 0 0 0 rg BT 330.32 262.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 332.49 262.25 Td (Maritime ) Tj ET Q
q 0 0 0 rg BT 371.87 262.25 Td (Labor ) Tj ET Q
q 0 0 0 rg BT 397.91 262.25 Td (Certificate ) Tj ET Q
q 0 0 0 rg BT 442.28 262.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 458.88 262.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 465.49 262.25 Td (Declaration ) Tj ET Q
q 0 0 0 rg BT 514.30 262.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 524.79 262.25 Td (Maritime ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.25 Td (Labor ) Tj ET Q
q 0 0 0 rg BT 76.51 250.25 Td (Compliance ) Tj ET Q
q 0 0 0 rg BT 127.47 250.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 145.66 250.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 157.73 250.25 Td (required ) Tj ET Q
q 0 0 0 rg BT 193.68 250.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 204.09 250.25 Td (ensure ) Tj ET Q
q 0 0 0 rg BT 232.82 250.25 Td (compliance ) Tj ET Q
q 0 0 0 rg BT 281.55 250.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 301.96 250.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 316.81 250.25 Td (MLC ) Tj ET Q
q 0 0 0 rg BT 341.12 250.25 Td (2006 ) Tj ET Q
q 0 0 0 rg BT 363.75 250.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 378.04 250.25 Td (all ) Tj ET Q
q 0 0 0 rg BT 390.67 250.25 Td (ships ) Tj ET Q
q 0 0 0 rg BT 413.87 250.25 Td (above ) Tj ET Q
q 0 0 0 rg BT 440.38 250.25 Td (500 ) Tj ET Q
q 0 0 0 rg BT 458.02 250.25 Td (gross ) Tj ET Q
q 0 0 0 rg BT 481.76 250.25 Td (tons ) Tj ET Q
q 0 0 0 rg BT 501.07 250.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 511.48 250.25 Td (international ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.25 Td (trade. ) Tj ET Q
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q 0 0 0 rg BT 92.01 238.25 Td (MLC ) Tj ET Q
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q 0 0 0 rg BT 137.81 238.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 155.42 238.25 Td (enter ) Tj ET Q
q 0 0 0 rg BT 177.47 238.25 Td (into ) Tj ET Q
q 0 0 0 rg BT 195.09 238.25 Td (force ) Tj ET Q
q 0 0 0 rg BT 217.69 238.25 Td (one ) Tj ET Q
q 0 0 0 rg BT 234.19 238.25 Td (year ) Tj ET Q
q 0 0 0 rg BT 253.46 238.25 Td (after ) Tj ET Q
q 0 0 0 rg BT 273.84 238.25 Td (30 ) Tj ET Q
q 0 0 0 rg BT 285.91 238.25 Td (countries ) Tj ET Q
q 0 0 0 rg BT 324.62 238.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 344.47 238.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 350.97 238.25 Td (minimum ) Tj ET Q
q 0 0 0 rg BT 391.92 238.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 402.31 238.25 Td (33% ) Tj ET Q
q 0 0 0 rg BT 422.71 238.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 433.10 238.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 447.38 238.25 Td (world's ) Tj ET Q
q 0 0 0 rg BT 478.47 238.25 Td (tonnage ) Tj ET Q
q 0 0 0 rg BT 512.19 238.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 533.13 238.25 Td (ratified ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.25 Td (it. ) Tj ET Q
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q 0 0 0 rg BT 74.54 226.25 Td (August ) Tj ET Q
q 0 0 0 rg BT 105.83 226.25 Td (20, ) Tj ET Q
q 0 0 0 rg BT 120.73 226.25 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 145.62 226.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 160.24 226.25 Td (required ) Tj ET Q
q 0 0 0 rg BT 195.95 226.25 Td (number ) Tj ET Q
q 0 0 0 rg BT 228.89 226.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 239.62 226.25 Td (countries ) Tj ET Q
q 0 0 0 rg BT 278.67 226.25 Td (met ) Tj ET Q
q 0 0 0 rg BT 296.06 226.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 312.90 226.25 Td (MLC ) Tj ET Q
q 0 0 0 rg BT 336.96 226.25 Td (2006 ) Tj ET Q
q 0 0 0 rg BT 359.36 226.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 368.43 226.25 Td (expected ) Tj ET Q
q 0 0 0 rg BT 406.35 226.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 416.53 226.25 Td (come ) Tj ET Q
q 0 0 0 rg BT 440.58 226.25 Td (into ) Tj ET Q
q 0 0 0 rg BT 458.53 226.25 Td (force ) Tj ET Q
q 0 0 0 rg BT 481.47 226.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 493.33 226.25 Td (August ) Tj ET Q
q 0 0 0 rg BT 524.62 226.25 Td (20, ) Tj ET Q
q 0 0 0 rg BT 539.52 226.25 Td (2013. ) Tj ET Q
q 0 0 0 rg BT 564.52 226.25 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 126.30 214.25 Td (MLC ) Tj ET Q
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q 0 0 0 rg BT 173.67 214.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 193.74 214.25 Td (require ) Tj ET Q
q 0 0 0 rg BT 224.91 214.25 Td (us ) Tj ET Q
q 0 0 0 rg BT 236.65 214.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 247.28 214.25 Td (develop ) Tj ET Q
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q 0 0 0 rg BT 301.30 214.25 Td (procedures ) Tj ET Q
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q 0 0 0 rg BT 358.65 214.25 Td (ensure ) Tj ET Q
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q 0 0 0 rg BT 404.34 214.25 Td (compliance.The ) Tj ET Q
q 0 0 0 rg BT 471.32 214.25 Td (International ) Tj ET Q
q 0 0 0 rg BT 525.26 214.25 Td (Group ) Tj ET Q
q 0 0 0 rg BT 553.67 214.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.25 Td (P&I ) Tj ET Q
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q 0 0 0 rg BT 135.26 202.25 Td (States ) Tj ET Q
q 0 0 0 rg BT 160.74 202.25 Td (Parties ) Tj ET Q
q 0 0 0 rg BT 189.55 202.25 Td (to ) Tj ET Q
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q 0 0 0 rg BT 212.72 202.25 Td (MLC ) Tj ET Q
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q 0 0 0 rg BT 295.18 202.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 304.55 202.25 Td (provide ) Tj ET Q
q 0 0 0 rg BT 336.68 202.25 Td (suf) Tj ET Q
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q 0 0 0 rg BT 489.96 202.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 503.76 202.25 Td (MLC ) Tj ET Q
q 0 0 0 rg BT 527.03 202.25 Td (financial ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.25 Td (security ) Tj ET Q
q 0 0 0 rg BT 84.16 190.25 Td (provisions ) Tj ET Q
q 0 0 0 rg BT 128.33 190.25 Td (prior ) Tj ET Q
q 0 0 0 rg BT 150.26 190.25 Td (entry ) Tj ET Q
q 0 0 0 rg BT 173.31 190.25 Td (into ) Tj ET Q
q 0 0 0 rg BT 191.37 190.25 Td (force.) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.25 Td (V) Tj ET Q
q 0 0 0 rg BT 55.56 166.25 Td (essel Security Regulations) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 123.13 142.25 Td (attacks ) Tj ET Q
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q 0 0 0 rg BT 248.34 142.25 Td (there ) Tj ET Q
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q 0 0 0 rg BT 313.12 142.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 319.91 142.25 Td (variety ) Tj ET Q
q 0 0 0 rg BT 350.02 142.25 Td (of ) Tj ET Q
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q 0 0 0 rg BT 402.48 142.25 Td (intended ) Tj ET Q
q 0 0 0 rg BT 439.26 142.25 Td (to ) Tj ET Q
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q 0 0 0 rg BT 484.48 142.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 511.27 142.25 Td (security) Tj ET Q
q 0 0 0 rg BT 542.27 142.25 Td (.On ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 130.25 Td (November ) Tj ET Q
q 0 0 0 rg BT 94.06 130.25 Td (25, ) Tj ET Q
q 0 0 0 rg BT 108.40 130.25 Td (2002, ) Tj ET Q
q 0 0 0 rg BT 132.75 130.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 146.82 130.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 166.45 130.25 Td (Maritime ) Tj ET Q
q 0 0 0 rg BT 205.37 130.25 Td (T) Tj ET Q
q 0 0 0 rg BT 211.13 130.25 Td (ransportation ) Tj ET Q
q 0 0 0 rg BT 265.74 130.25 Td (Security ) Tj ET Q
q 0 0 0 rg BT 300.51 130.25 Td (Act ) Tj ET Q
q 0 0 0 rg BT 316.79 130.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 326.97 130.25 Td (2002, ) Tj ET Q
q 0 0 0 rg BT 351.32 130.25 Td (or ) Tj ET Q
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q 0 0 0 rg BT 375.56 130.25 Td (MTSA, ) Tj ET Q
q 0 0 0 rg BT 407.70 130.25 Td (came ) Tj ET Q
q 0 0 0 rg BT 430.64 130.25 Td (into ) Tj ET Q
q 0 0 0 rg BT 448.04 130.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 455.63 130.25 Td (fect.) Tj ET Q
q 0 0 0 rg BT 477.94 130.25 Td (T) Tj ET Q
q 0 0 0 rg BT 483.35 130.25 Td (o ) Tj ET Q
q 0 0 0 rg BT 490.19 130.25 Td (implement ) Tj ET Q
q 0 0 0 rg BT 534.81 130.25 Td (certain ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 118.25 Td (portions ) Tj ET Q
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q 0 0 0 rg BT 112.56 118.25 Td (MTSA, ) Tj ET Q
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q 0 0 0 rg BT 156.78 118.25 Td (July ) Tj ET Q
q 0 0 0 rg BT 176.53 118.25 Td (2003, ) Tj ET Q
q 0 0 0 rg BT 202.11 118.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 217.40 118.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 238.26 118.25 Td (Coast ) Tj ET Q
q 0 0 0 rg BT 264.12 118.25 Td (Guard ) Tj ET Q
q 0 0 0 rg BT 292.19 118.25 Td (issued ) Tj ET Q
q 0 0 0 rg BT 320.27 118.25 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 367.78 118.25 Td (requiring ) Tj ET Q
q 0 0 0 rg BT 407.51 118.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 422.81 118.25 Td (implementation ) Tj ET Q
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q 0 0 0 rg BT 226.92 490.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 246.76 490.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 258.83 490.10 Td (detained ) Tj ET Q
q 0 0 0 rg BT 295.32 490.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 305.16 490.10 Td (port ) Tj ET Q
q 0 0 0 rg BT 323.89 490.10 Td (until ) Tj ET Q
q 0 0 0 rg BT 344.85 490.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 353.03 490.10 Td (obtains ) Tj ET Q
q 0 0 0 rg BT 384.54 490.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 396.61 490.10 Td (ISSC, ) Tj ET Q
q 0 0 0 rg BT 422.85 490.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 433.81 490.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 441.99 490.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 461.83 490.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 473.89 490.10 Td (expelled ) Tj ET Q
q 0 0 0 rg BT 510.38 490.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 532.45 490.10 Td (port, ) Tj ET Q
q 0 0 0 rg BT 553.68 490.10 Td (or ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (refused ) Tj ET Q
q 0 0 0 rg BT 81.93 478.10 Td (entry ) Tj ET Q
q 0 0 0 rg BT 104.98 478.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 114.69 478.10 Td (port.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.35 454.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 88.94 454.10 Td (Coast ) Tj ET Q
q 0 0 0 rg BT 114.52 454.10 Td (Guard ) Tj ET Q
q 0 0 0 rg BT 142.32 454.10 Td (regulations, ) Tj ET Q
q 0 0 0 rg BT 192.06 454.10 Td (intended ) Tj ET Q
q 0 0 0 rg BT 229.30 454.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 239.88 454.10 Td (align ) Tj ET Q
q 0 0 0 rg BT 262.68 454.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 283.26 454.10 Td (international ) Tj ET Q
q 0 0 0 rg BT 336.61 454.10 Td (maritime ) Tj ET Q
q 0 0 0 rg BT 375.51 454.10 Td (security ) Tj ET Q
q 0 0 0 rg BT 409.97 454.10 Td (standards, ) Tj ET Q
q 0 0 0 rg BT 453.04 454.10 Td (exempt ) Tj ET Q
q 0 0 0 rg BT 485.28 454.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 507.53 454.10 Td (MTSA) Tj ET Q
q 0 0 0 rg BT 534.76 454.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 537.56 454.10 Td (vessel ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (security ) Tj ET Q
q 0 0 0 rg BT 84.17 442.10 Td (measures ) Tj ET Q
q 0 0 0 rg BT 123.89 442.10 Td (non-U.S. ) Tj ET Q
q 0 0 0 rg BT 162.52 442.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 193.36 442.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 210.87 442.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 232.27 442.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 244.78 442.10 Td (board, ) Tj ET Q
q 0 0 0 rg BT 272.56 442.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 283.41 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 294.25 442.10 Td (July ) Tj ET Q
q 0 0 0 rg BT 313.44 442.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 323.45 442.10 Td (2004, ) Tj ET Q
q 0 0 0 rg BT 348.47 442.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 355.42 442.10 Td (valid ) Tj ET Q
q 0 0 0 rg BT 377.93 442.10 Td (ISSC ) Tj ET Q
q 0 0 0 rg BT 401.57 442.10 Td (attesting ) Tj ET Q
q 0 0 0 rg BT 437.96 442.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 448.26 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 462.99 442.10 Td (vessel's ) Tj ET Q
q 0 0 0 rg BT 495.63 442.10 Td (compliance ) Tj ET Q
q 0 0 0 rg BT 544.24 442.10 Td (with ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (SOLAS ) Tj ET Q
q 0 0 0 rg BT 84.52 430.10 Td (security ) Tj ET Q
q 0 0 0 rg BT 119.02 430.10 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 174.07 430.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 191.35 430.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 206.42 430.10 Td (ISPS ) Tj ET Q
q 0 0 0 rg BT 229.28 430.10 Td (Code. ) Tj ET Q
q 0 0 0 rg BT 255.52 430.10 Td (W) Tj ET Q
q 0 0 0 rg BT 264.16 430.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 271.45 430.10 Td (believe ) Tj ET Q
q 0 0 0 rg BT 303.16 430.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 321.00 430.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 337.18 430.10 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 357.79 430.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 367.31 430.10 Td (currently ) Tj ET Q
q 0 0 0 rg BT 406.25 430.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 416.87 430.10 Td (compliance ) Tj ET Q
q 0 0 0 rg BT 465.80 430.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 486.43 430.10 Td (applicable ) Tj ET Q
q 0 0 0 rg BT 530.36 430.10 Td (security ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (requirements.) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (Inspection ) Tj ET Q
q 0 0 0 rg BT 95.84 394.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 107.78 394.10 Td (Classification ) Tj ET Q
q 0 0 0 rg BT 166.95 394.10 Td (Societies) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (Every ) Tj ET Q
q 0 0 0 rg BT 76.77 370.10 Td (oceangoing ) Tj ET Q
q 0 0 0 rg BT 125.77 370.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 153.10 370.10 Td (must ) Tj ET Q
q 0 0 0 rg BT 175.45 370.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 187.79 370.10 Td ("classed" ) Tj ET Q
q 0 0 0 rg BT 227.72 370.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 240.62 370.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 247.96 370.10 Td (classification ) Tj ET Q
q 0 0 0 rg BT 303.62 370.10 Td (society) Tj ET Q
q 0 0 0 rg BT 331.29 370.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 336.48 370.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 354.92 370.10 Td (classification ) Tj ET Q
q 0 0 0 rg BT 410.58 370.10 Td (society ) Tj ET Q
q 0 0 0 rg BT 441.80 370.10 Td (certifies ) Tj ET Q
q 0 0 0 rg BT 476.90 370.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 494.80 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 509.91 370.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 537.25 370.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 546.82 370.10 Td ("in-) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (class," ) Tj ET Q
q 0 0 0 rg BT 79.50 358.10 Td (signifying ) Tj ET Q
q 0 0 0 rg BT 123.54 358.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 142.01 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 157.71 358.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 185.63 358.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 202.44 358.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 224.80 358.10 Td (built ) Tj ET Q
q 0 0 0 rg BT 246.61 358.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 264.53 358.10 Td (maintained ) Tj ET Q
q 0 0 0 rg BT 312.44 358.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 323.70 358.10 Td (accordance ) Tj ET Q
q 0 0 0 rg BT 372.14 358.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 393.40 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 409.10 358.10 Td (rules ) Tj ET Q
q 0 0 0 rg BT 432.02 358.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 443.83 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 459.52 358.10 Td (classification ) Tj ET Q
q 0 0 0 rg BT 515.76 358.10 Td (society ) Tj ET Q
q 0 0 0 rg BT 547.57 358.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (complies ) Tj ET Q
q 0 0 0 rg BT 88.62 346.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 108.92 346.10 Td (applicable ) Tj ET Q
q 0 0 0 rg BT 152.53 346.10 Td (rules ) Tj ET Q
q 0 0 0 rg BT 174.48 346.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 191.44 346.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 238.39 346.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 249.24 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 263.98 346.10 Td (vessel's ) Tj ET Q
q 0 0 0 rg BT 296.63 346.10 Td (country ) Tj ET Q
q 0 0 0 rg BT 329.69 346.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 340.54 346.10 Td (registry ) Tj ET Q
q 0 0 0 rg BT 373.61 346.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 390.56 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 405.30 346.10 Td (international ) Tj ET Q
q 0 0 0 rg BT 458.35 346.10 Td (conventions ) Tj ET Q
q 0 0 0 rg BT 509.20 346.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 520.05 346.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 547.00 346.10 Td (that ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (country ) Tj ET Q
q 0 0 0 rg BT 82.60 334.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 91.33 334.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 97.82 334.10 Td (member) Tj ET Q
q 0 0 0 rg BT 130.03 334.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 134.59 334.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 144.98 334.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 182.30 334.10 Td (where ) Tj ET Q
q 0 0 0 rg BT 208.79 334.10 Td (surveys ) Tj ET Q
q 0 0 0 rg BT 241.40 334.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 255.66 334.10 Td (required ) Tj ET Q
q 0 0 0 rg BT 291.03 334.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 303.09 334.10 Td (international ) Tj ET Q
q 0 0 0 rg BT 355.68 334.10 Td (conventions ) Tj ET Q
q 0 0 0 rg BT 406.06 334.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 422.55 334.10 Td (corresponding ) Tj ET Q
q 0 0 0 rg BT 481.82 334.10 Td (laws ) Tj ET Q
q 0 0 0 rg BT 502.20 334.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 518.70 334.10 Td (ordinances ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.60 322.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 67.32 322.10 Td (flag ) Tj ET Q
q 0 0 0 rg BT 85.14 322.10 Td (state, ) Tj ET Q
q 0 0 0 rg BT 108.24 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 122.73 322.10 Td (classification ) Tj ET Q
q 0 0 0 rg BT 177.76 322.10 Td (society ) Tj ET Q
q 0 0 0 rg BT 208.36 322.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 226.19 322.10 Td (undertake ) Tj ET Q
q 0 0 0 rg BT 267.89 322.10 Td (them ) Tj ET Q
q 0 0 0 rg BT 290.16 322.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 302.44 322.10 Td (application ) Tj ET Q
q 0 0 0 rg BT 349.14 322.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 359.74 322.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 372.02 322.10 Td (of) Tj ET Q
q 0 0 0 rg BT 380.17 322.10 Td (ficial ) Tj ET Q
q 0 0 0 rg BT 402.98 322.10 Td (order) Tj ET Q
q 0 0 0 rg BT 423.68 322.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 428.46 322.10 Td (acting ) Tj ET Q
q 0 0 0 rg BT 455.16 322.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 467.44 322.10 Td (behalf ) Tj ET Q
q 0 0 0 rg BT 494.70 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 505.30 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 519.79 322.10 Td (authorities ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (concerned.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (Most ) Tj ET Q
q 0 0 0 rg BT 73.00 286.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 113.75 286.10 Td (underwriters ) Tj ET Q
q 0 0 0 rg BT 166.72 286.10 Td (make ) Tj ET Q
q 0 0 0 rg BT 190.81 286.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 198.80 286.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 205.67 286.10 Td (condition ) Tj ET Q
q 0 0 0 rg BT 245.88 286.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 259.97 286.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 300.72 286.10 Td (coverage ) Tj ET Q
q 0 0 0 rg BT 339.24 286.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 356.67 286.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 363.54 286.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 390.41 286.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 402.29 286.10 Td (certified ) Tj ET Q
q 0 0 0 rg BT 438.03 286.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 448.79 286.10 Td ("in-class" ) Tj ET Q
q 0 0 0 rg BT 489.94 286.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 502.37 286.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 509.25 286.10 Td (classification ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (society ) Tj ET Q
q 0 0 0 rg BT 80.96 274.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 108.04 274.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 117.34 274.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 124.42 274.10 Td (member ) Tj ET Q
q 0 0 0 rg BT 159.81 274.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 170.78 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 185.63 274.10 Td (International ) Tj ET Q
q 0 0 0 rg BT 238.78 274.10 Td (Association ) Tj ET Q
q 0 0 0 rg BT 288.63 274.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 299.59 274.10 Td (Classification ) Tj ET Q
q 0 0 0 rg BT 357.22 274.10 Td (Societies. ) Tj ET Q
q 0 0 0 rg BT 397.88 274.10 Td (All ) Tj ET Q
q 0 0 0 rg BT 413.29 274.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 429.26 274.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 460.22 274.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 475.07 274.10 Td (certified ) Tj ET Q
q 0 0 0 rg BT 511.01 274.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 521.98 274.10 Td (being ) Tj ET Q
q 0 0 0 rg BT 546.83 274.10 Td ("in-) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (class" ) Tj ET Q
q 0 0 0 rg BT 76.02 262.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 88.52 262.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 95.46 262.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 141.82 262.10 Td (classification ) Tj ET Q
q 0 0 0 rg BT 197.08 262.10 Td (society) Tj ET Q
q 0 0 0 rg BT 224.76 262.10 Td (.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (Risk ) Tj ET Q
q 0 0 0 rg BT 71.95 238.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 82.78 238.10 Td (Loss ) Tj ET Q
q 0 0 0 rg BT 104.74 238.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 123.36 238.10 Td (Insurance) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.32 214.10 Td (operation ) Tj ET Q
q 0 0 0 rg BT 108.86 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 119.97 214.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 137.18 214.10 Td (ocean-going ) Tj ET Q
q 0 0 0 rg BT 189.38 214.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 216.60 214.10 Td (carries ) Tj ET Q
q 0 0 0 rg BT 246.02 214.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 258.23 214.10 Td (inherent ) Tj ET Q
q 0 0 0 rg BT 293.77 214.10 Td (risk ) Tj ET Q
q 0 0 0 rg BT 311.55 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 322.65 214.10 Td (catastrophic ) Tj ET Q
q 0 0 0 rg BT 373.74 214.10 Td (marine ) Tj ET Q
q 0 0 0 rg BT 404.28 214.10 Td (disasters ) Tj ET Q
q 0 0 0 rg BT 441.49 214.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 458.71 214.10 Td (property ) Tj ET Q
q 0 0 0 rg BT 495.36 214.10 Td (losses ) Tj ET Q
q 0 0 0 rg BT 522.03 214.10 Td (caused ) Tj ET Q
q 0 0 0 rg BT 552.01 214.10 Td (by ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 83.12 202.10 Td (weather ) Tj ET Q
q 0 0 0 rg BT 117.35 202.10 Td (conditions, ) Tj ET Q
q 0 0 0 rg BT 164.10 202.10 Td (mechanical ) Tj ET Q
q 0 0 0 rg BT 212.21 202.10 Td (failures, ) Tj ET Q
q 0 0 0 rg BT 247.28 202.10 Td (human ) Tj ET Q
q 0 0 0 rg BT 277.08 202.10 Td (error) Tj ET Q
q 0 0 0 rg BT 296.10 202.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 301.19 202.10 Td (war) Tj ET Q
q 0 0 0 rg BT 315.78 202.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 320.86 202.10 Td (terrorism ) Tj ET Q
q 0 0 0 rg BT 360.10 202.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 377.12 202.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 400.25 202.10 Td (circumstances ) Tj ET Q
q 0 0 0 rg BT 459.47 202.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 470.39 202.10 Td (events. ) Tj ET Q
q 0 0 0 rg BT 501.02 202.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 511.93 202.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 549.79 202.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (transportation ) Tj ET Q
q 0 0 0 rg BT 109.00 190.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 120.79 190.10 Td (crude ) Tj ET Q
q 0 0 0 rg BT 146.45 190.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 160.47 190.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 170.60 190.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 202.38 190.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 213.62 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 229.29 190.10 Td (risk ) Tj ET Q
q 0 0 0 rg BT 247.75 190.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 259.54 190.10 Td (spills, ) Tj ET Q
q 0 0 0 rg BT 286.62 190.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 304.51 190.10 Td (business ) Tj ET Q
q 0 0 0 rg BT 341.86 190.10 Td (interruptions ) Tj ET Q
q 0 0 0 rg BT 396.43 190.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 414.32 190.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 425.56 190.10 Td (political ) Tj ET Q
q 0 0 0 rg BT 461.79 190.10 Td (circumstances ) Tj ET Q
q 0 0 0 rg BT 521.89 190.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 533.12 190.10 Td (foreign ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.10 Td (countries, ) Tj ET Q
q 0 0 0 rg BT 91.61 178.10 Td (hostilities, ) Tj ET Q
q 0 0 0 rg BT 135.45 178.10 Td (labor ) Tj ET Q
q 0 0 0 rg BT 158.44 178.10 Td (strikes ) Tj ET Q
q 0 0 0 rg BT 187.00 178.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 203.89 178.10 Td (boycotts. ) Tj ET Q
q 0 0 0 rg BT 242.73 178.10 Td (OP) Tj ET Q
q 0 0 0 rg BT 254.59 178.10 Td (A) Tj ET Q
q 0 0 0 rg BT 261.26 178.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 263.71 178.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 279.49 178.10 Td (made ) Tj ET Q
q 0 0 0 rg BT 303.60 178.10 Td (liability ) Tj ET Q
q 0 0 0 rg BT 337.16 178.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 377.92 178.10 Td (more ) Tj ET Q
q 0 0 0 rg BT 400.92 178.10 Td (expensive ) Tj ET Q
q 0 0 0 rg BT 443.36 178.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 457.47 178.10 Td (ship ) Tj ET Q
q 0 0 0 rg BT 476.59 178.10 Td (owners ) Tj ET Q
q 0 0 0 rg BT 507.92 178.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 524.81 178.10 Td (operators ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.10 Td (imposing ) Tj ET Q
q 0 0 0 rg BT 89.32 166.10 Td (potentially ) Tj ET Q
q 0 0 0 rg BT 134.18 166.10 Td (unlimited ) Tj ET Q
q 0 0 0 rg BT 174.61 166.10 Td (liability ) Tj ET Q
q 0 0 0 rg BT 207.81 166.10 Td (upon ) Tj ET Q
q 0 0 0 rg BT 229.91 166.10 Td (owners, ) Tj ET Q
q 0 0 0 rg BT 263.38 166.10 Td (operators ) Tj ET Q
q 0 0 0 rg BT 302.69 166.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 319.22 166.10 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 355.74 166.10 Td (charterers ) Tj ET Q
q 0 0 0 rg BT 397.25 166.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 411.00 166.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 423.65 166.10 Td (pollution ) Tj ET Q
q 0 0 0 rg BT 461.86 166.10 Td (incidents ) Tj ET Q
q 0 0 0 rg BT 500.06 166.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 509.93 166.10 Td (the ) Tj ET Q
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BT /F3 10.00 Tf ET
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endstream
endobj
175 0 obj
<<
/Length 30147
>>
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 277.68 550.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 292.72 550.10 Td (less ) Tj ET Q
q 0 0 0 rg BT 309.98 550.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 329.46 550.10 Td (90 ) Tj ET Q
q 0 0 0 rg BT 341.72 550.10 Td (days ) Tj ET Q
q 0 0 0 rg BT 362.31 550.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 399.57 550.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 421.27 550.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 432.97 550.10 Td (accident ) Tj ET Q
q 0 0 0 rg BT 468.55 550.10 Td (covered ) Tj ET Q
q 0 0 0 rg BT 502.45 550.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 514.72 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 529.19 550.10 Td (terms ) Tj ET Q
q 0 0 0 rg BT 553.67 550.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 65.83 538.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 83.89 538.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 100.83 538.10 Td (machinery ) Tj ET Q
q 0 0 0 rg BT 145.53 538.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 186.34 538.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 200.50 538.10 Td (each ) Tj ET Q
q 0 0 0 rg BT 221.32 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 232.15 538.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 247.98 538.10 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 281.31 538.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 301.59 538.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 308.53 538.10 Td (60 ) Tj ET Q
q 0 0 0 rg BT 321.03 538.10 Td (day ) Tj ET Q
q 0 0 0 rg BT 337.96 538.10 Td (deductible ) Tj ET Q
q 0 0 0 rg BT 382.11 538.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 396.27 538.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 408.77 538.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 447.92 538.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 479.30 538.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 496.06 538.10 Td (VLCCs.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (C.ORGANIZA) Tj ET Q
q 0 0 0 rg BT 118.98 514.10 Td (TIONAL) Tj ET Q
q 0 0 0 rg BT 157.89 514.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 160.39 514.10 Td (STRUCTURE) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (See Exhibit 8.1 to this Form 20-F for a list of our significant subsidiaries.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (D.PROPER) Tj ET Q
q 0 0 0 rg BT 105.48 466.10 Td (TY) Tj ET Q
q 0 0 0 rg BT 118.45 466.10 Td (, PLANTS ) Tj ET Q
q 0 0 0 rg BT 164.85 466.10 Td (AND EQUIPMENT) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (The Company's ) Tj ET Q
q 0 0 0 rg BT 119.83 442.10 Td (V) Tj ET Q
q 0 0 0 rg BT 126.14 442.10 Td (essels) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.78 418.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 110.91 418.10 Td (table ) Tj ET Q
q 0 0 0 rg BT 133.58 418.10 Td (sets ) Tj ET Q
q 0 0 0 rg BT 151.82 418.10 Td (forth ) Tj ET Q
q 0 0 0 rg BT 174.49 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 189.95 418.10 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 210.95 418.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 229.18 418.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 244.08 418.10 Td (operated ) Tj ET Q
q 0 0 0 rg BT 281.74 418.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 293.31 418.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 304.87 418.10 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 364.19 418.10 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 384.19 418.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 387.43 418.10 Td (\(including ) Tj ET Q
q 0 0 0 rg BT 431.77 418.10 Td (contracted ) Tj ET Q
q 0 0 0 rg BT 476.65 418.10 Td (newbuildings ) Tj ET Q
q 0 0 0 rg BT 533.77 418.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 549.79 418.10 Td (yet ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (delivered\):) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 351.60 164.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
214.50 351.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
218.50 351.60 35.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
253.50 351.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
257.50 351.60 87.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
344.50 351.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
348.50 351.60 63.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
411.50 351.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
415.50 351.60 28.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
443.50 351.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
447.50 351.60 115.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 321.60 164.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
214.50 321.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
218.50 321.60 35.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
253.50 321.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
257.50 321.60 87.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
344.50 321.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
348.50 321.60 63.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
411.50 321.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
415.50 321.60 28.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
443.50 321.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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447.50 321.60 115.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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50.50 291.60 164.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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214.50 291.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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218.50 291.60 35.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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253.50 291.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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257.50 291.60 87.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
344.50 291.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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348.50 291.60 63.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
411.50 291.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
415.50 291.60 28.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
443.50 291.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
447.50 291.60 115.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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50.50 261.60 164.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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214.50 261.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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218.50 261.60 35.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
253.50 261.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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257.50 261.60 87.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
344.50 261.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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348.50 261.60 63.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
411.50 261.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
415.50 261.60 28.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
443.50 261.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
447.50 261.60 115.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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50.50 231.60 164.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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214.50 231.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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218.50 231.60 35.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
253.50 231.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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257.50 231.60 87.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
344.50 231.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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348.50 231.60 63.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
411.50 231.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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415.50 231.60 28.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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443.50 231.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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447.50 231.60 115.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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50.50 201.60 164.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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214.50 201.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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218.50 201.60 35.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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253.50 201.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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257.50 201.60 87.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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344.50 201.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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348.50 201.60 63.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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411.50 201.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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415.50 201.60 28.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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443.50 201.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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447.50 201.60 115.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 381.6 m
214.5 381.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
218.5 381.6 m
253.5 381.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
257.5 381.6 m
344.5 381.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
348.5 381.6 m
411.5 381.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
415.5 381.6 m
443.5 381.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
447.5 381.6 m
562.5 381.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 351.6 m
214.5 351.6 l
s
0 0 0 RG
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1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 246.60000000000002 m
214.5 246.60000000000002 l
s
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 386.28 Td (Vessel) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 224.90 386.28 Td (Built) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 260.85 386.28 Td (Approximate Dwt.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 351.00 386.28 Td (Construction) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 418.00 386.28 Td (Flag) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 450.00 386.28 Td (Type of Employment) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 372.33 Td (Tonnage Owned Directly) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 235.50 372.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 300.50 372.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 372.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 372.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 372.17 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 357.33 Td (VLCCs) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 235.50 357.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 300.50 357.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 357.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 357.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 357.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 342.17 Td (Ulriken \(ex-Antares Voyager\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 342.17 Td (1998) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 342.17 Td (310,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 342.17 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 342.17 Td (BA) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 342.17 Td (Spot market) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 327.17 Td (Phoenix ) Tj ET Q
q 0 0 0 rg BT 88.10 327.17 Td (V) Tj ET Q
q 0 0 0 rg BT 94.03 327.17 Td (oyager \(1\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 327.17 Td (1999) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 327.17 Td (308,500) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 327.17 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 327.17 Td (BA) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 327.17 Td (Bareboat charter) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 312.17 Td (Pioneer \(ex-British Pioneer\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 312.17 Td (1999) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 312.17 Td (307,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 312.17 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 312.17 Td (IoM) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 312.17 Td (Spot market) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 297.17 Td (British Pride) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 297.17 Td (2000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 297.17 Td (307,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 297.17 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 297.17 Td (IoM) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 297.17 Td (Bareboat charter) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 282.17 Td (British Progress \(2\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 282.17 Td (2000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 282.17 Td (307,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 282.17 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 282.17 Td (IoM) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 282.17 Td (Bareboat charter) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 267.17 Td (British Purpose) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 267.17 Td (2000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 267.17 Td (307,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 267.17 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 267.17 Td (IoM) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 267.17 Td (Bareboat charter) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 252.33 Td (Suezmax Tankers) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 235.50 252.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 300.50 252.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 252.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 252.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 252.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 236.27 Td (Cygnus ) Tj ET Q
q 0 0 0 rg BT 85.88 236.27 Td (V) Tj ET Q
q 0 0 0 rg BT 91.81 236.27 Td (oyager \(3\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 237.17 Td (1993) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 237.17 Td (157,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 237.17 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 237.17 Td (BA) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 237.17 Td (Bareboat charter) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 221.27 Td (Altair ) Tj ET Q
q 0 0 0 rg BT 78.64 221.27 Td (V) Tj ET Q
q 0 0 0 rg BT 84.58 221.27 Td (oyager \(3\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 222.17 Td (1993) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 222.17 Td (136,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 222.17 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 222.17 Td (BA) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 222.17 Td (Bareboat charter) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 206.27 Td (Sirius ) Tj ET Q
q 0 0 0 rg BT 78.66 206.27 Td (V) Tj ET Q
q 0 0 0 rg BT 84.59 206.27 Td (oyager \(3\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 207.17 Td (1994) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 207.17 Td (156,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 207.17 Td (Double-hull) Tj ET Q
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q 0 0 0 rg BT 284.25 530.07 Td (299,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 530.07 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 530.07 Td (LIB) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 530.07 Td (Spot market) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 515.07 Td (Front Hakata) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 515.07 Td (2002) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 515.07 Td (298,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 515.07 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 515.07 Td (BA) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 515.07 Td (Spot market) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 500.07 Td (Front Stratus) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 500.07 Td (2002) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 500.07 Td (299,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 500.07 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 500.07 Td (LIB) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 500.07 Td (Spot market) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 485.07 Td (Front Falcon) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 485.07 Td (2002) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 485.07 Td (309,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 485.07 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 485.07 Td (BA) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 485.07 Td (Spot market) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 470.07 Td (Front Page) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 470.07 Td (2002) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 470.07 Td (299,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 470.07 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 470.07 Td (LIB) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 470.07 Td (Spot market) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 455.07 Td (Front Energy) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 455.07 Td (2004) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 455.07 Td (305,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 455.07 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 455.07 Td (CYP) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 455.07 Td (Spot market) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 440.07 Td (Front Force) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 440.07 Td (2004) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 440.07 Td (305,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 440.07 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 440.07 Td (CYP) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 440.07 Td (Spot market) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 423.00 Td () Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 397.50 164.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
214.50 397.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
218.50 397.50 35.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
253.50 397.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
257.50 397.50 87.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
344.50 397.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
348.50 397.50 63.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
411.50 397.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
415.50 397.50 28.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
443.50 397.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
447.50 397.50 115.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 397.5 m
214.5 397.5 l
s
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 403.23 Td (Suezmax OBO Carrier) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 235.50 403.07 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 300.50 403.07 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 403.07 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 403.07 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 403.07 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 388.07 Td (Front Guider \(5\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 388.07 Td (1991) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 388.07 Td (169,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 388.07 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 388.07 Td (SG) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 388.07 Td (Spot market) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 371.00 Td () Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 345.50 164.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
214.50 345.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
218.50 345.50 35.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
253.50 345.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
257.50 345.50 87.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
344.50 345.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
348.50 345.50 63.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
411.50 345.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
415.50 345.50 28.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
443.50 345.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
447.50 345.50 115.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 315.50 164.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
214.50 315.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
218.50 315.50 35.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
253.50 315.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
257.50 315.50 87.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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344.50 315.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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348.50 315.50 63.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
411.50 315.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
415.50 315.50 28.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
443.50 315.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
447.50 315.50 115.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 285.50 164.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
214.50 285.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
218.50 285.50 35.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
253.50 285.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
257.50 285.50 87.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
344.50 285.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
348.50 285.50 63.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
411.50 285.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
415.50 285.50 28.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
443.50 285.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
447.50 285.50 115.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 345.5 m
214.5 345.5 l
s
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 351.23 Td (Suezmax Tankers) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 235.50 351.07 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 300.50 351.07 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 351.07 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 351.07 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 351.07 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 336.07 Td (Front Pride \(6\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 336.07 Td (1993) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 336.07 Td (150,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 336.07 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 336.07 Td (MI) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 336.07 Td (Spot market) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 321.07 Td (Front Glory) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 321.07 Td (1995) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 321.07 Td (150,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 321.07 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 321.07 Td (MI) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 321.07 Td (Spot market) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 306.07 Td (Front Splendour) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 306.07 Td (1995) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 306.07 Td (150,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 306.07 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 306.07 Td (MI) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 306.07 Td (Spot market) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 291.07 Td (Front Ardenne) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 291.07 Td (1997) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 291.07 Td (150,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 291.07 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 291.07 Td (MI) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 291.07 Td (Spot market) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 276.07 Td (Front Brabant) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 276.07 Td (1998) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 276.07 Td (150,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 276.07 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 276.07 Td (MI) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 276.07 Td (Spot market) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 261.07 Td (Mindanao) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 261.07 Td (1998) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 261.07 Td (150,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 261.07 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 261.07 Td (SG) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 261.07 Td (Spot related time charter) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 244.00 Td () Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 194.50 164.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
214.50 194.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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218.50 194.50 35.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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253.50 194.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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257.50 194.50 87.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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344.50 194.50 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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348.50 194.50 63.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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411.50 194.50 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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415.50 194.50 28.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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443.50 194.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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447.50 194.50 115.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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50.50 164.50 164.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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214.50 164.50 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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218.50 164.50 35.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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253.50 164.50 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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257.50 164.50 87.00 -15.00 re f
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344.50 164.50 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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348.50 164.50 63.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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411.50 164.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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415.50 164.50 28.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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443.50 164.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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447.50 164.50 115.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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50.50 134.50 164.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
214.50 134.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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218.50 134.50 35.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
253.50 134.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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257.50 134.50 87.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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344.50 134.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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348.50 134.50 63.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
411.50 134.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
415.50 134.50 28.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
443.50 134.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
447.50 134.50 115.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 194.5 m
214.5 194.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 134.5 m
214.5 134.5 l
s
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 224.18 Td (T) Tj ET Q
q 0 0 0 rg BT 58.75 224.18 Td (onnage Charter) Tj ET Q
q 0 0 0 rg BT 126.06 224.18 Td (ed in fr) Tj ET Q
q 0 0 0 rg BT 156.99 224.18 Td (om) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 214.18 Td (Third Parties) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 235.50 224.07 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 300.50 224.07 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 224.07 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 224.07 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 224.07 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 199.18 Td (VLCCs) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 235.50 200.07 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 300.50 200.07 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 200.07 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 200.07 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 200.07 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 185.07 Td (Front Tina) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 185.07 Td (2000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 185.07 Td (299,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 185.07 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.00 185.07 Td (LIB) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.00 185.07 Td (Spot market) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 170.07 Td (Front Commodore) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.50 170.07 Td (2000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.25 170.07 Td (299,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.00 170.07 Td (Double-hull) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
178 0 obj
<<
/Length 23631
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stream
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 549.78 730.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 718.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 89.64 718.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 113.74 718.10 Td (carrier ) Tj ET Q
q 0 0 0 rg BT 142.81 718.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 161.35 718.10 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 207.10 718.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 217.87 718.10 Td (February ) Tj ET Q
q 0 0 0 rg BT 256.95 718.10 Td (2013. ) Tj ET Q
q 0 0 0 rg BT 282.22 718.10 Td (W) Tj ET Q
q 0 0 0 rg BT 290.86 718.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 298.29 718.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 317.38 718.10 Td (had ) Tj ET Q
q 0 0 0 rg BT 334.81 718.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 352.79 718.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 392.44 718.10 Td (newbuildings ) Tj ET Q
q 0 0 0 rg BT 449.31 718.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 462.30 718.10 Td (order) Tj ET Q
q 0 0 0 rg BT 483.00 718.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 488.48 718.10 Td (seven ) Tj ET Q
q 0 0 0 rg BT 514.02 718.10 Td (VLCCs ) Tj ET Q
q 0 0 0 rg BT 547.57 718.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 706.10 Td (four ) Tj ET Q
q 0 0 0 rg BT 69.16 706.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 108.32 706.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 139.69 706.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 164.96 706.10 Td (commercial ) Tj ET Q
q 0 0 0 rg BT 214.66 706.10 Td (management. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 682.10 Td (A) Tj ET Q
q 0 0 0 rg BT 56.67 682.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 59.00 682.10 Td (full ) Tj ET Q
q 0 0 0 rg BT 75.21 682.10 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 95.30 682.10 Td (list ) Tj ET Q
q 0 0 0 rg BT 109.86 682.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 118.86 682.10 Td (provided ) Tj ET Q
q 0 0 0 rg BT 156.73 682.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 166.84 682.10 Td (Item ) Tj ET Q
q 0 0 0 rg BT 187.49 682.10 Td (4.D. ) Tj ET Q
q 0 0 0 rg BT 207.04 682.10 Td ("Information ) Tj ET Q
q 0 0 0 rg BT 261.22 682.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 273.54 682.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 288.09 682.10 Td (Company" ) Tj ET Q
q 0 0 0 rg BT 333.39 682.10 Td (showing ) Tj ET Q
q 0 0 0 rg BT 369.61 682.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 384.15 682.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 414.81 682.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 432.13 682.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 446.12 682.10 Td (currently ) Tj ET Q
q 0 0 0 rg BT 484.54 682.10 Td (own ) Tj ET Q
q 0 0 0 rg BT 504.09 682.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 520.86 682.10 Td (charter) Tj ET Q
q 0 0 0 rg BT 548.41 682.10 Td (-in.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 658.10 Td (Fleet Changes) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.10 Td (Refer ) Tj ET Q
q 0 0 0 rg BT 75.72 634.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 87.01 634.10 Td (Item ) Tj ET Q
q 0 0 0 rg BT 108.84 634.10 Td (4 ) Tj ET Q
q 0 0 0 rg BT 117.35 634.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 132.52 634.10 Td (discussion ) Tj ET Q
q 0 0 0 rg BT 177.71 634.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 191.22 634.10 Td (acquisitions ) Tj ET Q
q 0 0 0 rg BT 242.50 634.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 260.45 634.10 Td (disposals ) Tj ET Q
q 0 0 0 rg BT 300.63 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 312.47 634.10 Td (vessels. ) Tj ET Q
q 0 0 0 rg BT 346.04 634.10 Td (A) Tj ET Q
q 0 0 0 rg BT 352.71 634.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 356.22 634.10 Td (summary ) Tj ET Q
q 0 0 0 rg BT 396.94 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 408.79 634.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 425.63 634.10 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 446.90 634.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 482.62 634.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 497.79 634.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 513.52 634.10 Td (years ) Tj ET Q
q 0 0 0 rg BT 538.13 634.10 Td (ended ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.10 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 108.58 622.10 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 128.58 622.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 133.58 622.10 Td (201) Tj ET Q
q 0 0 0 rg BT 148.21 622.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 155.71 622.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 172.65 622.10 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 195.15 622.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 204.32 622.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 215.15 622.10 Td (follows:) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 581.60 300.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
350.50 581.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
354.50 581.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
419.50 581.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
423.50 581.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
488.50 581.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
492.50 581.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 551.60 300.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
350.50 551.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
354.50 551.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
419.50 551.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
423.50 551.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
488.50 551.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
492.50 551.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 521.60 300.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
350.50 521.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
354.50 521.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
419.50 521.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
423.50 521.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
488.50 521.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
492.50 521.60 65.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 596.6 m
350.5 596.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
354.5 596.6 m
419.5 596.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
423.5 596.6 m
488.5 596.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
492.5 596.6 m
557.5 596.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 521.6 m
350.5 521.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 506.6 m
350.5 506.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
354.5 521.6 m
419.5 521.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
354.5 506.6 m
419.5 506.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
423.5 521.6 m
488.5 521.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
423.5 506.6 m
488.5 506.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
492.5 521.6 m
557.5 521.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
492.5 506.6 m
557.5 506.6 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 601.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 396.00 601.28 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 465.35 601.27 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 534.00 601.27 Td (2010) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 586.28 Td (VLCCs) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 426.00 586.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 495.00 586.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 571.27 Td (At start of period) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 405.65 571.28 Td (31) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 474.65 571.27 Td (44) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 571.27 Td (41) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 556.27 Td (Acquisitions) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 405.65 556.28 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.65 556.27 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 556.27 Td (4) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 541.27 Td (Dispositions) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 407.30 541.33 Td (\(2) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 415.65 541.28 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 471.30 541.32 Td (\(10) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 541.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 545.30 541.32 Td (\(2) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 541.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 526.27 Td (Chartered in) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 407.30 526.33 Td (\(2) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 415.65 526.28 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 476.30 526.32 Td (\(4) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 526.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 526.27 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 511.27 Td (At end of period) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 405.65 511.28 Td (27) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 474.65 511.27 Td (31) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 511.27 Td (44) Tj ET Q
BT /F3 10.00 Tf ET
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 469.60 300.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
350.50 469.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
354.50 469.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
419.50 469.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
423.50 469.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
488.50 469.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
492.50 469.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 439.60 300.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
350.50 439.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
354.50 439.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
419.50 439.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
423.50 439.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
488.50 439.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
492.50 439.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 409.60 300.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
350.50 409.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
354.50 409.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
419.50 409.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
423.50 409.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
488.50 409.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
492.50 409.60 65.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 409.6 m
350.5 409.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 394.6 m
350.5 394.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
354.5 409.6 m
419.5 409.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
354.5 394.6 m
419.5 394.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
423.5 409.6 m
488.5 409.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
423.5 394.6 m
488.5 394.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
492.5 409.6 m
557.5 409.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
492.5 394.6 m
557.5 394.6 l
s
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 474.28 Td (Suezmax) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 357.00 474.28 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 426.00 474.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 495.00 474.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 459.27 Td (At start of period) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 405.65 459.28 Td (12) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 474.65 459.27 Td (21) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 459.27 Td (27) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 444.27 Td (Acquisitions) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 405.65 444.28 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 474.65 444.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 444.27 Td (4) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 429.27 Td (Dispositions) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 407.30 429.33 Td (\(1) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 415.65 429.28 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 476.30 429.32 Td (\(8) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 429.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 545.30 429.32 Td (\(1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 429.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 414.27 Td (Chartered in) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 405.65 414.28 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 476.30 414.32 Td (\(1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 414.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 545.30 414.32 Td (\(9) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 414.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 399.27 Td (At end of period) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 405.65 399.28 Td (11) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 474.65 399.27 Td (12) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 399.27 Td (21) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 383.10 Td () Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 358.60 300.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
350.50 358.60 4.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
354.50 358.60 65.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
419.50 358.60 4.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
423.50 358.60 65.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
488.50 358.60 4.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
492.50 358.60 65.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 330.60 300.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
350.50 330.60 4.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
354.50 330.60 65.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
419.50 330.60 4.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
423.50 330.60 65.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
488.50 330.60 4.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
492.50 330.60 65.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 302.60 300.00 -14.00 re f
/GS0 gs
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419.50 302.60 4.00 -14.00 re f
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423.50 302.60 65.00 -14.00 re f
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488.50 302.60 4.00 -14.00 re f
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0.8 0.9333333333333333 1 rg
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492.50 302.60 65.00 -14.00 re f
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0 0 0 RG
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1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 302.6 m
350.5 302.6 l
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0 0 0 RG
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1.00 w
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[] 0 d
0 J
0 j
3 M
50.5 288.6 m
350.5 288.6 l
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0 0 0 RG
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1.00 w
0 i
[] 0 d
0 J
0 j
3 M
354.5 302.6 m
419.5 302.6 l
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0 J
0 j
3 M
354.5 288.6 m
419.5 288.6 l
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0 J
0 j
3 M
423.5 302.6 m
488.5 302.6 l
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3 M
423.5 288.6 m
488.5 288.6 l
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0 J
0 j
3 M
492.5 302.6 m
557.5 302.6 l
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3 M
492.5 288.6 m
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 363.28 Td (Suezmax OBOs) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 357.00 363.28 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 426.00 363.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 495.00 363.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 349.17 Td (At start of period) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 410.65 349.28 Td (5) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.65 349.17 Td (8) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 349.17 Td (8) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 335.17 Td (Acquisitions) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 405.65 335.28 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 474.65 335.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 335.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 321.17 Td (Dispositions) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 407.30 321.33 Td (\(4) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 415.65 321.28 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 476.30 321.22 Td (\(3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 321.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 321.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 307.17 Td (Chartered in) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 405.65 307.28 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 474.65 307.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 307.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 293.17 Td (At end of period) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 410.65 293.28 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.65 293.17 Td (5) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 293.17 Td (8) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 277.10 Td () Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 251.60 300.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
350.50 251.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
354.50 251.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
419.50 251.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
423.50 251.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
488.50 251.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
492.50 251.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 221.60 300.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
350.50 221.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
354.50 221.60 65.00 -15.00 re f
/GS0 gs
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/GS0 gs
419.50 221.60 4.00 -15.00 re f
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/GS0 gs
423.50 221.60 65.00 -15.00 re f
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488.50 221.60 4.00 -15.00 re f
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492.50 221.60 65.00 -15.00 re f
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50.50 191.60 300.00 -15.00 re f
/GS0 gs
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350.50 191.60 4.00 -15.00 re f
/GS0 gs
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/GS0 gs
354.50 191.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
419.50 191.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
423.50 191.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
488.50 191.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
492.50 191.60 65.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 191.60000000000002 m
350.5 191.60000000000002 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 176.60000000000002 m
350.5 176.60000000000002 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
354.5 191.60000000000002 m
419.5 191.60000000000002 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
354.5 176.60000000000002 m
419.5 176.60000000000002 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
423.5 191.60000000000002 m
488.5 191.60000000000002 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
423.5 176.60000000000002 m
488.5 176.60000000000002 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
492.5 191.60000000000002 m
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0 0 0 RG
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1.00 w
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3 M
492.5 176.60000000000002 m
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s
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 256.28 Td (Total fleet) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 357.00 256.28 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 426.00 256.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 495.00 256.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 241.27 Td (At start of period) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 405.65 241.28 Td (48) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 474.65 241.27 Td (73) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 241.27 Td (76) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 226.27 Td (Acquisitions) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 405.65 226.28 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.65 226.27 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 226.27 Td (8) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 211.27 Td (Dispositions) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 407.30 211.33 Td (\(7) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 415.65 211.28 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 471.30 211.32 Td (\(21) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 211.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 545.30 211.32 Td (\(3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 211.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 196.27 Td (Chartered in) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 407.30 196.33 Td (\(2) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 415.65 196.28 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 476.30 196.32 Td (\(5) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 196.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 545.30 196.32 Td (\(8) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 196.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 181.27 Td (At end of period) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 405.65 181.28 Td (39) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 474.65 181.27 Td (48) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 181.27 Td (73) Tj ET Q
BT /F3 10.00 Tf ET
endstream
endobj
179 0 obj
<<
/Length 44915
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 301.00 31.60 Td (37) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 742.25 Td (Summary of Fleet Employment) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 718.25 Td (As ) Tj ET Q
q 0 0 0 rg BT 62.77 718.25 Td (discussed ) Tj ET Q
q 0 0 0 rg BT 102.75 718.25 Td (below) Tj ET Q
q 0 0 0 rg BT 126.54 718.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 130.70 718.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 145.68 718.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 175.66 718.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 189.53 718.25 Td (operated ) Tj ET Q
q 0 0 0 rg BT 225.60 718.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 250.03 718.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 269.45 718.25 Td (charters, ) Tj ET Q
q 0 0 0 rg BT 305.25 718.25 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 341.33 718.25 Td (charters, ) Tj ET Q
q 0 0 0 rg BT 377.13 718.25 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 407.66 718.25 Td (charters, ) Tj ET Q
q 0 0 0 rg BT 443.46 718.25 Td (pool ) Tj ET Q
q 0 0 0 rg BT 462.90 718.25 Td (arrangements ) Tj ET Q
q 0 0 0 rg BT 518.41 718.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 534.50 718.25 Td (COAs.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 706.25 Td () Tj ET Q
0.8 0.9333333333333333 1 rg
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50.50 626.75 132.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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182.50 626.75 60.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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242.50 626.75 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
246.50 626.75 60.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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306.50 626.75 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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310.50 626.75 60.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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370.50 626.75 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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374.50 626.75 60.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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434.50 626.75 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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438.50 626.75 60.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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498.50 626.75 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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502.50 626.75 60.00 -15.00 re f
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50.50 596.75 132.00 -15.00 re f
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182.50 596.75 60.00 -15.00 re f
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306.50 596.75 4.00 -15.00 re f
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310.50 596.75 60.00 -15.00 re f
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498.50 596.75 4.00 -15.00 re f
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502.50 596.75 60.00 -15.00 re f
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502.50 566.75 60.00 -15.00 re f
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/GS0 gs
502.50 476.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 446.75 132.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
182.50 446.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
242.50 446.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
246.50 446.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
306.50 446.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
310.50 446.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
370.50 446.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
374.50 446.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
434.50 446.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
438.50 446.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
498.50 446.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
502.50 446.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 416.75 132.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
182.50 416.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
242.50 416.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
246.50 416.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
306.50 416.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
310.50 416.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
370.50 416.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
374.50 416.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
434.50 416.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
438.50 416.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
498.50 416.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
502.50 416.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 386.75 132.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
182.50 386.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
242.50 386.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
246.50 386.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
306.50 386.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
310.50 386.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
370.50 386.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
374.50 386.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
434.50 386.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
438.50 386.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
498.50 386.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
502.50 386.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 356.75 132.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
182.50 356.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
242.50 356.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
246.50 356.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
306.50 356.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
310.50 356.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
370.50 356.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
374.50 356.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
434.50 356.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
438.50 356.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
498.50 356.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
502.50 356.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 326.75 132.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
182.50 326.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
242.50 326.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
246.50 326.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
306.50 326.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
310.50 326.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
370.50 326.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
374.50 326.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
434.50 326.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
438.50 326.75 60.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
498.50 326.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
502.50 326.75 60.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
182.5 680.75 m
242.5 680.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
242.5 680.75 m
246.5 680.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
246.5 680.75 m
306.5 680.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
306.5 680.75 m
310.5 680.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
310.5 680.75 m
370.5 680.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
370.5 680.75 m
374.5 680.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
374.5 680.75 m
434.5 680.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
434.5 680.75 m
438.5 680.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
438.5 680.75 m
498.5 680.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
498.5 680.75 m
502.5 680.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
502.5 680.75 m
562.5 680.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
182.5 641.75 m
242.5 641.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
246.5 641.75 m
306.5 641.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
310.5 641.75 m
370.5 641.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
374.5 641.75 m
434.5 641.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
438.5 641.75 m
498.5 641.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
502.5 641.75 m
562.5 641.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
182.5 566.75 m
242.5 566.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
182.5 551.75 m
242.5 551.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
246.5 566.75 m
306.5 566.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
246.5 551.75 m
306.5 551.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
310.5 566.75 m
370.5 566.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
310.5 551.75 m
370.5 551.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
374.5 566.75 m
434.5 566.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
374.5 551.75 m
434.5 551.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
438.5 566.75 m
498.5 566.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
438.5 551.75 m
498.5 551.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
502.5 566.75 m
562.5 566.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
502.5 551.75 m
562.5 551.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
182.5 476.75 m
242.5 476.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
182.5 461.75 m
242.5 461.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
246.5 476.75 m
306.5 476.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
246.5 461.75 m
306.5 461.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
310.5 476.75 m
370.5 476.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
310.5 461.75 m
370.5 461.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
374.5 476.75 m
434.5 476.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
374.5 461.75 m
434.5 461.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
438.5 476.75 m
498.5 476.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
438.5 461.75 m
498.5 461.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
502.5 476.75 m
562.5 476.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
502.5 461.75 m
562.5 461.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
182.5 416.75 m
242.5 416.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
182.5 401.75 m
242.5 401.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
246.5 416.75 m
306.5 416.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
246.5 401.75 m
306.5 401.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
310.5 416.75 m
370.5 416.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
310.5 401.75 m
370.5 401.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
374.5 416.75 m
434.5 416.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
374.5 401.75 m
434.5 401.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
438.5 416.75 m
498.5 416.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
438.5 401.75 m
498.5 401.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
502.5 416.75 m
562.5 416.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
502.5 401.75 m
562.5 401.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
182.5 326.75 m
242.5 326.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
182.5 311.75 m
242.5 311.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
246.5 326.75 m
306.5 326.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
246.5 311.75 m
306.5 311.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
310.5 326.75 m
370.5 326.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
310.5 311.75 m
370.5 311.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
374.5 326.75 m
434.5 326.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
374.5 311.75 m
434.5 311.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
438.5 326.75 m
498.5 326.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
438.5 311.75 m
498.5 311.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
502.5 326.75 m
562.5 326.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
502.5 311.75 m
562.5 311.75 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 685.42 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 330.70 685.43 Td (As of December 31,) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 670.42 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 234.00 670.43 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 362.15 670.42 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 490.00 670.42 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 646.42 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 192.75 656.43 Td (Number of) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 210.65 646.43 Td (vessels) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 255.95 656.43 Td (Percentage) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 273.85 646.43 Td (of fleet) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 323.40 656.32 Td (Number of) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 338.65 646.32 Td (vessels) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 387.10 656.32 Td (Percentage) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 402.40 646.32 Td (of fleet) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 451.40 656.32 Td (Number of) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 466.65 646.32 Td (vessels) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 515.10 656.32 Td (Percentage) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 530.40 646.32 Td (of fleet) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 631.43 Td (VLCCs) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 185.00 631.43 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 249.00 631.43 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 313.00 631.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 377.00 631.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 441.00 631.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 505.00 631.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 616.42 Td (Spot or pool) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 228.65 616.43 Td (21) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 286.00 616.43 Td (78) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 296.00 616.43 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 356.65 616.42 Td (15) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 415.65 616.42 Td (48) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 425.65 616.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 616.42 Td (22) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 616.42 Td (50) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 616.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 601.42 Td (Spot related time charter) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 228.65 601.43 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 286.00 601.43 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 361.65 601.42 Td (8) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 415.65 601.42 Td (26) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 425.65 601.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 601.42 Td (8) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 601.42 Td (18) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 601.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 586.42 Td (Time charter) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 233.65 586.43 Td (1) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 291.00 586.43 Td (4) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 296.00 586.43 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 361.65 586.42 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 420.65 586.42 Td (3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 425.65 586.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 586.42 Td (5) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 586.42 Td (12) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 586.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 571.42 Td (Bareboat charter) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 233.65 571.43 Td (5) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 286.00 571.43 Td (18) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 296.00 571.43 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 361.65 571.42 Td (7) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 415.65 571.42 Td (23) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 425.65 571.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 571.42 Td (9) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 571.42 Td (20) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 571.42 Td (%) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 556.43 Td (Total) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 228.65 556.43 Td (27) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 281.00 556.43 Td (100) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 296.00 556.43 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 356.65 556.42 Td (31) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 410.65 556.42 Td (100) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 425.65 556.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 556.42 Td (44) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 538.65 556.42 Td (100) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 556.42 Td (%) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 541.43 Td (Suezmax) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 313.00 541.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 377.00 541.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 441.00 541.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 505.00 541.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 526.42 Td (Spot or pool) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 233.65 526.43 Td (7) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 286.00 526.43 Td (64) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 296.00 526.43 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 361.65 526.42 Td (6) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 415.65 526.42 Td (50) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 425.65 526.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 526.42 Td (14) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 526.42 Td (67) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 526.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 511.42 Td (Spot related time charter) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 233.65 511.43 Td (1) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 291.00 511.43 Td (9) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 296.00 511.43 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 361.65 511.42 Td (2) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 415.65 511.42 Td (17) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 425.65 511.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 511.42 Td (3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 511.42 Td (14) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 511.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 496.42 Td (Time charter) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 228.65 496.43 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 286.00 496.43 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 361.65 496.42 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 420.65 496.42 Td (8) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 425.65 496.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 496.42 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 496.42 Td (5) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 496.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 481.42 Td (Bareboat charter) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 233.65 481.43 Td (3) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 286.00 481.43 Td (27) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 296.00 481.43 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 361.65 481.42 Td (3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 415.65 481.42 Td (25) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 425.65 481.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 481.42 Td (3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 481.42 Td (14) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 481.42 Td (%) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 466.43 Td (Total) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 228.65 466.43 Td (11) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 281.00 466.43 Td (100) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 296.00 466.43 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 356.65 466.42 Td (12) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 410.65 466.42 Td (100) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 425.65 466.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 466.42 Td (21) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 538.65 466.42 Td (100) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 466.42 Td (%) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 451.43 Td (Suezmax OBOs) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 185.00 451.43 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 249.00 451.43 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 367.00 451.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 431.00 451.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 495.00 451.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 559.00 451.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 436.42 Td (Spot or pool) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 233.65 436.43 Td (1) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 281.00 436.43 Td (100) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 296.00 436.43 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 356.65 436.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 415.65 436.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 436.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 436.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 421.42 Td (Time charter) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 228.65 421.43 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 286.00 421.43 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 361.65 421.42 Td (5) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 410.65 421.42 Td (100) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 425.65 421.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 421.42 Td (8) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 538.65 421.42 Td (100) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 421.42 Td (%) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 406.43 Td (Total) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 233.65 406.43 Td (1) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 281.00 406.43 Td (100) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 296.00 406.43 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 361.65 406.42 Td (5) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 410.65 406.42 Td (100) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 425.65 406.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 406.42 Td (8) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 538.65 406.42 Td (100) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 406.42 Td (%) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 391.43 Td (Total fleet) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 367.00 391.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 431.00 391.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 495.00 391.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 559.00 391.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 376.42 Td (Spot or pool) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 228.65 376.43 Td (29) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 286.00 376.43 Td (74) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 296.00 376.43 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 356.65 376.42 Td (21) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 415.65 376.42 Td (44) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 425.65 376.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 376.42 Td (36) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 376.42 Td (50) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 376.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 361.42 Td (Spot related time charter) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 233.65 361.43 Td (1) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 291.00 361.43 Td (3) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 296.00 361.43 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 356.65 361.42 Td (10) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 415.65 361.42 Td (21) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 425.65 361.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 361.42 Td (11) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 361.42 Td (15) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 361.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 346.42 Td (Time charter) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 233.65 346.43 Td (1) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 291.00 346.43 Td (3) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 296.00 346.43 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 361.65 346.42 Td (7) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 415.65 346.42 Td (15) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 425.65 346.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 346.42 Td (14) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 346.42 Td (19) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 346.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 331.42 Td (Bareboat charter) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 233.65 331.43 Td (8) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 286.00 331.43 Td (20) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 296.00 331.43 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 356.65 331.42 Td (10) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 415.65 331.42 Td (20) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 425.65 331.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 331.42 Td (12) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 331.42 Td (16) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 331.42 Td (%) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 316.43 Td (Total) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 228.65 316.43 Td (39) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 281.00 316.43 Td (100) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 296.00 316.43 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 356.65 316.42 Td (48) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 410.65 316.42 Td (100) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 425.65 316.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 316.42 Td (73) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 538.65 316.42 Td (100) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 316.42 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 288.25 Td (Market ) Tj ET Q
q 0 0 0 rg BT 84.71 288.25 Td (Overview ) Tj ET Q
q 0 0 0 rg BT 128.30 288.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 146.74 288.25 Td (T) Tj ET Q
q 0 0 0 rg BT 152.67 288.25 Td (r) Tj ET Q
q 0 0 0 rg BT 156.93 288.25 Td (end ) Tj ET Q
q 0 0 0 rg BT 174.99 288.25 Td (Information) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 264.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.71 264.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 97.64 264.25 Td (rate ) Tj ET Q
q 0 0 0 rg BT 114.79 264.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 128.61 264.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 135.06 264.25 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 163.90 264.25 Td (trading ) Tj ET Q
q 0 0 0 rg BT 194.38 264.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 206.55 264.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 213.15 264.25 Td (standard ) Tj ET Q
q 0 0 0 rg BT 249.19 264.25 Td ('TD3' ) Tj ET Q
q 0 0 0 rg BT 273.29 264.25 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 304.33 264.25 Td (between ) Tj ET Q
q 0 0 0 rg BT 339.81 264.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 353.72 264.25 Td (Arabian ) Tj ET Q
q 0 0 0 rg BT 388.09 264.25 Td (Gulf ) Tj ET Q
q 0 0 0 rg BT 408.58 264.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 425.19 264.25 Td (Japan ) Tj ET Q
q 0 0 0 rg BT 450.12 264.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 460.06 264.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 474.44 264.25 Td (fourth ) Tj ET Q
q 0 0 0 rg BT 501.05 264.25 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 531.53 264.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 542.02 264.25 Td (2012 ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 252.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 67.01 252.25 Td (WS ) Tj ET Q
q 0 0 0 rg BT 83.58 252.25 Td (42.8, ) Tj ET Q
q 0 0 0 rg BT 105.15 252.25 Td (representing ) Tj ET Q
q 0 0 0 rg BT 156.14 252.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 167.15 252.25 Td (increase ) Tj ET Q
q 0 0 0 rg BT 201.47 252.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 211.37 252.25 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 270.59 252.25 Td (WS ) Tj ET Q
q 0 0 0 rg BT 287.16 252.25 Td (7 ) Tj ET Q
q 0 0 0 rg BT 293.73 252.25 Td (points ) Tj ET Q
q 0 0 0 rg BT 319.75 252.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 340.75 252.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 354.54 252.25 Td (third ) Tj ET Q
q 0 0 0 rg BT 375.00 252.25 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 404.88 252.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 414.78 252.25 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 436.35 252.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 452.36 252.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 458.37 252.25 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 494.35 252.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 504.25 252.25 Td (approximately ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 240.25 Td (WS ) Tj ET Q
q 0 0 0 rg BT 67.34 240.25 Td (15 ) Tj ET Q
q 0 0 0 rg BT 79.69 240.25 Td (points ) Tj ET Q
q 0 0 0 rg BT 106.48 240.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 128.26 240.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 142.82 240.25 Td (fourth ) Tj ET Q
q 0 0 0 rg BT 169.60 240.25 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 200.26 240.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 210.93 240.25 Td (201) Tj ET Q
q 0 0 0 rg BT 225.56 240.25 Td (1. ) Tj ET Q
q 0 0 0 rg BT 235.40 240.25 Td (Present ) Tj ET Q
q 0 0 0 rg BT 267.18 240.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 297.29 240.25 Td (indications ) Tj ET Q
q 0 0 0 rg BT 343.51 240.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 358.06 240.25 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 418.17 240.25 Td ($1,000 ) Tj ET Q
q 0 0 0 rg BT 448.01 240.25 Td (per ) Tj ET Q
q 0 0 0 rg BT 463.12 240.25 Td (day ) Tj ET Q
q 0 0 0 rg BT 479.90 240.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 490.02 240.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 504.58 240.25 Td (first ) Tj ET Q
q 0 0 0 rg BT 523.03 240.25 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 553.69 240.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 228.25 Td (2013.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 204.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.93 204.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 98.08 204.25 Td (rate ) Tj ET Q
q 0 0 0 rg BT 115.45 204.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 129.50 204.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 136.32 204.25 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 175.36 204.25 Td (trading ) Tj ET Q
q 0 0 0 rg BT 206.07 204.25 Td (on ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 210.78 144.25 Td (on ) Tj ET Q
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q 0 0 0 rg BT 267.99 144.25 Td (5th ) Tj ET Q
q 0 0 0 rg BT 283.27 144.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 300.21 144.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 307.14 144.25 Td (high ) Tj ET Q
q 0 0 0 rg BT 327.42 144.25 Td (of ) Tj ET Q
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q 0 0 0 rg BT 421.29 144.25 Td (1st.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 152.39 120.25 Td (Agency's ) Tj ET Q
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q 0 0 0 rg BT 264.39 120.25 Td (2013 ) Tj ET Q
q 0 0 0 rg BT 286.93 120.25 Td (report ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
180 0 obj
<<
/Length 35911
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 253.43 730.10 Td (2012 ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 319.81 718.10 Td (to ) Tj ET Q
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q 0 0 0 rg BT 459.77 718.10 Td (VLCC ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 181.01 694.10 Td (percent ) Tj ET Q
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q 0 0 0 rg BT 222.90 694.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 275.90 694.10 Td (fleet. ) Tj ET Q
q 0 0 0 rg BT 297.78 694.10 Td (According ) Tj ET Q
q 0 0 0 rg BT 342.05 694.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 351.90 694.10 Td (industry ) Tj ET Q
q 0 0 0 rg BT 386.75 694.10 Td (sources, ) Tj ET Q
q 0 0 0 rg BT 421.30 694.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 435.59 694.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 461.54 694.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 479.17 694.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 517.89 694.10 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 537.72 694.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 546.46 694.10 Td (five ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 184.90 634.10 Td (statements ) Tj ET Q
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q 0 0 0 rg BT 241.77 634.10 Td (accordance ) Tj ET Q
q 0 0 0 rg BT 290.16 634.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 311.38 634.10 Td (accounting ) Tj ET Q
q 0 0 0 rg BT 358.69 634.10 Td (principles ) Tj ET Q
q 0 0 0 rg BT 401.56 634.10 Td (generally ) Tj ET Q
q 0 0 0 rg BT 442.20 634.10 Td (accepted ) Tj ET Q
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q 0 0 0 rg BT 491.82 634.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 507.47 634.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 538.12 634.10 Td (States ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.10 Td (requires ) Tj ET Q
q 0 0 0 rg BT 84.58 622.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 101.94 622.10 Td (management ) Tj ET Q
q 0 0 0 rg BT 155.40 622.10 Td (make ) Tj ET Q
q 0 0 0 rg BT 179.42 622.10 Td (estimates ) Tj ET Q
q 0 0 0 rg BT 219.00 622.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 235.81 622.10 Td (assumptions ) Tj ET Q
q 0 0 0 rg BT 287.62 622.10 Td (af) Tj ET Q
q 0 0 0 rg BT 295.21 622.10 Td (fecting ) Tj ET Q
q 0 0 0 rg BT 325.34 622.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 339.93 622.10 Td (reported ) Tj ET Q
q 0 0 0 rg BT 375.61 622.10 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 411.87 622.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 422.56 622.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 448.26 622.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 465.07 622.10 Td (liabilities ) Tj ET Q
q 0 0 0 rg BT 504.65 622.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 521.46 622.10 Td (disclosure ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.24 610.10 Td (contingent ) Tj ET Q
q 0 0 0 rg BT 104.37 610.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 129.61 610.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 145.97 610.10 Td (liabilities ) Tj ET Q
q 0 0 0 rg BT 185.10 610.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 194.23 610.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 208.36 610.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 226.93 610.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 237.17 610.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 251.30 610.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 288.20 610.10 Td (statements ) Tj ET Q
q 0 0 0 rg BT 332.32 610.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 348.68 610.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 362.81 610.10 Td (reported ) Tj ET Q
q 0 0 0 rg BT 398.04 610.10 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 433.84 610.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 444.08 610.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 481.53 610.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 497.89 610.10 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 535.90 610.10 Td (during ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.72 598.10 Td (reporting ) Tj ET Q
q 0 0 0 rg BT 103.87 598.10 Td (period.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (Management ) Tj ET Q
q 0 0 0 rg BT 103.87 574.10 Td (believes ) Tj ET Q
q 0 0 0 rg BT 138.29 574.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 154.95 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 168.83 574.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 209.38 574.10 Td (accounting ) Tj ET Q
q 0 0 0 rg BT 254.92 574.10 Td (policies ) Tj ET Q
q 0 0 0 rg BT 287.69 574.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 301.56 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 315.44 574.10 Td (most ) Tj ET Q
q 0 0 0 rg BT 336.55 574.10 Td (critical ) Tj ET Q
q 0 0 0 rg BT 365.98 574.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 375.42 574.10 Td (fully ) Tj ET Q
q 0 0 0 rg BT 395.97 574.10 Td (understanding ) Tj ET Q
q 0 0 0 rg BT 454.29 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 470.39 574.10 Td (evaluating ) Tj ET Q
q 0 0 0 rg BT 513.71 574.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 528.70 574.10 Td (reported ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 87.45 562.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 116.03 562.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 126.83 562.10 Td (they ) Tj ET Q
q 0 0 0 rg BT 146.51 562.10 Td (require ) Tj ET Q
q 0 0 0 rg BT 177.30 562.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 184.21 562.10 Td (higher ) Tj ET Q
q 0 0 0 rg BT 212.22 562.10 Td (degree ) Tj ET Q
q 0 0 0 rg BT 241.34 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 252.14 562.10 Td (judgment ) Tj ET Q
q 0 0 0 rg BT 292.38 562.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 302.63 562.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 323.43 562.10 Td (application ) Tj ET Q
q 0 0 0 rg BT 370.32 562.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 407.79 562.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 429.70 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 444.38 562.10 Td (need ) Tj ET Q
q 0 0 0 rg BT 465.73 562.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 475.98 562.10 Td (make ) Tj ET Q
q 0 0 0 rg BT 500.10 562.10 Td (estimates ) Tj ET Q
q 0 0 0 rg BT 539.79 562.10 Td (about ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.96 550.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 72.54 550.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 90.27 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 101.34 550.10 Td (matters ) Tj ET Q
q 0 0 0 rg BT 133.51 550.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 151.25 550.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 166.19 550.10 Td (inherently ) Tj ET Q
q 0 0 0 rg BT 209.47 550.10 Td (uncertain. ) Tj ET Q
q 0 0 0 rg BT 251.91 550.10 Td (See ) Tj ET Q
q 0 0 0 rg BT 269.09 550.10 Td (Note ) Tj ET Q
q 0 0 0 rg BT 291.27 550.10 Td (2 ) Tj ET Q
q 0 0 0 rg BT 299.01 550.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 309.53 550.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 325.60 550.10 Td (audited ) Tj ET Q
q 0 0 0 rg BT 357.77 550.10 Td (Consolidated ) Tj ET Q
q 0 0 0 rg BT 413.28 550.10 Td (Financial ) Tj ET Q
q 0 0 0 rg BT 453.23 550.10 Td (Statements ) Tj ET Q
q 0 0 0 rg BT 499.85 550.10 Td (included ) Tj ET Q
q 0 0 0 rg BT 537.03 550.10 Td (herein ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 64.16 538.10 Td (details ) Tj ET Q
q 0 0 0 rg BT 92.76 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 103.59 538.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 116.09 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 126.92 538.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 142.75 538.10 Td (material ) Tj ET Q
q 0 0 0 rg BT 178.01 538.10 Td (accounting ) Tj ET Q
q 0 0 0 rg BT 224.38 538.10 Td (policies.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (Revenue ) Tj ET Q
q 0 0 0 rg BT 89.16 514.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 107.78 514.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 143.61 514.10 Td (r) Tj ET Q
q 0 0 0 rg BT 147.87 514.10 Td (ecognition) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (Revenues ) Tj ET Q
q 0 0 0 rg BT 90.33 490.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 106.22 490.10 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 143.77 490.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 157.43 490.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 202.74 490.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 214.19 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 227.86 490.10 Td (accruals ) Tj ET Q
q 0 0 0 rg BT 262.07 490.10 Td (basis. ) Tj ET Q
q 0 0 0 rg BT 286.02 490.10 Td (Revenues ) Tj ET Q
q 0 0 0 rg BT 326.35 490.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 340.01 490.10 Td (generated ) Tj ET Q
q 0 0 0 rg BT 380.32 490.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 401.21 490.10 Td (freight ) Tj ET Q
q 0 0 0 rg BT 429.32 490.10 Td (billings, ) Tj ET Q
q 0 0 0 rg BT 463.27 490.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 482.50 490.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 511.70 490.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 527.59 490.10 Td (bareboat ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 80.32 478.10 Td (hires. ) Tj ET Q
q 0 0 0 rg BT 104.64 478.10 Td (V) Tj ET Q
q 0 0 0 rg BT 110.58 478.10 Td (oyage ) Tj ET Q
q 0 0 0 rg BT 137.02 478.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 175.13 478.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 192.13 478.10 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 230.80 478.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 245.58 478.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 292.01 478.10 Td (ratably ) Tj ET Q
q 0 0 0 rg BT 322.34 478.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 342.68 478.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 357.46 478.10 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 398.35 478.10 Td (length ) Tj ET Q
q 0 0 0 rg BT 425.91 478.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 436.81 478.10 Td (each ) Tj ET Q
q 0 0 0 rg BT 457.70 478.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 489.14 478.10 Td (and, ) Tj ET Q
q 0 0 0 rg BT 508.65 478.10 Td (therefore, ) Tj ET Q
q 0 0 0 rg BT 549.80 478.10 Td (are ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (allocated ) Tj ET Q
q 0 0 0 rg BT 88.40 466.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 124.02 466.10 Td (reporting ) Tj ET Q
q 0 0 0 rg BT 162.98 466.10 Td (periods ) Tj ET Q
q 0 0 0 rg BT 194.73 466.10 Td (based ) Tj ET Q
q 0 0 0 rg BT 219.80 466.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 232.11 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 246.63 466.10 Td (relative ) Tj ET Q
q 0 0 0 rg BT 278.92 466.10 Td (transit ) Tj ET Q
q 0 0 0 rg BT 306.22 466.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 326.30 466.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 336.39 466.10 Td (each ) Tj ET Q
q 0 0 0 rg BT 357.01 466.10 Td (period. ) Tj ET Q
q 0 0 0 rg BT 387.20 466.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 405.05 466.10 Td (impact ) Tj ET Q
q 0 0 0 rg BT 434.57 466.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 445.21 466.10 Td (recognizing ) Tj ET Q
q 0 0 0 rg BT 494.72 466.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 525.90 466.10 Td (expenses ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (ratably ) Tj ET Q
q 0 0 0 rg BT 80.55 454.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 101.10 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 116.10 454.10 Td (length ) Tj ET Q
q 0 0 0 rg BT 143.88 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 155.00 454.10 Td (each ) Tj ET Q
q 0 0 0 rg BT 176.10 454.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 207.76 454.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 217.21 454.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 232.78 454.10 Td (materially ) Tj ET Q
q 0 0 0 rg BT 276.10 454.10 Td (dif) Tj ET Q
q 0 0 0 rg BT 287.03 454.10 Td (ferent ) Tj ET Q
q 0 0 0 rg BT 313.13 454.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 325.91 454.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 333.13 454.10 Td (quarterly ) Tj ET Q
q 0 0 0 rg BT 372.01 454.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 389.24 454.10 Td (annual ) Tj ET Q
q 0 0 0 rg BT 418.68 454.10 Td (basis ) Tj ET Q
q 0 0 0 rg BT 441.46 454.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 463.68 454.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 470.91 454.10 Td (method ) Tj ET Q
q 0 0 0 rg BT 503.69 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 514.80 454.10 Td (recognizing ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 70.80 442.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 93.27 442.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 104.07 442.10 Td (incurred. ) Tj ET Q
q 0 0 0 rg BT 142.36 442.10 Td (Probable ) Tj ET Q
q 0 0 0 rg BT 180.38 442.10 Td (losses ) Tj ET Q
q 0 0 0 rg BT 206.74 442.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 219.21 442.10 Td (voyages ) Tj ET Q
q 0 0 0 rg BT 254.45 442.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 269.13 442.10 Td (provided ) Tj ET Q
q 0 0 0 rg BT 307.14 442.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 321.27 442.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 331.52 442.10 Td (full ) Tj ET Q
q 0 0 0 rg BT 347.88 442.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 357.57 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 372.26 442.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 392.50 442.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 413.30 442.10 Td (losses ) Tj ET Q
q 0 0 0 rg BT 439.66 442.10 Td (can ) Tj ET Q
q 0 0 0 rg BT 456.01 442.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 467.92 442.10 Td (estimated. ) Tj ET Q
q 0 0 0 rg BT 511.03 442.10 Td (T) Tj ET Q
q 0 0 0 rg BT 516.79 442.10 Td (ime ) Tj ET Q
q 0 0 0 rg BT 534.25 442.10 Td (charter ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.75 430.10 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 103.48 430.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 133.54 430.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 171.39 430.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 185.91 430.10 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 223.19 430.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 243.27 430.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 257.80 430.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 278.43 430.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 289.07 430.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 303.60 430.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 333.66 430.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 344.30 430.10 Td (service ) Tj ET Q
q 0 0 0 rg BT 374.93 430.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 383.91 430.10 Td (provided. ) Tj ET Q
q 0 0 0 rg BT 424.10 430.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 441.95 430.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 483.15 430.10 Td (uses ) Tj ET Q
q 0 0 0 rg BT 502.68 430.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 509.43 430.10 Td (dischar) Tj ET Q
q 0 0 0 rg BT 538.12 430.10 Td (ge-to-) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (dischar) Tj ET Q
q 0 0 0 rg BT 78.70 418.10 Td (ge ) Tj ET Q
q 0 0 0 rg BT 91.11 418.10 Td (basis ) Tj ET Q
q 0 0 0 rg BT 114.08 418.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 124.83 418.10 Td (determining ) Tj ET Q
q 0 0 0 rg BT 176.12 418.10 Td (percentage ) Tj ET Q
q 0 0 0 rg BT 222.39 418.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 233.69 418.10 Td (completion ) Tj ET Q
q 0 0 0 rg BT 281.65 418.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 296.28 418.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 309.25 418.10 Td (spot ) Tj ET Q
q 0 0 0 rg BT 328.89 418.10 Td (voyages ) Tj ET Q
q 0 0 0 rg BT 364.63 418.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 382.04 418.10 Td (voyages ) Tj ET Q
q 0 0 0 rg BT 417.78 418.10 Td (servicing ) Tj ET Q
q 0 0 0 rg BT 457.41 418.10 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 496.47 418.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 507.77 418.10 Td (af) Tj ET Q
q 0 0 0 rg BT 515.36 418.10 Td (freightment ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (whereby ) Tj ET Q
q 0 0 0 rg BT 86.09 406.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 93.30 406.10 Td (recognizes ) Tj ET Q
q 0 0 0 rg BT 137.71 406.10 Td (revenue ) Tj ET Q
q 0 0 0 rg BT 171.01 406.10 Td (ratably ) Tj ET Q
q 0 0 0 rg BT 200.43 406.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 221.53 406.10 Td (when ) Tj ET Q
q 0 0 0 rg BT 244.84 406.10 Td (product ) Tj ET Q
q 0 0 0 rg BT 277.05 406.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 285.37 406.10 Td (dischar) Tj ET Q
q 0 0 0 rg BT 314.07 406.10 Td (ged ) Tj ET Q
q 0 0 0 rg BT 330.17 406.10 Td (\(unloaded\) ) Tj ET Q
q 0 0 0 rg BT 375.14 406.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 384.01 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 397.89 406.10 Td (end ) Tj ET Q
q 0 0 0 rg BT 413.98 406.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 423.97 406.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 440.06 406.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 470.60 406.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 480.03 406.10 Td (when ) Tj ET Q
q 0 0 0 rg BT 503.35 406.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 510.56 406.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 518.89 406.10 Td (dischar) Tj ET Q
q 0 0 0 rg BT 547.58 406.10 Td (ged ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (after ) Tj ET Q
q 0 0 0 rg BT 70.58 394.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 104.56 394.10 Td (voyage. ) Tj ET Q
q 0 0 0 rg BT 138.20 394.10 Td (However) Tj ET Q
q 0 0 0 rg BT 174.45 394.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 179.22 394.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 193.71 394.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 234.87 394.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 255.47 394.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 270.51 394.10 Td (recognize ) Tj ET Q
q 0 0 0 rg BT 311.65 394.10 Td (revenue ) Tj ET Q
q 0 0 0 rg BT 345.56 394.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 353.94 394.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 360.65 394.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 390.67 394.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 406.27 394.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 421.32 394.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 442.46 394.10 Td (contractually ) Tj ET Q
q 0 0 0 rg BT 496.93 394.10 Td (committed ) Tj ET Q
q 0 0 0 rg BT 541.97 394.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 552.02 394.10 Td (by ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 57.58 382.10 Td (customer ) Tj ET Q
q 0 0 0 rg BT 97.38 382.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 114.97 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 130.33 382.10 Td (Company) Tj ET Q
q 0 0 0 rg BT 168.56 382.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 174.21 382.10 Td (even ) Tj ET Q
q 0 0 0 rg BT 196.23 382.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 205.48 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 220.84 382.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 248.43 382.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 264.90 382.10 Td (dischar) Tj ET Q
q 0 0 0 rg BT 293.60 382.10 Td (ged ) Tj ET Q
q 0 0 0 rg BT 311.18 382.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 323.77 382.10 Td (car) Tj ET Q
q 0 0 0 rg BT 335.80 382.10 Td (go ) Tj ET Q
q 0 0 0 rg BT 348.95 382.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 366.53 382.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 376.34 382.10 Td (sailing ) Tj ET Q
q 0 0 0 rg BT 406.15 382.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 417.08 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 432.44 382.10 Td (anticipated ) Tj ET Q
q 0 0 0 rg BT 479.45 382.10 Td (load ) Tj ET Q
q 0 0 0 rg BT 499.81 382.10 Td (port ) Tj ET Q
q 0 0 0 rg BT 519.06 382.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 532.21 382.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 544.80 382.10 Td (next ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (voyage.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (Amounts ) Tj ET Q
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q 0 0 0 rg BT 132.25 346.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 142.84 346.10 Td (payable ) Tj ET Q
q 0 0 0 rg BT 176.18 346.10 Td (arising ) Tj ET Q
q 0 0 0 rg BT 205.65 346.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 227.34 346.10 Td (profit ) Tj ET Q
q 0 0 0 rg BT 251.81 346.10 Td (sharing ) Tj ET Q
q 0 0 0 rg BT 283.50 346.10 Td (arrangements ) Tj ET Q
q 0 0 0 rg BT 339.62 346.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 354.08 346.10 Td (accrued ) Tj ET Q
q 0 0 0 rg BT 387.41 346.10 Td (based ) Tj ET Q
q 0 0 0 rg BT 412.43 346.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 424.69 346.10 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 460.83 346.10 Td (earned ) Tj ET Q
q 0 0 0 rg BT 489.72 346.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 500.31 346.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 510.89 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 525.36 346.10 Td (reporting ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (date. ) Tj ET Q
q 0 0 0 rg BT 72.02 334.10 Td (Profit ) Tj ET Q
q 0 0 0 rg BT 97.65 334.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 121.61 334.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 153.91 334.10 Td (represents ) Tj ET Q
q 0 0 0 rg BT 197.30 334.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 224.60 334.10 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 261.34 334.10 Td (earned ) Tj ET Q
q 0 0 0 rg BT 290.85 334.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 303.71 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 318.78 334.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 366.22 334.10 Td (customers ) Tj ET Q
q 0 0 0 rg BT 409.63 334.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 420.27 334.10 Td (excess ) Tj ET Q
q 0 0 0 rg BT 449.23 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 460.42 334.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 491.04 334.10 Td (rates. ) Tj ET Q
q 0 0 0 rg BT 515.28 334.10 Td (Profit ) Tj ET Q
q 0 0 0 rg BT 540.92 334.10 Td (share ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 84.42 322.10 Td (represents ) Tj ET Q
q 0 0 0 rg BT 127.17 322.10 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 163.27 322.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 179.93 322.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 189.92 322.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 210.47 322.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 244.34 322.10 Td (based ) Tj ET Q
q 0 0 0 rg BT 269.33 322.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 281.54 322.10 Td (20% ) Tj ET Q
q 0 0 0 rg BT 302.08 322.10 Td (\(increased ) Tj ET Q
q 0 0 0 rg BT 345.38 322.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 355.38 322.10 Td (25% ) Tj ET Q
q 0 0 0 rg BT 375.92 322.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 395.91 322.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 403.50 322.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 420.70 322.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 442.35 322.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 475.67 322.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 485.38 322.10 Td (2012\) ) Tj ET Q
q 0 0 0 rg BT 510.93 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 521.47 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 535.90 322.10 Td (excess ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.83 310.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 87.77 310.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 125.81 310.10 Td (earned ) Tj ET Q
q 0 0 0 rg BT 154.95 310.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 167.45 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 182.17 310.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 223.55 310.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 243.82 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 258.54 310.10 Td (base ) Tj ET Q
q 0 0 0 rg BT 278.81 310.10 Td (hire ) Tj ET Q
q 0 0 0 rg BT 296.86 310.10 Td (paid ) Tj ET Q
q 0 0 0 rg BT 316.57 310.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 326.85 310.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 347.69 310.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 381.85 310.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 396.01 310.10 Td (chartering ) Tj ET Q
q 0 0 0 rg BT 439.04 310.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 449.32 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 464.03 310.10 Td (vessels.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (Revenues ) Tj ET Q
q 0 0 0 rg BT 92.13 286.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 109.82 286.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 141.95 286.10 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 181.30 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 192.89 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 208.36 286.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 239.94 286.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 280.96 286.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 291.99 286.10 Td (pool ) Tj ET Q
q 0 0 0 rg BT 313.02 286.10 Td (arrangements ) Tj ET Q
q 0 0 0 rg BT 370.14 286.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 385.60 286.10 Td (pooled ) Tj ET Q
q 0 0 0 rg BT 416.07 286.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 433.76 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 449.23 286.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 487.48 286.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 502.95 286.10 Td (pool ) Tj ET Q
q 0 0 0 rg BT 523.98 286.10 Td (revenues, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (calculated ) Tj ET Q
q 0 0 0 rg BT 92.87 274.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 105.21 274.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 111.99 274.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 132.10 274.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 162.20 274.10 Td (equivalent ) Tj ET Q
q 0 0 0 rg BT 206.19 274.10 Td (basis, ) Tj ET Q
q 0 0 0 rg BT 231.03 274.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 245.58 274.10 Td (allocated ) Tj ET Q
q 0 0 0 rg BT 284.01 274.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 294.13 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 308.69 274.10 Td (pool ) Tj ET Q
q 0 0 0 rg BT 328.81 274.10 Td (participants ) Tj ET Q
q 0 0 0 rg BT 377.80 274.10 Td (according ) Tj ET Q
q 0 0 0 rg BT 419.57 274.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 429.69 274.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 441.46 274.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 470.45 274.10 Td (formula ) Tj ET Q
q 0 0 0 rg BT 504.45 274.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 516.79 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 531.35 274.10 Td (basis ) Tj ET Q
q 0 0 0 rg BT 553.69 274.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 65.04 262.10 Td (number ) Tj ET Q
q 0 0 0 rg BT 98.41 262.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 109.56 262.10 Td (days ) Tj ET Q
q 0 0 0 rg BT 130.72 262.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 137.98 262.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 165.24 262.10 Td (operates ) Tj ET Q
q 0 0 0 rg BT 201.38 262.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 211.98 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 227.02 262.10 Td (pool. ) Tj ET Q
q 0 0 0 rg BT 249.92 262.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 268.29 262.10 Td (pools ) Tj ET Q
q 0 0 0 rg BT 292.79 262.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 307.82 262.10 Td (responsible ) Tj ET Q
q 0 0 0 rg BT 356.19 262.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 370.67 262.10 Td (paying ) Tj ET Q
q 0 0 0 rg BT 400.71 262.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 432.41 262.10 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 471.34 262.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 488.60 262.10 Td (distribute ) Tj ET Q
q 0 0 0 rg BT 529.20 262.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 544.24 262.10 Td (pool ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 87.32 250.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 96.88 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 110.88 250.10 Td (participants. ) Tj ET Q
q 0 0 0 rg BT 161.82 250.10 Td (Pool ) Tj ET Q
q 0 0 0 rg BT 181.94 250.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 219.26 250.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 233.25 250.10 Td (reported ) Tj ET Q
q 0 0 0 rg BT 268.35 250.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 282.35 250.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 292.47 250.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 323.13 250.10 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 361.01 250.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 371.12 250.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 401.78 250.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 431.32 250.10 Td (revenue ) Tj ET Q
q 0 0 0 rg BT 464.75 250.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 478.19 250.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 489.97 250.10 Td (periods ) Tj ET Q
q 0 0 0 rg BT 521.19 250.10 Td (presented.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (V) Tj ET Q
q 0 0 0 rg BT 56.30 226.10 Td (essels ) Tj ET Q
q 0 0 0 rg BT 82.13 226.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 100.76 226.10 Td (equipment) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.20 202.10 Td (cost ) Tj ET Q
q 0 0 0 rg BT 86.96 202.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 97.94 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 112.80 202.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 143.78 202.10 Td (less ) Tj ET Q
q 0 0 0 rg BT 161.43 202.10 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 202.41 202.10 Td (residual ) Tj ET Q
q 0 0 0 rg BT 236.71 202.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 261.02 202.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 270.34 202.10 Td (depreciated ) Tj ET Q
q 0 0 0 rg BT 319.07 202.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 331.72 202.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 338.81 202.10 Td (straight-line ) Tj ET Q
q 0 0 0 rg BT 389.78 202.10 Td (basis ) Tj ET Q
q 0 0 0 rg BT 412.43 202.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 432.85 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 447.71 202.10 Td (vessels' ) Tj ET Q
q 0 0 0 rg BT 480.50 202.10 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 521.47 202.10 Td (remaining ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 91.40 190.10 Td (useful ) Tj ET Q
q 0 0 0 rg BT 118.37 190.10 Td (lives. ) Tj ET Q
q 0 0 0 rg BT 142.10 190.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 160.18 190.10 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 201.03 190.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 242.43 190.10 Td (useful ) Tj ET Q
q 0 0 0 rg BT 269.40 190.10 Td (life ) Tj ET Q
q 0 0 0 rg BT 285.25 190.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 296.11 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 310.86 190.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 357.97 190.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 388.83 190.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 398.03 190.10 Td (25 ) Tj ET Q
q 0 0 0 rg BT 410.55 190.10 Td (years. ) Tj ET Q
q 0 0 0 rg BT 436.68 190.10 Td (Other ) Tj ET Q
q 0 0 0 rg BT 461.98 190.10 Td (equipment ) Tj ET Q
q 0 0 0 rg BT 506.72 190.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 515.92 190.10 Td (depreciated ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 70.86 178.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 83.41 178.10 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 124.82 178.10 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 168.46 178.10 Td (useful ) Tj ET Q
q 0 0 0 rg BT 196.00 178.10 Td (life, ) Tj ET Q
q 0 0 0 rg BT 214.92 178.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 242.45 178.10 Td (approximates ) Tj ET Q
q 0 0 0 rg BT 299.42 178.10 Td (five ) Tj ET Q
q 0 0 0 rg BT 318.06 178.10 Td (years. ) Tj ET Q
q 0 0 0 rg BT 344.53 178.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 363.17 178.10 Td (residual ) Tj ET Q
q 0 0 0 rg BT 397.93 178.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 422.68 178.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 437.43 178.10 Td (owned ) Tj ET Q
q 0 0 0 rg BT 467.19 178.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 498.61 178.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 508.38 178.10 Td (calculated ) Tj ET Q
q 0 0 0 rg BT 552.00 178.10 Td (by ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.10 Td (multiplying ) Tj ET Q
q 0 0 0 rg BT 99.39 166.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 114.33 166.10 Td (lightweight ) Tj ET Q
q 0 0 0 rg BT 162.60 166.10 Td (tonnage ) Tj ET Q
q 0 0 0 rg BT 196.98 166.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 208.03 166.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 222.97 166.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 250.13 166.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 262.85 166.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 277.79 166.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 308.27 166.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 330.98 166.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 342.03 166.10 Td (scrap ) Tj ET Q
q 0 0 0 rg BT 365.85 166.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 381.34 166.10 Td (tonne. ) Tj ET Q
q 0 0 0 rg BT 408.58 166.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 426.85 166.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 457.33 166.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 480.04 166.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 491.09 166.10 Td (scrap ) Tj ET Q
q 0 0 0 rg BT 514.91 166.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 530.40 166.10 Td (tonne ) Tj ET Q
q 0 0 0 rg BT 555.34 166.10 Td (is ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 154.10 Td (calculated ) Tj ET Q
q 0 0 0 rg BT 92.57 154.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 102.94 154.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 117.20 154.10 Td (10 ) Tj ET Q
q 0 0 0 rg BT 129.24 154.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 148.49 154.10 Td (average, ) Tj ET Q
q 0 0 0 rg BT 184.11 154.10 Td (up ) Tj ET Q
q 0 0 0 rg BT 196.15 154.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 205.97 154.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 220.23 154.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 238.93 154.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 249.30 154.10 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 284.10 154.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 294.47 154.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 308.73 154.10 Td (vessel, ) Tj ET Q
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q 0 0 0 rg BT 364.74 154.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 379.00 154.10 Td (three ) Tj ET Q
q 0 0 0 rg BT 401.03 154.10 Td (main ) Tj ET Q
q 0 0 0 rg BT 423.06 154.10 Td (recycling ) Tj ET Q
q 0 0 0 rg BT 462.30 154.10 Td (markets ) Tj ET Q
q 0 0 0 rg BT 496.00 154.10 Td (\(Far ) Tj ET Q
q 0 0 0 rg BT 514.70 154.10 Td (East, ) Tj ET Q
q 0 0 0 rg BT 536.46 154.10 Td (Indian ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 142.10 Td (sub ) Tj ET Q
q 0 0 0 rg BT 66.39 142.10 Td (continent ) Tj ET Q
q 0 0 0 rg BT 106.10 142.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 123.04 142.10 Td (Bangladesh\). ) Tj ET Q
q 0 0 0 rg BT 178.03 142.10 Td (Residual ) Tj ET Q
q 0 0 0 rg BT 215.52 142.10 Td (values ) Tj ET Q
q 0 0 0 rg BT 243.57 142.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 258.28 142.10 Td (reviewed ) Tj ET Q
q 0 0 0 rg BT 297.42 142.10 Td (annually) Tj ET Q
q 0 0 0 rg BT 331.21 142.10 Td (.) Tj ET Q
endstream
endobj
181 0 obj
<<
/Length 41265
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 742.25 Td (V) Tj ET Q
q 0 0 0 rg BT 56.30 742.25 Td (essel ) Tj ET Q
q 0 0 0 rg BT 78.24 742.25 Td (Impairment) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 67.53 718.25 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 102.84 718.25 Td (values ) Tj ET Q
q 0 0 0 rg BT 130.37 718.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 140.69 718.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 154.89 718.25 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 201.46 718.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 231.78 718.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 250.98 718.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 265.75 718.25 Td (represent ) Tj ET Q
q 0 0 0 rg BT 304.38 718.25 Td (their ) Tj ET Q
q 0 0 0 rg BT 324.69 718.25 Td (fair ) Tj ET Q
q 0 0 0 rg BT 340.56 718.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 370.31 718.25 Td (value ) Tj ET Q
q 0 0 0 rg BT 393.95 718.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 403.15 718.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 419.58 718.25 Td (point ) Tj ET Q
q 0 0 0 rg BT 442.12 718.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 451.89 718.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 471.65 718.25 Td (since ) Tj ET Q
q 0 0 0 rg BT 494.18 718.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 508.39 718.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 538.14 718.25 Td (prices ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 706.25 Td (of ) Tj ET Q
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q 0 0 0 rg BT 113.02 706.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 143.43 706.25 Td (tend ) Tj ET Q
q 0 0 0 rg BT 162.72 706.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 172.58 706.25 Td (fluctuate ) Tj ET Q
q 0 0 0 rg BT 209.64 706.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 229.49 706.25 Td (changes ) Tj ET Q
q 0 0 0 rg BT 263.78 706.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 273.64 706.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 303.47 706.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 324.42 706.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 340.94 706.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 355.23 706.25 Td (cost ) Tj ET Q
q 0 0 0 rg BT 373.42 706.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 383.83 706.25 Td (newbuildings. ) Tj ET Q
q 0 0 0 rg BT 442.29 706.25 Td (Historically) Tj ET Q
q 0 0 0 rg BT 488.85 706.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 493.43 706.25 Td (both ) Tj ET Q
q 0 0 0 rg BT 513.29 706.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 543.12 706.25 Td (rates ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 694.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 67.00 694.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 94.00 694.25 Td (values ) Tj ET Q
q 0 0 0 rg BT 122.10 694.25 Td (tend ) Tj ET Q
q 0 0 0 rg BT 141.88 694.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 152.22 694.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 164.22 694.25 Td (cyclical. ) Tj ET Q
q 0 0 0 rg BT 200.18 694.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 218.29 694.25 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 254.16 694.25 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 290.61 694.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 301.50 694.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 332.39 694.25 Td (held ) Tj ET Q
q 0 0 0 rg BT 352.17 694.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 369.17 694.25 Td (used ) Tj ET Q
q 0 0 0 rg BT 390.06 694.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 402.62 694.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 417.39 694.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 458.84 694.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 473.61 694.25 Td (reviewed ) Tj ET Q
q 0 0 0 rg BT 512.81 694.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 527.03 694.25 Td (potential ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 682.25 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 98.23 682.25 Td (whenever ) Tj ET Q
q 0 0 0 rg BT 139.23 682.25 Td (events ) Tj ET Q
q 0 0 0 rg BT 166.91 682.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 177.37 682.25 Td (changes ) Tj ET Q
q 0 0 0 rg BT 211.71 682.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 221.63 682.25 Td (circumstances ) Tj ET Q
q 0 0 0 rg BT 280.40 682.25 Td (indicate ) Tj ET Q
q 0 0 0 rg BT 314.18 682.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 331.31 682.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 345.66 682.25 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 381.11 682.25 Td (amount ) Tj ET Q
q 0 0 0 rg BT 413.24 682.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 423.70 682.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 430.27 682.25 Td (particular ) Tj ET Q
q 0 0 0 rg BT 470.71 682.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 497.28 682.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 516.63 682.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 531.54 682.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 543.12 682.25 Td (fully ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 670.25 Td (recoverable. ) Tj ET Q
q 0 0 0 rg BT 101.76 670.25 Td (In ) Tj ET Q
q 0 0 0 rg BT 112.72 670.25 Td (such ) Tj ET Q
q 0 0 0 rg BT 133.69 670.25 Td (instances, ) Tj ET Q
q 0 0 0 rg BT 175.47 670.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 187.54 670.25 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 236.27 670.25 Td (char) Tj ET Q
q 0 0 0 rg BT 253.30 670.25 Td (ge ) Tj ET Q
q 0 0 0 rg BT 265.37 670.25 Td (would ) Tj ET Q
q 0 0 0 rg BT 293.00 670.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 305.07 670.25 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 351.57 670.25 Td (if ) Tj ET Q
q 0 0 0 rg BT 360.31 670.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 375.16 670.25 Td (estimate ) Tj ET Q
q 0 0 0 rg BT 411.11 670.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 422.07 670.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 436.92 670.25 Td (undiscounted ) Tj ET Q
q 0 0 0 rg BT 492.88 670.25 Td (future ) Tj ET Q
q 0 0 0 rg BT 519.38 670.25 Td (cash ) Tj ET Q
q 0 0 0 rg BT 539.79 670.25 Td (flows ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 658.25 Td (expected ) Tj ET Q
q 0 0 0 rg BT 87.71 658.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 97.67 658.25 Td (result ) Tj ET Q
q 0 0 0 rg BT 122.06 658.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 143.68 658.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 158.08 658.25 Td (use ) Tj ET Q
q 0 0 0 rg BT 173.59 658.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 184.10 658.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 198.49 658.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 225.11 658.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 241.73 658.25 Td (its ) Tj ET Q
q 0 0 0 rg BT 253.36 658.25 Td (eventual ) Tj ET Q
q 0 0 0 rg BT 289.41 658.25 Td (disposition ) Tj ET Q
q 0 0 0 rg BT 335.48 658.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 344.33 658.25 Td (less ) Tj ET Q
q 0 0 0 rg BT 361.51 658.25 Td (than ) Tj ET Q
q 0 0 0 rg BT 380.91 658.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 395.30 658.25 Td (vessel's ) Tj ET Q
q 0 0 0 rg BT 427.61 658.25 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 463.11 658.25 Td (amount. ) Tj ET Q
q 0 0 0 rg BT 497.63 658.25 Td (This ) Tj ET Q
q 0 0 0 rg BT 517.58 658.25 Td (assessment ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 646.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 59.17 646.25 Td (made ) Tj ET Q
q 0 0 0 rg BT 83.33 646.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 93.04 646.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 107.76 646.25 Td (individual ) Tj ET Q
q 0 0 0 rg BT 150.81 646.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 177.75 646.25 Td (level ) Tj ET Q
q 0 0 0 rg BT 199.68 646.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 210.51 646.25 Td (separately ) Tj ET Q
q 0 0 0 rg BT 253.54 646.25 Td (identifiable ) Tj ET Q
q 0 0 0 rg BT 301.58 646.25 Td (cash ) Tj ET Q
q 0 0 0 rg BT 321.85 646.25 Td (flow ) Tj ET Q
q 0 0 0 rg BT 342.68 646.25 Td (information ) Tj ET Q
q 0 0 0 rg BT 392.39 646.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 406.55 646.25 Td (each ) Tj ET Q
q 0 0 0 rg BT 427.37 646.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 454.31 646.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 463.48 646.25 Td (available.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.25 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.24 622.25 Td (developing ) Tj ET Q
q 0 0 0 rg BT 108.58 622.25 Td (estimates ) Tj ET Q
q 0 0 0 rg BT 148.71 622.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 159.95 622.25 Td (future ) Tj ET Q
q 0 0 0 rg BT 186.73 622.25 Td (cash ) Tj ET Q
q 0 0 0 rg BT 207.41 622.25 Td (flows, ) Tj ET Q
q 0 0 0 rg BT 235.04 622.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 250.17 622.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 291.97 622.25 Td (must ) Tj ET Q
q 0 0 0 rg BT 314.33 622.25 Td (make ) Tj ET Q
q 0 0 0 rg BT 338.89 622.25 Td (assumptions ) Tj ET Q
q 0 0 0 rg BT 391.25 622.25 Td (about ) Tj ET Q
q 0 0 0 rg BT 416.38 622.25 Td (future ) Tj ET Q
q 0 0 0 rg BT 443.16 622.25 Td (performance, ) Tj ET Q
q 0 0 0 rg BT 499.10 622.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 519.79 622.25 Td (significant ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.25 Td (assumptions ) Tj ET Q
q 0 0 0 rg BT 102.11 610.25 Td (being ) Tj ET Q
q 0 0 0 rg BT 126.99 610.25 Td (related ) Tj ET Q
q 0 0 0 rg BT 156.85 610.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 167.30 610.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 197.71 610.25 Td (rates, ) Tj ET Q
q 0 0 0 rg BT 221.75 610.25 Td (ship ) Tj ET Q
q 0 0 0 rg BT 241.08 610.25 Td (operating ) Tj ET Q
q 0 0 0 rg BT 281.51 610.25 Td (expenses, ) Tj ET Q
q 0 0 0 rg BT 322.77 610.25 Td (utilization, ) Tj ET Q
q 0 0 0 rg BT 368.48 610.25 Td (drydocking ) Tj ET Q
q 0 0 0 rg BT 416.69 610.25 Td (requirements, ) Tj ET Q
q 0 0 0 rg BT 474.06 610.25 Td (residual ) Tj ET Q
q 0 0 0 rg BT 508.37 610.25 Td (value ) Tj ET Q
q 0 0 0 rg BT 532.69 610.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 549.79 610.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.25 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 91.01 598.25 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 134.25 598.25 Td (useful ) Tj ET Q
q 0 0 0 rg BT 161.38 598.25 Td (lives ) Tj ET Q
q 0 0 0 rg BT 182.96 598.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 193.98 598.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 208.89 598.25 Td (vessels. ) Tj ET Q
q 0 0 0 rg BT 242.21 598.25 Td (These ) Tj ET Q
q 0 0 0 rg BT 268.78 598.25 Td (assumptions ) Tj ET Q
q 0 0 0 rg BT 320.92 598.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 335.82 598.25 Td (based ) Tj ET Q
q 0 0 0 rg BT 361.28 598.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 373.97 598.25 Td (historical ) Tj ET Q
q 0 0 0 rg BT 413.88 598.25 Td (trends ) Tj ET Q
q 0 0 0 rg BT 441.01 598.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 452.03 598.25 Td (well ) Tj ET Q
q 0 0 0 rg BT 471.94 598.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 482.96 598.25 Td (future ) Tj ET Q
q 0 0 0 rg BT 509.53 598.25 Td (expectations. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.25 Td (Specifically) Tj ET Q
q 0 0 0 rg BT 97.11 586.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 102.89 586.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 113.95 586.25 Td (estimating ) Tj ET Q
q 0 0 0 rg BT 158.88 586.25 Td (future ) Tj ET Q
q 0 0 0 rg BT 186.04 586.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 217.07 586.25 Td (rates, ) Tj ET Q
q 0 0 0 rg BT 241.73 586.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 296.10 586.25 Td (takes ) Tj ET Q
q 0 0 0 rg BT 319.92 586.25 Td (into ) Tj ET Q
q 0 0 0 rg BT 338.76 586.25 Td (consideration ) Tj ET Q
q 0 0 0 rg BT 395.91 586.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 418.06 586.25 Td (currently ) Tj ET Q
q 0 0 0 rg BT 457.44 586.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 468.49 586.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 476.08 586.25 Td (fect ) Tj ET Q
q 0 0 0 rg BT 494.35 586.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 509.28 586.25 Td (existing ) Tj ET Q
q 0 0 0 rg BT 544.23 586.25 Td (time ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.25 Td (charters ) Tj ET Q
q 0 0 0 rg BT 84.07 574.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 100.94 574.25 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 141.68 574.25 Td (daily ) Tj ET Q
q 0 0 0 rg BT 164.11 574.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 184.31 574.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 214.49 574.25 Td (equivalent ) Tj ET Q
q 0 0 0 rg BT 258.56 574.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 279.87 574.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 293.96 574.25 Td (each ) Tj ET Q
q 0 0 0 rg BT 314.70 574.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 341.56 574.25 Td (class ) Tj ET Q
q 0 0 0 rg BT 363.43 574.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 377.51 574.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 392.16 574.25 Td (unfixed ) Tj ET Q
q 0 0 0 rg BT 425.13 574.25 Td (days ) Tj ET Q
q 0 0 0 rg BT 445.89 574.25 Td (over ) Tj ET Q
q 0 0 0 rg BT 466.08 574.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 480.73 574.25 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 521.47 574.25 Td (remaining ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.25 Td (lives ) Tj ET Q
q 0 0 0 rg BT 71.61 562.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 82.66 562.25 Td (each ) Tj ET Q
q 0 0 0 rg BT 103.69 562.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 114.74 562.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 129.68 562.25 Td (vessels. ) Tj ET Q
q 0 0 0 rg BT 163.03 562.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 181.30 562.25 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 222.34 562.25 Td (daily ) Tj ET Q
q 0 0 0 rg BT 245.05 562.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 265.55 562.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 296.02 562.25 Td (equivalent ) Tj ET Q
q 0 0 0 rg BT 340.39 562.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 361.99 562.25 Td (used ) Tj ET Q
q 0 0 0 rg BT 383.04 562.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 397.42 562.25 Td (unfixed ) Tj ET Q
q 0 0 0 rg BT 430.68 562.25 Td (days ) Tj ET Q
q 0 0 0 rg BT 451.73 562.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 466.66 562.25 Td (based ) Tj ET Q
q 0 0 0 rg BT 492.15 562.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 504.87 562.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 512.02 562.25 Td (combination ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.80 550.25 Td (\(i\) ) Tj ET Q
q 0 0 0 rg BT 72.71 550.25 Td (trading ) Tj ET Q
q 0 0 0 rg BT 103.50 550.25 Td (exchange ) Tj ET Q
q 0 0 0 rg BT 143.73 550.25 Td (forecasts, ) Tj ET Q
q 0 0 0 rg BT 184.23 550.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 201.14 550.25 Td (\(ii\) ) Tj ET Q
q 0 0 0 rg BT 215.83 550.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 230.51 550.25 Td (trailing ) Tj ET Q
q 0 0 0 rg BT 261.87 550.25 Td (20-year ) Tj ET Q
q 0 0 0 rg BT 294.87 550.25 Td (historical ) Tj ET Q
q 0 0 0 rg BT 334.55 550.25 Td (average ) Tj ET Q
q 0 0 0 rg BT 368.11 550.25 Td (rates, ) Tj ET Q
q 0 0 0 rg BT 391.96 550.25 Td (based ) Tj ET Q
q 0 0 0 rg BT 417.19 550.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 429.66 550.25 Td (quarterly ) Tj ET Q
q 0 0 0 rg BT 468.23 550.25 Td (average ) Tj ET Q
q 0 0 0 rg BT 501.78 550.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 523.13 550.25 Td (published ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 62.73 538.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 74.90 538.25 Td (independent ) Tj ET Q
q 0 0 0 rg BT 126.50 538.25 Td (third ) Tj ET Q
q 0 0 0 rg BT 148.12 538.25 Td (party ) Tj ET Q
q 0 0 0 rg BT 171.39 538.25 Td (maritime ) Tj ET Q
q 0 0 0 rg BT 210.22 538.25 Td (research ) Tj ET Q
q 0 0 0 rg BT 246.25 538.25 Td (service. ) Tj ET Q
q 0 0 0 rg BT 279.80 538.25 Td (Recognizing ) Tj ET Q
q 0 0 0 rg BT 333.07 538.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 350.80 538.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 365.74 538.25 Td (transportation ) Tj ET Q
q 0 0 0 rg BT 424.01 538.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 435.07 538.25 Td (crude ) Tj ET Q
q 0 0 0 rg BT 460.01 538.25 Td (oil ) Tj ET Q
q 0 0 0 rg BT 473.30 538.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 482.70 538.25 Td (cyclical ) Tj ET Q
q 0 0 0 rg BT 516.51 538.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 533.68 538.25 Td (subject ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.50 526.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 105.43 526.25 Td (volatility ) Tj ET Q
q 0 0 0 rg BT 144.25 526.25 Td (based ) Tj ET Q
q 0 0 0 rg BT 169.74 526.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 182.46 526.25 Td (factors ) Tj ET Q
q 0 0 0 rg BT 212.39 526.25 Td (beyond ) Tj ET Q
q 0 0 0 rg BT 244.54 526.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 259.48 526.25 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 306.78 526.25 Td (control, ) Tj ET Q
q 0 0 0 rg BT 340.32 526.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 394.13 526.25 Td (believes ) Tj ET Q
q 0 0 0 rg BT 429.61 526.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 444.55 526.25 Td (use ) Tj ET Q
q 0 0 0 rg BT 460.60 526.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 471.65 526.25 Td (estimates ) Tj ET Q
q 0 0 0 rg BT 511.58 526.25 Td (based ) Tj ET Q
q 0 0 0 rg BT 537.06 526.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 549.78 526.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.25 Td (combination ) Tj ET Q
q 0 0 0 rg BT 102.11 514.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 112.55 514.25 Td (internally ) Tj ET Q
q 0 0 0 rg BT 152.99 514.25 Td (forecasted ) Tj ET Q
q 0 0 0 rg BT 196.19 514.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 217.18 514.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 233.73 514.25 Td (20-year ) Tj ET Q
q 0 0 0 rg BT 266.39 514.25 Td (historical ) Tj ET Q
q 0 0 0 rg BT 305.71 514.25 Td (average ) Tj ET Q
q 0 0 0 rg BT 338.91 514.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 359.91 514.25 Td (calculated ) Tj ET Q
q 0 0 0 rg BT 402.55 514.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 413.00 514.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 423.44 514.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 437.77 514.25 Td (reporting ) Tj ET Q
q 0 0 0 rg BT 476.55 514.25 Td (date ) Tj ET Q
q 0 0 0 rg BT 495.32 514.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 505.21 514.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 516.76 514.25 Td (reasonable. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.25 Td (Estimated ) Tj ET Q
q 0 0 0 rg BT 91.52 490.25 Td (outflows ) Tj ET Q
q 0 0 0 rg BT 128.05 490.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 141.25 490.25 Td (operating ) Tj ET Q
q 0 0 0 rg BT 180.54 490.25 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 218.17 490.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 234.14 490.25 Td (drydocking ) Tj ET Q
q 0 0 0 rg BT 281.22 490.25 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 334.96 490.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 348.70 490.25 Td (based ) Tj ET Q
q 0 0 0 rg BT 373.00 490.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 384.53 490.25 Td (historical ) Tj ET Q
q 0 0 0 rg BT 423.27 490.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 439.25 490.25 Td (budgeted ) Tj ET Q
q 0 0 0 rg BT 477.43 490.25 Td (costs ) Tj ET Q
q 0 0 0 rg BT 498.96 490.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 514.94 490.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 528.67 490.25 Td (adjusted ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 64.62 478.25 Td (assumed ) Tj ET Q
q 0 0 0 rg BT 102.03 478.25 Td (inflation. ) Tj ET Q
q 0 0 0 rg BT 141.37 478.25 Td (Finally) Tj ET Q
q 0 0 0 rg BT 169.06 478.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 174.52 478.25 Td (utilization ) Tj ET Q
q 0 0 0 rg BT 218.03 478.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 227.67 478.25 Td (based ) Tj ET Q
q 0 0 0 rg BT 253.40 478.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 266.36 478.25 Td (historical ) Tj ET Q
q 0 0 0 rg BT 306.54 478.25 Td (levels ) Tj ET Q
q 0 0 0 rg BT 332.83 478.25 Td (achieved ) Tj ET Q
q 0 0 0 rg BT 371.32 478.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 388.73 478.25 Td (estimates ) Tj ET Q
q 0 0 0 rg BT 428.90 478.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 440.20 478.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 447.60 478.25 Td (residual ) Tj ET Q
q 0 0 0 rg BT 482.22 478.25 Td (value ) Tj ET Q
q 0 0 0 rg BT 506.84 478.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 522.01 478.25 Td (consistent ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 70.28 466.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 85.00 466.25 Td (pattern ) Tj ET Q
q 0 0 0 rg BT 115.26 466.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 126.09 466.25 Td (scrap ) Tj ET Q
q 0 0 0 rg BT 149.69 466.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 171.06 466.25 Td (used ) Tj ET Q
q 0 0 0 rg BT 191.89 466.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 202.17 466.25 Td (management's ) Tj ET Q
q 0 0 0 rg BT 261.46 466.25 Td (evaluation ) Tj ET Q
q 0 0 0 rg BT 305.61 466.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 316.44 466.25 Td (salvage ) Tj ET Q
q 0 0 0 rg BT 348.92 466.25 Td (value. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.86 442.25 Td (more ) Tj ET Q
q 0 0 0 rg BT 90.72 442.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 135.25 442.25 Td (factors ) Tj ET Q
q 0 0 0 rg BT 164.77 442.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 182.08 442.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 206.61 442.25 Td (impact ) Tj ET Q
q 0 0 0 rg BT 236.14 442.25 Td (management's ) Tj ET Q
q 0 0 0 rg BT 295.23 442.25 Td (assumptions ) Tj ET Q
q 0 0 0 rg BT 347.00 442.25 Td (regarding ) Tj ET Q
q 0 0 0 rg BT 387.63 442.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 407.71 442.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 437.78 442.25 Td (equivalent ) Tj ET Q
q 0 0 0 rg BT 481.75 442.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 502.94 442.25 Td (include ) Tj ET Q
q 0 0 0 rg BT 534.69 442.25 Td (\(i\) ) Tj ET Q
q 0 0 0 rg BT 546.44 442.25 Td (loss ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 60.87 430.25 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 101.18 430.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 111.50 430.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 147.93 430.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 169.91 430.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 214.66 430.25 Td (customers, ) Tj ET Q
q 0 0 0 rg BT 260.25 430.25 Td (\(ii\) ) Tj ET Q
q 0 0 0 rg BT 275.01 430.25 Td (unanticipated ) Tj ET Q
q 0 0 0 rg BT 331.42 430.25 Td (changes ) Tj ET Q
q 0 0 0 rg BT 366.17 430.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 376.49 430.25 Td (demand ) Tj ET Q
q 0 0 0 rg BT 410.68 430.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 424.89 430.25 Td (transportation ) Tj ET Q
q 0 0 0 rg BT 482.97 430.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 493.84 430.25 Td (crude ) Tj ET Q
q 0 0 0 rg BT 518.59 430.25 Td (oil ) Tj ET Q
q 0 0 0 rg BT 531.69 430.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 548.67 430.25 Td (dry ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.25 Td (bulk ) Tj ET Q
q 0 0 0 rg BT 69.77 418.25 Td (car) Tj ET Q
q 0 0 0 rg BT 81.80 418.25 Td (goes, ) Tj ET Q
q 0 0 0 rg BT 104.62 418.25 Td (\(iii\) ) Tj ET Q
q 0 0 0 rg BT 121.61 418.25 Td (changes ) Tj ET Q
q 0 0 0 rg BT 155.81 418.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 165.58 418.25 Td (production ) Tj ET Q
q 0 0 0 rg BT 210.90 418.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 221.23 418.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 231.55 418.25 Td (demand ) Tj ET Q
q 0 0 0 rg BT 265.20 418.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 278.85 418.25 Td (oil, ) Tj ET Q
q 0 0 0 rg BT 293.90 418.25 Td (generally ) Tj ET Q
q 0 0 0 rg BT 333.10 418.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 343.42 418.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 353.19 418.25 Td (particular ) Tj ET Q
q 0 0 0 rg BT 393.50 418.25 Td (regions, ) Tj ET Q
q 0 0 0 rg BT 427.43 418.25 Td (\(iv\) ) Tj ET Q
q 0 0 0 rg BT 443.86 418.25 Td (greater ) Tj ET Q
q 0 0 0 rg BT 473.61 418.25 Td (than ) Tj ET Q
q 0 0 0 rg BT 492.82 418.25 Td (anticipated ) Tj ET Q
q 0 0 0 rg BT 538.68 418.25 Td (levels ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 61.95 406.25 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 90.56 406.25 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 144.18 406.25 Td (orders ) Tj ET Q
q 0 0 0 rg BT 172.79 406.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 184.75 406.25 Td (lower ) Tj ET Q
q 0 0 0 rg BT 211.14 406.25 Td (than ) Tj ET Q
q 0 0 0 rg BT 231.98 406.25 Td (anticipated ) Tj ET Q
q 0 0 0 rg BT 279.47 406.25 Td (levels ) Tj ET Q
q 0 0 0 rg BT 306.42 406.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 318.37 406.25 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 346.98 406.25 Td (scrappings, ) Tj ET Q
q 0 0 0 rg BT 395.87 406.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 413.93 406.25 Td (\(v\) ) Tj ET Q
q 0 0 0 rg BT 429.21 406.25 Td (changes ) Tj ET Q
q 0 0 0 rg BT 465.04 406.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 476.45 406.25 Td (rules ) Tj ET Q
q 0 0 0 rg BT 499.51 406.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 517.57 406.25 Td (regulations ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.25 Td (applicable ) Tj ET Q
q 0 0 0 rg BT 94.51 394.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 105.71 394.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 121.35 394.25 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 149.75 394.25 Td (industry) Tj ET Q
q 0 0 0 rg BT 181.88 394.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 187.80 394.25 Td (including ) Tj ET Q
q 0 0 0 rg BT 228.99 394.25 Td (legislation ) Tj ET Q
q 0 0 0 rg BT 274.07 394.25 Td (adopted ) Tj ET Q
q 0 0 0 rg BT 309.15 394.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 322.57 394.25 Td (international ) Tj ET Q
q 0 0 0 rg BT 376.53 394.25 Td (or) Tj ET Q
q 0 0 0 rg BT 384.68 394.25 Td (ganizations ) Tj ET Q
q 0 0 0 rg BT 433.64 394.25 Td (such ) Tj ET Q
q 0 0 0 rg BT 455.39 394.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 467.14 394.25 Td (IMO ) Tj ET Q
q 0 0 0 rg BT 490.00 394.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 507.86 394.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 523.50 394.25 Td (EU ) Tj ET Q
q 0 0 0 rg BT 540.25 394.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 552.00 394.25 Td (by ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.25 Td (individual ) Tj ET Q
q 0 0 0 rg BT 93.35 382.25 Td (countries. ) Tj ET Q
q 0 0 0 rg BT 134.68 382.25 Td (Although ) Tj ET Q
q 0 0 0 rg BT 175.26 382.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 229.14 382.25 Td (believes ) Tj ET Q
q 0 0 0 rg BT 264.70 382.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 282.50 382.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 297.51 382.25 Td (assumptions ) Tj ET Q
q 0 0 0 rg BT 349.76 382.25 Td (used ) Tj ET Q
q 0 0 0 rg BT 370.88 382.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 381.46 382.25 Td (evaluate ) Tj ET Q
q 0 0 0 rg BT 417.56 382.25 Td (potential ) Tj ET Q
q 0 0 0 rg BT 455.35 382.25 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 504.25 382.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 519.25 382.25 Td (reasonable ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 67.00 370.25 Td (appropriate ) Tj ET Q
q 0 0 0 rg BT 115.09 370.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 124.87 370.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 139.64 370.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 159.98 370.25 Td (they ) Tj ET Q
q 0 0 0 rg BT 179.75 370.25 Td (were ) Tj ET Q
q 0 0 0 rg BT 201.74 370.25 Td (made, ) Tj ET Q
q 0 0 0 rg BT 228.46 370.25 Td (such ) Tj ET Q
q 0 0 0 rg BT 249.35 370.25 Td (assumptions ) Tj ET Q
q 0 0 0 rg BT 301.36 370.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 316.12 370.25 Td (highly ) Tj ET Q
q 0 0 0 rg BT 344.24 370.25 Td (subjective ) Tj ET Q
q 0 0 0 rg BT 387.34 370.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 404.34 370.25 Td (likely ) Tj ET Q
q 0 0 0 rg BT 429.68 370.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 440.01 370.25 Td (change, ) Tj ET Q
q 0 0 0 rg BT 473.39 370.25 Td (possibly ) Tj ET Q
q 0 0 0 rg BT 509.29 370.25 Td (materially) Tj ET Q
q 0 0 0 rg BT 549.18 370.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 554.24 370.25 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 65.35 358.25 Td (future. ) Tj ET Q
q 0 0 0 rg BT 94.64 358.25 Td (There ) Tj ET Q
q 0 0 0 rg BT 121.09 358.25 Td (can ) Tj ET Q
q 0 0 0 rg BT 138.11 358.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 150.68 358.25 Td (no ) Tj ET Q
q 0 0 0 rg BT 163.82 358.25 Td (assurance ) Tj ET Q
q 0 0 0 rg BT 205.83 358.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 217.29 358.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 228.21 358.25 Td (how ) Tj ET Q
q 0 0 0 rg BT 248.57 358.25 Td (long ) Tj ET Q
q 0 0 0 rg BT 269.48 358.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 300.37 358.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 322.39 358.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 339.96 358.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 367.54 358.25 Td (values ) Tj ET Q
q 0 0 0 rg BT 396.22 358.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 414.92 358.25 Td (remain ) Tj ET Q
q 0 0 0 rg BT 445.82 358.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 456.17 358.25 Td (their ) Tj ET Q
q 0 0 0 rg BT 477.63 358.25 Td (current ) Tj ET Q
q 0 0 0 rg BT 509.09 358.25 Td (low ) Tj ET Q
q 0 0 0 rg BT 527.22 358.25 Td (levels ) Tj ET Q
q 0 0 0 rg BT 553.69 358.25 Td (or ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.25 Td (whether ) Tj ET Q
q 0 0 0 rg BT 84.44 346.25 Td (they ) Tj ET Q
q 0 0 0 rg BT 103.89 346.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 121.69 346.25 Td (improve ) Tj ET Q
q 0 0 0 rg BT 157.25 346.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 169.48 346.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 176.16 346.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 220.60 346.25 Td (degree. ) Tj ET Q
q 0 0 0 rg BT 251.98 346.25 Td (If ) Tj ET Q
q 0 0 0 rg BT 260.88 346.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 290.87 346.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 311.98 346.25 Td (were ) Tj ET Q
q 0 0 0 rg BT 333.65 346.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 343.66 346.25 Td (remain ) Tj ET Q
q 0 0 0 rg BT 373.66 346.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 383.11 346.25 Td (depressed ) Tj ET Q
q 0 0 0 rg BT 424.77 346.25 Td (levels ) Tj ET Q
q 0 0 0 rg BT 450.33 346.25 Td (future ) Tj ET Q
q 0 0 0 rg BT 476.45 346.25 Td (assessments ) Tj ET Q
q 0 0 0 rg BT 527.01 346.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 537.58 346.25 Td (vessel ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.25 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 98.60 334.25 Td (would ) Tj ET Q
q 0 0 0 rg BT 126.10 334.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 138.04 334.25 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 178.85 334.25 Td (af) Tj ET Q
q 0 0 0 rg BT 186.44 334.25 Td (fected.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.18 310.25 Td (following ) Tj ET Q
q 0 0 0 rg BT 109.70 310.25 Td (table ) Tj ET Q
q 0 0 0 rg BT 131.77 310.25 Td (summarizes ) Tj ET Q
q 0 0 0 rg BT 182.17 310.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 197.02 310.25 Td (actual ) Tj ET Q
q 0 0 0 rg BT 223.53 310.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 245.04 310.25 Td (used ) Tj ET Q
q 0 0 0 rg BT 266.00 310.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 278.64 310.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 293.49 310.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 335.01 310.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 345.42 310.25 Td (its ) Tj ET Q
q 0 0 0 rg BT 357.50 310.25 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 406.24 310.25 Td (testing ) Tj ET Q
q 0 0 0 rg BT 435.53 310.25 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 445.39 310.25 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 504.10 310.25 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 524.10 310.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 529.24 310.25 Td (together ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 70.28 298.25 Td (break ) Tj ET Q
q 0 0 0 rg BT 94.99 298.25 Td (even ) Tj ET Q
q 0 0 0 rg BT 116.36 298.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 137.74 298.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 154.68 298.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 169.39 298.25 Td (actual ) Tj ET Q
q 0 0 0 rg BT 195.77 298.25 Td (rates, ) Tj ET Q
q 0 0 0 rg BT 219.64 298.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 233.80 298.25 Td (its ) Tj ET Q
q 0 0 0 rg BT 245.57 298.25 Td (VLCCs ) Tj ET Q
q 0 0 0 rg BT 278.63 298.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 295.57 298.25 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 334.73 298.25 Td (tankers;) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
55.50 252.75 100.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
155.50 252.75 100.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
255.50 252.75 100.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
355.50 252.75 100.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
455.50 252.75 100.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
155.5 267.75 m
255.5 267.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
255.5 267.75 m
355.5 267.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
55.5 252.75 m
155.5 252.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
155.5 252.75 m
255.5 252.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
255.5 252.75 m
355.5 252.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
355.5 252.75 m
455.5 252.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
455.5 252.75 m
555.5 252.75 l
s
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 224.15 272.43 Td (Rates Used \(1\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 58.00 257.43 Td (\($ per day\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 188.10 257.43 Td (First two years) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 306.25 257.43 Td (Thereafter) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 370.25 257.43 Td (Br) Tj ET Q
q 0 0 0 rg BT 381.18 257.43 Td (eak even rate \(2\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.80 257.43 Td (Actual rate \(3\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 58.00 242.42 Td (VLCC) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 224.15 242.42 Td (13,375) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 324.15 242.42 Td (37,589) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 424.15 242.42 Td (23,104) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 524.15 242.42 Td (19,300) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 58.00 227.42 Td (Suezmax) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 224.15 227.42 Td (14,524) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 324.15 227.42 Td (31,502) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 424.15 227.42 Td (18,417) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 524.15 227.42 Td (14,000) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 206.25 Td (1. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 206.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 103.97 206.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 145.29 206.25 Td (uses ) Tj ET Q
q 0 0 0 rg BT 164.94 206.25 Td (trading ) Tj ET Q
q 0 0 0 rg BT 195.69 206.25 Td (exchange ) Tj ET Q
q 0 0 0 rg BT 235.87 206.25 Td (forecast ) Tj ET Q
q 0 0 0 rg BT 269.94 206.25 Td (spot ) Tj ET Q
q 0 0 0 rg BT 289.04 206.25 Td (rates, ) Tj ET Q
q 0 0 0 rg BT 312.84 206.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 339.71 206.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 354.34 206.25 Td (only ) Tj ET Q
q 0 0 0 rg BT 374.54 206.25 Td (available ) Tj ET Q
q 0 0 0 rg BT 413.06 206.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 427.15 206.25 Td (two ) Tj ET Q
q 0 0 0 rg BT 444.57 206.25 Td (years ) Tj ET Q
q 0 0 0 rg BT 468.10 206.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 484.96 206.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 491.83 206.25 Td (20-year ) Tj ET Q
q 0 0 0 rg BT 524.79 206.25 Td (historical ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 194.25 Td (average ) Tj ET Q
q 0 0 0 rg BT 119.58 194.25 Td (rate ) Tj ET Q
q 0 0 0 rg BT 137.07 194.25 Td (thereafter) Tj ET Q
q 0 0 0 rg BT 174.82 194.25 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 177.25 Td (2. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 177.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 104.62 177.25 Td (break ) Tj ET Q
q 0 0 0 rg BT 129.90 177.25 Td (even ) Tj ET Q
q 0 0 0 rg BT 151.85 177.25 Td (rate ) Tj ET Q
q 0 0 0 rg BT 169.91 177.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 179.65 177.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 194.94 177.25 Td (average ) Tj ET Q
q 0 0 0 rg BT 229.10 177.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 240.50 177.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 255.79 177.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 277.74 177.25 Td (over ) Tj ET Q
q 0 0 0 rg BT 298.58 177.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 313.87 177.25 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 355.26 177.25 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 398.88 177.25 Td (useful ) Tj ET Q
q 0 0 0 rg BT 426.39 177.25 Td (life ) Tj ET Q
q 0 0 0 rg BT 442.79 177.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 454.19 177.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 469.48 177.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 496.99 177.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 515.06 177.25 Td (provides ) Tj ET Q
q 0 0 0 rg BT 552.57 177.25 Td (an ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 165.25 Td (undiscounted ) Tj ET Q
q 0 0 0 rg BT 141.83 165.25 Td (total ) Tj ET Q
q 0 0 0 rg BT 162.10 165.25 Td (cash ) Tj ET Q
q 0 0 0 rg BT 182.37 165.25 Td (flow ) Tj ET Q
q 0 0 0 rg BT 203.20 165.25 Td (equal ) Tj ET Q
q 0 0 0 rg BT 227.35 165.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 237.63 165.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 252.35 165.25 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 288.16 165.25 Td (value ) Tj ET Q
q 0 0 0 rg BT 312.32 165.25 Td (of ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
182 0 obj
<<
/Length 36532
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stream
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 176.09 599.30 Td (the ) Tj ET Q
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q 0 0 0 rg BT 238.67 599.30 Td (of ) Tj ET Q
q 0 0 0 rg BT 249.13 599.30 Td (the ) Tj ET Q
q 0 0 0 rg BT 263.48 599.30 Td (long ) Tj ET Q
q 0 0 0 rg BT 283.39 599.30 Td (term ) Tj ET Q
q 0 0 0 rg BT 303.84 599.30 Td (charter ) Tj ET Q
q 0 0 0 rg BT 333.73 599.30 Td (for ) Tj ET Q
q 0 0 0 rg BT 347.52 599.30 Td (the ) Tj ET Q
q 0 0 0 rg BT 361.87 599.30 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 400.65 599.30 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 427.77 599.30 Td (Front ) Tj ET Q
q 0 0 0 rg BT 451.57 599.30 Td (Pride ) Tj ET Q
q 0 0 0 rg BT 474.81 599.30 Td (in ) Tj ET Q
q 0 0 0 rg BT 484.72 599.30 Td (late ) Tj ET Q
q 0 0 0 rg BT 501.29 599.30 Td (February ) Tj ET Q
q 0 0 0 rg BT 539.52 599.30 Td (2013. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 587.30 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 575.30 Td (Our) Tj ET Q
q 0 0 0 rg BT 67.60 575.30 Td ( ) Tj ET Q
q 0 0 0 rg BT 70.99 575.30 Td (Fleet ) Tj ET Q
q 0 0 0 rg BT 95.47 575.30 Td ( ) Tj ET Q
q 0 0 0 rg BT 103.86 575.30 Td (Comparison ) Tj ET Q
q 0 0 0 rg BT 160.04 575.30 Td (of ) Tj ET Q
q 0 0 0 rg BT 171.76 575.30 Td (Possible ) Tj ET Q
q 0 0 0 rg BT 209.59 575.30 Td (Excess ) Tj ET Q
q 0 0 0 rg BT 241.31 575.30 Td (of ) Tj ET Q
q 0 0 0 rg BT 253.03 575.30 Td (Carrying ) Tj ET Q
q 0 0 0 rg BT 295.62 575.30 Td (V) Tj ET Q
q 0 0 0 rg BT 301.92 575.30 Td (alue ) Tj ET Q
q 0 0 0 rg BT 323.09 575.30 Td (Over) Tj ET Q
q 0 0 0 rg BT 344.56 575.30 Td ( ) Tj ET Q
q 0 0 0 rg BT 347.95 575.30 Td (Estimated ) Tj ET Q
q 0 0 0 rg BT 394.67 575.30 Td (Charter) Tj ET Q
q 0 0 0 rg BT 428.73 575.30 Td (-Fr) Tj ET Q
q 0 0 0 rg BT 442.43 575.30 Td (ee ) Tj ET Q
q 0 0 0 rg BT 454.70 575.30 Td (Market ) Tj ET Q
q 0 0 0 rg BT 490.05 575.30 Td (V) Tj ET Q
q 0 0 0 rg BT 496.35 575.30 Td (alue ) Tj ET Q
q 0 0 0 rg BT 517.52 575.30 Td (of ) Tj ET Q
q 0 0 0 rg BT 529.24 575.30 Td (Certain ) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 563.30 Td (V) Tj ET Q
q 0 0 0 rg BT 56.30 563.30 Td (essels) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 551.30 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 539.30 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.55 539.30 Td ("Critical ) Tj ET Q
q 0 0 0 rg BT 98.13 539.30 Td (Accounting ) Tj ET Q
q 0 0 0 rg BT 148.01 539.30 Td (Policies ) Tj ET Q
q 0 0 0 rg BT 182.89 539.30 Td ( ) Tj ET Q
q 0 0 0 rg BT 190.88 539.30 Td (V) Tj ET Q
q 0 0 0 rg BT 196.99 539.30 Td (essel ) Tj ET Q
q 0 0 0 rg BT 219.65 539.30 Td (Impairment" ) Tj ET Q
q 0 0 0 rg BT 273.60 539.30 Td (we ) Tj ET Q
q 0 0 0 rg BT 288.48 539.30 Td (discuss ) Tj ET Q
q 0 0 0 rg BT 320.60 539.30 Td (our ) Tj ET Q
q 0 0 0 rg BT 337.15 539.30 Td (policy ) Tj ET Q
q 0 0 0 rg BT 365.36 539.30 Td (for ) Tj ET Q
q 0 0 0 rg BT 380.24 539.30 Td (impairing ) Tj ET Q
q 0 0 0 rg BT 422.34 539.30 Td (the ) Tj ET Q
q 0 0 0 rg BT 437.78 539.30 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 474.32 539.30 Td (values ) Tj ET Q
q 0 0 0 rg BT 503.08 539.30 Td (of ) Tj ET Q
q 0 0 0 rg BT 514.63 539.30 Td (our ) Tj ET Q
q 0 0 0 rg BT 531.19 539.30 Td (vessels. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 527.30 Td (During ) Tj ET Q
q 0 0 0 rg BT 80.99 527.30 Td (the ) Tj ET Q
q 0 0 0 rg BT 95.86 527.30 Td (past ) Tj ET Q
q 0 0 0 rg BT 114.62 527.30 Td (few ) Tj ET Q
q 0 0 0 rg BT 132.27 527.30 Td (years, ) Tj ET Q
q 0 0 0 rg BT 158.53 527.30 Td (the ) Tj ET Q
q 0 0 0 rg BT 173.40 527.30 Td (market ) Tj ET Q
q 0 0 0 rg BT 203.82 527.30 Td (values ) Tj ET Q
q 0 0 0 rg BT 232.02 527.30 Td (of ) Tj ET Q
q 0 0 0 rg BT 243.01 527.30 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 273.99 527.30 Td (have ) Tj ET Q
q 0 0 0 rg BT 295.53 527.30 Td (experienced ) Tj ET Q
q 0 0 0 rg BT 346.48 527.30 Td (particular ) Tj ET Q
q 0 0 0 rg BT 387.45 527.30 Td (volatility) Tj ET Q
q 0 0 0 rg BT 422.91 527.30 Td (, ) Tj ET Q
q 0 0 0 rg BT 428.07 527.30 Td (with ) Tj ET Q
q 0 0 0 rg BT 448.50 527.30 Td (substantial ) Tj ET Q
q 0 0 0 rg BT 493.93 527.30 Td (declines ) Tj ET Q
q 0 0 0 rg BT 529.35 527.30 Td (in ) Tj ET Q
q 0 0 0 rg BT 539.79 527.30 Td (many ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 515.30 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 76.64 515.30 Td (classes. ) Tj ET Q
q 0 0 0 rg BT 108.63 515.30 Td (As ) Tj ET Q
q 0 0 0 rg BT 121.94 515.30 Td (a ) Tj ET Q
q 0 0 0 rg BT 128.58 515.30 Td (result, ) Tj ET Q
q 0 0 0 rg BT 155.50 515.30 Td (the ) Tj ET Q
q 0 0 0 rg BT 169.92 515.30 Td (charter) Tj ET Q
q 0 0 0 rg BT 197.47 515.30 Td (-free ) Tj ET Q
q 0 0 0 rg BT 218.54 515.30 Td (market ) Tj ET Q
q 0 0 0 rg BT 248.51 515.30 Td (value, ) Tj ET Q
q 0 0 0 rg BT 274.87 515.30 Td (or ) Tj ET Q
q 0 0 0 rg BT 285.40 515.30 Td (basic ) Tj ET Q
q 0 0 0 rg BT 308.15 515.30 Td (market ) Tj ET Q
q 0 0 0 rg BT 338.11 515.30 Td (value, ) Tj ET Q
q 0 0 0 rg BT 364.47 515.30 Td (of ) Tj ET Q
q 0 0 0 rg BT 375.00 515.30 Td (certain ) Tj ET Q
q 0 0 0 rg BT 404.41 515.30 Td (of ) Tj ET Q
q 0 0 0 rg BT 414.94 515.30 Td (our ) Tj ET Q
q 0 0 0 rg BT 430.47 515.30 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 461.00 515.30 Td (may ) Tj ET Q
q 0 0 0 rg BT 480.42 515.30 Td (have ) Tj ET Q
q 0 0 0 rg BT 501.50 515.30 Td (declined ) Tj ET Q
q 0 0 0 rg BT 537.58 515.30 Td (below ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 503.30 Td (those ) Tj ET Q
q 0 0 0 rg BT 73.01 503.30 Td (vessels' ) Tj ET Q
q 0 0 0 rg BT 105.04 503.30 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 140.25 503.30 Td (value, ) Tj ET Q
q 0 0 0 rg BT 166.31 503.30 Td (even ) Tj ET Q
q 0 0 0 rg BT 187.08 503.30 Td (though ) Tj ET Q
q 0 0 0 rg BT 216.76 503.30 Td (we ) Tj ET Q
q 0 0 0 rg BT 230.32 503.30 Td (did ) Tj ET Q
q 0 0 0 rg BT 245.00 503.30 Td (not ) Tj ET Q
q 0 0 0 rg BT 259.68 503.30 Td (impair ) Tj ET Q
q 0 0 0 rg BT 287.68 503.30 Td (those ) Tj ET Q
q 0 0 0 rg BT 310.69 503.30 Td (vessels' ) Tj ET Q
q 0 0 0 rg BT 342.72 503.30 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 377.93 503.30 Td (value ) Tj ET Q
q 0 0 0 rg BT 401.49 503.30 Td (under ) Tj ET Q
q 0 0 0 rg BT 426.16 503.30 Td (our ) Tj ET Q
q 0 0 0 rg BT 441.39 503.30 Td (accounting ) Tj ET Q
q 0 0 0 rg BT 487.16 503.30 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 535.16 503.30 Td (policy) Tj ET Q
q 0 0 0 rg BT 559.50 503.30 Td (, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 491.30 Td (due ) Tj ET Q
q 0 0 0 rg BT 66.34 491.30 Td (to ) Tj ET Q
q 0 0 0 rg BT 76.02 491.30 Td (our ) Tj ET Q
q 0 0 0 rg BT 91.26 491.30 Td (belief ) Tj ET Q
q 0 0 0 rg BT 115.92 491.30 Td (that ) Tj ET Q
q 0 0 0 rg BT 132.82 491.30 Td (future ) Tj ET Q
q 0 0 0 rg BT 158.60 491.30 Td (undiscounted ) Tj ET Q
q 0 0 0 rg BT 213.83 491.30 Td (cash ) Tj ET Q
q 0 0 0 rg BT 233.50 491.30 Td (flows ) Tj ET Q
q 0 0 0 rg BT 257.63 491.30 Td (expected ) Tj ET Q
q 0 0 0 rg BT 295.06 491.30 Td (to ) Tj ET Q
q 0 0 0 rg BT 304.75 491.30 Td (be ) Tj ET Q
q 0 0 0 rg BT 316.09 491.30 Td (earned ) Tj ET Q
q 0 0 0 rg BT 344.64 491.30 Td (by ) Tj ET Q
q 0 0 0 rg BT 356.54 491.30 Td (such ) Tj ET Q
q 0 0 0 rg BT 376.77 491.30 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 407.01 491.30 Td (over ) Tj ET Q
q 0 0 0 rg BT 426.68 491.30 Td (their ) Tj ET Q
q 0 0 0 rg BT 446.91 491.30 Td (operating ) Tj ET Q
q 0 0 0 rg BT 486.57 491.30 Td (lives ) Tj ET Q
q 0 0 0 rg BT 507.36 491.30 Td (would ) Tj ET Q
q 0 0 0 rg BT 534.27 491.30 Td (exceed ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 479.30 Td (such ) Tj ET Q
q 0 0 0 rg BT 70.83 479.30 Td (vessels' ) Tj ET Q
q 0 0 0 rg BT 103.46 479.30 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 139.28 479.30 Td (amounts. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 455.30 Td (Our ) Tj ET Q
q 0 0 0 rg BT 67.94 455.30 Td (estimates ) Tj ET Q
q 0 0 0 rg BT 107.55 455.30 Td (of ) Tj ET Q
q 0 0 0 rg BT 118.27 455.30 Td (basic ) Tj ET Q
q 0 0 0 rg BT 141.21 455.30 Td (market ) Tj ET Q
q 0 0 0 rg BT 171.36 455.30 Td (value ) Tj ET Q
q 0 0 0 rg BT 195.41 455.30 Td (assume ) Tj ET Q
q 0 0 0 rg BT 227.24 455.30 Td (that ) Tj ET Q
q 0 0 0 rg BT 244.63 455.30 Td (our ) Tj ET Q
q 0 0 0 rg BT 260.35 455.30 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 291.07 455.30 Td (are ) Tj ET Q
q 0 0 0 rg BT 305.67 455.30 Td (all ) Tj ET Q
q 0 0 0 rg BT 318.05 455.30 Td (in ) Tj ET Q
q 0 0 0 rg BT 328.22 455.30 Td (good ) Tj ET Q
q 0 0 0 rg BT 350.62 455.30 Td (and ) Tj ET Q
q 0 0 0 rg BT 367.45 455.30 Td (seaworthy ) Tj ET Q
q 0 0 0 rg BT 410.94 455.30 Td (condition ) Tj ET Q
q 0 0 0 rg BT 451.10 455.30 Td (without ) Tj ET Q
q 0 0 0 rg BT 484.05 455.30 Td (need ) Tj ET Q
q 0 0 0 rg BT 505.32 455.30 Td (for ) Tj ET Q
q 0 0 0 rg BT 519.37 455.30 Td (repair ) Tj ET Q
q 0 0 0 rg BT 545.08 455.30 Td (and, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 443.30 Td (if ) Tj ET Q
q 0 0 0 rg BT 58.35 443.30 Td (inspected, ) Tj ET Q
q 0 0 0 rg BT 100.86 443.30 Td (would ) Tj ET Q
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q 0 0 0 rg BT 139.79 443.30 Td (certified ) Tj ET Q
q 0 0 0 rg BT 175.35 443.30 Td (in ) Tj ET Q
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q 0 0 0 rg BT 207.05 443.30 Td (without ) Tj ET Q
q 0 0 0 rg BT 239.86 443.30 Td (notations ) Tj ET Q
q 0 0 0 rg BT 278.77 443.30 Td (of ) Tj ET Q
q 0 0 0 rg BT 289.34 443.30 Td (any ) Tj ET Q
q 0 0 0 rg BT 306.02 443.30 Td (kind. ) Tj ET Q
q 0 0 0 rg BT 328.55 443.30 Td (Our ) Tj ET Q
q 0 0 0 rg BT 346.34 443.30 Td (estimates ) Tj ET Q
q 0 0 0 rg BT 385.80 443.30 Td (are ) Tj ET Q
q 0 0 0 rg BT 400.25 443.30 Td (based ) Tj ET Q
q 0 0 0 rg BT 425.27 443.30 Td (on ) Tj ET Q
q 0 0 0 rg BT 437.51 443.30 Td (the ) Tj ET Q
q 0 0 0 rg BT 451.97 443.30 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 492.54 443.30 Td (market ) Tj ET Q
q 0 0 0 rg BT 522.55 443.30 Td (values ) Tj ET Q
q 0 0 0 rg BT 550.34 443.30 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 431.30 Td (our ) Tj ET Q
q 0 0 0 rg BT 65.32 431.30 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 95.63 431.30 Td (that ) Tj ET Q
q 0 0 0 rg BT 112.61 431.30 Td (we ) Tj ET Q
q 0 0 0 rg BT 126.26 431.30 Td (have ) Tj ET Q
q 0 0 0 rg BT 147.12 431.30 Td (received ) Tj ET Q
q 0 0 0 rg BT 182.97 431.30 Td (from ) Tj ET Q
q 0 0 0 rg BT 204.40 431.30 Td (independent ) Tj ET Q
q 0 0 0 rg BT 255.26 431.30 Td (ship ) Tj ET Q
q 0 0 0 rg BT 273.91 431.30 Td (brokers ) Tj ET Q
q 0 0 0 rg BT 305.89 431.30 Td (and ) Tj ET Q
q 0 0 0 rg BT 322.31 431.30 Td (are ) Tj ET Q
q 0 0 0 rg BT 336.51 431.30 Td (inherently ) Tj ET Q
q 0 0 0 rg BT 379.04 431.30 Td (uncertain. ) Tj ET Q
q 0 0 0 rg BT 420.72 431.30 Td (In ) Tj ET Q
q 0 0 0 rg BT 431.04 431.30 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 468.30 431.30 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 494.72 431.30 Td (values ) Tj ET Q
q 0 0 0 rg BT 522.26 431.30 Td (are ) Tj ET Q
q 0 0 0 rg BT 536.45 431.30 Td (highly ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 419.30 Td (volatile; ) Tj ET Q
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q 0 0 0 rg BT 135.83 419.30 Td (estimates ) Tj ET Q
q 0 0 0 rg BT 175.69 419.30 Td (may ) Tj ET Q
q 0 0 0 rg BT 195.55 419.30 Td (not ) Tj ET Q
q 0 0 0 rg BT 210.97 419.30 Td (be ) Tj ET Q
q 0 0 0 rg BT 223.05 419.30 Td (indicative ) Tj ET Q
q 0 0 0 rg BT 265.12 419.30 Td (of ) Tj ET Q
q 0 0 0 rg BT 276.09 419.30 Td (the ) Tj ET Q
q 0 0 0 rg BT 290.95 419.30 Td (current ) Tj ET Q
q 0 0 0 rg BT 321.91 419.30 Td (or ) Tj ET Q
q 0 0 0 rg BT 332.89 419.30 Td (future ) Tj ET Q
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q 0 0 0 rg BT 413.00 419.30 Td (value ) Tj ET Q
q 0 0 0 rg BT 437.30 419.30 Td (of ) Tj ET Q
q 0 0 0 rg BT 448.27 419.30 Td (our ) Tj ET Q
q 0 0 0 rg BT 464.25 419.30 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 495.22 419.30 Td (or ) Tj ET Q
q 0 0 0 rg BT 506.19 419.30 Td (prices ) Tj ET Q
q 0 0 0 rg BT 532.71 419.30 Td (that ) Tj ET Q
q 0 0 0 rg BT 550.35 419.30 Td (we ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 407.30 Td (could ) Tj ET Q
q 0 0 0 rg BT 74.72 407.30 Td (achieve ) Tj ET Q
q 0 0 0 rg BT 107.75 407.30 Td (if ) Tj ET Q
q 0 0 0 rg BT 116.36 407.30 Td (we ) Tj ET Q
q 0 0 0 rg BT 130.52 407.30 Td (were ) Tj ET Q
q 0 0 0 rg BT 152.45 407.30 Td (to ) Tj ET Q
q 0 0 0 rg BT 162.72 407.30 Td (sell ) Tj ET Q
q 0 0 0 rg BT 179.11 407.30 Td (them. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 383.30 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.64 383.30 Td (table ) Tj ET Q
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q 0 0 0 rg BT 194.04 383.30 Td (the ) Tj ET Q
q 0 0 0 rg BT 209.34 383.30 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 245.75 383.30 Td (value ) Tj ET Q
q 0 0 0 rg BT 270.49 383.30 Td (of ) Tj ET Q
q 0 0 0 rg BT 281.91 383.30 Td (each ) Tj ET Q
q 0 0 0 rg BT 303.31 383.30 Td (of ) Tj ET Q
q 0 0 0 rg BT 314.73 383.30 Td (our ) Tj ET Q
q 0 0 0 rg BT 331.15 383.30 Td (owned ) Tj ET Q
q 0 0 0 rg BT 360.90 383.30 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 392.32 383.30 Td (as ) Tj ET Q
q 0 0 0 rg BT 403.74 383.30 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 415.15 383.30 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 474.33 383.30 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 494.33 383.30 Td ( ) Tj ET Q
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q 0 0 0 rg BT 514.94 383.30 Td (201) Tj ET Q
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q 0 0 0 rg BT 553.68 383.30 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 371.30 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 108.83 371.30 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 128.83 371.30 Td (, ) Tj ET Q
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q 0 0 0 rg BT 156.44 371.30 Td (and ) Tj ET Q
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q 0 0 0 rg BT 294.75 371.30 Td (we ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 359.30 Td (held ) Tj ET Q
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q 0 0 0 rg BT 83.47 359.30 Td (sale. ) Tj ET Q
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q 0 0 0 rg BT 112.29 359.30 Td (e ) Tj ET Q
q 0 0 0 rg BT 119.02 359.30 Td (believe ) Tj ET Q
q 0 0 0 rg BT 150.19 359.30 Td (that ) Tj ET Q
q 0 0 0 rg BT 167.49 359.30 Td (the ) Tj ET Q
q 0 0 0 rg BT 182.00 359.30 Td (future ) Tj ET Q
q 0 0 0 rg BT 208.17 359.30 Td (undiscounted ) Tj ET Q
q 0 0 0 rg BT 263.80 359.30 Td (cash ) Tj ET Q
q 0 0 0 rg BT 283.86 359.30 Td (flows ) Tj ET Q
q 0 0 0 rg BT 308.38 359.30 Td (expected ) Tj ET Q
q 0 0 0 rg BT 346.21 359.30 Td (to ) Tj ET Q
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q 0 0 0 rg BT 368.02 359.30 Td (earned ) Tj ET Q
q 0 0 0 rg BT 396.97 359.30 Td (by ) Tj ET Q
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q 0 0 0 rg BT 492.53 359.30 Td (have ) Tj ET Q
q 0 0 0 rg BT 513.71 359.30 Td (experienced ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 347.30 Td (a ) Tj ET Q
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q 0 0 0 rg BT 127.10 347.30 Td (-free ) Tj ET Q
q 0 0 0 rg BT 148.79 347.30 Td (market ) Tj ET Q
q 0 0 0 rg BT 179.37 347.30 Td (value ) Tj ET Q
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q 0 0 0 rg BT 321.33 347.30 Td (value, ) Tj ET Q
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q 0 0 0 rg BT 430.62 347.30 Td (lives ) Tj ET Q
q 0 0 0 rg BT 452.33 347.30 Td (would ) Tj ET Q
q 0 0 0 rg BT 480.15 347.30 Td (exceed ) Tj ET Q
q 0 0 0 rg BT 510.72 347.30 Td (such ) Tj ET Q
q 0 0 0 rg BT 531.87 347.30 Td (vessels' ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 335.30 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 85.82 335.30 Td (values ) Tj ET Q
q 0 0 0 rg BT 113.86 335.30 Td (as ) Tj ET Q
q 0 0 0 rg BT 124.69 335.30 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 135.52 335.30 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 194.11 335.30 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 214.11 335.30 Td (, ) Tj ET Q
q 0 0 0 rg BT 219.11 335.30 Td (and ) Tj ET Q
q 0 0 0 rg BT 236.04 335.30 Td (accordingly) Tj ET Q
q 0 0 0 rg BT 282.60 335.30 Td (, ) Tj ET Q
q 0 0 0 rg BT 287.60 335.30 Td (have ) Tj ET Q
q 0 0 0 rg BT 308.97 335.30 Td (not ) Tj ET Q
q 0 0 0 rg BT 324.25 335.30 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 361.73 335.30 Td (an ) Tj ET Q
q 0 0 0 rg BT 373.67 335.30 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 422.27 335.30 Td (char) Tj ET Q
q 0 0 0 rg BT 439.29 335.30 Td (ge.) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 265.80 245.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
295.50 265.80 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
299.50 265.80 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
364.50 265.80 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
368.50 265.80 65.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
433.50 265.80 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 265.80 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
502.50 265.80 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
506.50 265.80 65.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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50.50 235.80 245.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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295.50 235.80 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
299.50 235.80 65.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
364.50 235.80 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
368.50 235.80 65.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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433.50 235.80 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 235.80 65.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
502.50 235.80 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
506.50 235.80 65.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 205.80 245.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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295.50 205.80 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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299.50 205.80 65.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
364.50 205.80 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
368.50 205.80 65.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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433.50 205.80 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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437.50 205.80 65.00 -15.00 re f
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502.50 205.80 4.00 -15.00 re f
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506.50 205.80 65.00 -15.00 re f
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299.50 175.80 65.00 -15.00 re f
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364.50 175.80 4.00 -15.00 re f
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437.50 175.80 65.00 -15.00 re f
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502.50 175.80 4.00 -15.00 re f
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506.50 175.80 65.00 -15.00 re f
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295.50 145.80 4.00 -15.00 re f
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299.50 145.80 65.00 -15.00 re f
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364.50 145.80 4.00 -15.00 re f
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368.50 145.80 65.00 -15.00 re f
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433.50 145.80 4.00 -15.00 re f
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437.50 145.80 65.00 -15.00 re f
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502.50 145.80 4.00 -15.00 re f
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506.50 145.80 65.00 -15.00 re f
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0 0 0 RG
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1.00 w
0 i
[] 0 d
0 J
0 j
3 M
437.5 310.79999999999995 m
502.5 310.79999999999995 l
s
0 0 0 RG
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1.00 w
0 i
[] 0 d
0 J
0 j
3 M
502.5 310.79999999999995 m
506.5 310.79999999999995 l
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0 0 0 RG
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1.00 w
0 i
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0 J
0 j
3 M
506.5 310.79999999999995 m
571.5 310.79999999999995 l
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0 J
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3 M
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3 M
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BT /F2 10.00 Tf ET
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q 0 0 0 rg BT 491.86 315.48 Td (V) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 291.37 Td () Tj ET Q
BT /F2 10.00 Tf ET
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q 0 0 0 rg BT 59.30 281.58 Td (essel) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 302.00 301.37 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 302.00 291.37 Td () Tj ET Q
BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 371.00 301.37 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 373.50 291.53 Td (Appr) Tj ET Q
q 0 0 0 rg BT 396.10 291.53 Td (oximate) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 409.70 281.58 Td (Dwt.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 479.00 285.48 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.35 285.47 Td (201) Tj ET Q
q 0 0 0 rg BT 562.98 285.47 Td (1) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 270.48 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 93.65 270.48 Td (T) Tj ET Q
q 0 0 0 rg BT 99.40 270.48 Td (anker) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 255.47 Td (Front ) Tj ET Q
q 0 0 0 rg BT 76.62 255.47 Td (Alfa \(1\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 341.00 256.37 Td (1993) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 397.15 255.47 Td (150,038) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 488.65 255.48 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.15 255.47 Td (11.9) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 240.48 Td (VLCCs) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 361.00 241.37 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 371.00 241.37 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 499.00 241.53 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 226.37 Td (Ulriken \(ex-Antares ) Tj ET Q
q 0 0 0 rg BT 135.56 226.37 Td (V) Tj ET Q
q 0 0 0 rg BT 141.50 226.37 Td (oyager\) ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 341.00 226.37 Td (1998) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 397.15 226.37 Td (310,000) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.15 226.53 Td (43.5) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.15 226.37 Td (46.5) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 211.37 Td (Phoenix ) Tj ET Q
q 0 0 0 rg BT 88.10 211.37 Td (V) Tj ET Q
q 0 0 0 rg BT 94.03 211.37 Td (oyager ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 341.00 211.37 Td (1999) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 397.15 211.37 Td (308,500) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.15 211.53 Td (44.6) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.15 211.37 Td (47.6) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 196.37 Td (Pioneer \(ex-British Pioneer\) ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 341.00 196.37 Td (1999) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 397.15 196.37 Td (307,000) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.15 196.53 Td (46.5) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.15 196.37 Td (49.4) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 181.37 Td (British Progress ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 341.00 181.37 Td (2000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 397.15 181.37 Td (307,000) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.15 181.53 Td (48.1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.15 181.37 Td (51.0) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 166.37 Td (British Pride ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 341.00 166.37 Td (2000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 397.15 166.37 Td (307,000) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.15 166.53 Td (49.5) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.15 166.37 Td (52.4) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 151.37 Td (British Purpose ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 341.00 151.37 Td (2000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 397.15 151.37 Td (307,000) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.15 151.53 Td (48.7) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.15 151.37 Td (51.6) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 476.15 135.48 Td (280.9) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 545.15 135.47 Td (310.4) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 107.30 Td (1. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 107.30 Td (The vessel was sold in March 2012 and the Company recognized a loss of $2.1 million in the first quarter of 2012.) Tj ET Q
endstream
endobj
183 0 obj
<<
/Length 34628
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 301.00 31.60 Td (41) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 742.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 742.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.04 742.10 Td (believe ) Tj ET Q
q 0 0 0 rg BT 95.88 742.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 110.06 742.10 Td (basic ) Tj ET Q
q 0 0 0 rg BT 132.57 742.10 Td (charter) Tj ET Q
q 0 0 0 rg BT 160.12 742.10 Td (-free ) Tj ET Q
q 0 0 0 rg BT 180.95 742.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 210.68 742.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 234.30 742.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 247.93 742.10 Td (each ) Tj ET Q
q 0 0 0 rg BT 268.21 742.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 278.50 742.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 292.68 742.10 Td (six ) Tj ET Q
q 0 0 0 rg BT 306.32 742.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 336.61 742.10 Td (owned ) Tj ET Q
q 0 0 0 rg BT 365.24 742.10 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 374.42 742.10 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 432.46 742.10 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 452.46 742.10 Td ( ) Tj ET Q
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q 0 0 0 rg BT 464.72 742.10 Td (shown ) Tj ET Q
q 0 0 0 rg BT 492.80 742.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 502.54 742.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 516.73 742.10 Td (table ) Tj ET Q
q 0 0 0 rg BT 538.12 742.10 Td (above ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 105.61 730.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 120.81 730.10 Td (vessel's ) Tj ET Q
q 0 0 0 rg BT 153.93 730.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 190.23 730.10 Td (value. ) Tj ET Q
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q 0 0 0 rg BT 225.79 730.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 233.21 730.10 Td (believe ) Tj ET Q
q 0 0 0 rg BT 265.07 730.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 283.05 730.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 298.25 730.10 Td (aggregate ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 257.73 718.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 264.21 718.10 Td (refer ) Tj ET Q
q 0 0 0 rg BT 285.13 718.10 Td (you ) Tj ET Q
q 0 0 0 rg BT 302.18 718.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 312.00 718.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 326.27 718.10 Td (risk ) Tj ET Q
q 0 0 0 rg BT 343.31 718.10 Td (factor ) Tj ET Q
q 0 0 0 rg BT 368.68 718.10 Td (entitled ) Tj ET Q
q 0 0 0 rg BT 400.71 718.10 Td ("Because ) Tj ET Q
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q 0 0 0 rg BT 454.42 718.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 484.23 718.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 507.94 718.10 Td (of ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 369.83 706.10 Td (adversely ) Tj ET Q
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q 0 0 0 rg BT 520.33 706.10 Td (discussion ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 694.10 Td (herein ) Tj ET Q
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q 0 0 0 rg BT 102.75 694.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 193.77 694.10 Td (Overview".) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 670.10 Td (V) Tj ET Q
q 0 0 0 rg BT 56.30 670.10 Td (essels ) Tj ET Q
q 0 0 0 rg BT 82.13 670.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 100.76 670.10 Td (equipment ) Tj ET Q
q 0 0 0 rg BT 148.82 670.10 Td (under) Tj ET Q
q 0 0 0 rg BT 174.20 670.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 176.70 670.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 208.09 670.10 Td (lease) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 646.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.32 646.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 109.98 646.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 144.40 646.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 154.96 646.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 184.93 646.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 216.04 646.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 233.25 646.10 Td (equipment ) Tj ET Q
q 0 0 0 rg BT 278.24 646.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 303.78 646.10 Td (leasing ) Tj ET Q
q 0 0 0 rg BT 334.88 646.10 Td (agreements. ) Tj ET Q
q 0 0 0 rg BT 385.69 646.10 Td (Leases ) Tj ET Q
q 0 0 0 rg BT 415.67 646.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 426.78 646.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 457.88 646.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 475.10 646.10 Td (equipment, ) Tj ET Q
q 0 0 0 rg BT 522.58 646.10 Td (where ) Tj ET Q
q 0 0 0 rg BT 549.79 646.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 91.14 634.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 106.72 634.10 Td (substantially ) Tj ET Q
q 0 0 0 rg BT 159.52 634.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 171.76 634.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 186.23 634.10 Td (risks ) Tj ET Q
q 0 0 0 rg BT 207.37 634.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 224.06 634.10 Td (rewards ) Tj ET Q
q 0 0 0 rg BT 257.96 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 268.54 634.10 Td (ownership, ) Tj ET Q
q 0 0 0 rg BT 314.95 634.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 329.41 634.10 Td (classified ) Tj ET Q
q 0 0 0 rg BT 369.42 634.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 380.00 634.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 408.90 634.10 Td (leases. ) Tj ET Q
q 0 0 0 rg BT 437.53 634.10 Td (Capital ) Tj ET Q
q 0 0 0 rg BT 468.66 634.10 Td (leases ) Tj ET Q
q 0 0 0 rg BT 494.79 634.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 509.25 634.10 Td (capitalized ) Tj ET Q
q 0 0 0 rg BT 554.80 634.10 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.61 622.10 Td (inception ) Tj ET Q
q 0 0 0 rg BT 104.22 622.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 114.94 622.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 129.56 622.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 151.94 622.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 161.55 622.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 176.16 622.10 Td (lower ) Tj ET Q
q 0 0 0 rg BT 201.32 622.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 212.05 622.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 226.66 622.10 Td (fair ) Tj ET Q
q 0 0 0 rg BT 242.93 622.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 266.98 622.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 277.71 622.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 292.32 622.10 Td (leased ) Tj ET Q
q 0 0 0 rg BT 319.70 622.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 345.42 622.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 362.26 622.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 376.87 622.10 Td (present ) Tj ET Q
q 0 0 0 rg BT 408.14 622.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 432.19 622.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 442.92 622.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 457.53 622.10 Td (minimum ) Tj ET Q
q 0 0 0 rg BT 498.82 622.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 521.20 622.10 Td (payments.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (Each ) Tj ET Q
q 0 0 0 rg BT 71.76 598.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 93.53 598.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 129.74 598.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 138.19 598.10 Td (allocated ) Tj ET Q
q 0 0 0 rg BT 176.06 598.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 211.15 598.10 Td (liability ) Tj ET Q
q 0 0 0 rg BT 244.04 598.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 260.26 598.10 Td (finance ) Tj ET Q
q 0 0 0 rg BT 291.46 598.10 Td (char) Tj ET Q
q 0 0 0 rg BT 308.48 598.10 Td (ges ) Tj ET Q
q 0 0 0 rg BT 323.59 598.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 333.15 598.10 Td (achieve ) Tj ET Q
q 0 0 0 rg BT 365.46 598.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 371.68 598.10 Td (constant ) Tj ET Q
q 0 0 0 rg BT 406.78 598.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 423.55 598.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 435.33 598.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 449.32 598.10 Td (finance ) Tj ET Q
q 0 0 0 rg BT 480.52 598.10 Td (balance ) Tj ET Q
q 0 0 0 rg BT 512.84 598.10 Td (outstanding. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.05 586.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 99.98 586.10 Td (element ) Tj ET Q
q 0 0 0 rg BT 134.13 586.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 144.96 586.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 159.68 586.10 Td (finance ) Tj ET Q
q 0 0 0 rg BT 191.60 586.10 Td (cost ) Tj ET Q
q 0 0 0 rg BT 210.21 586.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 219.38 586.10 Td (char) Tj ET Q
q 0 0 0 rg BT 236.41 586.10 Td (ged ) Tj ET Q
q 0 0 0 rg BT 253.34 586.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 263.62 586.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 278.34 586.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 310.27 586.10 Td (statement ) Tj ET Q
q 0 0 0 rg BT 351.09 586.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 371.36 586.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 386.08 586.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 408.56 586.10 Td (period.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (When ) Tj ET Q
q 0 0 0 rg BT 76.70 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 91.74 562.10 Td (terms ) Tj ET Q
q 0 0 0 rg BT 116.78 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 127.93 562.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 135.19 562.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 158.00 562.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 173.03 562.10 Td (modified, ) Tj ET Q
q 0 0 0 rg BT 214.45 562.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 237.82 562.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 257.86 562.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 270.68 562.10 Td (renewing ) Tj ET Q
q 0 0 0 rg BT 310.71 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 325.75 562.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 348.56 562.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 359.71 562.10 Td (extending ) Tj ET Q
q 0 0 0 rg BT 401.97 562.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 414.24 562.10 Td (term, ) Tj ET Q
q 0 0 0 rg BT 437.89 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 452.92 562.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 475.73 562.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 485.22 562.10 Td (reassessed ) Tj ET Q
q 0 0 0 rg BT 529.70 562.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 540.85 562.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 549.78 562.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 69.19 550.10 Td (terms ) Tj ET Q
q 0 0 0 rg BT 93.94 550.10 Td (where ) Tj ET Q
q 0 0 0 rg BT 120.90 550.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 131.21 550.10 Td (place ) Tj ET Q
q 0 0 0 rg BT 154.83 550.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 164.58 550.10 Td (inception ) Tj ET Q
q 0 0 0 rg BT 204.32 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 215.18 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 229.93 550.10 Td (lease. ) Tj ET Q
q 0 0 0 rg BT 254.95 550.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 264.14 550.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 281.12 550.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 309.76 550.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 320.06 550.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 327.03 550.10 Td (dif) Tj ET Q
q 0 0 0 rg BT 337.96 550.10 Td (ferent ) Tj ET Q
q 0 0 0 rg BT 363.81 550.10 Td (classification ) Tj ET Q
q 0 0 0 rg BT 419.10 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 429.96 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 444.71 550.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 467.22 550.10 Td (then ) Tj ET Q
q 0 0 0 rg BT 486.97 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 501.72 550.10 Td (modification ) Tj ET Q
q 0 0 0 rg BT 555.35 550.10 Td (is ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (considered ) Tj ET Q
q 0 0 0 rg BT 96.46 538.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 104.04 538.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 123.84 538.10 Td (agreement ) Tj ET Q
q 0 0 0 rg BT 168.62 538.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 186.20 538.10 Td (accounted ) Tj ET Q
q 0 0 0 rg BT 229.88 538.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 244.68 538.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 256.15 538.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 277.62 538.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 300.21 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 315.56 538.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 335.36 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 350.72 538.10 Td (modification ) Tj ET Q
q 0 0 0 rg BT 404.96 538.10 Td (came ) Tj ET Q
q 0 0 0 rg BT 429.20 538.10 Td (into ) Tj ET Q
q 0 0 0 rg BT 447.90 538.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 455.48 538.10 Td (fect. ) Tj ET Q
q 0 0 0 rg BT 476.11 538.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 485.91 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 501.27 538.10 Td (provisions ) Tj ET Q
q 0 0 0 rg BT 546.08 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 557.56 538.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 79.50 526.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 102.33 526.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 117.38 526.10 Td (changed ) Tj ET Q
q 0 0 0 rg BT 153.54 526.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 164.17 526.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 171.45 526.10 Td (way ) Tj ET Q
q 0 0 0 rg BT 190.96 526.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 208.80 526.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 243.85 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 258.91 526.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 291.75 526.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 302.93 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 317.99 526.10 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 361.38 526.10 Td (minimum ) Tj ET Q
q 0 0 0 rg BT 403.12 526.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 425.95 526.10 Td (payments, ) Tj ET Q
q 0 0 0 rg BT 469.62 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 484.68 526.10 Td (present ) Tj ET Q
q 0 0 0 rg BT 516.40 526.10 Td (balances ) Tj ET Q
q 0 0 0 rg BT 553.67 526.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.92 514.10 Td (asset ) Tj ET Q
q 0 0 0 rg BT 87.07 514.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 104.21 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 119.13 514.10 Td (obligation ) Tj ET Q
q 0 0 0 rg BT 162.39 514.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 177.30 514.10 Td (adjusted ) Tj ET Q
q 0 0 0 rg BT 213.33 514.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 226.04 514.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 238.18 514.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 270.88 514.10 Td (equal ) Tj ET Q
q 0 0 0 rg BT 295.24 514.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 305.72 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 320.64 514.10 Td (dif) Tj ET Q
q 0 0 0 rg BT 331.57 514.10 Td (ference ) Tj ET Q
q 0 0 0 rg BT 363.69 514.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 399.71 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 414.63 514.10 Td (present ) Tj ET Q
q 0 0 0 rg BT 446.22 514.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 470.58 514.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 481.61 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 496.53 514.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 523.12 514.10 Td (minimum ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 72.18 502.10 Td (payments ) Tj ET Q
q 0 0 0 rg BT 112.70 502.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 137.66 502.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 152.07 502.10 Td (revised ) Tj ET Q
q 0 0 0 rg BT 183.14 502.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 193.67 502.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 212.52 502.10 Td (agreement ) Tj ET Q
q 0 0 0 rg BT 256.35 502.10 Td (\(computed ) Tj ET Q
q 0 0 0 rg BT 301.31 502.10 Td (using ) Tj ET Q
q 0 0 0 rg BT 325.18 502.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 339.59 502.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 371.21 502.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 388.39 502.10 Td (used ) Tj ET Q
q 0 0 0 rg BT 408.92 502.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 418.89 502.10 Td (recognize ) Tj ET Q
q 0 0 0 rg BT 459.95 502.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 474.36 502.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 496.54 502.10 Td (initially\) ) Tj ET Q
q 0 0 0 rg BT 533.17 502.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 549.80 502.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (present ) Tj ET Q
q 0 0 0 rg BT 81.38 490.10 Td (balance ) Tj ET Q
q 0 0 0 rg BT 114.41 490.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 125.24 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 139.96 490.10 Td (obligation. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (Where ) Tj ET Q
q 0 0 0 rg BT 79.60 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 94.77 466.10 Td (provisions ) Tj ET Q
q 0 0 0 rg BT 139.39 466.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 150.67 466.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 158.07 466.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 187.67 466.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 210.61 466.10 Td (contain ) Tj ET Q
q 0 0 0 rg BT 243.00 466.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 250.39 466.10 Td (floating ) Tj ET Q
q 0 0 0 rg BT 284.44 466.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 302.38 466.10 Td (element, ) Tj ET Q
q 0 0 0 rg BT 339.49 466.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 360.77 466.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 372.05 466.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 384.44 466.10 Td (index ) Tj ET Q
q 0 0 0 rg BT 409.61 466.10 Td (linked ) Tj ET Q
q 0 0 0 rg BT 437.56 466.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 455.50 466.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 466.78 466.10 Td (hire, ) Tj ET Q
q 0 0 0 rg BT 487.78 466.10 Td (then ) Tj ET Q
q 0 0 0 rg BT 507.95 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 523.12 466.10 Td (minimum ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 72.55 454.10 Td (payments ) Tj ET Q
q 0 0 0 rg BT 113.44 454.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 128.21 454.10 Td (assumed ) Tj ET Q
q 0 0 0 rg BT 165.22 454.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 175.56 454.10 Td (equal ) Tj ET Q
q 0 0 0 rg BT 199.78 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 214.56 454.10 Td (index ) Tj ET Q
q 0 0 0 rg BT 239.34 454.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 249.12 454.10 Td (inception ) Tj ET Q
q 0 0 0 rg BT 288.90 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 299.80 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 314.58 454.10 Td (lease. ) Tj ET Q
q 0 0 0 rg BT 339.06 454.10 Td (Any ) Tj ET Q
q 0 0 0 rg BT 358.85 454.10 Td (variations ) Tj ET Q
q 0 0 0 rg BT 400.85 454.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 411.19 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 425.97 454.10 Td (index, ) Tj ET Q
q 0 0 0 rg BT 453.25 454.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 470.26 454.10 Td (therefore ) Tj ET Q
q 0 0 0 rg BT 508.91 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 523.69 454.10 Td (payments ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (made, ) Tj ET Q
q 0 0 0 rg BT 77.18 442.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 92.42 442.10 Td (accounted ) Tj ET Q
q 0 0 0 rg BT 135.98 442.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 150.66 442.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 162.02 442.10 Td (contingent ) Tj ET Q
q 0 0 0 rg BT 207.26 442.10 Td (rentals ) Tj ET Q
q 0 0 0 rg BT 236.94 442.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 254.41 442.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 269.64 442.10 Td (taken ) Tj ET Q
q 0 0 0 rg BT 294.33 442.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 305.13 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 320.38 442.10 Td (statement ) Tj ET Q
q 0 0 0 rg BT 361.72 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 373.08 442.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 417.76 442.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 428.57 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 443.81 442.10 Td (period ) Tj ET Q
q 0 0 0 rg BT 472.39 442.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 483.19 442.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 510.66 442.10 Td (they ) Tj ET Q
q 0 0 0 rg BT 530.90 442.10 Td (become ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (payable.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (Depreciation ) Tj ET Q
q 0 0 0 rg BT 105.15 406.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 117.00 406.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 148.84 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 166.79 406.10 Td (equipment ) Tj ET Q
q 0 0 0 rg BT 212.52 406.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 238.80 406.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 268.96 406.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 292.46 406.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 302.64 406.10 Td (included ) Tj ET Q
q 0 0 0 rg BT 340.59 406.10 Td (within ) Tj ET Q
q 0 0 0 rg BT 369.66 406.10 Td ("depreciation" ) Tj ET Q
q 0 0 0 rg BT 430.76 406.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 442.05 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 457.78 406.10 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 511.83 406.10 Td (statement ) Tj ET Q
q 0 0 0 rg BT 553.67 406.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (operations. ) Tj ET Q
q 0 0 0 rg BT 95.90 394.10 Td (V) Tj ET Q
q 0 0 0 rg BT 102.01 394.10 Td (essels ) Tj ET Q
q 0 0 0 rg BT 127.22 394.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 143.53 394.10 Td (equipment ) Tj ET Q
q 0 0 0 rg BT 187.62 394.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 212.27 394.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 240.80 394.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 262.66 394.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 276.74 394.10 Td (depreciated ) Tj ET Q
q 0 0 0 rg BT 324.70 394.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 336.58 394.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 342.89 394.10 Td (straight-line ) Tj ET Q
q 0 0 0 rg BT 393.09 394.10 Td (basis ) Tj ET Q
q 0 0 0 rg BT 414.97 394.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 434.62 394.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 448.71 394.10 Td (vessels' ) Tj ET Q
q 0 0 0 rg BT 480.72 394.10 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 523.14 394.10 Td (economic ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (useful ) Tj ET Q
q 0 0 0 rg BT 77.16 382.10 Td (lives ) Tj ET Q
q 0 0 0 rg BT 98.77 382.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 109.83 382.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 122.55 382.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 129.71 382.10 Td (straight-line ) Tj ET Q
q 0 0 0 rg BT 180.76 382.10 Td (basis ) Tj ET Q
q 0 0 0 rg BT 203.48 382.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 223.97 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 238.91 382.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 259.96 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 271.01 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 285.96 382.10 Td (lease. ) Tj ET Q
q 0 0 0 rg BT 310.97 382.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 329.24 382.10 Td (method ) Tj ET Q
q 0 0 0 rg BT 361.96 382.10 Td (applied ) Tj ET Q
q 0 0 0 rg BT 394.11 382.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 403.51 382.10 Td (determined ) Tj ET Q
q 0 0 0 rg BT 451.21 382.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 463.93 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 478.88 382.10 Td (criteria ) Tj ET Q
q 0 0 0 rg BT 509.91 382.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 522.63 382.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 549.79 382.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 72.49 370.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 88.32 370.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 109.69 370.10 Td (assessed ) Tj ET Q
q 0 0 0 rg BT 146.07 370.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 156.35 370.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 168.29 370.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 175.23 370.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 204.38 370.10 Td (lease.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (Factors ) Tj ET Q
q 0 0 0 rg BT 84.16 346.10 Td (Affecting ) Tj ET Q
q 0 0 0 rg BT 126.08 346.10 Td (our) Tj ET Q
q 0 0 0 rg BT 140.90 346.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 143.40 346.10 Td (Results) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.05 322.10 Td (principal ) Tj ET Q
q 0 0 0 rg BT 106.09 322.10 Td (factors ) Tj ET Q
q 0 0 0 rg BT 135.80 322.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 162.73 322.10 Td (af) Tj ET Q
q 0 0 0 rg BT 170.32 322.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 187.81 322.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 203.64 322.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 232.25 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 243.08 322.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 287.23 322.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 304.17 322.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 341.65 322.10 Td (position ) Tj ET Q
q 0 0 0 rg BT 376.38 322.10 Td (include:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 298.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 100.72 298.10 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 137.09 298.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 147.92 298.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 163.75 298.10 Td (vessels;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 286.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 286.10 Td (gains ) Tj ET Q
q 0 0 0 rg BT 109.61 286.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 126.55 286.10 Td (losses ) Tj ET Q
q 0 0 0 rg BT 152.94 286.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 174.88 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 189.59 286.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 207.64 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 218.47 286.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 244.30 286.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 261.24 286.10 Td (amortization ) Tj ET Q
q 0 0 0 rg BT 314.28 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 325.11 286.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 360.91 286.10 Td (gains;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 274.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 274.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 112.94 274.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 153.20 274.10 Td (expenses;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 262.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 262.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 134.60 262.10 Td (losses ) Tj ET Q
q 0 0 0 rg BT 160.99 262.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 173.49 262.10 Td (vessels;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 250.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 250.10 Td (profit ) Tj ET Q
q 0 0 0 rg BT 110.72 250.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 134.32 250.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 151.25 250.10 Td (contingent ) Tj ET Q
q 0 0 0 rg BT 195.97 250.10 Td (rental ) Tj ET Q
q 0 0 0 rg BT 221.23 250.10 Td (expense;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 238.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 238.10 Td (administrative ) Tj ET Q
q 0 0 0 rg BT 145.71 238.10 Td (expenses;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 226.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 226.10 Td (depreciation;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 214.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 214.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 117.93 214.10 Td (expense;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 202.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 202.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 134.60 202.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 145.43 202.10 Td (securities.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 178.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.37 178.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 86.54 178.10 Td (derived ) Tj ET Q
q 0 0 0 rg BT 118.82 178.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 134.45 178.10 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 170.62 178.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 192.35 178.10 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 229.07 178.10 Td (charters, ) Tj ET Q
q 0 0 0 rg BT 265.51 178.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 285.58 178.10 Td (charters, ) Tj ET Q
q 0 0 0 rg BT 322.02 178.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 353.19 178.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 387.13 178.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 403.87 178.10 Td (pool ) Tj ET Q
q 0 0 0 rg BT 423.94 178.10 Td (arrangements. ) Tj ET Q
q 0 0 0 rg BT 482.09 178.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 495.50 178.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 506.12 178.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 549.50 178.10 Td (31, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 75.15 166.10 Td (201) Tj ET Q
q 0 0 0 rg BT 89.78 166.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 97.42 166.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 114.51 166.10 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 139.65 166.10 Td (29, ) Tj ET Q
q 0 0 0 rg BT 154.80 166.10 Td (21 ) Tj ET Q
q 0 0 0 rg BT 167.45 166.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 184.53 166.10 Td (36, ) Tj ET Q
q 0 0 0 rg BT 199.68 166.10 Td (respectively) Tj ET Q
q 0 0 0 rg BT 247.34 166.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 252.49 166.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 263.46 166.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 279.44 166.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 310.42 166.10 Td (operated ) Tj ET Q
q 0 0 0 rg BT 347.49 166.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 357.91 166.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 372.77 166.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 404.30 166.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 434.70 166.10 Td (market. ) Tj ET Q
q 0 0 0 rg BT 467.42 166.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 485.61 166.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 513.24 166.10 Td (industry ) Tj ET Q
q 0 0 0 rg BT 548.67 166.10 Td (has ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 154.10 Td (historically ) Tj ET Q
q 0 0 0 rg BT 97.59 154.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 119.06 154.10 Td (highly ) Tj ET Q
q 0 0 0 rg BT 147.22 154.10 Td (cyclical, ) Tj ET Q
q 0 0 0 rg BT 183.40 154.10 Td (experiencing ) Tj ET Q
q 0 0 0 rg BT 237.64 154.10 Td (volatility ) Tj ET Q
q 0 0 0 rg BT 276.35 154.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 286.72 154.10 Td (profitability) Tj ET Q
q 0 0 0 rg BT 333.84 154.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 338.94 154.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 365.98 154.10 Td (values ) Tj ET Q
q 0 0 0 rg BT 394.12 154.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 411.16 154.10 Td (freight ) Tj ET Q
q 0 0 0 rg BT 440.41 154.10 Td (rates. ) Tj ET Q
q 0 0 0 rg BT 464.38 154.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 475.31 154.10 Td (particular) Tj ET Q
q 0 0 0 rg BT 513.22 154.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 518.32 154.10 Td (freight ) Tj ET Q
q 0 0 0 rg BT 547.57 154.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 142.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 80.25 142.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 101.63 142.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 116.34 142.10 Td (strongly ) Tj ET Q
q 0 0 0 rg BT 151.62 142.10 Td (influenced ) Tj ET Q
q 0 0 0 rg BT 196.32 142.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 208.82 142.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 223.54 142.10 Td (supply ) Tj ET Q
q 0 0 0 rg BT 252.71 142.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 263.54 142.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 291.02 142.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 321.85 142.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 338.79 142.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 353.51 142.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 387.66 142.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 401.82 142.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 414.88 142.10 Td (transportation ) Tj ET Q
q 0 0 0 rg BT 472.92 142.10 Td (services.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 118.10 Td (Gains ) Tj ET Q
q 0 0 0 rg BT 75.84 118.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 92.79 118.10 Td (losses ) Tj ET Q
q 0 0 0 rg BT 119.19 118.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 141.13 118.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 155.86 118.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 173.92 118.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 184.75 118.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 210.59 118.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 227.54 118.10 Td (amortization ) Tj ET Q
q 0 0 0 rg BT 280.59 118.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 291.42 118.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 327.24 118.10 Td (gains ) Tj ET Q
q 0 0 0 rg BT 350.86 118.10 Td (includes ) Tj ET Q
q 0 0 0 rg BT 386.69 118.10 Td (gains ) Tj ET Q
q 0 0 0 rg BT 410.31 118.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 421.15 118.10 Td (losses ) Tj ET Q
q 0 0 0 rg BT 447.55 118.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 469.49 118.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 484.22 118.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 502.28 118.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 513.11 118.10 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 546.45 118.10 Td (sale ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 106.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.83 106.10 Td (subsidiaries, ) Tj ET Q
q 0 0 0 rg BT 113.05 106.10 Td (gains ) Tj ET Q
q 0 0 0 rg BT 136.66 106.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 158.59 106.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 173.31 106.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 221.91 106.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 232.74 106.10 Td (leases, ) Tj ET Q
q 0 0 0 rg BT 261.62 106.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 278.55 106.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 293.27 106.10 Td (amortization ) Tj ET Q
q 0 0 0 rg BT 346.31 106.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 357.14 106.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 392.94 106.10 Td (gains.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 82.10 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 91.34 82.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 112.70 82.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 126.26 82.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 139.84 82.10 Td (direct ) Tj ET Q
q 0 0 0 rg BT 163.96 82.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 185.32 82.10 Td (associated ) Tj ET Q
q 0 0 0 rg BT 227.77 82.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 246.90 82.10 Td (running ) Tj ET Q
q 0 0 0 rg BT 279.37 82.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 285.17 82.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 310.96 82.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 326.76 82.10 Td (include ) Tj ET Q
q 0 0 0 rg BT 357.55 82.10 Td (crew ) Tj ET Q
q 0 0 0 rg BT 378.33 82.10 Td (costs, ) Tj ET Q
q 0 0 0 rg BT 402.19 82.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 427.99 82.10 Td (supplies, ) Tj ET Q
q 0 0 0 rg BT 464.62 82.10 Td (repairs ) Tj ET Q
q 0 0 0 rg BT 493.19 82.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 508.98 82.10 Td (maintenance, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 70.10 Td (drydockings, ) Tj ET Q
q 0 0 0 rg BT 104.44 70.10 Td (lubricating ) Tj ET Q
q 0 0 0 rg BT 150.26 70.10 Td (oils ) Tj ET Q
q 0 0 0 rg BT 167.21 70.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 184.15 70.10 Td (insurance.) Tj ET Q
endstream
endobj
184 0 obj
<<
/Length 45882
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 301.00 31.60 Td (42) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 742.10 Td (An ) Tj ET Q
q 0 0 0 rg BT 64.47 742.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 112.82 742.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 130.63 742.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 142.88 742.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 149.57 742.10 Td (vessel, ) Tj ET Q
q 0 0 0 rg BT 178.76 742.10 Td (equal ) Tj ET Q
q 0 0 0 rg BT 202.66 742.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 212.69 742.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 227.16 742.10 Td (dif) Tj ET Q
q 0 0 0 rg BT 238.09 742.10 Td (ference ) Tj ET Q
q 0 0 0 rg BT 269.75 742.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 305.32 742.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 319.78 742.10 Td (vessel's ) Tj ET Q
q 0 0 0 rg BT 352.17 742.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 387.73 742.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 411.64 742.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 428.32 742.10 Td (fair ) Tj ET Q
q 0 0 0 rg BT 444.45 742.10 Td (value, ) Tj ET Q
q 0 0 0 rg BT 470.86 742.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 479.78 742.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 525.89 742.10 Td (when ) Tj ET Q
q 0 0 0 rg BT 549.80 742.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 730.10 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 90.82 730.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 117.20 730.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 131.91 730.10 Td (undiscounted ) Tj ET Q
q 0 0 0 rg BT 187.74 730.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 208.01 730.10 Td (flows ) Tj ET Q
q 0 0 0 rg BT 232.73 730.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 247.44 730.10 Td (less ) Tj ET Q
q 0 0 0 rg BT 264.94 730.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 284.65 730.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 299.37 730.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 335.19 730.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 359.34 730.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 370.17 730.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 384.89 730.10 Td (vessel.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 706.10 Td (Profit ) Tj ET Q
q 0 0 0 rg BT 75.14 706.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 98.59 706.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 133.16 706.10 Td (relates ) Tj ET Q
q 0 0 0 rg BT 161.61 706.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 171.75 706.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 186.32 706.10 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 222.57 706.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 239.37 706.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 249.50 706.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 270.20 706.10 Td (Finance, ) Tj ET Q
q 0 0 0 rg BT 306.71 706.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 333.51 706.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 348.08 706.10 Td (based ) Tj ET Q
q 0 0 0 rg BT 373.20 706.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 385.56 706.10 Td (20% ) Tj ET Q
q 0 0 0 rg BT 406.25 706.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 416.94 706.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 431.51 706.10 Td (excess ) Tj ET Q
q 0 0 0 rg BT 459.97 706.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 470.66 706.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 497.46 706.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 535.35 706.10 Td (earned ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 694.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 62.39 694.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 77.00 694.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 118.28 694.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 138.44 694.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 153.05 694.10 Td (base ) Tj ET Q
q 0 0 0 rg BT 173.21 694.10 Td (hire ) Tj ET Q
q 0 0 0 rg BT 191.15 694.10 Td (paid ) Tj ET Q
q 0 0 0 rg BT 210.75 694.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 220.92 694.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 241.66 694.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 275.70 694.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 289.75 694.10 Td (chartering ) Tj ET Q
q 0 0 0 rg BT 332.68 694.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 342.85 694.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 357.46 694.10 Td (vessels. ) Tj ET Q
q 0 0 0 rg BT 390.50 694.10 Td (This ) Tj ET Q
q 0 0 0 rg BT 410.67 694.10 Td (profit ) Tj ET Q
q 0 0 0 rg BT 435.28 694.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 458.77 694.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 493.37 694.10 Td (increased ) Tj ET Q
q 0 0 0 rg BT 533.52 694.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 543.69 694.10 Td (25% ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 682.10 Td (beginning ) Tj ET Q
q 0 0 0 rg BT 92.06 682.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 104.12 682.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 137.28 682.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 146.85 682.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 171.41 682.10 Td (Contingent ) Tj ET Q
q 0 0 0 rg BT 217.92 682.10 Td (rental ) Tj ET Q
q 0 0 0 rg BT 242.74 682.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 277.01 682.10 Td (represents ) Tj ET Q
q 0 0 0 rg BT 319.61 682.10 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 355.56 682.10 Td (accrued ) Tj ET Q
q 0 0 0 rg BT 388.71 682.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 429.66 682.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 463.93 682.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 473.77 682.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 503.03 682.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 532.85 682.10 Td (parties. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 670.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.94 670.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 104.64 670.10 Td (201) Tj ET Q
q 0 0 0 rg BT 119.27 670.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 129.39 670.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 144.22 670.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 185.72 670.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 202.77 670.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 223.73 670.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 258.00 670.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 287.26 670.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 297.65 670.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 304.70 670.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 322.30 670.10 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 362.68 670.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 373.63 670.10 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 378.63 670.10 Td (6,500) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.13 670.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 403.74 670.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 419.13 670.10 Td (day ) Tj ET Q
q 0 0 0 rg BT 436.18 670.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 450.45 670.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 463.06 670.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 494.01 670.10 Td (leased ) Tj ET Q
q 0 0 0 rg BT 521.61 670.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 543.66 670.10 Td (Ship ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 658.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 84.23 658.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 109.58 658.10 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 151.60 658.10 Td (leases ) Tj ET Q
q 0 0 0 rg BT 178.05 658.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 192.29 658.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 199.31 658.10 Td (four) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 215.97 658.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 218.55 658.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 238.34 658.10 Td (period ) Tj ET Q
q 0 0 0 rg BT 266.46 658.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 284.04 658.10 Td (commenced ) Tj ET Q
q 0 0 0 rg BT 334.93 658.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 347.51 658.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 381.19 658.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 391.27 658.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 416.16 658.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 434.29 658.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 475.75 658.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 493.89 658.10 Td (compensate ) Tj ET Q
q 0 0 0 rg BT 543.67 658.10 Td (Ship ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 646.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 84.44 646.10 Td (with ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 105.01 646.10 Td (100%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 128.34 646.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 131.13 646.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 142.24 646.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 159.47 646.10 Td (dif) Tj ET Q
q 0 0 0 rg BT 170.40 646.10 Td (ference ) Tj ET Q
q 0 0 0 rg BT 202.60 646.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 238.70 646.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 253.70 646.10 Td (renegotiated ) Tj ET Q
q 0 0 0 rg BT 305.91 646.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 327.57 646.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 344.80 646.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 359.80 646.10 Td (average ) Tj ET Q
q 0 0 0 rg BT 393.67 646.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 420.90 646.10 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 457.56 646.10 Td (up ) Tj ET Q
q 0 0 0 rg BT 470.35 646.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 480.92 646.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 495.92 646.10 Td (original ) Tj ET Q
q 0 0 0 rg BT 529.81 646.10 Td (contract ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.10 Td (rates. ) Tj ET Q
q 0 0 0 rg BT 73.93 634.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 84.82 634.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 128.46 634.10 Td (201) Tj ET Q
q 0 0 0 rg BT 143.09 634.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 153.14 634.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 167.91 634.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 209.35 634.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 228.02 634.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 257.22 634.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 267.55 634.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 274.55 634.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 292.09 634.10 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 332.41 634.10 Td (on ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 344.96 634.10 Td (four) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 361.62 634.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 364.18 634.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 395.06 634.10 Td (whereby ) Tj ET Q
q 0 0 0 rg BT 432.04 634.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 446.82 634.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 488.26 634.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 506.37 634.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 523.36 634.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 530.36 634.10 Td (reduced ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 66.73 622.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 82.92 622.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 94.11 622.10 Td (additional ) Tj ET Q
q 0 0 0 rg BT 135.85 622.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 167.60 622.10 Td (dependent ) Tj ET Q
q 0 0 0 rg BT 210.44 622.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 222.19 622.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 236.15 622.10 Td (actual ) Tj ET Q
q 0 0 0 rg BT 261.78 622.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 291.29 622.10 Td (rate. ) Tj ET Q
q 0 0 0 rg BT 310.40 622.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 327.69 622.10 Td (contingent ) Tj ET Q
q 0 0 0 rg BT 371.66 622.10 Td (rental ) Tj ET Q
q 0 0 0 rg BT 396.17 622.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 430.13 622.10 Td (represents ) Tj ET Q
q 0 0 0 rg BT 472.41 622.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 486.38 622.10 Td (additional ) Tj ET Q
q 0 0 0 rg BT 528.12 622.10 Td (amounts ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td (accrued ) Tj ET Q
q 0 0 0 rg BT 83.58 610.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 94.41 610.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 101.35 610.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 126.07 610.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 136.90 610.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 159.95 610.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 190.20 610.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 213.25 610.10 Td (amendments. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td (Administrative ) Tj ET Q
q 0 0 0 rg BT 112.59 586.10 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 151.28 586.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 166.08 586.10 Td (comprised ) Tj ET Q
q 0 0 0 rg BT 210.33 586.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 221.26 586.10 Td (general ) Tj ET Q
q 0 0 0 rg BT 253.28 586.10 Td (corporate ) Tj ET Q
q 0 0 0 rg BT 293.63 586.10 Td (overhead ) Tj ET Q
q 0 0 0 rg BT 332.87 586.10 Td (expenses, ) Tj ET Q
q 0 0 0 rg BT 374.06 586.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 414.43 586.10 Td (personnel ) Tj ET Q
q 0 0 0 rg BT 455.90 586.10 Td (costs, ) Tj ET Q
q 0 0 0 rg BT 481.00 586.10 Td (property ) Tj ET Q
q 0 0 0 rg BT 517.47 586.10 Td (costs, ) Tj ET Q
q 0 0 0 rg BT 542.56 586.10 Td (legal ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 67.29 574.10 Td (professional ) Tj ET Q
q 0 0 0 rg BT 119.01 574.10 Td (fees ) Tj ET Q
q 0 0 0 rg BT 137.95 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 155.24 574.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 178.63 574.10 Td (general ) Tj ET Q
q 0 0 0 rg BT 210.90 574.10 Td (administrative ) Tj ET Q
q 0 0 0 rg BT 270.96 574.10 Td (expenses. ) Tj ET Q
q 0 0 0 rg BT 312.40 574.10 Td (Personnel ) Tj ET Q
q 0 0 0 rg BT 354.69 574.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 377.53 574.10 Td (include, ) Tj ET Q
q 0 0 0 rg BT 412.31 574.10 Td (among ) Tj ET Q
q 0 0 0 rg BT 442.38 574.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 465.77 574.10 Td (things, ) Tj ET Q
q 0 0 0 rg BT 495.57 574.10 Td (salaries, ) Tj ET Q
q 0 0 0 rg BT 530.90 574.10 Td (pension ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (costs, ) Tj ET Q
q 0 0 0 rg BT 75.00 562.10 Td (fringe ) Tj ET Q
q 0 0 0 rg BT 101.38 562.10 Td (benefits, ) Tj ET Q
q 0 0 0 rg BT 138.03 562.10 Td (travel ) Tj ET Q
q 0 0 0 rg BT 163.30 562.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 185.80 562.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 202.73 562.10 Td (health ) Tj ET Q
q 0 0 0 rg BT 229.67 562.10 Td (insurance.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (Depreciation, ) Tj ET Q
q 0 0 0 rg BT 106.98 538.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 118.15 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 133.21 538.10 Td (periodic ) Tj ET Q
q 0 0 0 rg BT 168.81 538.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 191.65 538.10 Td (char) Tj ET Q
q 0 0 0 rg BT 208.67 538.10 Td (ged ) Tj ET Q
q 0 0 0 rg BT 225.95 538.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 236.57 538.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 252.74 538.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 285.01 538.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 299.51 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 314.57 538.10 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 355.17 538.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 365.79 538.10 Td (usefulness ) Tj ET Q
q 0 0 0 rg BT 410.29 538.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 427.57 538.10 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 469.84 538.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 494.33 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 505.50 538.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 521.67 538.10 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 555.34 538.10 Td (is ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 68.02 526.10 Td (related ) Tj ET Q
q 0 0 0 rg BT 97.13 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 106.82 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 120.95 526.10 Td (number ) Tj ET Q
q 0 0 0 rg BT 153.41 526.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 163.65 526.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 193.89 526.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 207.47 526.10 Td (own ) Tj ET Q
q 0 0 0 rg BT 226.60 526.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 236.84 526.10 Td (lease. ) Tj ET Q
q 0 0 0 rg BT 261.10 526.10 Td (W) Tj ET Q
q 0 0 0 rg BT 269.74 526.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 276.09 526.10 Td (depreciate ) Tj ET Q
q 0 0 0 rg BT 319.08 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 333.21 526.10 Td (cost ) Tj ET Q
q 0 0 0 rg BT 351.23 526.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 361.47 526.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 391.71 526.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 405.28 526.10 Td (own, ) Tj ET Q
q 0 0 0 rg BT 426.92 526.10 Td (less ) Tj ET Q
q 0 0 0 rg BT 443.83 526.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 464.06 526.10 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 504.30 526.10 Td (residual ) Tj ET Q
q 0 0 0 rg BT 537.86 526.10 Td (value, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 70.15 514.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 90.85 514.10 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 131.55 514.10 Td (useful ) Tj ET Q
q 0 0 0 rg BT 158.37 514.10 Td (life ) Tj ET Q
q 0 0 0 rg BT 174.07 514.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 186.45 514.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 193.27 514.10 Td (straight-line ) Tj ET Q
q 0 0 0 rg BT 243.97 514.10 Td (basis. ) Tj ET Q
q 0 0 0 rg BT 268.68 514.10 Td (W) Tj ET Q
q 0 0 0 rg BT 277.32 514.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 284.13 514.10 Td (depreciate ) Tj ET Q
q 0 0 0 rg BT 327.59 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 342.19 514.10 Td (cost ) Tj ET Q
q 0 0 0 rg BT 360.68 514.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 371.39 514.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 402.10 514.10 Td (held ) Tj ET Q
q 0 0 0 rg BT 421.69 514.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 446.84 514.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 475.87 514.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 498.23 514.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 518.38 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 532.98 514.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 553.68 514.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.72 502.10 Td (lease. ) Tj ET Q
q 0 0 0 rg BT 89.70 502.10 Td (No ) Tj ET Q
q 0 0 0 rg BT 104.42 502.10 Td (char) Tj ET Q
q 0 0 0 rg BT 121.45 502.10 Td (ge ) Tj ET Q
q 0 0 0 rg BT 133.39 502.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 142.56 502.10 Td (made ) Tj ET Q
q 0 0 0 rg BT 166.71 502.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 180.87 502.10 Td (depreciation ) Tj ET Q
q 0 0 0 rg BT 232.79 502.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 243.62 502.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 274.45 502.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 299.72 502.10 Td (construction ) Tj ET Q
q 0 0 0 rg BT 351.66 502.10 Td (until ) Tj ET Q
q 0 0 0 rg BT 372.49 502.10 Td (they ) Tj ET Q
q 0 0 0 rg BT 392.21 502.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 406.91 502.10 Td (delivered.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (Interest ) Tj ET Q
q 0 0 0 rg BT 82.08 478.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 116.39 478.10 Td (relates ) Tj ET Q
q 0 0 0 rg BT 144.58 478.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 154.46 478.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 181.00 478.10 Td (specific ) Tj ET Q
q 0 0 0 rg BT 214.19 478.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 233.50 478.10 Td (facilities, ) Tj ET Q
q 0 0 0 rg BT 272.53 478.10 Td (corporate ) Tj ET Q
q 0 0 0 rg BT 312.38 478.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 331.70 478.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 348.24 478.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 376.99 478.10 Td (leases. ) Tj ET Q
q 0 0 0 rg BT 405.46 478.10 Td (Interest ) Tj ET Q
q 0 0 0 rg BT 437.54 478.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 471.85 478.10 Td (depends ) Tj ET Q
q 0 0 0 rg BT 506.72 478.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 518.82 478.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 534.25 478.10 Td (overall ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (borrowing ) Tj ET Q
q 0 0 0 rg BT 94.61 466.10 Td (levels ) Tj ET Q
q 0 0 0 rg BT 120.89 466.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 138.29 466.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 158.46 466.10 Td (significantly ) Tj ET Q
q 0 0 0 rg BT 211.40 466.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 247.11 466.10 Td (when ) Tj ET Q
q 0 0 0 rg BT 271.72 466.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 286.34 466.10 Td (acquire ) Tj ET Q
q 0 0 0 rg BT 318.72 466.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 350.00 466.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 361.28 466.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 374.24 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 389.41 466.10 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 425.13 466.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 436.41 466.10 Td (newbuildings. ) Tj ET Q
q 0 0 0 rg BT 495.75 466.10 Td (Interest ) Tj ET Q
q 0 0 0 rg BT 528.69 466.10 Td (incurred ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (during ) Tj ET Q
q 0 0 0 rg BT 79.31 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 94.72 454.10 Td (construction ) Tj ET Q
q 0 0 0 rg BT 147.35 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 158.88 454.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 166.51 454.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 219.71 454.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 229.57 454.10 Td (capitalized ) Tj ET Q
q 0 0 0 rg BT 276.08 454.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 287.05 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 302.47 454.10 Td (cost ) Tj ET Q
q 0 0 0 rg BT 321.77 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 333.30 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 348.71 454.10 Td (newbuilding. ) Tj ET Q
q 0 0 0 rg BT 404.41 454.10 Td (Interest ) Tj ET Q
q 0 0 0 rg BT 437.59 454.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 472.99 454.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 493.41 454.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 512.71 454.10 Td (change ) Tj ET Q
q 0 0 0 rg BT 544.22 454.10 Td (with ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (prevailing ) Tj ET Q
q 0 0 0 rg BT 92.36 442.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 123.62 442.10 Td (rates, ) Tj ET Q
q 0 0 0 rg BT 146.82 442.10 Td (although ) Tj ET Q
q 0 0 0 rg BT 183.63 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 197.67 442.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 205.26 442.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 222.07 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 232.22 442.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 254.58 442.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 288.61 442.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 307.65 442.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 318.91 442.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 352.38 442.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 364.20 442.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 395.45 442.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 412.26 442.10 Td (swaps ) Tj ET Q
q 0 0 0 rg BT 438.53 442.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 448.68 442.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 471.04 442.10 Td (derivative ) Tj ET Q
q 0 0 0 rg BT 512.85 442.10 Td (instruments.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (An ) Tj ET Q
q 0 0 0 rg BT 64.55 418.10 Td (other) Tj ET Q
q 0 0 0 rg BT 84.90 418.10 Td (-than-temporary ) Tj ET Q
q 0 0 0 rg BT 152.20 418.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 200.63 418.10 Td (regarding ) Tj ET Q
q 0 0 0 rg BT 241.27 418.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 256.93 418.10 Td (available-for) Tj ET Q
q 0 0 0 rg BT 307.81 418.10 Td (-sale ) Tj ET Q
q 0 0 0 rg BT 329.01 418.10 Td (marketable ) Tj ET Q
q 0 0 0 rg BT 375.76 418.10 Td (securities ) Tj ET Q
q 0 0 0 rg BT 415.85 418.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 433.74 418.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 445.51 418.10 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 482.81 418.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 493.47 418.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 505.24 418.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 553.67 418.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (securities.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (Lack of Historical Operating Data for) Tj ET Q
q 0 0 0 rg BT 211.74 382.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 214.06 382.10 Td (V) Tj ET Q
q 0 0 0 rg BT 220.36 382.10 Td (essels befor) Tj ET Q
q 0 0 0 rg BT 268.78 382.10 Td (e their) Tj ET Q
q 0 0 0 rg BT 296.08 382.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 298.03 382.10 Td (Acquisition) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (Consistent ) Tj ET Q
q 0 0 0 rg BT 95.47 358.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 116.49 358.10 Td (shipping ) Tj ET Q
q 0 0 0 rg BT 154.19 358.10 Td (industry ) Tj ET Q
q 0 0 0 rg BT 190.21 358.10 Td (practice, ) Tj ET Q
q 0 0 0 rg BT 227.60 358.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 251.39 358.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 271.85 358.10 Td (inspection ) Tj ET Q
q 0 0 0 rg BT 316.20 358.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 327.77 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 343.23 358.10 Td (physical ) Tj ET Q
q 0 0 0 rg BT 379.80 358.10 Td (condition ) Tj ET Q
q 0 0 0 rg BT 420.82 358.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 432.40 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 447.86 358.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 479.43 358.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 497.11 358.10 Td (examinations ) Tj ET Q
q 0 0 0 rg BT 553.68 358.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (classification ) Tj ET Q
q 0 0 0 rg BT 105.26 346.10 Td (society ) Tj ET Q
q 0 0 0 rg BT 136.09 346.10 Td (records, ) Tj ET Q
q 0 0 0 rg BT 170.52 346.10 Td (there ) Tj ET Q
q 0 0 0 rg BT 193.01 346.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 202.18 346.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 214.68 346.10 Td (historical ) Tj ET Q
q 0 0 0 rg BT 254.40 346.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 291.88 346.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 308.82 346.10 Td (diligence ) Tj ET Q
q 0 0 0 rg BT 347.97 346.10 Td (process ) Tj ET Q
q 0 0 0 rg BT 380.47 346.10 Td (when ) Tj ET Q
q 0 0 0 rg BT 404.63 346.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 418.79 346.10 Td (acquire ) Tj ET Q
q 0 0 0 rg BT 450.72 346.10 Td (vessels. ) Tj ET Q
q 0 0 0 rg BT 483.50 346.10 Td (Accordingly) Tj ET Q
q 0 0 0 rg BT 532.83 346.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 537.84 346.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 552.00 346.10 Td (do ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 65.29 334.10 Td (obtain ) Tj ET Q
q 0 0 0 rg BT 92.79 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 107.52 334.10 Td (historical ) Tj ET Q
q 0 0 0 rg BT 147.24 334.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 187.51 334.10 Td (data ) Tj ET Q
q 0 0 0 rg BT 206.68 334.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 220.85 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 235.58 334.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 266.42 334.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 288.36 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 303.09 334.10 Td (sellers ) Tj ET Q
q 0 0 0 rg BT 331.15 334.10 Td (because ) Tj ET Q
q 0 0 0 rg BT 365.30 334.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 382.81 334.10 Td (information ) Tj ET Q
q 0 0 0 rg BT 432.53 334.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 441.71 334.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 457.00 334.10 Td (material ) Tj ET Q
q 0 0 0 rg BT 492.27 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 502.55 334.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 518.39 334.10 Td (decision ) Tj ET Q
q 0 0 0 rg BT 554.23 334.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (make ) Tj ET Q
q 0 0 0 rg BT 74.30 322.10 Td (acquisitions, ) Tj ET Q
q 0 0 0 rg BT 127.22 322.10 Td (nor ) Tj ET Q
q 0 0 0 rg BT 143.20 322.10 Td (do ) Tj ET Q
q 0 0 0 rg BT 155.84 322.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 170.15 322.10 Td (believe ) Tj ET Q
q 0 0 0 rg BT 201.67 322.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 209.87 322.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 237.52 322.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 249.60 322.10 Td (helpful ) Tj ET Q
q 0 0 0 rg BT 280.58 322.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 291.00 322.10 Td (potential ) Tj ET Q
q 0 0 0 rg BT 328.64 322.10 Td (investors ) Tj ET Q
q 0 0 0 rg BT 367.39 322.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 377.82 322.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 393.79 322.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 432.54 322.10 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 461.85 322.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 472.27 322.10 Td (assessing ) Tj ET Q
q 0 0 0 rg BT 512.14 322.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 528.12 322.10 Td (business ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 61.29 310.10 Td (profitability) Tj ET Q
q 0 0 0 rg BT 108.41 310.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 113.88 310.10 Td (Most ) Tj ET Q
q 0 0 0 rg BT 137.40 310.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 168.69 310.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 183.86 310.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 203.50 310.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 229.23 310.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 236.63 310.10 Td (standardized ) Tj ET Q
q 0 0 0 rg BT 290.12 310.10 Td (agreement, ) Tj ET Q
q 0 0 0 rg BT 337.23 310.10 Td (which, ) Tj ET Q
q 0 0 0 rg BT 367.13 310.10 Td (among ) Tj ET Q
q 0 0 0 rg BT 397.31 310.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 420.82 310.10 Td (things, ) Tj ET Q
q 0 0 0 rg BT 450.73 310.10 Td (provides ) Tj ET Q
q 0 0 0 rg BT 488.13 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 503.31 310.10 Td (buyer ) Tj ET Q
q 0 0 0 rg BT 529.04 310.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 549.78 310.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td (right ) Tj ET Q
q 0 0 0 rg BT 71.15 298.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 81.19 298.10 Td (inspect ) Tj ET Q
q 0 0 0 rg BT 111.78 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 126.26 298.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 152.96 298.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 169.66 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 184.14 298.10 Td (vessel's ) Tj ET Q
q 0 0 0 rg BT 216.53 298.10 Td (classification ) Tj ET Q
q 0 0 0 rg BT 271.55 298.10 Td (society ) Tj ET Q
q 0 0 0 rg BT 302.14 298.10 Td (records. ) Tj ET Q
q 0 0 0 rg BT 336.17 298.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 353.98 298.10 Td (standard ) Tj ET Q
q 0 0 0 rg BT 390.11 298.10 Td (agreement ) Tj ET Q
q 0 0 0 rg BT 434.02 298.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 454.61 298.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 469.65 298.10 Td (give ) Tj ET Q
q 0 0 0 rg BT 489.13 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 503.61 298.10 Td (buyer ) Tj ET Q
q 0 0 0 rg BT 528.64 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 543.12 298.10 Td (right ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.58 286.10 Td (inspect, ) Tj ET Q
q 0 0 0 rg BT 94.21 286.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 105.34 286.10 Td (receive ) Tj ET Q
q 0 0 0 rg BT 137.00 286.10 Td (copies ) Tj ET Q
q 0 0 0 rg BT 165.35 286.10 Td (of, ) Tj ET Q
q 0 0 0 rg BT 178.98 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 194.00 286.10 Td (historical ) Tj ET Q
q 0 0 0 rg BT 234.02 286.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 274.58 286.10 Td (data ) Tj ET Q
q 0 0 0 rg BT 294.04 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 305.17 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 320.19 286.10 Td (vessel. ) Tj ET Q
q 0 0 0 rg BT 349.93 286.10 Td (Prior ) Tj ET Q
q 0 0 0 rg BT 372.73 286.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 383.31 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 398.33 286.10 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 433.89 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 445.03 286.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 452.27 286.10 Td (purchased ) Tj ET Q
q 0 0 0 rg BT 495.61 286.10 Td (vessel, ) Tj ET Q
q 0 0 0 rg BT 525.35 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 540.36 286.10 Td (seller ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (typically ) Tj ET Q
q 0 0 0 rg BT 87.49 274.10 Td (removes ) Tj ET Q
q 0 0 0 rg BT 123.86 274.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 145.80 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 160.51 274.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 187.45 274.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 199.94 274.10 Td (records, ) Tj ET Q
q 0 0 0 rg BT 234.37 274.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 274.64 274.10 Td (past ) Tj ET Q
q 0 0 0 rg BT 293.24 274.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 330.72 274.10 Td (records ) Tj ET Q
q 0 0 0 rg BT 362.65 274.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 379.58 274.10 Td (accounts ) Tj ET Q
q 0 0 0 rg BT 417.07 274.10 Td (related ) Tj ET Q
q 0 0 0 rg BT 446.77 274.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 457.04 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 471.76 274.10 Td (vessel. ) Tj ET Q
q 0 0 0 rg BT 501.19 274.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 512.02 274.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 549.79 274.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (technical ) Tj ET Q
q 0 0 0 rg BT 88.02 262.10 Td (management ) Tj ET Q
q 0 0 0 rg BT 141.03 262.10 Td (agreement ) Tj ET Q
q 0 0 0 rg BT 184.60 262.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 219.84 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 233.99 262.10 Td (seller's ) Tj ET Q
q 0 0 0 rg BT 263.27 262.10 Td (technical ) Tj ET Q
q 0 0 0 rg BT 301.28 262.10 Td (manager ) Tj ET Q
q 0 0 0 rg BT 337.63 262.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 354.00 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 368.14 262.10 Td (seller ) Tj ET Q
q 0 0 0 rg BT 391.73 262.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 400.33 262.10 Td (automatically ) Tj ET Q
q 0 0 0 rg BT 456.68 262.10 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 501.36 262.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 517.73 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 531.87 262.10 Td (vessel's ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (trading ) Tj ET Q
q 0 0 0 rg BT 80.83 250.10 Td (certificates ) Tj ET Q
q 0 0 0 rg BT 127.18 250.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 141.89 250.10 Td (revoked ) Tj ET Q
q 0 0 0 rg BT 176.60 250.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 189.10 250.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 201.04 250.10 Td (flag ) Tj ET Q
q 0 0 0 rg BT 219.09 250.10 Td (state ) Tj ET Q
q 0 0 0 rg BT 239.92 250.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 281.30 250.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 288.24 250.10 Td (change ) Tj ET Q
q 0 0 0 rg BT 319.06 250.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 329.34 250.10 Td (ownership.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (Consistent ) Tj ET Q
q 0 0 0 rg BT 94.84 226.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 115.23 226.10 Td (shipping ) Tj ET Q
q 0 0 0 rg BT 152.29 226.10 Td (industry ) Tj ET Q
q 0 0 0 rg BT 187.69 226.10 Td (practice, ) Tj ET Q
q 0 0 0 rg BT 224.44 226.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 238.71 226.10 Td (treat ) Tj ET Q
q 0 0 0 rg BT 259.09 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 273.92 226.10 Td (acquisition ) Tj ET Q
q 0 0 0 rg BT 320.42 226.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 331.36 226.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 338.41 226.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 365.47 226.10 Td (\(whether ) Tj ET Q
q 0 0 0 rg BT 403.62 226.10 Td (acquired ) Tj ET Q
q 0 0 0 rg BT 440.66 226.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 461.05 226.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 471.99 226.10 Td (without ) Tj ET Q
q 0 0 0 rg BT 505.16 226.10 Td (charter\) ) Tj ET Q
q 0 0 0 rg BT 538.86 226.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 549.80 226.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td (acquisition ) Tj ET Q
q 0 0 0 rg BT 96.49 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 107.42 214.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 119.46 214.10 Td (asset ) Tj ET Q
q 0 0 0 rg BT 141.50 214.10 Td (rather ) Tj ET Q
q 0 0 0 rg BT 167.42 214.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 187.25 214.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 194.29 214.10 Td (business. ) Tj ET Q
q 0 0 0 rg BT 232.71 214.10 Td (Although ) Tj ET Q
q 0 0 0 rg BT 273.09 214.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 304.02 214.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 318.84 214.10 Td (generally ) Tj ET Q
q 0 0 0 rg BT 358.64 214.10 Td (acquired ) Tj ET Q
q 0 0 0 rg BT 395.67 214.10 Td (free ) Tj ET Q
q 0 0 0 rg BT 413.81 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 424.75 214.10 Td (charter) Tj ET Q
q 0 0 0 rg BT 452.10 214.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 457.20 214.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 471.47 214.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 492.95 214.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 522.20 214.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 532.58 214.10 Td (acquire ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (\(and ) Tj ET Q
q 0 0 0 rg BT 70.70 202.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 90.85 202.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 101.56 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 116.71 202.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 143.51 202.10 Td (acquire\) ) Tj ET Q
q 0 0 0 rg BT 179.20 202.10 Td (some ) Tj ET Q
q 0 0 0 rg BT 203.24 202.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 234.50 202.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 255.21 202.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 275.91 202.10 Td (charters. ) Tj ET Q
q 0 0 0 rg BT 312.78 202.10 Td (Where ) Tj ET Q
q 0 0 0 rg BT 342.35 202.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 349.72 202.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 377.09 202.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 393.35 202.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 415.16 202.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 440.86 202.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 448.23 202.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 480.04 202.10 Td (charter) Tj ET Q
q 0 0 0 rg BT 507.39 202.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 512.83 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 527.97 202.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 555.34 202.10 Td (is ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (delivered ) Tj ET Q
q 0 0 0 rg BT 89.48 190.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 99.53 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 114.02 190.10 Td (buyer ) Tj ET Q
q 0 0 0 rg BT 139.06 190.10 Td (free ) Tj ET Q
q 0 0 0 rg BT 156.88 190.10 Td (of ) Tj ET Q
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q 0 0 0 rg BT 234.59 190.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 244.65 190.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 295.86 190.10 Td (industry ) Tj ET Q
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q 0 0 0 rg BT 344.85 190.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 423.90 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 438.39 190.10 Td (vessel ) Tj ET Q
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q 0 0 0 rg BT 475.16 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 489.65 190.10 Td (hands ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 122.07 178.10 Td (first ) Tj ET Q
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q 0 0 0 rg BT 254.96 178.10 Td (hands ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 269.62 142.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 296.62 142.10 Td (owner ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
185 0 obj
<<
/Length 34310
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 246.53 634.10 Td (costs ) Tj ET Q
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q 0 0 0 rg BT 278.61 634.10 Td (the ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 370.96 622.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 381.90 622.10 Td (rise ) Tj ET Q
q 0 0 0 rg BT 399.50 622.10 Td (moderately ) Tj ET Q
q 0 0 0 rg BT 447.64 622.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 468.56 622.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 483.94 622.10 Td (next ) Tj ET Q
q 0 0 0 rg BT 504.32 622.10 Td (few ) Tj ET Q
q 0 0 0 rg BT 522.47 622.10 Td (years. ) Tj ET Q
q 0 0 0 rg BT 549.22 622.10 Td (Oil ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td (transportation ) Tj ET Q
q 0 0 0 rg BT 108.99 610.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 119.11 610.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 127.00 610.10 Td (specialized ) Tj ET Q
q 0 0 0 rg BT 174.86 610.10 Td (area ) Tj ET Q
q 0 0 0 rg BT 194.96 610.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 212.85 610.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 228.51 610.10 Td (number ) Tj ET Q
q 0 0 0 rg BT 262.51 610.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 274.29 610.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 306.06 610.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 316.18 610.10 Td (increasing. ) Tj ET Q
q 0 0 0 rg BT 362.98 610.10 Td (There ) Tj ET Q
q 0 0 0 rg BT 389.74 610.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 408.75 610.10 Td (therefore ) Tj ET Q
q 0 0 0 rg BT 448.28 610.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 461.17 610.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 474.05 610.10 Td (increased ) Tj ET Q
q 0 0 0 rg BT 515.26 610.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 550.36 610.10 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (qualified ) Tj ET Q
q 0 0 0 rg BT 88.13 598.10 Td (crew ) Tj ET Q
q 0 0 0 rg BT 110.14 598.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 127.16 598.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 144.20 598.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 160.11 598.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 177.13 598.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 195.27 598.10 Td (continue ) Tj ET Q
q 0 0 0 rg BT 232.29 598.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 242.65 598.10 Td (put ) Tj ET Q
q 0 0 0 rg BT 258.02 598.10 Td (inflationary ) Tj ET Q
q 0 0 0 rg BT 307.25 598.10 Td (pressure ) Tj ET Q
q 0 0 0 rg BT 343.16 598.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 355.74 598.10 Td (crew ) Tj ET Q
q 0 0 0 rg BT 377.75 598.10 Td (costs. ) Tj ET Q
q 0 0 0 rg BT 402.84 598.10 Td (However) Tj ET Q
q 0 0 0 rg BT 439.09 598.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 444.17 598.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 454.54 598.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 461.56 598.10 Td (shipping ) Tj ET Q
q 0 0 0 rg BT 498.59 598.10 Td (downturn, ) Tj ET Q
q 0 0 0 rg BT 542.01 598.10 Td (costs ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 79.66 586.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 88.77 586.10 Td (inflation ) Tj ET Q
q 0 0 0 rg BT 123.99 586.10 Td (can ) Tj ET Q
q 0 0 0 rg BT 139.20 586.10 Td (usually ) Tj ET Q
q 0 0 0 rg BT 169.43 586.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 180.20 586.10 Td (controlled ) Tj ET Q
q 0 0 0 rg BT 222.08 586.10 Td (because ) Tj ET Q
q 0 0 0 rg BT 255.06 586.10 Td (shipping ) Tj ET Q
q 0 0 0 rg BT 290.84 586.10 Td (companies ) Tj ET Q
q 0 0 0 rg BT 334.94 586.10 Td (typically ) Tj ET Q
q 0 0 0 rg BT 371.27 586.10 Td (monitor ) Tj ET Q
q 0 0 0 rg BT 404.27 586.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 425.60 586.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 434.72 586.10 Td (preserve ) Tj ET Q
q 0 0 0 rg BT 469.92 586.10 Td (liquidity ) Tj ET Q
q 0 0 0 rg BT 505.15 586.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 520.92 586.10 Td (encourage ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (suppliers ) Tj ET Q
q 0 0 0 rg BT 88.61 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 105.55 574.10 Td (service ) Tj ET Q
q 0 0 0 rg BT 136.36 574.10 Td (providers ) Tj ET Q
q 0 0 0 rg BT 176.63 574.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 186.91 574.10 Td (lower ) Tj ET Q
q 0 0 0 rg BT 212.18 574.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 233.55 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 250.49 574.10 Td (prices ) Tj ET Q
q 0 0 0 rg BT 276.87 574.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 287.15 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 301.87 574.10 Td (event ) Tj ET Q
q 0 0 0 rg BT 326.02 574.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 336.85 574.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 343.79 574.10 Td (downturn.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (Y) Tj ET Q
q 0 0 0 rg BT 56.11 550.10 Td (ear) Tj ET Q
q 0 0 0 rg BT 69.81 550.10 Td ( ended December) Tj ET Q
q 0 0 0 rg BT 143.50 550.10 Td ( 31, 2012 compar) Tj ET Q
q 0 0 0 rg BT 216.08 550.10 Td (ed with the year) Tj ET Q
q 0 0 0 rg BT 284.50 550.10 Td ( ended December) Tj ET Q
q 0 0 0 rg BT 358.19 550.10 Td ( 31, 201) Tj ET Q
q 0 0 0 rg BT 390.14 550.10 Td (1) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (T) Tj ET Q
q 0 0 0 rg BT 55.19 526.10 Td (otal operating revenues and voyage expenses and commission) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 485.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 485.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 485.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 485.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 485.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 485.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
441.50 485.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 485.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 485.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 455.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 455.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 455.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 455.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 455.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 455.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
441.50 455.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 455.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 455.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 425.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 425.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 425.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 425.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 425.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 425.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
441.50 425.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 425.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 425.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 395.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 395.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 395.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 395.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 395.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 395.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
441.50 395.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 395.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 395.60 55.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 485.6 m
320.5 485.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 485.6 m
378.5 485.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
382.5 485.6 m
437.5 485.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
441.5 485.6 m
495.5 485.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
499.5 485.6 m
554.5 485.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 425.6 m
378.5 425.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 425.6 m
320.5 425.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 410.6 m
320.5 410.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 425.6 m
378.5 425.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 410.6 m
378.5 410.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
382.5 425.6 m
437.5 425.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
382.5 410.6 m
437.5 410.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
441.5 425.6 m
495.5 425.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
441.5 410.6 m
495.5 410.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
499.5 425.6 m
554.5 425.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
499.5 410.6 m
554.5 410.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 410.6 m
320.5 410.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 410.6 m
378.5 410.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
382.5 410.6 m
437.5 410.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
441.5 410.6 m
495.5 410.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
499.5 410.6 m
554.5 410.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 395.6 m
320.5 395.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 380.6 m
320.5 380.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 395.6 m
378.5 395.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 380.6 m
378.5 380.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
382.5 395.6 m
437.5 395.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
382.5 380.6 m
437.5 380.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
441.5 395.6 m
495.5 395.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
441.5 380.6 m
495.5 380.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
499.5 395.6 m
554.5 395.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
499.5 380.6 m
554.5 380.6 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 505.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 327.00 505.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.10 505.28 Td (Change) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 490.31 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 355.00 490.28 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 414.35 490.27 Td (2011) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 487.00 490.28 Td ($) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 541.00 490.28 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 475.27 Td (Voyage charter revenues) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 342.15 475.28 Td (452,889) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.15 475.27 Td (510,808) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 460.80 475.32 Td (\(57,919) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 475.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 529.80 475.32 Td (\(11.3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 475.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 460.27 Td (Time charter revenues) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 342.15 460.28 Td (156,060) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.15 460.27 Td (231,224) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 460.80 460.32 Td (\(75,164) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 460.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 529.80 460.32 Td (\(32.5) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 460.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 445.27 Td (Bareboat charter revenues) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 347.15 445.28 Td (33,373) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 406.15 445.27 Td (47,101) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 460.80 445.32 Td (\(13,728) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 445.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 529.80 445.32 Td (\(29.1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 445.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 430.27 Td (Other income) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 347.15 430.28 Td (25,785) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 406.15 430.27 Td (20,969) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 469.15 430.27 Td (4,816) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 533.15 430.27 Td (23.0) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 415.27 Td (Total operating revenues) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 342.15 415.28 Td (668,107) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.15 415.27 Td (810,102) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 455.80 415.32 Td (\(141,995) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 415.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 529.80 415.32 Td (\(17.5) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 415.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 385.27 Td (V) Tj ET Q
q 0 0 0 rg BT 58.93 385.27 Td (oyage expenses and commissions) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 342.15 385.28 Td (274,132) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.15 385.27 Td (295,787) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 460.80 385.32 Td (\(21,655) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 385.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 534.80 385.32 Td (\(7.3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 385.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 357.10 Td (V) Tj ET Q
q 0 0 0 rg BT 55.93 357.10 Td (oyage ) Tj ET Q
q 0 0 0 rg BT 82.31 357.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 112.56 357.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 150.60 357.10 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 192.51 357.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 202.79 357.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 225.29 357.10 Td (compared ) Tj ET Q
q 0 0 0 rg BT 267.22 357.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 277.50 357.10 Td (201) Tj ET Q
q 0 0 0 rg BT 292.12 357.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 299.62 357.10 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 339.34 357.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 356.27 357.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 366.55 357.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 381.27 357.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 422.66 357.10 Td (reasons:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 333.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 333.10 Td (Five ) Tj ET Q
q 0 0 0 rg BT 106.10 333.10 Td (VLCCs ) Tj ET Q
q 0 0 0 rg BT 139.16 333.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 161.09 333.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 180.26 333.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 190.54 333.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 229.70 333.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 252.20 333.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 262.48 333.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 306.06 333.10 Td (201) Tj ET Q
q 0 0 0 rg BT 320.69 333.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 328.19 333.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 365.69 333.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 375.97 333.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 382.90 333.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 419.82 333.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 430.10 333.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 468.13 333.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 478.96 333.10 Td ($91.2 ) Tj ET Q
q 0 0 0 rg BT 503.96 333.10 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 321.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 321.10 Td (Seven ) Tj ET Q
q 0 0 0 rg BT 113.11 321.10 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 146.60 321.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 173.71 321.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 195.81 321.10 Td (chartered-in, ) Tj ET Q
q 0 0 0 rg BT 249.27 321.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 271.37 321.10 Td (redelivered ) Tj ET Q
q 0 0 0 rg BT 319.01 321.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 331.68 321.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 346.56 321.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 388.11 321.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 398.56 321.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 423.73 321.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 461.39 321.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 471.84 321.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 478.94 321.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 516.02 321.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 526.47 321.10 Td (revenues ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 309.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 96.83 309.10 Td ($74.9 ) Tj ET Q
q 0 0 0 rg BT 121.83 309.10 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 297.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 297.10 Td (Five ) Tj ET Q
q 0 0 0 rg BT 106.09 297.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 145.05 297.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 176.23 297.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 197.97 297.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 216.94 297.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 227.03 297.10 Td (unrelated ) Tj ET Q
q 0 0 0 rg BT 266.54 297.10 Td (third ) Tj ET Q
q 0 0 0 rg BT 287.73 297.10 Td (parties ) Tj ET Q
q 0 0 0 rg BT 316.70 297.10 Td (\(four ) Tj ET Q
q 0 0 0 rg BT 338.99 297.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 349.08 297.10 Td (201) Tj ET Q
q 0 0 0 rg BT 363.71 297.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 371.01 297.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 387.76 297.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 404.51 297.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 414.59 297.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 429.12 297.10 Td (first ) Tj ET Q
q 0 0 0 rg BT 447.53 297.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 478.15 297.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 488.79 297.10 Td (2012\), ) Tj ET Q
q 0 0 0 rg BT 516.93 297.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 554.23 297.10 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 285.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 92.94 285.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 129.85 285.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 140.13 285.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 178.17 285.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 189.00 285.10 Td ($35.2 ) Tj ET Q
q 0 0 0 rg BT 214.00 285.10 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 261.10 Td (These ) Tj ET Q
q 0 0 0 rg BT 76.38 261.10 Td (factors ) Tj ET Q
q 0 0 0 rg BT 106.08 261.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 128.01 261.10 Td (partially ) Tj ET Q
q 0 0 0 rg BT 163.83 261.10 Td (of) Tj ET Q
q 0 0 0 rg BT 171.98 261.10 Td (fset ) Tj ET Q
q 0 0 0 rg BT 188.92 261.10 Td (by:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 237.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 237.10 Td (Nine ) Tj ET Q
q 0 0 0 rg BT 106.86 237.10 Td (VLCCs ) Tj ET Q
q 0 0 0 rg BT 138.95 237.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 154.91 237.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 171.44 237.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 209.63 237.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 240.03 237.10 Td (commenced ) Tj ET Q
q 0 0 0 rg BT 289.87 237.10 Td (trading ) Tj ET Q
q 0 0 0 rg BT 319.72 237.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 329.03 237.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 342.77 237.10 Td (spot ) Tj ET Q
q 0 0 0 rg BT 360.97 237.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 390.26 237.10 Td (upon ) Tj ET Q
q 0 0 0 rg BT 411.79 237.10 Td (redelivery ) Tj ET Q
q 0 0 0 rg BT 453.85 237.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 474.82 237.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 494.12 237.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 523.40 237.10 Td (contracts, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 225.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 123.50 225.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 133.77 225.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 145.71 225.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 180.97 225.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 191.24 225.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 229.28 225.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 240.11 225.10 Td ($122.3 ) Tj ET Q
q 0 0 0 rg BT 270.11 225.10 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 213.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 213.10 Td (An ) Tj ET Q
q 0 0 0 rg BT 100.35 213.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 135.23 213.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 145.14 213.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 159.49 213.10 Td (average ) Tj ET Q
q 0 0 0 rg BT 192.70 213.10 Td (daily ) Tj ET Q
q 0 0 0 rg BT 214.82 213.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 234.73 213.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 264.61 213.10 Td (equivalent, ) Tj ET Q
q 0 0 0 rg BT 310.89 213.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 321.19 213.10 Td (TCE, ) Tj ET Q
q 0 0 0 rg BT 344.71 213.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 365.71 213.10 Td (earned ) Tj ET Q
q 0 0 0 rg BT 394.49 213.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 406.62 213.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 420.96 213.10 Td (double ) Tj ET Q
q 0 0 0 rg BT 450.31 213.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 467.84 213.10 Td (VLCCs ) Tj ET Q
q 0 0 0 rg BT 500.53 213.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 517.10 213.10 Td (double ) Tj ET Q
q 0 0 0 rg BT 546.44 213.10 Td (hull ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 201.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 125.16 201.10 Td (tankers, ) Tj ET Q
q 0 0 0 rg BT 159.03 201.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 196.53 201.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 206.81 201.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 218.74 201.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 254.00 201.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 264.28 201.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 302.31 201.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 313.14 201.10 Td ($22.3 ) Tj ET Q
q 0 0 0 rg BT 338.14 201.10 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 177.10 Td (T) Tj ET Q
q 0 0 0 rg BT 55.76 177.10 Td (ime ) Tj ET Q
q 0 0 0 rg BT 73.25 177.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 103.51 177.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 141.54 177.10 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 183.46 177.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 193.74 177.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 216.24 177.10 Td (compared ) Tj ET Q
q 0 0 0 rg BT 258.16 177.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 268.44 177.10 Td (201) Tj ET Q
q 0 0 0 rg BT 283.07 177.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 290.57 177.10 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 330.28 177.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 347.22 177.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 357.50 177.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 372.21 177.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 413.60 177.10 Td (reasons:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 153.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 153.10 Td (Nine ) Tj ET Q
q 0 0 0 rg BT 106.86 153.10 Td (VLCCs ) Tj ET Q
q 0 0 0 rg BT 138.95 153.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 154.91 153.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 171.44 153.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 209.63 153.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 240.03 153.10 Td (commenced ) Tj ET Q
q 0 0 0 rg BT 289.87 153.10 Td (trading ) Tj ET Q
q 0 0 0 rg BT 319.72 153.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 329.03 153.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 342.77 153.10 Td (spot ) Tj ET Q
q 0 0 0 rg BT 360.97 153.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 390.26 153.10 Td (upon ) Tj ET Q
q 0 0 0 rg BT 411.79 153.10 Td (redelivery ) Tj ET Q
q 0 0 0 rg BT 453.85 153.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 474.82 153.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 494.12 153.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 523.40 153.10 Td (contracts, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 141.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 123.50 141.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 133.77 141.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 140.71 141.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 177.63 141.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 187.90 141.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 225.94 141.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 236.77 141.10 Td ($51.2 ) Tj ET Q
q 0 0 0 rg BT 261.77 141.10 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 129.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 129.10 Td (One ) Tj ET Q
q 0 0 0 rg BT 104.68 129.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 133.53 129.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 150.14 129.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 167.32 129.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 206.16 129.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 237.21 129.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 258.82 129.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 277.66 129.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 287.62 129.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 326.46 129.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 348.64 129.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 358.60 129.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 401.86 129.10 Td (201) Tj ET Q
q 0 0 0 rg BT 416.49 129.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 426.17 129.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 463.34 129.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 473.29 129.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 479.91 129.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 516.50 129.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 526.46 129.10 Td (revenues ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 117.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 96.83 117.10 Td ($26.2 ) Tj ET Q
q 0 0 0 rg BT 121.83 117.10 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 105.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 105.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 103.49 105.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 123.20 105.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 152.89 105.10 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 190.92 105.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 202.86 105.10 Td (seven ) Tj ET Q
q 0 0 0 rg BT 227.57 105.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 250.62 105.10 Td (carriers ) Tj ET Q
q 0 0 0 rg BT 282.53 105.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 303.90 105.10 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 348.60 105.10 Td (during ) Tj ET Q
q 0 0 0 rg BT 376.64 105.10 Td (201) Tj ET Q
q 0 0 0 rg BT 391.27 105.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 398.21 105.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 414.59 105.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 436.53 105.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 452.90 105.10 Td (each ) Tj ET Q
q 0 0 0 rg BT 473.16 105.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 499.54 105.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 517.03 105.10 Td (redelivered ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 93.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 96.28 93.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 117.12 93.10 Td (Finance, ) Tj ET Q
q 0 0 0 rg BT 153.77 93.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 191.27 93.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 201.55 93.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 208.49 93.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 245.40 93.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 255.68 93.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 293.71 93.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 304.54 93.10 Td ($25.2 ) Tj ET Q
q 0 0 0 rg BT 329.54 93.10 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 81.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 81.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 103.89 81.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 124.00 81.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 154.10 81.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 175.32 81.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 187.66 81.10 Td (three ) Tj ET Q
q 0 0 0 rg BT 209.98 81.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 233.44 81.10 Td (carriers ) Tj ET Q
q 0 0 0 rg BT 265.76 81.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 287.53 81.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 321.51 81.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 331.63 81.10 Td (201) Tj ET Q
q 0 0 0 rg BT 346.26 81.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 356.10 81.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 393.44 81.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 403.56 81.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 410.34 81.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 447.09 81.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 457.21 81.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 495.09 81.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 505.76 81.10 Td ($17.3 ) Tj ET Q
q 0 0 0 rg BT 530.60 81.10 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 57.10 Td (These ) Tj ET Q
q 0 0 0 rg BT 76.70 57.10 Td (factors ) Tj ET Q
q 0 0 0 rg BT 106.73 57.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 128.99 57.10 Td (partially ) Tj ET Q
q 0 0 0 rg BT 165.13 57.10 Td (of) Tj ET Q
q 0 0 0 rg BT 173.28 57.10 Td (fset ) Tj ET Q
q 0 0 0 rg BT 190.54 57.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 203.37 57.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 218.41 57.10 Td (receipt ) Tj ET Q
q 0 0 0 rg BT 248.44 57.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 259.59 57.10 Td ($35.0 ) Tj ET Q
q 0 0 0 rg BT 284.92 57.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 316.63 57.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 331.12 57.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 346.16 57.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 368.97 57.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 417.89 57.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 429.05 57.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 444.09 57.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 464.69 57.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 495.27 57.10 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 534.18 57.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 547.01 57.10 Td (two ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 45.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 73.61 45.10 Td (carriers ) Tj ET Q
q 0 0 0 rg BT 106.09 45.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 116.37 45.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 159.95 45.10 Td (2012.) Tj ET Q
endstream
endobj
186 0 obj
<<
/Length 36584
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 730.10 Td (Bareboat ) Tj ET Q
q 0 0 0 rg BT 88.59 730.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 118.85 730.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 156.88 730.10 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 198.80 730.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 209.08 730.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 231.58 730.10 Td (compared ) Tj ET Q
q 0 0 0 rg BT 273.50 730.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 283.78 730.10 Td (201) Tj ET Q
q 0 0 0 rg BT 298.41 730.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 305.91 730.10 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 345.62 730.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 362.56 730.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 372.84 730.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 387.55 730.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 428.94 730.10 Td (reasons:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 706.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 706.10 Td (A) Tj ET Q
q 0 0 0 rg BT 92.67 706.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 95.17 706.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 113.23 706.10 Td (provision ) Tj ET Q
q 0 0 0 rg BT 153.51 706.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 167.67 706.10 Td (unpaid ) Tj ET Q
q 0 0 0 rg BT 197.39 706.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 227.64 706.10 Td (hire ) Tj ET Q
q 0 0 0 rg BT 245.69 706.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 256.52 706.10 Td ($6.0 ) Tj ET Q
q 0 0 0 rg BT 276.52 706.10 Td (million, ) Tj ET Q
q 0 0 0 rg BT 310.41 706.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 337.35 706.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 355.40 706.10 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 392.88 706.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 403.15 706.10 Td (2012.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 694.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 694.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 104.05 694.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 125.42 694.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 137.92 694.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 155.42 694.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 181.81 694.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 199.69 694.10 Td (VLCCs ) Tj ET Q
q 0 0 0 rg BT 232.75 694.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 254.68 694.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 288.82 694.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 326.32 694.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 336.60 694.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 343.53 694.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 380.45 694.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 390.73 694.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 428.76 694.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 439.59 694.10 Td ($3.4 ) Tj ET Q
q 0 0 0 rg BT 459.59 694.10 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 682.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 682.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 103.61 682.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 151.77 682.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 162.17 682.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 176.45 682.10 Td (bare ) Tj ET Q
q 0 0 0 rg BT 195.72 682.10 Td (boat ) Tj ET Q
q 0 0 0 rg BT 215.00 682.10 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 253.16 682.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 265.23 682.10 Td (three ) Tj ET Q
q 0 0 0 rg BT 287.28 682.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 313.23 682.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 330.70 682.10 Td (VLCCs ) Tj ET Q
q 0 0 0 rg BT 363.32 682.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 400.38 682.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 410.23 682.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 416.73 682.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 453.21 682.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 463.05 682.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 500.65 682.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 511.05 682.10 Td ($3.1 ) Tj ET Q
q 0 0 0 rg BT 530.61 682.10 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 670.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 670.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 104.05 670.10 Td (change ) Tj ET Q
q 0 0 0 rg BT 134.86 670.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 145.14 670.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 162.63 670.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 175.13 670.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 192.06 670.10 Td (double ) Tj ET Q
q 0 0 0 rg BT 221.78 670.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 239.66 670.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 268.83 670.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 306.32 670.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 316.60 670.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 323.54 670.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 360.45 670.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 370.73 670.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 408.77 670.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 419.60 670.10 Td ($1.1 ) Tj ET Q
q 0 0 0 rg BT 439.60 670.10 Td (million. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 646.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.42 646.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 104.05 646.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 114.70 646.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 138.12 646.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 170.43 646.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 181.08 646.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 203.95 646.10 Td (compared ) Tj ET Q
q 0 0 0 rg BT 246.25 646.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 256.90 646.10 Td (201) Tj ET Q
q 0 0 0 rg BT 271.53 646.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 279.40 646.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 288.95 646.10 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 329.03 646.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 346.35 646.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 357.00 646.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 369.31 646.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 404.94 646.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 415.59 646.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 447.90 646.10 Td (earned ) Tj ET Q
q 0 0 0 rg BT 477.41 646.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 499.73 646.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 514.82 646.10 Td (commercial ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.10 Td (management ) Tj ET Q
q 0 0 0 rg BT 103.74 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 114.73 634.10 Td (related ) Tj ET Q
q 0 0 0 rg BT 144.58 634.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 167.78 634.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 184.88 634.10 Td (third ) Tj ET Q
q 0 0 0 rg BT 206.42 634.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 229.62 634.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 260.60 634.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 277.69 634.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 289.79 634.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 325.19 634.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 335.63 634.10 Td (administrative ) Tj ET Q
q 0 0 0 rg BT 395.49 634.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 433.68 634.10 Td (derived ) Tj ET Q
q 0 0 0 rg BT 466.32 634.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 488.41 634.10 Td (related ) Tj ET Q
q 0 0 0 rg BT 518.26 634.10 Td (parties ) Tj ET Q
q 0 0 0 rg BT 547.57 634.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.10 Td (third ) Tj ET Q
q 0 0 0 rg BT 71.39 622.10 Td (parties.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (V) Tj ET Q
q 0 0 0 rg BT 55.93 598.10 Td (oyage ) Tj ET Q
q 0 0 0 rg BT 82.31 598.10 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 120.91 598.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 137.85 598.10 Td (commissions ) Tj ET Q
q 0 0 0 rg BT 192.57 598.10 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 234.49 598.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 244.77 598.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 267.27 598.10 Td (compared ) Tj ET Q
q 0 0 0 rg BT 309.19 598.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 319.47 598.10 Td (201) Tj ET Q
q 0 0 0 rg BT 334.10 598.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 341.60 598.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 351.88 598.10 Td (line ) Tj ET Q
q 0 0 0 rg BT 369.37 598.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 389.65 598.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 404.37 598.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 441.28 598.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 451.56 598.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 482.93 598.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 513.19 598.10 Td (revenues.) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (Gain \(loss\) on sale of assets and amortization of deferred gains) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 533.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 533.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 533.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 533.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 533.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 533.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
441.50 533.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 533.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 533.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 503.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 503.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 503.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 503.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 503.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 503.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
441.50 503.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 503.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 503.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 473.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 473.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 473.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 473.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 473.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 473.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
441.50 473.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 473.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 473.60 55.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 533.6 m
320.5 533.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 533.6 m
378.5 533.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
382.5 533.6 m
437.5 533.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
441.5 533.6 m
495.5 533.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
499.5 533.6 m
554.5 533.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 458.6 m
378.5 458.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 458.6 m
320.5 458.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 443.6 m
320.5 443.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 458.6 m
378.5 458.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 443.6 m
378.5 443.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
382.5 458.6 m
437.5 458.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
382.5 443.6 m
437.5 443.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
441.5 458.6 m
495.5 458.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
441.5 443.6 m
495.5 443.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
499.5 458.6 m
554.5 458.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
499.5 443.6 m
554.5 443.6 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 553.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 434.00 553.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.10 553.28 Td (Change) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 538.31 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 355.00 538.28 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 414.35 538.27 Td (2011) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 487.00 538.28 Td ($) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 541.00 538.28 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 523.27 Td (Net gain \(loss\) on lease terminations) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 352.15 523.28 Td (3,860) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 402.80 523.32 Td (\(21,780) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 433.65 523.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 464.15 523.27 Td (25,640) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 528.15 523.27 Td (117.7) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 508.27 Td (Loss on sale of SPCs to Frontline 2012) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 364.65 508.28 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 397.80 508.32 Td (\(306,972) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 433.65 508.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 459.15 508.27 Td (306,972) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 540.65 508.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 493.27 Td (Net \(loss\) gain on sale of assets) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 348.80 493.33 Td (\(2,109) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 374.65 493.28 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 411.15 493.27 Td (9,271) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 460.80 493.32 Td (\(11,380) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 493.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 524.80 493.32 Td (\(122.7) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 493.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 478.27 Td (Amortization of deferred gains) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 347.15 478.28 Td (15,062) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 406.15 478.27 Td (11,653) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 469.15 478.27 Td (3,409) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 533.15 478.27 Td (29.3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 463.27 Td (Other) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 364.65 463.28 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 420.30 463.32 Td (\(66) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 433.65 463.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 481.65 463.27 Td (66) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 540.65 463.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 448.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 347.15 448.28 Td (16,813) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 397.80 448.32 Td (\(307,894) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 433.65 448.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 459.15 448.27 Td (324,707) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 524.80 448.32 Td (\(105.5) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 448.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 432.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 420.10 Td (All ) Tj ET Q
q 0 0 0 rg BT 65.17 420.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 75.89 420.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 90.50 420.10 Td (gains ) Tj ET Q
q 0 0 0 rg BT 114.00 420.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 130.83 420.10 Td (losses ) Tj ET Q
q 0 0 0 rg BT 157.12 420.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 169.51 420.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 191.89 420.10 Td (terminations ) Tj ET Q
q 0 0 0 rg BT 244.27 420.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 254.44 420.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 276.84 420.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 293.67 420.10 Td (201) Tj ET Q
q 0 0 0 rg BT 308.30 420.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 315.69 420.10 Td (related ) Tj ET Q
q 0 0 0 rg BT 345.28 420.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 355.45 420.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 386.18 420.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 403.56 420.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 425.39 420.10 Td (chartered ) Tj ET Q
q 0 0 0 rg BT 464.97 420.10 Td (in. ) Tj ET Q
q 0 0 0 rg BT 477.47 420.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 495.41 420.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 510.02 420.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 529.63 420.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 542.02 420.10 Td (lease ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 408.10 Td (terminations ) Tj ET Q
q 0 0 0 rg BT 102.49 408.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 112.76 408.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 135.26 408.10 Td (includes ) Tj ET Q
q 0 0 0 rg BT 171.08 408.10 Td (\(i\) ) Tj ET Q
q 0 0 0 rg BT 183.02 408.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 189.95 408.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 209.66 408.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 220.49 408.10 Td ($10.6 ) Tj ET Q
q 0 0 0 rg BT 245.49 408.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 276.88 408.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 314.37 408.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 336.30 408.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 351.02 408.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 399.61 408.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 410.44 408.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 425.15 408.10 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 467.08 408.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 497.33 408.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 520.37 408.10 Td (agreement ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 396.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 63.29 396.10 Td (T) Tj ET Q
q 0 0 0 rg BT 69.05 396.10 Td (itan ) Tj ET Q
q 0 0 0 rg BT 85.81 396.10 Td (Orion ) Tj ET Q
q 0 0 0 rg BT 110.90 396.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 150.43 396.10 Td (Duke\), ) Tj ET Q
q 0 0 0 rg BT 179.68 396.10 Td (\(ii\) ) Tj ET Q
q 0 0 0 rg BT 193.66 396.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 199.86 396.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 218.84 396.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 228.93 396.10 Td ($1) Tj ET Q
q 0 0 0 rg BT 238.56 396.10 Td (1.2 ) Tj ET Q
q 0 0 0 rg BT 252.82 396.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 283.48 396.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 320.23 396.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 341.43 396.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 355.41 396.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 403.27 396.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 413.36 396.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 427.34 396.10 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 468.54 396.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 498.05 396.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 520.36 396.10 Td (agreement ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 384.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 64.36 384.10 Td (T) Tj ET Q
q 0 0 0 rg BT 70.12 384.10 Td (icen ) Tj ET Q
q 0 0 0 rg BT 89.69 384.10 Td (Ocean ) Tj ET Q
q 0 0 0 rg BT 118.14 384.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 158.82 384.10 Td (Lady\), ) Tj ET Q
q 0 0 0 rg BT 188.11 384.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 205.47 384.10 Td (\(iii\) ) Tj ET Q
q 0 0 0 rg BT 223.38 384.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 230.73 384.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 249.20 384.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 260.45 384.10 Td ($17.9 ) Tj ET Q
q 0 0 0 rg BT 285.86 384.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 317.67 384.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 355.58 384.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 377.93 384.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 393.06 384.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 442.07 384.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 453.32 384.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 468.45 384.10 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 510.80 384.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 541.46 384.10 Td (party ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 372.10 Td (agreements ) Tj ET Q
q 0 0 0 rg BT 98.48 372.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 113.09 372.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 137.70 372.10 Td (Striver) Tj ET Q
q 0 0 0 rg BT 164.52 372.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 169.97 372.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 194.58 372.10 Td (Rider) Tj ET Q
q 0 0 0 rg BT 216.40 372.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 221.85 372.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 246.25 372.10 Td (V) Tj ET Q
q 0 0 0 rg BT 252.87 372.10 Td (iewer) Tj ET Q
q 0 0 0 rg BT 274.68 372.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 280.12 372.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 304.74 372.10 Td (Driver ) Tj ET Q
q 0 0 0 rg BT 333.79 372.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 351.17 372.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 375.79 372.10 Td (Climber) Tj ET Q
q 0 0 0 rg BT 408.01 372.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 413.24 372.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 431.74 372.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 446.90 372.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 465.41 372.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 478.36 372.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 501.29 372.10 Td (terminations ) Tj ET Q
q 0 0 0 rg BT 554.23 372.10 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 360.10 Td (201) Tj ET Q
q 0 0 0 rg BT 64.63 360.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 71.66 360.10 Td (includes ) Tj ET Q
q 0 0 0 rg BT 107.02 360.10 Td (\(i\) ) Tj ET Q
q 0 0 0 rg BT 118.49 360.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 124.97 360.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 142.56 360.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 152.92 360.10 Td ($27.1 ) Tj ET Q
q 0 0 0 rg BT 177.46 360.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 208.38 360.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 245.41 360.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 266.88 360.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 281.14 360.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 329.27 360.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 339.63 360.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 353.88 360.10 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 395.35 360.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 425.14 360.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 447.72 360.10 Td (agreements ) Tj ET Q
q 0 0 0 rg BT 495.28 360.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 508.98 360.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 532.68 360.10 Td (Striver) Tj ET Q
q 0 0 0 rg BT 559.50 360.10 Td (, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 348.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 74.09 348.10 Td (Leader ) Tj ET Q
q 0 0 0 rg BT 104.27 348.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 121.14 348.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 145.23 348.10 Td (Breaker) Tj ET Q
q 0 0 0 rg BT 176.47 348.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 181.40 348.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 198.26 348.10 Td (\(ii\) ) Tj ET Q
q 0 0 0 rg BT 212.90 348.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 219.77 348.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 239.41 348.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 250.16 348.10 Td ($5.3 ) Tj ET Q
q 0 0 0 rg BT 270.09 348.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 301.40 348.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 338.82 348.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 360.68 348.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 375.32 348.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 423.85 348.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 434.60 348.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 449.24 348.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 479.42 348.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 502.39 348.10 Td (agreements ) Tj ET Q
q 0 0 0 rg BT 550.35 348.10 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 336.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 73.62 336.10 Td (Ace ) Tj ET Q
q 0 0 0 rg BT 92.22 336.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 108.97 336.10 Td (T) Tj ET Q
q 0 0 0 rg BT 114.73 336.10 Td (icen ) Tj ET Q
q 0 0 0 rg BT 133.89 336.10 Td (Sun ) Tj ET Q
q 0 0 0 rg BT 151.95 336.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 192.22 336.10 Td (Highness\). ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 312.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.40 312.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 86.80 312.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 99.65 312.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 118.05 312.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 129.23 312.10 Td (SPCs ) Tj ET Q
q 0 0 0 rg BT 153.76 312.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 164.39 312.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 203.90 312.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 226.75 312.10 Td (relates ) Tj ET Q
q 0 0 0 rg BT 255.69 312.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 266.31 312.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 281.38 312.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 299.77 312.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 310.40 312.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 354.33 312.10 Td (201) Tj ET Q
q 0 0 0 rg BT 368.96 312.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 376.81 312.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 387.99 312.10 Td (15 ) Tj ET Q
q 0 0 0 rg BT 400.84 312.10 Td (SPCs, ) Tj ET Q
q 0 0 0 rg BT 427.87 312.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 455.16 312.10 Td (together ) Tj ET Q
q 0 0 0 rg BT 490.77 312.10 Td (owned ) Tj ET Q
q 0 0 0 rg BT 520.28 312.10 Td (six ) Tj ET Q
q 0 0 0 rg BT 534.79 312.10 Td (double ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 300.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 67.88 300.10 Td (VLCCs ) Tj ET Q
q 0 0 0 rg BT 100.94 300.10 Td (\(including ) Tj ET Q
q 0 0 0 rg BT 144.54 300.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 161.48 300.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 173.98 300.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 194.25 300.10 Td (charter\), ) Tj ET Q
q 0 0 0 rg BT 230.34 300.10 Td (four ) Tj ET Q
q 0 0 0 rg BT 249.50 300.10 Td (double ) Tj ET Q
q 0 0 0 rg BT 279.21 300.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 297.27 300.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 336.43 300.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 367.80 300.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 384.74 300.10 Td (five ) Tj ET Q
q 0 0 0 rg BT 402.79 300.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 455.28 300.10 Td (contracts.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 276.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.79 276.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 87.59 276.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 100.83 276.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 119.62 276.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 131.19 276.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 157.76 276.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 168.78 276.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 192.02 276.10 Td (represents ) Tj ET Q
q 0 0 0 rg BT 235.80 276.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 251.26 276.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 270.06 276.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 292.74 276.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 308.20 276.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 326.99 276.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 338.56 276.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 354.02 276.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 378.21 276.10 Td (Alfa. ) Tj ET Q
q 0 0 0 rg BT 401.49 276.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 420.28 276.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 435.73 276.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 456.19 276.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 469.43 276.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 488.22 276.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 499.79 276.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 531.36 276.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 542.38 276.10 Td (201) Tj ET Q
q 0 0 0 rg BT 557.01 276.10 Td (1 ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 264.10 Td (represents ) Tj ET Q
q 0 0 0 rg BT 93.48 264.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 108.64 264.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 128.80 264.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 166.73 264.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 189.11 264.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 204.27 264.10 Td (sales ) Tj ET Q
q 0 0 0 rg BT 226.65 264.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 244.03 264.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 266.96 264.10 Td (backs ) Tj ET Q
q 0 0 0 rg BT 292.67 264.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 303.94 264.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 319.10 264.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 343.71 264.10 Td (Shanghai ) Tj ET Q
q 0 0 0 rg BT 383.87 264.10 Td (\(renamed ) Tj ET Q
q 0 0 0 rg BT 424.57 264.10 Td (Gulf ) Tj ET Q
q 0 0 0 rg BT 445.84 264.10 Td (Eyadah\) ) Tj ET Q
q 0 0 0 rg BT 482.10 264.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 499.48 264.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 514.64 264.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 539.25 264.10 Td (Eagle ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 252.10 Td (\(renamed ) Tj ET Q
q 0 0 0 rg BT 90.25 252.10 Td (DHT) Tj ET Q
q 0 0 0 rg BT 110.63 252.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 113.13 252.10 Td (Eagle\). ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 228.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.67 228.10 Td (amortization ) Tj ET Q
q 0 0 0 rg BT 120.34 228.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 130.80 228.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 166.23 228.10 Td (gains ) Tj ET Q
q 0 0 0 rg BT 189.47 228.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 199.37 228.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 221.50 228.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 238.07 228.10 Td (201) Tj ET Q
q 0 0 0 rg BT 252.70 228.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 259.83 228.10 Td (represents ) Tj ET Q
q 0 0 0 rg BT 302.49 228.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 316.83 228.10 Td (amortization ) Tj ET Q
q 0 0 0 rg BT 369.50 228.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 379.96 228.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 394.30 228.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 429.74 228.10 Td (gains ) Tj ET Q
q 0 0 0 rg BT 452.97 228.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 490.10 228.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 511.66 228.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 526.01 228.10 Td (sales ) Tj ET Q
q 0 0 0 rg BT 547.57 228.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 216.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 73.03 216.10 Td (backs ) Tj ET Q
q 0 0 0 rg BT 98.84 216.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 110.21 216.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 125.47 216.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 150.19 216.10 Td (Shanghai ) Tj ET Q
q 0 0 0 rg BT 190.45 216.10 Td (\(renamed ) Tj ET Q
q 0 0 0 rg BT 231.25 216.10 Td (Gulf ) Tj ET Q
q 0 0 0 rg BT 252.62 216.10 Td (Eyadah\) ) Tj ET Q
q 0 0 0 rg BT 288.98 216.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 306.46 216.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 321.72 216.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 346.43 216.10 Td (Eagle ) Tj ET Q
q 0 0 0 rg BT 372.24 216.10 Td (\(renamed ) Tj ET Q
q 0 0 0 rg BT 413.04 216.10 Td (DHT) Tj ET Q
q 0 0 0 rg BT 433.41 216.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 436.45 216.10 Td (Eagle\).) Tj ET Q
q 0 0 0 rg BT 467.37 216.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 485.96 216.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 522.31 216.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 542.57 216.10 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 204.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 74.45 204.10 Td (Shanghai ) Tj ET Q
q 0 0 0 rg BT 114.44 204.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 130.55 204.10 Td (now ) Tj ET Q
q 0 0 0 rg BT 150.55 204.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 172.20 204.10 Td (fully ) Tj ET Q
q 0 0 0 rg BT 193.87 204.10 Td (recognized. ) Tj ET Q
q 0 0 0 rg BT 242.39 204.10 Td (A) Tj ET Q
q 0 0 0 rg BT 249.06 204.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 251.84 204.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 287.92 204.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 307.92 204.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 319.02 204.10 Td ($2.3 ) Tj ET Q
q 0 0 0 rg BT 339.30 204.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 370.97 204.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 408.74 204.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 430.96 204.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 455.41 204.10 Td (Eagle ) Tj ET Q
q 0 0 0 rg BT 480.95 204.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 497.05 204.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 518.71 204.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 554.79 204.10 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 192.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 93.58 192.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 108.58 192.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 133.58 192.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 150.52 192.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 168.58 192.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 180.52 192.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 226.88 192.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 247.15 192.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 261.87 192.10 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 304.91 192.10 Td (periods ) Tj ET Q
q 0 0 0 rg BT 336.85 192.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 347.68 192.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 362.39 192.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 392.65 192.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 402.92 192.10 Td (2013. ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 168.10 Td (Ship operating expenses) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 127.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 127.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 127.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 127.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 127.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 127.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
441.50 127.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 127.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 127.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 97.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 97.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 97.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 97.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 97.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 97.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
441.50 97.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 97.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 97.60 55.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 127.60000000000002 m
320.5 127.60000000000002 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
187 0 obj
<<
/Length 32092
>>
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BT /F1 9.00 Tf ET
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q 0 0 0 rg BT 95.17 514.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 132.09 514.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 142.37 514.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 182.64 514.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 205.15 514.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 215.98 514.10 Td ($2.1 ) Tj ET Q
q 0 0 0 rg BT 235.98 514.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 267.38 514.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 284.32 514.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 294.60 514.10 Td (lower ) Tj ET Q
q 0 0 0 rg BT 319.88 514.10 Td (crew ) Tj ET Q
q 0 0 0 rg BT 341.81 514.10 Td (expenses, ) Tj ET Q
q 0 0 0 rg BT 382.91 514.10 Td (repair ) Tj ET Q
q 0 0 0 rg BT 408.73 514.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 425.67 514.10 Td (maintenance, ) Tj ET Q
q 0 0 0 rg BT 481.20 514.10 Td (spares ) Tj ET Q
q 0 0 0 rg BT 508.70 514.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 525.64 514.10 Td (store ) Tj ET Q
q 0 0 0 rg BT 547.58 514.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 502.10 Td (supplies.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 89.16 478.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 112.77 478.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 153.03 478.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 175.53 478.10 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 217.45 478.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 227.72 478.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 250.22 478.10 Td (compared ) Tj ET Q
q 0 0 0 rg BT 292.15 478.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 302.43 478.10 Td (201) Tj ET Q
q 0 0 0 rg BT 317.06 478.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 324.56 478.10 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 364.27 478.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 381.21 478.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 391.48 478.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 406.20 478.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 447.59 478.10 Td (reasons:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 454.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 454.10 Td (A) Tj ET Q
q 0 0 0 rg BT 92.67 454.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 95.41 454.10 Td ($6.0 ) Tj ET Q
q 0 0 0 rg BT 115.64 454.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 147.27 454.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 184.42 454.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 194.94 454.10 Td (dry ) Tj ET Q
q 0 0 0 rg BT 211.00 454.10 Td (docking ) Tj ET Q
q 0 0 0 rg BT 245.96 454.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 268.70 454.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 279.76 454.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 296.94 454.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 324.11 454.10 Td (dry ) Tj ET Q
q 0 0 0 rg BT 340.18 454.10 Td (docked ) Tj ET Q
q 0 0 0 rg BT 371.79 454.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 382.31 454.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 405.05 454.10 Td (compared ) Tj ET Q
q 0 0 0 rg BT 447.21 454.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 467.72 454.10 Td (five ) Tj ET Q
q 0 0 0 rg BT 486.00 454.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 517.07 454.10 Td (dry ) Tj ET Q
q 0 0 0 rg BT 533.14 454.10 Td (docked ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 442.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 96.28 442.10 Td (201) Tj ET Q
q 0 0 0 rg BT 110.91 442.10 Td (1.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 430.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 430.10 Td (Three ) Tj ET Q
q 0 0 0 rg BT 111.53 430.10 Td (chartered-in ) Tj ET Q
q 0 0 0 rg BT 162.05 430.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 192.60 430.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 214.24 430.10 Td (redelivered ) Tj ET Q
q 0 0 0 rg BT 261.43 430.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 273.65 430.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 288.08 430.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 329.18 430.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 339.18 430.10 Td (201) Tj ET Q
q 0 0 0 rg BT 353.81 430.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 361.02 430.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 377.68 430.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 384.33 430.10 Td (further ) Tj ET Q
q 0 0 0 rg BT 413.76 430.10 Td (four ) Tj ET Q
q 0 0 0 rg BT 432.64 430.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 463.18 430.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 484.83 430.10 Td (redelivered ) Tj ET Q
q 0 0 0 rg BT 532.02 430.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 542.01 430.10 Td (2012 ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 418.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 123.50 418.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 133.77 418.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 140.71 418.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 177.63 418.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 187.90 418.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 228.17 418.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 250.67 418.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 261.50 418.10 Td ($9.1 ) Tj ET Q
q 0 0 0 rg BT 281.50 418.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 312.89 418.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 323.17 418.10 Td (2012.) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (Profit ) Tj ET Q
q 0 0 0 rg BT 76.39 394.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 101.67 394.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 136.94 394.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 155.00 394.10 Td (contingent ) Tj ET Q
q 0 0 0 rg BT 201.40 394.10 Td (rental ) Tj ET Q
q 0 0 0 rg BT 228.34 394.10 Td (expense) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 353.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 353.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 353.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 353.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 353.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 353.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
441.50 353.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 353.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 353.60 55.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 353.6 m
320.5 353.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 353.6 m
378.5 353.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
382.5 353.6 m
437.5 353.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
441.5 353.6 m
495.5 353.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
499.5 353.6 m
554.5 353.6 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 373.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 434.00 373.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.10 373.28 Td (Change) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 358.31 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 355.00 358.28 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 414.35 358.27 Td (2011) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 487.00 358.28 Td ($) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 541.00 358.28 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 343.27 Td (Profit share expense) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 364.65 343.28 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.65 343.27 Td (482) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 473.30 343.32 Td (\(482) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 343.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 540.65 343.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 328.27 Td (Contingent rental expense) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 347.15 328.28 Td (54,612) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 423.65 328.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 464.15 328.27 Td (54,612) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 540.65 328.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 300.10 Td (Profit ) Tj ET Q
q 0 0 0 rg BT 75.35 300.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 99.01 300.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 133.79 300.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 144.14 300.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 158.92 300.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 178.70 300.10 Td (ended ) Tj ET Q
q 0 0 0 rg BT 205.14 300.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 248.79 300.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 263.86 300.10 Td (201) Tj ET Q
q 0 0 0 rg BT 278.49 300.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 286.06 300.10 Td (relates ) Tj ET Q
q 0 0 0 rg BT 314.72 300.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 325.07 300.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 339.85 300.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 370.75 300.10 Td (leased ) Tj ET Q
q 0 0 0 rg BT 398.31 300.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 420.31 300.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 441.22 300.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 475.44 300.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 492.45 300.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 510.57 300.10 Td (calculated ) Tj ET Q
q 0 0 0 rg BT 553.67 300.10 Td (as ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 288.10 Td (20% ) Tj ET Q
q 0 0 0 rg BT 70.83 288.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 81.48 288.10 Td (TCE ) Tj ET Q
q 0 0 0 rg BT 102.87 288.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 113.14 288.10 Td (excess ) Tj ET Q
q 0 0 0 rg BT 141.74 288.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 152.57 288.10 Td (daily ) Tj ET Q
q 0 0 0 rg BT 175.07 288.10 Td (base ) Tj ET Q
q 0 0 0 rg BT 195.34 288.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 225.59 288.10 Td (hire. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 264.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.49 264.10 Td (contingent ) Tj ET Q
q 0 0 0 rg BT 113.64 264.10 Td (rental ) Tj ET Q
q 0 0 0 rg BT 139.34 264.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 174.49 264.10 Td (represents ) Tj ET Q
q 0 0 0 rg BT 217.96 264.10 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 254.79 264.10 Td (accrued ) Tj ET Q
q 0 0 0 rg BT 288.81 264.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 330.64 264.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 365.79 264.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 376.50 264.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 406.65 264.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 437.34 264.10 Td (parties. ) Tj ET Q
q 0 0 0 rg BT 469.43 264.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 480.70 264.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 524.73 264.10 Td (201) Tj ET Q
q 0 0 0 rg BT 539.36 264.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 549.79 264.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 252.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 91.15 252.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 107.84 252.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 128.44 252.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 162.35 252.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 191.26 252.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 201.29 252.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 207.99 252.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 225.23 252.10 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 265.26 252.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 275.84 252.10 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 280.84 252.10 Td (6,500) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 303.34 252.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 305.60 252.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 320.63 252.10 Td (day ) Tj ET Q
q 0 0 0 rg BT 337.33 252.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 351.25 252.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 363.50 252.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 394.09 252.10 Td (leased ) Tj ET Q
q 0 0 0 rg BT 421.33 252.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 443.03 252.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 463.63 252.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 497.54 252.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 522.57 252.10 Td (long-term ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 240.10 Td (leases ) Tj ET Q
q 0 0 0 rg BT 76.13 240.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 90.04 240.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 96.74 240.10 Td (four) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 113.40 240.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 115.65 240.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 135.11 240.10 Td (period ) Tj ET Q
q 0 0 0 rg BT 162.91 240.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 180.16 240.10 Td (commenced ) Tj ET Q
q 0 0 0 rg BT 230.72 240.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 242.98 240.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 276.33 240.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 286.08 240.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 310.67 240.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 328.47 240.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 369.61 240.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 387.42 240.10 Td (compensate ) Tj ET Q
q 0 0 0 rg BT 436.88 240.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 457.47 240.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 491.38 240.10 Td (with ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 511.41 240.10 Td (100%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 534.74 240.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 537.00 240.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 547.58 240.10 Td (any ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 228.10 Td (dif) Tj ET Q
q 0 0 0 rg BT 60.93 228.10 Td (ference ) Tj ET Q
q 0 0 0 rg BT 92.62 228.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 128.22 228.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 142.72 228.10 Td (renegotiated ) Tj ET Q
q 0 0 0 rg BT 194.42 228.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 215.58 228.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 232.30 228.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 246.80 228.10 Td (average ) Tj ET Q
q 0 0 0 rg BT 280.16 228.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 306.88 228.10 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 343.04 228.10 Td (up ) Tj ET Q
q 0 0 0 rg BT 355.32 228.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 365.38 228.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 379.88 228.10 Td (original ) Tj ET Q
q 0 0 0 rg BT 413.27 228.10 Td (contract ) Tj ET Q
q 0 0 0 rg BT 447.75 228.10 Td (rates. ) Tj ET Q
q 0 0 0 rg BT 471.41 228.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 482.02 228.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 525.39 228.10 Td (201) Tj ET Q
q 0 0 0 rg BT 540.02 228.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 549.80 228.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 216.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 91.27 216.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 109.75 216.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 138.78 216.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 148.94 216.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 155.75 216.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 173.12 216.10 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 213.26 216.10 Td (on ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.64 216.10 Td (four) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 242.30 216.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 244.68 216.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 275.39 216.10 Td (whereby ) Tj ET Q
q 0 0 0 rg BT 312.20 216.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 326.79 216.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 368.06 216.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 386.00 216.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 402.81 216.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 409.63 216.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 443.66 216.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 461.02 216.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 477.84 216.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 489.66 216.10 Td (additional ) Tj ET Q
q 0 0 0 rg BT 532.03 216.10 Td (amount ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 204.10 Td (dependent ) Tj ET Q
q 0 0 0 rg BT 93.49 204.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 105.88 204.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 120.49 204.10 Td (actual ) Tj ET Q
q 0 0 0 rg BT 146.75 204.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 176.90 204.10 Td (rate. ) Tj ET Q
q 0 0 0 rg BT 196.61 204.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 214.55 204.10 Td (contingent ) Tj ET Q
q 0 0 0 rg BT 259.15 204.10 Td (rental ) Tj ET Q
q 0 0 0 rg BT 284.31 204.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 318.90 204.10 Td (represents ) Tj ET Q
q 0 0 0 rg BT 361.83 204.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 376.44 204.10 Td (additional ) Tj ET Q
q 0 0 0 rg BT 418.82 204.10 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 455.10 204.10 Td (accrued ) Tj ET Q
q 0 0 0 rg BT 488.58 204.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 499.30 204.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 506.13 204.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 530.74 204.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 541.46 204.10 Td (these ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 192.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 80.25 192.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 103.30 192.10 Td (amendments. ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 168.10 Td (Charter hire expenses) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 127.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 127.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endobj
188 0 obj
<<
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>>
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BT /F1 9.00 Tf ET
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320.5 466.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 466.6 m
378.5 466.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
382.5 466.6 m
437.5 466.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
441.5 466.6 m
495.5 466.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
499.5 466.6 m
554.5 466.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 466.6 m
378.5 466.6 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 486.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 327.00 486.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.10 486.28 Td (Change) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 471.31 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 355.00 471.28 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 414.35 471.27 Td (2011) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 487.00 471.28 Td ($) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 541.00 471.28 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 456.27 Td (Depreciation) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 342.15 456.28 Td (114,845) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.15 456.27 Td (195,597) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 460.80 456.32 Td (\(80,752) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 456.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 529.80 456.32 Td (\(41.3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 456.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 441.27 Td (Impairment loss) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 347.15 441.28 Td (32,042) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.15 441.27 Td (121,443) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 460.80 441.32 Td (\(89,401) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 441.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 529.80 441.32 Td (\(73.6) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 441.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 413.10 Td (Depreciation ) Tj ET Q
q 0 0 0 rg BT 104.03 413.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 119.75 413.10 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 161.56 413.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 171.73 413.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 194.12 413.10 Td (compared ) Tj ET Q
q 0 0 0 rg BT 235.94 413.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 256.11 413.10 Td (201) Tj ET Q
q 0 0 0 rg BT 270.74 413.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 278.13 413.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 288.85 413.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 295.68 413.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 320.29 413.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 331.01 413.10 Td (\(i\) ) Tj ET Q
q 0 0 0 rg BT 342.84 413.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 357.45 413.10 Td (five ) Tj ET Q
q 0 0 0 rg BT 375.39 413.10 Td (double-hull ) Tj ET Q
q 0 0 0 rg BT 423.88 413.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 462.93 413.10 Td (tankers, ) Tj ET Q
q 0 0 0 rg BT 496.70 413.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 523.53 413.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 545.35 413.10 Td (sold ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 401.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 59.61 401.10 Td (unrelated ) Tj ET Q
q 0 0 0 rg BT 98.64 401.10 Td (third ) Tj ET Q
q 0 0 0 rg BT 119.35 401.10 Td (parties ) Tj ET Q
q 0 0 0 rg BT 147.83 401.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 182.98 401.10 Td (October ) Tj ET Q
q 0 0 0 rg BT 217.01 401.10 Td (201) Tj ET Q
q 0 0 0 rg BT 231.64 401.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 238.47 401.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 254.73 401.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 282.66 401.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 306.99 401.10 Td (\(ii\) ) Tj ET Q
q 0 0 0 rg BT 321.03 401.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 335.08 401.10 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 374.67 401.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 384.27 401.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 398.32 401.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 433.46 401.10 Td (cost ) Tj ET Q
q 0 0 0 rg BT 451.40 401.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 461.55 401.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 491.71 401.10 Td (held ) Tj ET Q
q 0 0 0 rg BT 510.76 401.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 535.35 401.10 Td (capital ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 389.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 72.49 389.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 113.87 389.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 128.59 389.10 Td (restructuring ) Tj ET Q
q 0 0 0 rg BT 182.18 389.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 192.46 389.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 236.04 389.10 Td (201) Tj ET Q
q 0 0 0 rg BT 250.67 389.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 260.67 389.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 277.61 389.10 Td (\(iii\) ) Tj ET Q
q 0 0 0 rg BT 295.11 389.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 309.82 389.10 Td (ten ) Tj ET Q
q 0 0 0 rg BT 324.54 389.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 355.37 389.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 372.87 389.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 394.79 389.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 413.96 389.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 424.24 389.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 463.41 389.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 485.91 389.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 496.19 389.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 539.77 389.10 Td (201) Tj ET Q
q 0 0 0 rg BT 554.40 389.10 Td (1.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 365.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.78 365.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 118.11 365.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 136.90 365.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 147.91 365.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 171.14 365.10 Td (relates ) Tj ET Q
q 0 0 0 rg BT 200.47 365.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 211.48 365.10 Td (four ) Tj ET Q
q 0 0 0 rg BT 231.37 365.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 255.71 365.10 Td (carriers, ) Tj ET Q
q 0 0 0 rg BT 291.42 365.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 319.09 365.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 341.75 365.10 Td (held ) Tj ET Q
q 0 0 0 rg BT 362.20 365.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 388.20 365.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 418.08 365.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 441.30 365.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 458.97 365.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 476.64 365.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 516.52 365.10 Td (tanker) Tj ET Q
q 0 0 0 rg BT 540.96 365.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 546.46 365.10 Td (The ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 353.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 98.25 353.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 115.96 353.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 125.89 353.10 Td (201) Tj ET Q
q 0 0 0 rg BT 140.52 353.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 147.67 353.10 Td (relates ) Tj ET Q
q 0 0 0 rg BT 175.92 353.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 185.84 353.10 Td (five ) Tj ET Q
q 0 0 0 rg BT 203.54 353.10 Td (double ) Tj ET Q
q 0 0 0 rg BT 232.91 353.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 250.62 353.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 289.42 353.10 Td (tankers. ) Tj ET Q
q 0 0 0 rg BT 322.95 353.10 Td (Four ) Tj ET Q
q 0 0 0 rg BT 343.99 353.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 354.48 353.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 377.17 353.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 407.65 353.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 429.23 353.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 448.05 353.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 457.98 353.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 472.35 353.10 Td (fourth ) Tj ET Q
q 0 0 0 rg BT 498.94 353.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 529.41 353.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 539.89 353.10 Td (201) Tj ET Q
q 0 0 0 rg BT 554.52 353.10 Td (1. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 341.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.05 341.10 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 111.09 341.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 138.03 341.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 156.08 341.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 175.25 341.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 185.53 341.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 200.24 341.10 Td (first ) Tj ET Q
q 0 0 0 rg BT 218.85 341.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 249.67 341.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 260.50 341.10 Td (2012.) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 317.10 Td (Interest ) Tj ET Q
q 0 0 0 rg BT 84.17 317.10 Td (income) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 276.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 276.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 276.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 276.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 276.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 276.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
441.50 276.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 276.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 276.60 55.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 276.6 m
320.5 276.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 276.6 m
378.5 276.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
382.5 276.6 m
437.5 276.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
441.5 276.6 m
495.5 276.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
499.5 276.6 m
554.5 276.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 276.6 m
378.5 276.6 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 296.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 327.00 296.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.10 296.28 Td (Change) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 281.31 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 355.00 281.28 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 414.35 281.27 Td (2011) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 487.00 281.28 Td ($) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 541.00 281.28 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 266.27 Td (Interest income) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 359.65 266.28 Td (130) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 411.15 266.27 Td (3,958) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 465.80 266.32 Td (\(3,828) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 266.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 529.80 266.32 Td (\(96.7) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 266.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (Interest ) Tj ET Q
q 0 0 0 rg BT 82.37 238.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 114.18 238.10 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 155.97 238.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 166.13 238.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 188.51 238.10 Td (compared ) Tj ET Q
q 0 0 0 rg BT 230.32 238.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 250.48 238.10 Td (201) Tj ET Q
q 0 0 0 rg BT 265.10 238.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 272.49 238.10 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 312.08 238.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 322.79 238.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 329.61 238.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 354.20 238.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 364.91 238.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 398.94 238.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 430.75 238.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 462.57 238.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 472.73 238.10 Td (ITCL) Tj ET Q
q 0 0 0 rg BT 494.57 238.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 496.95 238.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 507.66 238.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 514.48 238.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 539.08 238.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 549.79 238.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (utilization ) Tj ET Q
q 0 0 0 rg BT 93.20 226.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 104.19 226.10 Td (restricted ) Tj ET Q
q 0 0 0 rg BT 144.05 226.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 164.48 226.10 Td (balances ) Tj ET Q
q 0 0 0 rg BT 201.56 226.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 212.00 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 226.87 226.10 Td (ITCL) Tj ET Q
q 0 0 0 rg BT 248.72 226.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 251.37 226.10 Td (group ) Tj ET Q
q 0 0 0 rg BT 277.36 226.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 287.80 226.10 Td (settle ) Tj ET Q
q 0 0 0 rg BT 311.56 226.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 318.66 226.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 347.96 226.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 370.61 226.10 Td (obligation ) Tj ET Q
q 0 0 0 rg BT 413.82 226.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 424.25 226.10 Td (July ) Tj ET Q
q 0 0 0 rg BT 443.58 226.10 Td (201) Tj ET Q
q 0 0 0 rg BT 458.21 226.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 465.87 226.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 482.96 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 497.84 226.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 546.59 226.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 557.58 226.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td (funding ) Tj ET Q
q 0 0 0 rg BT 83.61 214.10 Td (agreement ) Tj ET Q
q 0 0 0 rg BT 127.75 214.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 138.03 214.10 Td (ITCL) Tj ET Q
q 0 0 0 rg BT 159.87 214.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 162.37 214.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 172.65 214.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 201.25 214.10 Td (201) Tj ET Q
q 0 0 0 rg BT 215.88 214.10 Td (1.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (Interest expense) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 149.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 149.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 149.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 149.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 149.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 149.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
441.50 149.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 149.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 149.60 55.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 149.60000000000002 m
320.5 149.60000000000002 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 149.60000000000002 m
378.5 149.60000000000002 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
382.5 149.60000000000002 m
437.5 149.60000000000002 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
441.5 149.60000000000002 m
495.5 149.60000000000002 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
499.5 149.60000000000002 m
554.5 149.60000000000002 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 149.60000000000002 m
378.5 149.60000000000002 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 169.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 327.00 169.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.10 169.28 Td (Change) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 154.31 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 355.00 154.28 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 414.35 154.27 Td (2011) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 487.00 154.28 Td ($) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 541.00 154.28 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 139.27 Td (Interest expense) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 347.15 139.28 Td (94,962) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.15 139.27 Td (141,497) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 139.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 529.80 139.32 Td (\(32.9) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 233.81 111.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 254.09 111.10 Td (201) Tj ET Q
q 0 0 0 rg BT 268.72 111.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 276.22 111.10 Td (primarily ) Tj ET Q
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q 0 0 0 rg BT 332.87 111.10 Td (to ) Tj ET Q
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q 0 0 0 rg BT 357.86 111.10 Td (following ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 262.08 87.10 Td ($26.9 ) Tj ET Q
q 0 0 0 rg BT 286.81 87.10 Td (million ) Tj ET Q
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q 0 0 0 rg BT 327.94 87.10 Td (2012 ) Tj ET Q
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q 0 0 0 rg BT 391.29 87.10 Td (renegotiation ) Tj ET Q
q 0 0 0 rg BT 446.28 87.10 Td (in ) Tj ET Q
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q 0 0 0 rg BT 499.61 87.10 Td (201) Tj ET Q
q 0 0 0 rg BT 514.24 87.10 Td (1 ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 207.25 75.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 236.24 75.10 Td (lease. ) Tj ET Q
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q 0 0 0 rg BT 369.03 75.10 Td (five ) Tj ET Q
q 0 0 0 rg BT 386.92 75.10 Td (OBO ) Tj ET Q
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q 0 0 0 rg BT 459.48 75.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 476.26 75.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 515.26 75.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 542.59 75.10 Td (were ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 141.54 63.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 164.04 63.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 180.98 63.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 222.07 63.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 234.57 63.10 Td (three ) Tj ET Q
q 0 0 0 rg BT 257.05 63.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 280.67 63.10 Td (carriers ) Tj ET Q
q 0 0 0 rg BT 313.14 63.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 330.08 63.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 346.84 63.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 376.01 63.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 397.94 63.10 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 443.20 63.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 453.48 63.10 Td (201) Tj ET Q
q 0 0 0 rg BT 468.10 63.10 Td (1.) Tj ET Q
endstream
endobj
189 0 obj
<<
/Length 32172
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 108.93 742.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 140.75 742.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 175.34 742.10 Td (decreased ) Tj ET Q
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q 0 0 0 rg BT 229.53 742.10 Td ($13.3 ) Tj ET Q
q 0 0 0 rg BT 254.41 742.10 Td (million ) Tj ET Q
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q 0 0 0 rg BT 295.85 742.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 320.57 742.10 Td (This ) Tj ET Q
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q 0 0 0 rg BT 398.26 742.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 415.09 742.10 Td (to ) Tj ET Q
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q 0 0 0 rg BT 437.08 742.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 443.90 742.10 Td (decrease ) Tj ET Q
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q 0 0 0 rg BT 516.30 742.10 Td (million ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 264.48 730.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 284.01 730.10 Td (in ) Tj ET Q
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q 0 0 0 rg BT 351.58 730.10 Td ($666.3 ) Tj ET Q
q 0 0 0 rg BT 381.39 730.10 Td (million ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 306.69 718.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 312.99 718.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 349.27 718.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 359.46 718.10 Td ($2.6 ) Tj ET Q
q 0 0 0 rg BT 378.83 718.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 409.58 718.10 Td (due ) Tj ET Q
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q 0 0 0 rg BT 435.52 718.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 449.60 718.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 467.01 718.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 477.21 718.10 Td (five ) Tj ET Q
q 0 0 0 rg BT 494.62 718.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 533.13 718.10 Td (tankers ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 706.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 95.91 706.10 Td (201) Tj ET Q
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q 0 0 0 rg BT 285.04 706.10 Td (\(iii\) ) Tj ET Q
q 0 0 0 rg BT 302.17 706.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 308.74 706.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 345.29 706.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 355.75 706.10 Td ($2.3 ) Tj ET Q
q 0 0 0 rg BT 375.38 706.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 406.41 706.10 Td (in ) Tj ET Q
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q 0 0 0 rg BT 447.88 706.10 Td (on ) Tj ET Q
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q 0 0 0 rg BT 479.62 706.10 Td (erm ) Tj ET Q
q 0 0 0 rg BT 497.30 706.10 Td (Notes ) Tj ET Q
q 0 0 0 rg BT 522.76 706.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 533.23 706.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 539.80 706.10 Td (result ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 221.91 694.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 247.19 694.10 Td (These ) Tj ET Q
q 0 0 0 rg BT 274.06 694.10 Td (factors ) Tj ET Q
q 0 0 0 rg BT 304.27 694.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 326.69 694.10 Td (partially ) Tj ET Q
q 0 0 0 rg BT 363.01 694.10 Td (of) Tj ET Q
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q 0 0 0 rg BT 401.59 694.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 414.03 694.10 Td (increase ) Tj ET Q
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q 0 0 0 rg BT 528.19 694.10 Td (of ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 541.47 648.10 Td (write ) Tj ET Q
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BT /F5 10.00 Tf ET
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0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 559.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 559.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 559.60 54.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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378.50 559.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 559.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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0.8 0.9333333333333333 1 rg
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441.50 559.60 54.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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495.50 559.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 559.6 m
320.5 559.6 l
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0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 559.6 m
378.5 559.6 l
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0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
382.5 559.6 m
437.5 559.6 l
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0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
441.5 559.6 m
495.5 559.6 l
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/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
499.5 559.6 m
554.5 559.6 l
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3 M
324.5 559.6 m
378.5 559.6 l
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 327.00 579.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
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BT /F4 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 433.65 549.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 476.65 549.27 Td (596) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 529.80 549.32 Td (\(99.3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 549.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 521.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 63.09 521.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 73.39 521.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 116.45 521.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 130.93 521.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 155.40 521.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 169.59 521.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 210.46 521.10 Td (accounted ) Tj ET Q
q 0 0 0 rg BT 252.96 521.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 266.60 521.10 Td (five ) Tj ET Q
q 0 0 0 rg BT 284.12 521.10 Td (investees ) Tj ET Q
q 0 0 0 rg BT 322.75 521.10 Td (\(December ) Tj ET Q
q 0 0 0 rg BT 369.14 521.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 383.62 521.10 Td (201) Tj ET Q
q 0 0 0 rg BT 398.24 521.10 Td (1: ) Tj ET Q
q 0 0 0 rg BT 408.00 521.10 Td (six ) Tj ET Q
q 0 0 0 rg BT 421.64 521.10 Td (investees\) ) Tj ET Q
q 0 0 0 rg BT 463.60 521.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 488.35 521.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 502.54 521.10 Td (equity ) Tj ET Q
q 0 0 0 rg BT 529.51 521.10 Td (method. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 509.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.08 509.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 109.50 509.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 155.90 509.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 162.87 509.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 182.62 509.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 193.48 509.10 Td ($0.7 ) Tj ET Q
q 0 0 0 rg BT 213.51 509.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 244.94 509.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 255.25 509.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 270.00 509.10 Td (second ) Tj ET Q
q 0 0 0 rg BT 300.30 509.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 331.15 509.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 342.01 509.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 364.55 509.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 377.08 509.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 391.83 509.10 Td (dilution ) Tj ET Q
q 0 0 0 rg BT 425.48 509.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 436.34 509.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 448.32 509.10 Td (ownership ) Tj ET Q
q 0 0 0 rg BT 492.51 509.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 502.83 509.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 542.02 509.10 Td (2012 ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 497.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 71.94 497.10 Td (8.8% ) Tj ET Q
q 0 0 0 rg BT 95.27 497.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 105.55 497.10 Td (7.9% ) Tj ET Q
q 0 0 0 rg BT 128.88 497.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 170.26 497.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 184.98 497.10 Td (private ) Tj ET Q
q 0 0 0 rg BT 215.24 497.10 Td (placement ) Tj ET Q
q 0 0 0 rg BT 258.83 497.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 271.33 497.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 310.50 497.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 333.00 497.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 343.28 497.10 Td (May ) Tj ET Q
q 0 0 0 rg BT 364.11 497.10 Td (2012.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 485.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 473.10 Td (Other income \(expenses\)) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 432.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 432.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 432.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 432.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 432.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 432.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
441.50 432.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 432.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 432.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 402.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 402.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 402.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 402.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 402.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 402.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
441.50 402.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 402.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 402.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 372.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 372.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 372.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 372.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 372.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 372.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
441.50 372.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 372.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 372.60 55.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 432.6 m
320.5 432.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 432.6 m
378.5 432.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
382.5 432.6 m
437.5 432.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
441.5 432.6 m
495.5 432.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
499.5 432.6 m
554.5 432.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 432.6 m
378.5 432.6 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 452.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 327.00 452.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.10 452.28 Td (Change) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 437.31 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 355.00 437.28 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 414.35 437.27 Td (2011) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 487.00 437.28 Td ($) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 541.00 437.28 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 422.27 Td (Foreign currency exchange gains) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 364.65 422.28 Td (84) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.65 422.27 Td (106) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 478.30 422.32 Td (\(22) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 422.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 529.80 422.32 Td (\(20.8) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 422.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 407.27 Td (Mark to market of derivatives) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 348.80 407.33 Td (\(1,725) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 374.65 407.28 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.65 407.27 Td (390) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 465.80 407.32 Td (\(2,115) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 407.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 524.80 407.32 Td (\(542.3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 407.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 392.27 Td (Loss on sale of securities) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 364.65 392.28 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 407.80 392.32 Td (\(3,355) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 433.65 392.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 469.15 392.27 Td (3,355) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 540.65 392.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 377.27 Td (Gain on redemption of debt) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 352.15 377.28 Td (4,600) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 423.65 377.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 469.15 377.27 Td (4,600) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 540.65 377.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 362.27 Td (Dividends received, net) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 359.65 362.28 Td (134) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.65 362.27 Td (113) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 481.65 362.27 Td (21) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 533.15 362.27 Td (18.6) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 347.27 Td (Other non-operating items, net) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 352.15 347.28 Td (1,110) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 406.15 347.27 Td (12,005) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 460.80 347.32 Td (\(10,895) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 347.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 529.80 347.32 Td (\(90.8) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 347.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 319.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.05 319.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 86.11 319.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 103.05 319.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 122.76 319.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 133.04 319.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 155.54 319.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 172.48 319.10 Td (201) Tj ET Q
q 0 0 0 rg BT 187.11 319.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 197.11 319.10 Td (respectively) Tj ET Q
q 0 0 0 rg BT 244.77 319.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 249.77 319.10 Td (relate ) Tj ET Q
q 0 0 0 rg BT 274.47 319.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 284.75 319.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 299.47 319.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 346.55 319.10 Td (trading ) Tj ET Q
q 0 0 0 rg BT 377.37 319.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 387.65 319.10 Td (freight ) Tj ET Q
q 0 0 0 rg BT 416.81 319.10 Td (forward ) Tj ET Q
q 0 0 0 rg BT 450.96 319.10 Td (agreements.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 295.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.05 295.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 86.11 295.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 98.61 295.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 116.66 295.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 127.49 295.10 Td (securities ) Tj ET Q
q 0 0 0 rg BT 167.75 295.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 178.03 295.10 Td (201) Tj ET Q
q 0 0 0 rg BT 192.66 295.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 200.16 295.10 Td (resulted ) Tj ET Q
q 0 0 0 rg BT 234.31 295.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 256.25 295.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 270.97 295.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 289.01 295.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 299.84 295.10 Td (securities ) Tj ET Q
q 0 0 0 rg BT 340.11 295.10 Td (held ) Tj ET Q
q 0 0 0 rg BT 359.82 295.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 370.10 295.10 Td (OSG ) Tj ET Q
q 0 0 0 rg BT 392.61 295.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 402.89 295.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 436.48 295.10 Td (201) Tj ET Q
q 0 0 0 rg BT 451.11 295.10 Td (1.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 271.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.39 271.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 88.44 271.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 101.28 271.10 Td (redemption ) Tj ET Q
q 0 0 0 rg BT 149.66 271.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 160.83 271.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 180.88 271.10 Td (resulted ) Tj ET Q
q 0 0 0 rg BT 215.38 271.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 237.65 271.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 252.71 271.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 300.13 271.10 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 338.50 271.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 349.67 271.10 Td ($10.0 ) Tj ET Q
q 0 0 0 rg BT 375.01 271.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 406.74 271.10 Td (notional ) Tj ET Q
q 0 0 0 rg BT 442.35 271.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 466.84 271.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 478.01 271.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 490.30 271.10 Td (convertible ) Tj ET Q
q 0 0 0 rg BT 538.12 271.10 Td (bonds ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 259.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 64.16 259.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 71.10 259.10 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 109.14 259.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 131.62 259.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 142.45 259.10 Td ($5.4 ) Tj ET Q
q 0 0 0 rg BT 162.45 259.10 Td (million. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 235.10 Td (Other ) Tj ET Q
q 0 0 0 rg BT 75.44 235.10 Td (non-operating ) Tj ET Q
q 0 0 0 rg BT 134.20 235.10 Td (items, ) Tj ET Q
q 0 0 0 rg BT 161.04 235.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 175.93 235.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 186.38 235.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 209.05 235.10 Td (mainly ) Tj ET Q
q 0 0 0 rg BT 239.49 235.10 Td (comprises ) Tj ET Q
q 0 0 0 rg BT 282.71 235.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 293.71 235.10 Td ($1.3 ) Tj ET Q
q 0 0 0 rg BT 313.88 235.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 345.44 235.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 355.89 235.10 Td (respect ) Tj ET Q
q 0 0 0 rg BT 386.88 235.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 397.88 235.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 412.77 235.10 Td (amortization ) Tj ET Q
q 0 0 0 rg BT 465.98 235.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 476.98 235.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 512.95 235.10 Td (gains. ) Tj ET Q
q 0 0 0 rg BT 539.23 235.10 Td (Other ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 223.10 Td (non-operating ) Tj ET Q
q 0 0 0 rg BT 108.82 223.10 Td (items, ) Tj ET Q
q 0 0 0 rg BT 135.72 223.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 150.66 223.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 161.17 223.10 Td (201) Tj ET Q
q 0 0 0 rg BT 175.80 223.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 183.53 223.10 Td (includes ) Tj ET Q
q 0 0 0 rg BT 219.58 223.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 226.75 223.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 246.70 223.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 257.76 223.10 Td ($8.8 ) Tj ET Q
q 0 0 0 rg BT 277.99 223.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 309.61 223.10 Td (arising ) Tj ET Q
q 0 0 0 rg BT 339.56 223.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 352.29 223.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 367.23 223.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 416.06 223.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 427.12 223.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 434.29 223.10 Td (funding ) Tj ET Q
q 0 0 0 rg BT 468.13 223.10 Td (agreement ) Tj ET Q
q 0 0 0 rg BT 512.50 223.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 523.00 223.10 Td (ITCL) Tj ET Q
q 0 0 0 rg BT 544.85 223.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 547.58 223.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 211.10 Td ($4.4 ) Tj ET Q
q 0 0 0 rg BT 69.70 211.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 100.79 211.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 110.77 211.10 Td (respect ) Tj ET Q
q 0 0 0 rg BT 141.28 211.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 151.81 211.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 166.22 211.10 Td (amortization ) Tj ET Q
q 0 0 0 rg BT 218.96 211.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 229.49 211.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 264.99 211.10 Td (gains, ) Tj ET Q
q 0 0 0 rg BT 290.80 211.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 317.44 211.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 338.51 211.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 359.59 211.10 Td (partially ) Tj ET Q
q 0 0 0 rg BT 395.11 211.10 Td (of) Tj ET Q
q 0 0 0 rg BT 403.26 211.10 Td (fset ) Tj ET Q
q 0 0 0 rg BT 419.90 211.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 432.09 211.10 Td (solicitation ) Tj ET Q
q 0 0 0 rg BT 478.73 211.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 500.93 211.10 Td (associated ) Tj ET Q
q 0 0 0 rg BT 544.22 211.10 Td (with ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 199.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.72 199.10 Td (ITCL) Tj ET Q
q 0 0 0 rg BT 86.56 199.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 89.06 199.10 Td (bonds ) Tj ET Q
q 0 0 0 rg BT 115.45 199.10 Td (of ) Tj ET Q
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q 0 0 0 rg BT 247.93 199.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 258.76 199.10 Td ($0.7 ) Tj ET Q
q 0 0 0 rg BT 278.76 199.10 Td (million. ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F5 10.00 Tf ET
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50.50 134.60 270.00 -15.00 re f
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/GS0 gs
320.50 134.60 4.00 -15.00 re f
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324.50 134.60 54.00 -15.00 re f
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F4 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 98.45 96.10 Td (attributable ) Tj ET Q
q 0 0 0 rg BT 146.28 96.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 156.35 96.10 Td (noncontrolling ) Tj ET Q
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q 0 0 0 rg BT 519.46 96.10 Td (of ) Tj ET Q
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q 0 0 0 rg BT 554.22 96.10 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 188.84 84.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 279.10 84.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 296.60 84.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 311.31 84.10 Td (income.) Tj ET Q
BT /F2 10.00 Tf ET
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q 0 0 0 rg BT 143.50 60.10 Td ( 31, 201) Tj ET Q
q 0 0 0 rg BT 175.44 60.10 Td (1 compar) Tj ET Q
q 0 0 0 rg BT 215.53 60.10 Td (ed with the year) Tj ET Q
q 0 0 0 rg BT 283.95 60.10 Td ( ended December) Tj ET Q
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endstream
endobj
190 0 obj
<<
/Length 32009
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F5 10.00 Tf ET
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320.50 701.75 4.00 -15.00 re f
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.10 721.43 Td (Change) Tj ET Q
BT /F4 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 82.31 603.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 112.56 603.25 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 150.60 603.25 Td (decreased ) Tj ET Q
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q 0 0 0 rg BT 202.79 603.25 Td (201) Tj ET Q
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q 0 0 0 rg BT 224.92 603.25 Td (compared ) Tj ET Q
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q 0 0 0 rg BT 339.34 603.25 Td (due ) Tj ET Q
q 0 0 0 rg BT 356.27 603.25 Td (to ) Tj ET Q
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q 0 0 0 rg BT 381.27 603.25 Td (following ) Tj ET Q
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q 0 0 0 rg BT 209.46 579.25 Td (rates ) Tj ET Q
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q 0 0 0 rg BT 244.19 579.25 Td (double ) Tj ET Q
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q 0 0 0 rg BT 512.99 579.25 Td (and ) Tj ET Q
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q 0 0 0 rg BT 236.16 567.25 Td ($12,600 ) Tj ET Q
q 0 0 0 rg BT 271.16 567.25 Td (in ) Tj ET Q
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q 0 0 0 rg BT 306.06 567.25 Td (respectively) Tj ET Q
q 0 0 0 rg BT 353.72 567.25 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 292.01 543.25 Td (moved ) Tj ET Q
q 0 0 0 rg BT 321.69 543.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 331.93 543.25 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 368.82 543.25 Td (charters ) Tj ET Q
q 0 0 0 rg BT 402.93 543.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 413.17 543.25 Td (201) Tj ET Q
q 0 0 0 rg BT 427.80 543.25 Td (1, ) Tj ET Q
q 0 0 0 rg BT 437.76 543.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 464.66 543.25 Td (together ) Tj ET Q
q 0 0 0 rg BT 499.89 543.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 520.13 543.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 534.81 543.25 Td (impact ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 531.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 96.83 531.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 111.55 531.25 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 151.81 531.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 162.09 531.25 Td (average ) Tj ET Q
q 0 0 0 rg BT 195.49 531.25 Td (TCE ) Tj ET Q
q 0 0 0 rg BT 216.88 531.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 238.26 531.25 Td (resulted ) Tj ET Q
q 0 0 0 rg BT 272.41 531.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 282.69 531.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 289.63 531.25 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 326.54 531.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 336.82 531.25 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 368.20 531.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 398.45 531.25 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 436.49 531.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 447.32 531.25 Td ($156.5 ) Tj ET Q
q 0 0 0 rg BT 477.32 531.25 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 507.25 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 507.25 Td (Pool ) Tj ET Q
q 0 0 0 rg BT 106.84 507.25 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 143.22 507.25 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 185.13 507.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 197.63 507.25 Td ($14.5 ) Tj ET Q
q 0 0 0 rg BT 222.63 507.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 254.02 507.25 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 293.73 507.25 Td (due ) Tj ET Q
q 0 0 0 rg BT 310.67 507.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 320.95 507.25 Td (weakermarket ) Tj ET Q
q 0 0 0 rg BT 382.58 507.25 Td (conditions.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 483.25 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 483.25 Td (T) Tj ET Q
q 0 0 0 rg BT 91.76 483.25 Td (rading ) Tj ET Q
q 0 0 0 rg BT 119.74 483.25 Td (days ) Tj ET Q
q 0 0 0 rg BT 140.50 483.25 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 182.35 483.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 192.56 483.25 Td (201) Tj ET Q
q 0 0 0 rg BT 207.19 483.25 Td (1 ) Tj ET Q
q 0 0 0 rg BT 214.62 483.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 225.38 483.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 232.26 483.25 Td (result ) Tj ET Q
q 0 0 0 rg BT 256.91 483.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 267.67 483.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 282.32 483.25 Td (sale ) Tj ET Q
q 0 0 0 rg BT 300.30 483.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 311.06 483.25 Td (four ) Tj ET Q
q 0 0 0 rg BT 330.15 483.25 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 369.24 483.25 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 400.55 483.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 417.42 483.25 Td (one ) Tj ET Q
q 0 0 0 rg BT 434.12 483.25 Td (VLCC. ) Tj ET Q
q 0 0 0 rg BT 465.72 483.25 Td (In ) Tj ET Q
q 0 0 0 rg BT 476.49 483.25 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 514.19 483.25 Td (two ) Tj ET Q
q 0 0 0 rg BT 531.45 483.25 Td (VLCCs ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 471.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 103.24 471.25 Td (one ) Tj ET Q
q 0 0 0 rg BT 120.48 471.25 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 159.94 471.25 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 187.73 471.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 205.53 471.25 Td (were ) Tj ET Q
q 0 0 0 rg BT 227.76 471.25 Td (chartered ) Tj ET Q
q 0 0 0 rg BT 267.75 471.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 278.33 471.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 291.14 471.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 306.16 471.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 347.85 471.25 Td (were ) Tj ET Q
q 0 0 0 rg BT 370.08 471.25 Td (redelivered ) Tj ET Q
q 0 0 0 rg BT 417.85 471.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 428.43 471.25 Td (their ) Tj ET Q
q 0 0 0 rg BT 449.56 471.25 Td (owners ) Tj ET Q
q 0 0 0 rg BT 481.24 471.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 491.83 471.25 Td (201) Tj ET Q
q 0 0 0 rg BT 506.45 471.25 Td (1. ) Tj ET Q
q 0 0 0 rg BT 516.14 471.25 Td (As ) Tj ET Q
q 0 0 0 rg BT 530.05 471.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 537.30 471.25 Td (result, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 459.25 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 124.04 459.25 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 165.95 459.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 178.45 459.25 Td ($38.5 ) Tj ET Q
q 0 0 0 rg BT 203.45 459.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 234.84 459.25 Td (compared ) Tj ET Q
q 0 0 0 rg BT 276.77 459.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 287.04 459.25 Td (2010.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 435.25 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 435.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 104.97 435.25 Td (redelivery ) Tj ET Q
q 0 0 0 rg BT 148.93 435.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 160.68 435.25 Td (all ) Tj ET Q
q 0 0 0 rg BT 174.10 435.25 Td (NA) Tj ET Q
q 0 0 0 rg BT 187.44 435.25 Td (TS ) Tj ET Q
q 0 0 0 rg BT 202.53 435.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 234.29 435.25 Td (chartered ) Tj ET Q
q 0 0 0 rg BT 274.90 435.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 286.10 435.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 299.53 435.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 315.17 435.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 357.48 435.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 368.68 435.25 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 392.11 435.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 405.53 435.25 Td (floating ) Tj ET Q
q 0 0 0 rg BT 440.06 435.25 Td (rate ) Tj ET Q
q 0 0 0 rg BT 458.47 435.25 Td (charters ) Tj ET Q
q 0 0 0 rg BT 493.54 435.25 Td (accounted ) Tj ET Q
q 0 0 0 rg BT 537.50 435.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 552.58 435.25 Td (an ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 423.25 Td (additional ) Tj ET Q
q 0 0 0 rg BT 128.49 423.25 Td ($54.8 ) Tj ET Q
q 0 0 0 rg BT 153.49 423.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 184.88 423.25 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 221.80 423.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 232.07 423.25 Td (revenue ) Tj ET Q
q 0 0 0 rg BT 266.22 423.25 Td (compared ) Tj ET Q
q 0 0 0 rg BT 308.14 423.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 318.42 423.25 Td (2010.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 399.25 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 399.25 Td (Demurrage ) Tj ET Q
q 0 0 0 rg BT 133.35 399.25 Td (income, ) Tj ET Q
q 0 0 0 rg BT 167.65 399.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 194.46 399.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 203.50 399.25 Td (classified ) Tj ET Q
q 0 0 0 rg BT 243.63 399.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 254.33 399.25 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 285.58 399.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 315.71 399.25 Td (revenue, ) Tj ET Q
q 0 0 0 rg BT 352.22 399.25 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 394.01 399.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 406.38 399.25 Td ($9.6 ) Tj ET Q
q 0 0 0 rg BT 426.25 399.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 457.51 399.25 Td (during ) Tj ET Q
q 0 0 0 rg BT 485.99 399.25 Td (201) Tj ET Q
q 0 0 0 rg BT 500.62 399.25 Td (1 ) Tj ET Q
q 0 0 0 rg BT 507.99 399.25 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 547.57 399.25 Td (due ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 387.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 96.28 387.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 103.22 387.25 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 140.13 387.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 150.41 387.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 165.13 387.25 Td (number ) Tj ET Q
q 0 0 0 rg BT 198.17 387.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 209.00 387.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 239.83 387.25 Td (trading ) Tj ET Q
q 0 0 0 rg BT 270.66 387.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 280.94 387.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 295.65 387.25 Td (spot ) Tj ET Q
q 0 0 0 rg BT 314.82 387.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 345.09 387.25 Td (during ) Tj ET Q
q 0 0 0 rg BT 373.70 387.25 Td (201) Tj ET Q
q 0 0 0 rg BT 388.32 387.25 Td (1 ) Tj ET Q
q 0 0 0 rg BT 395.82 387.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 412.76 387.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 419.70 387.25 Td (weaker ) Tj ET Q
q 0 0 0 rg BT 451.07 387.25 Td (market.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 363.25 Td (These ) Tj ET Q
q 0 0 0 rg BT 76.38 363.25 Td (factors ) Tj ET Q
q 0 0 0 rg BT 106.08 363.25 Td (were ) Tj ET Q
q 0 0 0 rg BT 128.01 363.25 Td (partially ) Tj ET Q
q 0 0 0 rg BT 163.83 363.25 Td (of) Tj ET Q
q 0 0 0 rg BT 171.98 363.25 Td (fset ) Tj ET Q
q 0 0 0 rg BT 188.92 363.25 Td (by;) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 339.25 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 339.25 Td (An ) Tj ET Q
q 0 0 0 rg BT 101.31 339.25 Td (increase ) Tj ET Q
q 0 0 0 rg BT 137.16 339.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 148.02 339.25 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 179.99 339.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 210.83 339.25 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 249.46 339.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 260.88 339.25 Td ($40.0 ) Tj ET Q
q 0 0 0 rg BT 286.47 339.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 318.45 339.25 Td (during ) Tj ET Q
q 0 0 0 rg BT 347.65 339.25 Td (201) Tj ET Q
q 0 0 0 rg BT 362.28 339.25 Td (1 ) Tj ET Q
q 0 0 0 rg BT 370.37 339.25 Td (due ) Tj ET Q
q 0 0 0 rg BT 387.90 339.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 398.77 339.25 Td (two ) Tj ET Q
q 0 0 0 rg BT 416.86 339.25 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 456.60 339.25 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 488.57 339.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 506.10 339.25 Td (three ) Tj ET Q
q 0 0 0 rg BT 528.95 339.25 Td (VLCCs, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 327.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 112.94 327.25 Td (were ) Tj ET Q
q 0 0 0 rg BT 134.87 327.25 Td (delivered ) Tj ET Q
q 0 0 0 rg BT 174.57 327.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 184.85 327.25 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 209.85 327.25 Td (trading ) Tj ET Q
q 0 0 0 rg BT 240.67 327.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 254.83 327.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 261.77 327.25 Td (full ) Tj ET Q
q 0 0 0 rg BT 278.16 327.25 Td (year ) Tj ET Q
q 0 0 0 rg BT 297.87 327.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 308.14 327.25 Td (201) Tj ET Q
q 0 0 0 rg BT 322.77 327.25 Td (1.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 303.25 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 303.25 Td (One ) Tj ET Q
q 0 0 0 rg BT 104.34 303.25 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 132.82 303.25 Td (moved ) Tj ET Q
q 0 0 0 rg BT 161.85 303.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 183.11 303.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 202.69 303.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 232.26 303.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 248.51 303.25 Td (two ) Tj ET Q
q 0 0 0 rg BT 265.32 303.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 295.47 303.25 Td (moved ) Tj ET Q
q 0 0 0 rg BT 324.50 303.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 345.75 303.25 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 381.98 303.25 Td (charters ) Tj ET Q
q 0 0 0 rg BT 415.44 303.25 Td (during ) Tj ET Q
q 0 0 0 rg BT 443.36 303.25 Td (201) Tj ET Q
q 0 0 0 rg BT 457.99 303.25 Td (1, ) Tj ET Q
q 0 0 0 rg BT 467.31 303.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 493.56 303.25 Td (increased ) Tj ET Q
q 0 0 0 rg BT 533.13 303.25 Td (voyage ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 291.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 116.25 291.25 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 154.29 291.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 166.79 291.25 Td ($36.7 ) Tj ET Q
q 0 0 0 rg BT 191.79 291.25 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 267.25 Td (T) Tj ET Q
q 0 0 0 rg BT 55.76 267.25 Td (ime ) Tj ET Q
q 0 0 0 rg BT 73.25 267.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 103.51 267.25 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 141.54 267.25 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 183.46 267.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 193.74 267.25 Td (201) Tj ET Q
q 0 0 0 rg BT 208.36 267.25 Td (1 ) Tj ET Q
q 0 0 0 rg BT 215.86 267.25 Td (compared ) Tj ET Q
q 0 0 0 rg BT 257.79 267.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 268.07 267.25 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 290.57 267.25 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 330.28 267.25 Td (due ) Tj ET Q
q 0 0 0 rg BT 347.22 267.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 357.50 267.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 372.21 267.25 Td (following ) Tj ET Q
q 0 0 0 rg BT 413.60 267.25 Td (reasons:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 243.25 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 243.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 103.21 243.25 Td (leases ) Tj ET Q
q 0 0 0 rg BT 128.75 243.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 140.41 243.25 Td (three ) Tj ET Q
q 0 0 0 rg BT 162.06 243.25 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 184.83 243.25 Td (carriers ) Tj ET Q
q 0 0 0 rg BT 216.47 243.25 Td (were ) Tj ET Q
q 0 0 0 rg BT 237.56 243.25 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 281.98 243.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 291.42 243.25 Td (201) Tj ET Q
q 0 0 0 rg BT 306.05 243.25 Td (1 ) Tj ET Q
q 0 0 0 rg BT 312.71 243.25 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 349.37 243.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 358.81 243.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 364.91 243.25 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 400.98 243.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 410.42 243.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 429.86 243.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 459.27 243.25 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 496.47 243.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 506.46 243.25 Td ($33.4 ) Tj ET Q
q 0 0 0 rg BT 530.62 243.25 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 219.25 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 219.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 104.23 219.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 125.79 219.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 138.48 219.25 Td (four ) Tj ET Q
q 0 0 0 rg BT 157.83 219.25 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 181.63 219.25 Td (carrier ) Tj ET Q
q 0 0 0 rg BT 210.39 219.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 230.85 219.25 Td (charters ) Tj ET Q
q 0 0 0 rg BT 265.18 219.25 Td (were ) Tj ET Q
q 0 0 0 rg BT 287.30 219.25 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 321.63 219.25 Td (during ) Tj ET Q
q 0 0 0 rg BT 350.42 219.25 Td (201) Tj ET Q
q 0 0 0 rg BT 365.05 219.25 Td (1 ) Tj ET Q
q 0 0 0 rg BT 372.74 219.25 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 410.42 219.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 420.88 219.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 428.01 219.25 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 465.11 219.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 475.57 219.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 496.03 219.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 526.47 219.25 Td (revenues ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 207.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 96.45 207.25 Td ($19.3 ) Tj ET Q
q 0 0 0 rg BT 121.08 207.25 Td (million. ) Tj ET Q
q 0 0 0 rg BT 154.44 207.25 Td (This ) Tj ET Q
q 0 0 0 rg BT 174.34 207.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 192.02 207.25 Td (of) Tj ET Q
q 0 0 0 rg BT 200.17 207.25 Td (fset ) Tj ET Q
q 0 0 0 rg BT 216.73 207.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 228.85 207.25 Td (revenue ) Tj ET Q
q 0 0 0 rg BT 262.62 207.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 273.08 207.25 Td (one ) Tj ET Q
q 0 0 0 rg BT 289.64 207.25 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 312.88 207.25 Td (carrier ) Tj ET Q
q 0 0 0 rg BT 341.09 207.25 Td (increasing ) Tj ET Q
q 0 0 0 rg BT 384.30 207.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 396.43 207.25 Td ($2.5 ) Tj ET Q
q 0 0 0 rg BT 416.05 207.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 447.07 207.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 457.52 207.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 464.08 207.25 Td (result ) Tj ET Q
q 0 0 0 rg BT 488.42 207.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 498.88 207.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 513.22 207.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 539.78 207.25 Td (being ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 195.25 Td (drydocked ) Tj ET Q
q 0 0 0 rg BT 130.71 195.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 140.99 195.25 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 163.49 195.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 180.42 195.25 Td (trading ) Tj ET Q
q 0 0 0 rg BT 211.25 195.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 225.41 195.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 232.35 195.25 Td (full ) Tj ET Q
q 0 0 0 rg BT 248.73 195.25 Td (year ) Tj ET Q
q 0 0 0 rg BT 268.44 195.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 278.72 195.25 Td (201) Tj ET Q
q 0 0 0 rg BT 293.35 195.25 Td (1 ) Tj ET Q
q 0 0 0 rg BT 300.85 195.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 310.57 195.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 317.50 195.25 Td (higher ) Tj ET Q
q 0 0 0 rg BT 345.55 195.25 Td (charter ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 226.96 171.25 Td (with ) Tj ET Q
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q 0 0 0 rg BT 237.07 159.25 Td (charters\) ) Tj ET Q
q 0 0 0 rg BT 274.54 159.25 Td (led ) Tj ET Q
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q 0 0 0 rg BT 299.54 159.25 Td (a ) Tj ET Q
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q 0 0 0 rg BT 346.74 159.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 357.57 159.25 Td ($70.6 ) Tj ET Q
q 0 0 0 rg BT 382.57 159.25 Td (million ) Tj ET Q
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q 0 0 0 rg BT 444.52 159.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 474.77 159.25 Td (revenues.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 275.65 135.25 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 315.37 135.25 Td (due ) Tj ET Q
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q 0 0 0 rg BT 398.69 135.25 Td (reasons:) Tj ET Q
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q 0 0 0 rg BT 131.50 111.25 Td (double ) Tj ET Q
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q 0 0 0 rg BT 251.45 111.25 Td (ITCL) Tj ET Q
q 0 0 0 rg BT 273.30 111.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 275.74 111.25 Td (were ) Tj ET Q
q 0 0 0 rg BT 297.61 111.25 Td (redelivered ) Tj ET Q
q 0 0 0 rg BT 345.02 111.25 Td (from ) Tj ET Q
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q 0 0 0 rg BT 448.06 111.25 Td (December ) Tj ET Q
q 0 0 0 rg BT 491.58 111.25 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 514.02 111.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 530.90 111.25 Td (January ) Tj ET Q
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q 0 0 0 rg BT 158.28 99.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 163.26 99.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 180.19 99.25 Td (both ) Tj ET Q
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q 0 0 0 rg BT 231.27 99.25 Td (were ) Tj ET Q
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q 0 0 0 rg BT 290.92 99.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 305.63 99.25 Td (spot ) Tj ET Q
q 0 0 0 rg BT 324.78 99.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 355.03 99.25 Td (during ) Tj ET Q
q 0 0 0 rg BT 383.63 99.25 Td (201) Tj ET Q
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q 0 0 0 rg BT 477.07 99.25 Td (bareboat ) Tj ET Q
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q 0 0 0 rg BT 152.67 87.25 Td (201) Tj ET Q
q 0 0 0 rg BT 167.30 87.25 Td (1.) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 139.21 63.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 153.44 63.25 Td (single ) Tj ET Q
q 0 0 0 rg BT 179.33 63.25 Td (hull ) Tj ET Q
q 0 0 0 rg BT 196.89 63.25 Td (vessel, ) Tj ET Q
q 0 0 0 rg BT 225.69 63.25 Td (T) Tj ET Q
q 0 0 0 rg BT 231.45 63.25 Td (icen ) Tj ET Q
q 0 0 0 rg BT 250.11 63.25 Td (Sun, ) Tj ET Q
q 0 0 0 rg BT 270.18 63.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 287.74 63.25 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 332.51 63.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 342.29 63.25 Td (March ) Tj ET Q
q 0 0 0 rg BT 370.40 63.25 Td (201) Tj ET Q
q 0 0 0 rg BT 385.02 63.25 Td (1 ) Tj ET Q
q 0 0 0 rg BT 392.03 63.25 Td (reducing ) Tj ET Q
q 0 0 0 rg BT 429.02 63.25 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 465.45 63.25 Td (revenue ) Tj ET Q
q 0 0 0 rg BT 499.11 63.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 511.11 63.25 Td ($6.4 ) Tj ET Q
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endstream
endobj
191 0 obj
<<
/Length 34361
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 96.91 742.10 Td (2010 ) Tj ET Q
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q 0 0 0 rg BT 136.51 742.10 Td (201) Tj ET Q
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q 0 0 0 rg BT 158.73 742.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 173.52 742.10 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 210.53 742.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 231.99 742.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 246.23 742.10 Td (three ) Tj ET Q
q 0 0 0 rg BT 268.80 742.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 279.71 742.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 294.51 742.10 Td (ITCL) Tj ET Q
q 0 0 0 rg BT 316.36 742.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 318.94 742.10 Td (double ) Tj ET Q
q 0 0 0 rg BT 348.74 742.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 366.69 742.10 Td (VLCCs ) Tj ET Q
q 0 0 0 rg BT 399.83 742.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 421.84 742.10 Td (reduced, ) Tj ET Q
q 0 0 0 rg BT 458.57 742.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 485.59 742.10 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 527.59 742.10 Td (bareboat ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 136.54 730.10 Td ($2.1 ) Tj ET Q
q 0 0 0 rg BT 156.54 730.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 187.93 730.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 198.21 730.10 Td (201) Tj ET Q
q 0 0 0 rg BT 212.84 730.10 Td (1.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 195.75 706.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 212.31 706.10 Td (single ) Tj ET Q
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q 0 0 0 rg BT 254.75 706.10 Td (VLCCs ) Tj ET Q
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q 0 0 0 rg BT 316.75 706.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 329.96 706.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 343.73 706.10 Td (full ) Tj ET Q
q 0 0 0 rg BT 359.17 706.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 377.94 706.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 389.49 706.10 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 425.47 706.10 Td (charters, ) Tj ET Q
q 0 0 0 rg BT 461.17 706.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 487.17 706.10 Td (increased ) Tj ET Q
q 0 0 0 rg BT 526.47 706.10 Td (revenues ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 124.17 694.10 Td (201) Tj ET Q
q 0 0 0 rg BT 138.80 694.10 Td (1.) Tj ET Q
BT /F5 10.00 Tf ET
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0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 629.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 629.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 629.60 54.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 629.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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382.50 629.60 55.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
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0.8 0.9333333333333333 1 rg
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0.8 0.9333333333333333 1 rg
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320.50 599.60 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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0.8 0.9333333333333333 1 rg
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441.50 599.60 54.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 599.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 599.60 55.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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382.50 569.60 55.00 -15.00 re f
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495.50 569.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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499.50 569.60 55.00 -15.00 re f
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1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 629.6 m
320.5 629.6 l
s
0 0 0 RG
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1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 629.6 m
378.5 629.6 l
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0 J
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3 M
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0 J
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3 M
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495.5 629.6 l
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0 J
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3 M
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554.5 629.6 l
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1.00 w
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0 J
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3 M
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320.5 554.6 l
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3 M
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0 J
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3 M
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0 J
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3 M
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378.5 539.6 l
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0 J
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3 M
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3 M
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0 J
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3 M
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495.5 554.6 l
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3 M
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0 J
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3 M
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 434.00 649.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.10 649.28 Td (Change) Tj ET Q
BT /F4 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 355.55 634.28 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 414.00 634.27 Td (2010) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 487.00 634.28 Td ($) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 541.00 634.28 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 619.27 Td (Net \(loss\) gain on lease terminations) Tj ET Q
BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 374.65 619.28 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 411.15 619.27 Td (5,924) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 619.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 524.80 619.32 Td (\(467.7) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 619.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 604.27 Td (Loss on sale of SPCs to Frontline 2012) Tj ET Q
BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 374.65 604.28 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 423.65 604.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 455.80 604.32 Td (\(306,972) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 604.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 538.75 604.27 Td (n/a) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 589.27 Td (Net gain on sale of assets) Tj ET Q
BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 423.65 589.27 Td (95) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 469.15 589.27 Td (9,176) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 538.75 589.27 Td (n/a) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 574.27 Td (Amortization of deferred gains) Tj ET Q
BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 574.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 529.80 574.32 Td (\(53.2) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 574.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 559.27 Td (Other) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 361.30 559.33 Td (\(66) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 374.65 559.28 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 423.65 559.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 478.30 559.32 Td (\(66) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 559.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 538.75 559.27 Td (n/a) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 544.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 338.80 544.33 Td (\(307,894) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 374.65 544.28 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 406.15 544.27 Td (30,935) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 455.80 544.32 Td (\(338,829) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 544.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 517.30 544.32 Td (\(1,095.3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 544.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 528.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 516.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.69 516.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 84.06 516.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 102.77 516.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 115.91 516.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 139.05 516.10 Td (terminations ) Tj ET Q
q 0 0 0 rg BT 192.18 516.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 203.11 516.10 Td (201) Tj ET Q
q 0 0 0 rg BT 217.74 516.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 225.88 516.10 Td (includes ) Tj ET Q
q 0 0 0 rg BT 262.36 516.10 Td (\(i\) ) Tj ET Q
q 0 0 0 rg BT 274.94 516.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 282.53 516.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 301.24 516.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 312.71 516.10 Td ($27.1 ) Tj ET Q
q 0 0 0 rg BT 338.36 516.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 370.40 516.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 408.54 516.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 431.13 516.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 446.49 516.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 495.73 516.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 507.21 516.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 522.58 516.10 Td (long-term ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 504.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 81.08 504.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 104.96 504.10 Td (agreements ) Tj ET Q
q 0 0 0 rg BT 153.82 504.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 168.81 504.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 193.81 504.10 Td (Striver) Tj ET Q
q 0 0 0 rg BT 220.63 504.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 226.45 504.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 251.45 504.10 Td (Leader ) Tj ET Q
q 0 0 0 rg BT 282.54 504.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 300.30 504.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 325.30 504.10 Td (Breaker) Tj ET Q
q 0 0 0 rg BT 356.55 504.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 362.38 504.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 380.14 504.10 Td (\(ii\) ) Tj ET Q
q 0 0 0 rg BT 395.69 504.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 403.46 504.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 424.00 504.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 435.66 504.10 Td ($5.3 ) Tj ET Q
q 0 0 0 rg BT 456.49 504.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 488.71 504.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 527.04 504.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 549.80 504.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 492.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 98.45 492.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 109.14 492.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 123.71 492.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 153.82 492.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 176.73 492.10 Td (agreements ) Tj ET Q
q 0 0 0 rg BT 224.61 492.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 238.63 492.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 262.14 492.10 Td (Ace ) Tj ET Q
q 0 0 0 rg BT 280.59 492.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 297.21 492.10 Td (T) Tj ET Q
q 0 0 0 rg BT 302.97 492.10 Td (icen ) Tj ET Q
q 0 0 0 rg BT 321.98 492.10 Td (Sun ) Tj ET Q
q 0 0 0 rg BT 339.90 492.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 380.02 492.10 Td (Highness\). ) Tj ET Q
q 0 0 0 rg BT 425.26 492.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 443.17 492.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 457.74 492.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 477.31 492.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 489.67 492.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 512.01 492.10 Td (terminations ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 480.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 59.33 480.10 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 80.89 480.10 Td (represents ) Tj ET Q
q 0 0 0 rg BT 122.99 480.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 136.76 480.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 155.53 480.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 192.08 480.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 213.08 480.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 226.85 480.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 274.51 480.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 284.39 480.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 298.17 480.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 327.48 480.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 349.58 480.10 Td (agreements ) Tj ET Q
q 0 0 0 rg BT 396.67 480.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 409.89 480.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 433.00 480.10 Td (V) Tj ET Q
q 0 0 0 rg BT 439.62 480.10 Td (ista ) Tj ET Q
q 0 0 0 rg BT 455.07 480.10 Td (\(renamed ) Tj ET Q
q 0 0 0 rg BT 494.38 480.10 Td (Dewi ) Tj ET Q
q 0 0 0 rg BT 517.59 480.10 Td (Maeswara\) ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 468.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.94 468.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 81.66 468.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 108.04 468.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 125.92 468.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 155.09 468.10 Td (Golden ) Tj ET Q
q 0 0 0 rg BT 187.03 468.10 Td (River ) Tj ET Q
q 0 0 0 rg BT 211.74 468.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 252.01 468.10 Td (Lord\).) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 444.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.40 444.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 86.80 444.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 99.65 444.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 118.05 444.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 129.23 444.10 Td (SPCs ) Tj ET Q
q 0 0 0 rg BT 153.76 444.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 164.39 444.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 203.90 444.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 226.75 444.10 Td (relates ) Tj ET Q
q 0 0 0 rg BT 255.69 444.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 266.31 444.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 281.38 444.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 299.77 444.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 310.40 444.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 354.33 444.10 Td (201) Tj ET Q
q 0 0 0 rg BT 368.96 444.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 376.81 444.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 387.99 444.10 Td (15 ) Tj ET Q
q 0 0 0 rg BT 400.84 444.10 Td (SPCs, ) Tj ET Q
q 0 0 0 rg BT 427.87 444.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 455.16 444.10 Td (together ) Tj ET Q
q 0 0 0 rg BT 490.77 444.10 Td (owned ) Tj ET Q
q 0 0 0 rg BT 520.28 444.10 Td (six ) Tj ET Q
q 0 0 0 rg BT 534.79 444.10 Td (double ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 432.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 67.88 432.10 Td (VLCCs ) Tj ET Q
q 0 0 0 rg BT 100.94 432.10 Td (\(including ) Tj ET Q
q 0 0 0 rg BT 144.54 432.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 161.48 432.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 173.98 432.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 194.25 432.10 Td (charter\), ) Tj ET Q
q 0 0 0 rg BT 230.34 432.10 Td (four ) Tj ET Q
q 0 0 0 rg BT 249.50 432.10 Td (double ) Tj ET Q
q 0 0 0 rg BT 279.21 432.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 297.27 432.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 336.43 432.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 367.80 432.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 384.74 432.10 Td (five ) Tj ET Q
q 0 0 0 rg BT 402.79 432.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 455.28 432.10 Td (contracts.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 408.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.59 408.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 81.85 408.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 101.11 408.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 113.15 408.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 130.74 408.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 141.11 408.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 171.48 408.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 181.31 408.10 Td (201) Tj ET Q
q 0 0 0 rg BT 195.93 408.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 202.98 408.10 Td (represents ) Tj ET Q
q 0 0 0 rg BT 245.56 408.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 259.82 408.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 279.08 408.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 316.11 408.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 337.59 408.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 351.85 408.10 Td (sales ) Tj ET Q
q 0 0 0 rg BT 373.33 408.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 389.81 408.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 411.84 408.10 Td (backs ) Tj ET Q
q 0 0 0 rg BT 436.65 408.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 447.03 408.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 461.29 408.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 485.00 408.10 Td (Shanghai ) Tj ET Q
q 0 0 0 rg BT 524.26 408.10 Td (\(renamed ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 396.10 Td (Gulf ) Tj ET Q
q 0 0 0 rg BT 71.32 396.10 Td (Eyadah\) ) Tj ET Q
q 0 0 0 rg BT 107.63 396.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 125.06 396.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 140.27 396.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 164.93 396.10 Td (Eagle ) Tj ET Q
q 0 0 0 rg BT 190.69 396.10 Td (\(renamed ) Tj ET Q
q 0 0 0 rg BT 231.43 396.10 Td (DHT) Tj ET Q
q 0 0 0 rg BT 251.80 396.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 254.80 396.10 Td (Eagle\). ) Tj ET Q
q 0 0 0 rg BT 286.17 396.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 304.71 396.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 319.91 396.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 340.12 396.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 353.12 396.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 371.65 396.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 382.98 396.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 414.30 396.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 425.07 396.10 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 448.06 396.10 Td (represents ) Tj ET Q
q 0 0 0 rg BT 491.59 396.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 506.80 396.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 527.01 396.10 Td (resulting ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 384.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 71.94 384.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 86.66 384.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 104.70 384.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 115.53 384.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 130.25 384.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 154.24 384.10 Td (V) Tj ET Q
q 0 0 0 rg BT 160.17 384.10 Td (oyager) Tj ET Q
q 0 0 0 rg BT 186.83 384.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 360.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.55 360.10 Td (amortization ) Tj ET Q
q 0 0 0 rg BT 122.08 360.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 133.42 360.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 169.72 360.10 Td (gains ) Tj ET Q
q 0 0 0 rg BT 193.83 360.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 204.61 360.10 Td (201) Tj ET Q
q 0 0 0 rg BT 219.24 360.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 227.24 360.10 Td (represents ) Tj ET Q
q 0 0 0 rg BT 270.78 360.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 285.99 360.10 Td (amortization ) Tj ET Q
q 0 0 0 rg BT 339.53 360.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 350.86 360.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 366.08 360.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 402.39 360.10 Td (gains ) Tj ET Q
q 0 0 0 rg BT 426.49 360.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 464.49 360.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 486.93 360.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 502.15 360.10 Td (sales ) Tj ET Q
q 0 0 0 rg BT 524.58 360.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 542.02 360.10 Td (lease ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 348.10 Td (backs ) Tj ET Q
q 0 0 0 rg BT 74.98 348.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 85.53 348.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 99.96 348.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 123.84 348.10 Td (Shanghai ) Tj ET Q
q 0 0 0 rg BT 163.27 348.10 Td (\(renamed ) Tj ET Q
q 0 0 0 rg BT 203.24 348.10 Td (Gulf ) Tj ET Q
q 0 0 0 rg BT 223.78 348.10 Td (Eyadah\) ) Tj ET Q
q 0 0 0 rg BT 259.31 348.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 275.96 348.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 290.39 348.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 314.27 348.10 Td (Eagle ) Tj ET Q
q 0 0 0 rg BT 339.25 348.10 Td (\(renamed ) Tj ET Q
q 0 0 0 rg BT 379.22 348.10 Td (DHT) Tj ET Q
q 0 0 0 rg BT 399.59 348.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 401.80 348.10 Td (Eagle\).) Tj ET Q
q 0 0 0 rg BT 432.34 348.10 Td (A) Tj ET Q
q 0 0 0 rg BT 439.01 348.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 441.23 348.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 460.66 348.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 471.20 348.10 Td ($17.4 ) Tj ET Q
q 0 0 0 rg BT 495.92 348.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 527.02 348.10 Td (resulting ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 336.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 71.35 336.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 93.80 336.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 110.71 336.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 128.16 336.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 144.50 336.10 Td (leaseback ) Tj ET Q
q 0 0 0 rg BT 185.27 336.10 Td (transactions ) Tj ET Q
q 0 0 0 rg BT 234.94 336.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 250.18 336.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 270.96 336.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 306.18 336.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 315.30 336.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 358.29 336.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 372.70 336.10 Td (201) Tj ET Q
q 0 0 0 rg BT 387.33 336.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 396.73 336.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 413.08 336.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 430.54 336.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 441.89 336.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 487.66 336.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 507.33 336.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 521.46 336.10 Td (remaining ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 324.10 Td (periods ) Tj ET Q
q 0 0 0 rg BT 82.46 324.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 93.81 324.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 109.04 324.10 Td (charters. ) Tj ET Q
q 0 0 0 rg BT 145.99 324.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 164.55 324.10 Td (amortization ) Tj ET Q
q 0 0 0 rg BT 218.11 324.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 229.46 324.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 265.78 324.10 Td (gains ) Tj ET Q
q 0 0 0 rg BT 289.91 324.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 300.71 324.10 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 323.73 324.10 Td (represents ) Tj ET Q
q 0 0 0 rg BT 367.28 324.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 382.52 324.10 Td (amortization ) Tj ET Q
q 0 0 0 rg BT 436.08 324.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 447.43 324.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 483.75 324.10 Td (gains ) Tj ET Q
q 0 0 0 rg BT 507.88 324.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 549.78 324.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 312.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 98.23 312.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 108.69 312.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 123.04 312.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 151.83 312.10 Td (leases ) Tj ET Q
q 0 0 0 rg BT 177.84 312.10 Td (relating ) Tj ET Q
q 0 0 0 rg BT 210.51 312.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 220.42 312.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 244.23 312.10 Td (Crown, ) Tj ET Q
q 0 0 0 rg BT 276.08 312.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 299.88 312.10 Td (Commander ) Tj ET Q
q 0 0 0 rg BT 351.45 312.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 368.02 312.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 391.82 312.10 Td (Chief. ) Tj ET Q
q 0 0 0 rg BT 418.52 312.10 Td (This ) Tj ET Q
q 0 0 0 rg BT 438.43 312.10 Td (represents ) Tj ET Q
q 0 0 0 rg BT 481.10 312.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 495.45 312.10 Td (full ) Tj ET Q
q 0 0 0 rg BT 511.47 312.10 Td (amortization ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 300.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.83 300.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 75.55 300.10 Td (gain.) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 276.10 Td (Ship operating expenses) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 235.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 235.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 235.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 235.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F4 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 355.55 240.28 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 414.00 240.27 Td (2010) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 487.00 240.28 Td ($) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 541.00 240.28 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 225.27 Td (VLCC) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 347.15 225.28 Td (95,960) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.15 225.27 Td (100,645) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 465.80 225.32 Td (\(4,685) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 225.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 534.80 225.32 Td (\(4.7) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 225.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 210.27 Td (Suezmax) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 347.15 210.28 Td (63,172) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 406.15 210.27 Td (63,314) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 473.30 210.32 Td (\(142) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 210.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 347.15 195.28 Td (27,878) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 406.15 195.27 Td (31,720) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 465.80 195.32 Td (\(3,842) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 195.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 529.80 195.32 Td (\(12.1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 195.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 180.27 Td (Total ship operating expenses) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 342.15 180.28 Td (187,010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.15 180.27 Td (195,679) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 465.80 180.32 Td (\(8,669) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 180.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 534.80 180.32 Td (\(4.4) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 180.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 152.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 70.79 152.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 111.01 152.10 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 149.56 152.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 164.22 152.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 178.89 152.10 Td (direct ) Tj ET Q
q 0 0 0 rg BT 204.11 152.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 226.56 152.10 Td (associated ) Tj ET Q
q 0 0 0 rg BT 270.10 152.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 290.34 152.10 Td (running ) Tj ET Q
q 0 0 0 rg BT 323.90 152.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 330.79 152.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 357.68 152.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 374.57 152.10 Td (include ) Tj ET Q
q 0 0 0 rg BT 406.46 152.10 Td (crew ) Tj ET Q
q 0 0 0 rg BT 428.34 152.10 Td (costs, ) Tj ET Q
q 0 0 0 rg BT 453.29 152.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 480.18 152.10 Td (supplies, ) Tj ET Q
q 0 0 0 rg BT 517.91 152.10 Td (repairs ) Tj ET Q
q 0 0 0 rg BT 547.57 152.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 205.79 140.10 Td (oils ) Tj ET Q
q 0 0 0 rg BT 222.73 140.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 239.67 140.10 Td (insurance.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 216.25 116.10 Td (compared ) Tj ET Q
q 0 0 0 rg BT 258.18 116.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 268.46 116.10 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 290.96 116.10 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 330.67 116.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 347.61 116.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 357.89 116.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 372.60 116.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 413.99 116.10 Td (reasons:) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 136.20 92.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 154.92 92.10 Td (vessel ) Tj ET Q
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q 0 0 0 rg BT 201.24 92.10 Td (drydocked ) Tj ET Q
q 0 0 0 rg BT 246.61 92.10 Td (in ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 153.74 80.10 Td (million ) Tj ET Q
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q 0 0 0 rg BT 195.41 80.10 Td (drydocking ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
192 0 obj
<<
/Length 28109
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 139.03 730.10 Td (leaseback ) Tj ET Q
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q 0 0 0 rg BT 256.32 730.10 Td (VLCCs ) Tj ET Q
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q 0 0 0 rg BT 299.66 730.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 333.26 730.10 Td (and ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 163.00 598.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 179.79 598.10 Td (both ) Tj ET Q
q 0 0 0 rg BT 199.93 598.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 230.61 598.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 252.40 598.10 Td (traded ) Tj ET Q
q 0 0 0 rg BT 279.74 598.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 289.87 598.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 304.44 598.10 Td (spot ) Tj ET Q
q 0 0 0 rg BT 323.47 598.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 353.58 598.10 Td (during ) Tj ET Q
q 0 0 0 rg BT 382.05 598.10 Td (201) Tj ET Q
q 0 0 0 rg BT 396.68 598.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 406.53 598.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 433.33 598.10 Td (increased ) Tj ET Q
q 0 0 0 rg BT 473.43 598.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 513.55 598.10 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 552.01 598.10 Td (by ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 586.10 Td ($5.7 ) Tj ET Q
q 0 0 0 rg BT 106.00 586.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 137.39 586.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 147.67 586.10 Td (201) Tj ET Q
q 0 0 0 rg BT 162.30 586.10 Td (1.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 562.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 562.10 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 128.45 562.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 150.92 562.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 169.49 562.10 Td (increased ) Tj ET Q
q 0 0 0 rg BT 209.71 562.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 226.62 562.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 239.08 562.10 Td (luboils, ) Tj ET Q
q 0 0 0 rg BT 271.27 562.10 Td (management ) Tj ET Q
q 0 0 0 rg BT 324.83 562.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 341.73 562.10 Td (service ) Tj ET Q
q 0 0 0 rg BT 372.51 562.10 Td (fees ) Tj ET Q
q 0 0 0 rg BT 391.08 562.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 403.54 562.10 Td ($1.3 ) Tj ET Q
q 0 0 0 rg BT 423.51 562.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 454.87 562.10 Td (though ) Tj ET Q
q 0 0 0 rg BT 485.11 562.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 502.03 562.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 520.04 562.10 Td (of) Tj ET Q
q 0 0 0 rg BT 528.19 562.10 Td (fset ) Tj ET Q
q 0 0 0 rg BT 545.10 562.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 557.56 562.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 550.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 122.91 550.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 133.19 550.10 Td (crew ) Tj ET Q
q 0 0 0 rg BT 155.12 550.10 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 193.72 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 204.55 550.10 Td ($3.1 ) Tj ET Q
q 0 0 0 rg BT 224.55 550.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 255.94 550.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 268.44 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 283.16 550.10 Td (prior ) Tj ET Q
q 0 0 0 rg BT 305.10 550.10 Td (year) Tj ET Q
q 0 0 0 rg BT 321.75 550.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 89.16 526.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 129.42 526.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 151.92 526.10 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 193.83 526.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 204.11 526.10 Td (201) Tj ET Q
q 0 0 0 rg BT 218.74 526.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 226.24 526.10 Td (compared ) Tj ET Q
q 0 0 0 rg BT 268.16 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 278.44 526.10 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 300.94 526.10 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 340.65 526.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 357.59 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 367.87 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 382.59 526.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 423.97 526.10 Td (reasons:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 502.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 502.10 Td (A) Tj ET Q
q 0 0 0 rg BT 92.67 502.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 95.17 502.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 132.08 502.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 142.36 502.10 Td (drydocking ) Tj ET Q
q 0 0 0 rg BT 190.41 502.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 212.91 502.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 223.74 502.10 Td ($1.1 ) Tj ET Q
q 0 0 0 rg BT 243.74 502.10 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 478.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 478.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 104.05 478.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 122.09 478.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 132.92 478.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 147.64 478.10 Td (last ) Tj ET Q
q 0 0 0 rg BT 164.03 478.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 190.41 478.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 208.47 478.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 247.63 478.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 257.35 478.10 Td (April ) Tj ET Q
q 0 0 0 rg BT 280.96 478.10 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 305.96 478.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 332.90 478.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 367.04 478.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 407.31 478.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 429.81 478.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 442.31 478.10 Td ($0.7 ) Tj ET Q
q 0 0 0 rg BT 462.31 478.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 493.70 478.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 503.98 478.10 Td (201) Tj ET Q
q 0 0 0 rg BT 518.61 478.10 Td (1.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 454.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 454.10 Td (Four ) Tj ET Q
q 0 0 0 rg BT 107.39 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 118.22 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 132.94 454.10 Td (double ) Tj ET Q
q 0 0 0 rg BT 162.66 454.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 180.71 454.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 211.54 454.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 230.71 454.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 240.99 454.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 284.57 454.10 Td (201) Tj ET Q
q 0 0 0 rg BT 299.20 454.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 306.70 454.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 340.85 454.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 381.11 454.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 403.61 454.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 416.11 454.10 Td ($1.5 ) Tj ET Q
q 0 0 0 rg BT 436.11 454.10 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (These ) Tj ET Q
q 0 0 0 rg BT 76.77 430.10 Td (factors ) Tj ET Q
q 0 0 0 rg BT 106.87 430.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 129.19 430.10 Td (partially ) Tj ET Q
q 0 0 0 rg BT 165.41 430.10 Td (of) Tj ET Q
q 0 0 0 rg BT 173.55 430.10 Td (fset ) Tj ET Q
q 0 0 0 rg BT 190.89 430.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 203.78 430.10 Td (four ) Tj ET Q
q 0 0 0 rg BT 223.33 430.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 262.88 430.10 Td (newbuildings, ) Tj ET Q
q 0 0 0 rg BT 322.16 430.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 349.49 430.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 371.81 430.10 Td (delivered ) Tj ET Q
q 0 0 0 rg BT 411.91 430.10 Td (during ) Tj ET Q
q 0 0 0 rg BT 440.91 430.10 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 463.80 430.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 481.14 430.10 Td (operated ) Tj ET Q
q 0 0 0 rg BT 518.45 430.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 533.01 430.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 548.12 430.10 Td (full ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 69.71 418.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 79.99 418.10 Td (201) Tj ET Q
q 0 0 0 rg BT 94.61 418.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 104.61 418.10 Td (increasing ) Tj ET Q
q 0 0 0 rg BT 148.21 418.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 188.47 418.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 210.97 418.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 223.47 418.10 Td ($3.6 ) Tj ET Q
q 0 0 0 rg BT 243.47 418.10 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 88.54 394.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 111.55 394.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 151.20 394.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 173.09 394.10 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 214.39 394.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 224.06 394.10 Td (201) Tj ET Q
q 0 0 0 rg BT 238.69 394.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 245.57 394.10 Td (compared ) Tj ET Q
q 0 0 0 rg BT 286.89 394.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 296.55 394.10 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 318.44 394.10 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 357.54 394.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 373.87 394.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 383.54 394.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 397.64 394.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 445.63 394.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 455.85 394.10 Td (three ) Tj ET Q
q 0 0 0 rg BT 477.72 394.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 507.37 394.10 Td (parties ) Tj ET Q
q 0 0 0 rg BT 535.91 394.10 Td (during ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (201) Tj ET Q
q 0 0 0 rg BT 64.63 382.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 75.18 382.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 102.66 382.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 137.35 382.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 178.16 382.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 201.21 382.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 214.26 382.10 Td ($4.5 ) Tj ET Q
q 0 0 0 rg BT 234.80 382.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 266.74 382.10 Td (partially ) Tj ET Q
q 0 0 0 rg BT 303.11 382.10 Td (of) Tj ET Q
q 0 0 0 rg BT 311.26 382.10 Td (fset ) Tj ET Q
q 0 0 0 rg BT 328.75 382.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 341.79 382.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 354.28 382.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 390.08 382.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 400.90 382.10 Td (drydocking ) Tj ET Q
q 0 0 0 rg BT 449.50 382.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 472.54 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 483.92 382.10 Td ($1.2 ) Tj ET Q
q 0 0 0 rg BT 504.47 382.10 Td (million. ) Tj ET Q
q 0 0 0 rg BT 538.69 382.10 Td (Three ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 73.61 370.10 Td (carriers ) Tj ET Q
q 0 0 0 rg BT 106.09 370.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 128.02 370.10 Td (drydocked ) Tj ET Q
q 0 0 0 rg BT 172.72 370.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 183.00 370.10 Td (201) Tj ET Q
q 0 0 0 rg BT 197.63 370.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 207.63 370.10 Td (compared ) Tj ET Q
q 0 0 0 rg BT 249.56 370.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 269.83 370.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 287.33 370.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 297.61 370.10 Td (2010.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (Profit ) Tj ET Q
q 0 0 0 rg BT 76.39 346.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 101.67 346.10 Td (expense) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 305.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 305.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 305.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 305.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 305.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 305.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
441.50 305.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 305.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 305.60 55.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 305.6 m
320.5 305.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 305.6 m
378.5 305.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
382.5 305.6 m
437.5 305.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
441.5 305.6 m
495.5 305.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
499.5 305.6 m
554.5 305.6 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 325.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 434.00 325.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.10 325.28 Td (Change) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 310.31 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 355.55 310.28 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 414.00 310.27 Td (2010) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 487.00 310.28 Td ($) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 541.00 310.28 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 295.27 Td (Profit share expense) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 359.65 295.28 Td (482) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 406.15 295.27 Td (30,566) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 460.80 295.32 Td (\(30,084) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 295.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 529.80 295.32 Td (\(98.4) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 295.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 267.10 Td (Profit ) Tj ET Q
q 0 0 0 rg BT 74.69 267.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 97.70 267.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 131.82 267.10 Td (relates ) Tj ET Q
q 0 0 0 rg BT 159.83 267.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 169.52 267.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 183.65 267.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 213.89 267.10 Td (leased ) Tj ET Q
q 0 0 0 rg BT 240.79 267.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 262.14 267.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 282.40 267.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 315.97 267.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 332.32 267.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 340.90 267.10 Td (calculated ) Tj ET Q
q 0 0 0 rg BT 383.34 267.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 393.58 267.10 Td (20% ) Tj ET Q
q 0 0 0 rg BT 413.83 267.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 423.93 267.10 Td (TCE ) Tj ET Q
q 0 0 0 rg BT 444.73 267.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 454.42 267.10 Td (excess ) Tj ET Q
q 0 0 0 rg BT 482.43 267.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 492.68 267.10 Td (daily ) Tj ET Q
q 0 0 0 rg BT 514.59 267.10 Td (base ) Tj ET Q
q 0 0 0 rg BT 534.27 267.10 Td (charter ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 255.10 Td (hire. ) Tj ET Q
q 0 0 0 rg BT 70.47 255.10 Td (Profit ) Tj ET Q
q 0 0 0 rg BT 95.68 255.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 119.20 255.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 153.84 255.10 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 195.68 255.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 205.88 255.10 Td (201) Tj ET Q
q 0 0 0 rg BT 220.51 255.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 227.94 255.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 238.70 255.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 245.56 255.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 270.21 255.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 280.96 255.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 295.61 255.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 329.68 255.10 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 365.98 255.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 387.85 255.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 402.49 255.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 433.25 255.10 Td (leased ) Tj ET Q
q 0 0 0 rg BT 460.66 255.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 470.86 255.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 492.73 255.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 513.50 255.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 547.58 255.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 243.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 56.94 243.10 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 97.20 243.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 107.48 243.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 122.20 243.10 Td (numbers ) Tj ET Q
q 0 0 0 rg BT 159.14 243.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 169.97 243.10 Td (those ) Tj ET Q
q 0 0 0 rg BT 193.57 243.10 Td (vessels.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 231.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 219.10 Td (Charter hire expenses) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 178.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 178.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 178.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 178.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 178.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 178.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.10 198.28 Td (Change) Tj ET Q
BT /F4 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 541.00 183.28 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 168.27 Td (Charter hire expenses) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 347.15 168.28 Td (65,601) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.15 168.27 Td (134,551) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 460.80 168.32 Td (\(68,950) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 168.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 139.40 140.10 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 181.41 140.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 191.77 140.10 Td (201) Tj ET Q
q 0 0 0 rg BT 206.40 140.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 213.99 140.10 Td (compared ) Tj ET Q
q 0 0 0 rg BT 256.01 140.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 266.38 140.10 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 288.97 140.10 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 328.77 140.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 345.80 140.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 356.17 140.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 370.97 140.10 Td (redelivery ) Tj ET Q
q 0 0 0 rg BT 414.10 140.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 425.02 140.10 Td (15 ) Tj ET Q
q 0 0 0 rg BT 437.61 140.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 476.85 140.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 508.32 140.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 520.91 140.10 Td (December ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 86.20 128.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 103.05 128.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 124.33 128.10 Td (previously ) Tj ET Q
q 0 0 0 rg BT 168.40 128.10 Td (chartered ) Tj ET Q
q 0 0 0 rg BT 207.45 128.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 217.08 128.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 228.93 128.10 Td (floating ) Tj ET Q
q 0 0 0 rg BT 261.88 128.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 278.72 128.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 312.22 128.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 333.51 128.10 Td (NA) Tj ET Q
q 0 0 0 rg BT 346.84 128.10 Td (TS. ) Tj ET Q
q 0 0 0 rg BT 362.73 128.10 Td (This ) Tj ET Q
q 0 0 0 rg BT 382.36 128.10 Td (reduced ) Tj ET Q
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q 0 0 0 rg BT 445.47 128.10 Td (hire ) Tj ET Q
q 0 0 0 rg BT 462.86 128.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 496.92 128.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 508.78 128.10 Td ($54.8 ) Tj ET Q
q 0 0 0 rg BT 533.13 128.10 Td (million ) Tj ET Q
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q 0 0 0 rg BT 233.77 116.10 Td (seven ) Tj ET Q
q 0 0 0 rg BT 258.83 116.10 Td (VLCCs, ) Tj ET Q
q 0 0 0 rg BT 294.36 116.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 321.27 116.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 343.17 116.10 Td (chartered ) Tj ET Q
q 0 0 0 rg BT 382.83 116.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 393.07 116.10 Td (under ) Tj ET Q
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q 0 0 0 rg BT 506.78 116.10 Td (redelivered ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 290.14 104.10 Td ($23.4 ) Tj ET Q
q 0 0 0 rg BT 315.39 104.10 Td (million. ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 80.10 Td () Tj ET Q
endstream
endobj
193 0 obj
<<
/Length 30520
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F5 10.00 Tf ET
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/GS0 gs
50.50 701.75 270.00 -15.00 re f
/GS0 gs
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/GS0 gs
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F4 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 347.15 691.43 Td (35,886) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 533.15 691.42 Td (12.6) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 297.06 663.25 Td (attributable ) Tj ET Q
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q 0 0 0 rg BT 384.05 663.25 Td (million ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 88.53 651.25 Td (increase ) Tj ET Q
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q 0 0 0 rg BT 138.72 651.25 Td (headcount, ) Tj ET Q
q 0 0 0 rg BT 187.14 651.25 Td (foreign ) Tj ET Q
q 0 0 0 rg BT 220.84 651.25 Td (exchange ) Tj ET Q
q 0 0 0 rg BT 263.42 651.25 Td (movements ) Tj ET Q
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q 0 0 0 rg BT 376.20 651.25 Td (pension ) Tj ET Q
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q 0 0 0 rg BT 485.39 651.25 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 525.50 651.25 Td (SeaT) Tj ET Q
q 0 0 0 rg BT 545.34 651.25 Td (eam ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 122.47 639.25 Td (majority ) Tj ET Q
q 0 0 0 rg BT 158.57 639.25 Td (owned ) Tj ET Q
q 0 0 0 rg BT 187.45 639.25 Td (subsidiary ) Tj ET Q
q 0 0 0 rg BT 230.77 639.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 247.99 639.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 265.76 639.25 Td (established ) Tj ET Q
q 0 0 0 rg BT 312.41 639.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 322.41 639.25 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 344.62 639.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 354.62 639.25 Td (provide ) Tj ET Q
q 0 0 0 rg BT 387.39 639.25 Td (technical ) Tj ET Q
q 0 0 0 rg BT 425.69 639.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 479.00 639.25 Td (services ) Tj ET Q
q 0 0 0 rg BT 513.43 639.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 523.42 639.25 Td (us, ) Tj ET Q
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q 0 0 0 rg BT 126.27 627.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 143.40 627.25 Td (continued ) Tj ET Q
q 0 0 0 rg BT 185.52 627.25 Td (to ) Tj ET Q
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q 0 0 0 rg BT 227.55 627.25 Td (its ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F5 10.00 Tf ET
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BT /F3 10.00 Tf ET
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1.00 w
0 i
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3 M
50.5 550.75 m
320.5 550.75 l
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3 M
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F4 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 540.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 534.80 540.47 Td (\(8.1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 540.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 525.42 Td (Impairment loss) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 342.15 525.43 Td (121,443) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 423.65 525.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 459.15 525.42 Td (121,443) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 538.75 525.42 Td (n/a) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 497.25 Td (Depreciation ) Tj ET Q
q 0 0 0 rg BT 104.04 497.25 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 145.84 497.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 156.02 497.25 Td (201) Tj ET Q
q 0 0 0 rg BT 170.65 497.25 Td (1 ) Tj ET Q
q 0 0 0 rg BT 178.04 497.25 Td (compared ) Tj ET Q
q 0 0 0 rg BT 219.86 497.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 230.03 497.25 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 252.43 497.25 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 292.04 497.25 Td (due ) Tj ET Q
q 0 0 0 rg BT 308.87 497.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 319.04 497.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 333.65 497.25 Td (termination ) Tj ET Q
q 0 0 0 rg BT 382.15 497.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 392.87 497.25 Td (leases ) Tj ET Q
q 0 0 0 rg BT 419.15 497.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 429.32 497.25 Td (201) Tj ET Q
q 0 0 0 rg BT 443.95 497.25 Td (1 ) Tj ET Q
q 0 0 0 rg BT 451.34 497.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 468.18 497.25 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 490.57 497.25 Td (relating ) Tj ET Q
q 0 0 0 rg BT 523.51 497.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 533.68 497.25 Td (vessels ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 485.25 Td (held ) Tj ET Q
q 0 0 0 rg BT 70.22 485.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 96.00 485.25 Td (capital ) Tj ET Q
q 0 0 0 rg BT 125.66 485.25 Td (lease, ) Tj ET Q
q 0 0 0 rg BT 151.15 485.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 178.60 485.25 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 213.25 485.25 Td (depreciation ) Tj ET Q
q 0 0 0 rg BT 265.68 485.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 278.69 485.25 Td ($19.9 ) Tj ET Q
q 0 0 0 rg BT 304.19 485.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 336.09 485.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 353.54 485.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 368.76 485.25 Td (sale ) Tj ET Q
q 0 0 0 rg BT 387.32 485.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 398.66 485.25 Td (four ) Tj ET Q
q 0 0 0 rg BT 418.33 485.25 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 457.99 485.25 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 489.87 485.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 507.32 485.25 Td (one ) Tj ET Q
q 0 0 0 rg BT 524.55 485.25 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 554.23 485.25 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 473.25 Td (201) Tj ET Q
q 0 0 0 rg BT 64.63 473.25 Td (1 ) Tj ET Q
q 0 0 0 rg BT 72.15 473.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 89.12 473.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 103.86 473.25 Td (impact ) Tj ET Q
q 0 0 0 rg BT 133.59 473.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 144.45 473.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 159.19 473.25 Td (sale ) Tj ET Q
q 0 0 0 rg BT 177.26 473.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 188.12 473.25 Td (one ) Tj ET Q
q 0 0 0 rg BT 205.08 473.25 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 244.26 473.25 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 271.77 473.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 282.07 473.25 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 307.09 473.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 334.06 473.25 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 368.23 473.25 Td (depreciation ) Tj ET Q
q 0 0 0 rg BT 420.17 473.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 432.70 473.25 Td ($6.7 ) Tj ET Q
q 0 0 0 rg BT 452.72 473.25 Td (million. ) Tj ET Q
q 0 0 0 rg BT 486.45 473.25 Td (These ) Tj ET Q
q 0 0 0 rg BT 512.85 473.25 Td (factors ) Tj ET Q
q 0 0 0 rg BT 542.59 473.25 Td (were ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 461.25 Td (partially ) Tj ET Q
q 0 0 0 rg BT 85.15 461.25 Td (of) Tj ET Q
q 0 0 0 rg BT 93.30 461.25 Td (fset ) Tj ET Q
q 0 0 0 rg BT 109.57 461.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 121.41 461.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 132.68 461.25 Td (increase ) Tj ET Q
q 0 0 0 rg BT 167.26 461.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 176.87 461.25 Td (depreciation ) Tj ET Q
q 0 0 0 rg BT 228.13 461.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 238.29 461.25 Td ($10.3 ) Tj ET Q
q 0 0 0 rg BT 262.62 461.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 293.34 461.25 Td (attributable ) Tj ET Q
q 0 0 0 rg BT 340.71 461.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 350.33 461.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 364.37 461.25 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 398.97 461.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 409.13 461.25 Td (four ) Tj ET Q
q 0 0 0 rg BT 427.63 461.25 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 466.11 461.25 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 496.82 461.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 513.09 461.25 Td (four ) Tj ET Q
q 0 0 0 rg BT 531.45 461.25 Td (VLCCs ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 449.25 Td (during ) Tj ET Q
q 0 0 0 rg BT 78.61 449.25 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 103.61 449.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 117.77 449.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 144.71 449.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 151.65 449.25 Td (full ) Tj ET Q
q 0 0 0 rg BT 168.03 449.25 Td (year's ) Tj ET Q
q 0 0 0 rg BT 193.43 449.25 Td (depreciation ) Tj ET Q
q 0 0 0 rg BT 245.35 449.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 263.40 449.25 Td (char) Tj ET Q
q 0 0 0 rg BT 280.43 449.25 Td (ged ) Tj ET Q
q 0 0 0 rg BT 297.37 449.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 307.65 449.25 Td (201) Tj ET Q
q 0 0 0 rg BT 322.28 449.25 Td (1.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 425.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.36 425.25 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 117.28 425.25 Td (loss ) Tj ET Q
q 0 0 0 rg BT 135.66 425.25 Td (relates ) Tj ET Q
q 0 0 0 rg BT 164.57 425.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 175.17 425.25 Td (five ) Tj ET Q
q 0 0 0 rg BT 193.53 425.25 Td (double ) Tj ET Q
q 0 0 0 rg BT 223.56 425.25 Td (hull ) Tj ET Q
q 0 0 0 rg BT 241.94 425.25 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 281.41 425.25 Td (tankers. ) Tj ET Q
q 0 0 0 rg BT 315.61 425.25 Td (Four ) Tj ET Q
q 0 0 0 rg BT 337.31 425.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 348.46 425.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 371.83 425.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 402.97 425.25 Td (were ) Tj ET Q
q 0 0 0 rg BT 425.22 425.25 Td (sold ) Tj ET Q
q 0 0 0 rg BT 444.71 425.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 455.30 425.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 470.34 425.25 Td (fourth ) Tj ET Q
q 0 0 0 rg BT 497.59 425.25 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 528.73 425.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 539.87 425.25 Td (201) Tj ET Q
q 0 0 0 rg BT 554.50 425.25 Td (1. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 413.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.05 413.25 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 111.09 413.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 138.03 413.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 156.08 413.25 Td (sold ) Tj ET Q
q 0 0 0 rg BT 175.25 413.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 185.53 413.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 200.24 413.25 Td (first ) Tj ET Q
q 0 0 0 rg BT 218.85 413.25 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 249.67 413.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 260.50 413.25 Td (2012.) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 389.25 Td (Interest ) Tj ET Q
q 0 0 0 rg BT 84.17 389.25 Td (income) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 348.75 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 348.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 348.75 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 348.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 348.75 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 348.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
441.50 348.75 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 348.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 348.75 55.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 348.75 m
320.5 348.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 348.75 m
378.5 348.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
382.5 348.75 m
437.5 348.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
441.5 348.75 m
495.5 348.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
499.5 348.75 m
554.5 348.75 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 368.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 327.00 368.42 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.10 368.43 Td (Change) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 353.46 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 355.55 353.43 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 414.00 353.42 Td (2010) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 487.00 353.43 Td ($) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 541.00 353.43 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 338.42 Td (Interest income) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 352.15 338.43 Td (3,958) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 406.15 338.42 Td (13,432) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 465.80 338.47 Td (\(9,474) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 338.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 529.80 338.47 Td (\(70.5) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 338.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.25 Td (Interest ) Tj ET Q
q 0 0 0 rg BT 82.88 310.25 Td (income ) Tj ET Q
q 0 0 0 rg BT 115.20 310.25 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 157.50 310.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 168.17 310.25 Td (201) Tj ET Q
q 0 0 0 rg BT 182.80 310.25 Td (1 ) Tj ET Q
q 0 0 0 rg BT 190.69 310.25 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 230.80 310.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 242.02 310.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 249.35 310.25 Td (result ) Tj ET Q
q 0 0 0 rg BT 274.45 310.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 285.67 310.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 300.78 310.25 Td (utilization ) Tj ET Q
q 0 0 0 rg BT 344.22 310.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 355.44 310.25 Td (restricted ) Tj ET Q
q 0 0 0 rg BT 395.53 310.25 Td (cash ) Tj ET Q
q 0 0 0 rg BT 416.19 310.25 Td (balances ) Tj ET Q
q 0 0 0 rg BT 453.51 310.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 464.17 310.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 479.28 310.25 Td (ITCL) Tj ET Q
q 0 0 0 rg BT 501.13 310.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 504.02 310.25 Td (group ) Tj ET Q
q 0 0 0 rg BT 530.24 310.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 540.91 310.25 Td (settle ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.25 Td (one ) Tj ET Q
q 0 0 0 rg BT 66.97 298.25 Td (capital ) Tj ET Q
q 0 0 0 rg BT 96.16 298.25 Td (lease, ) Tj ET Q
q 0 0 0 rg BT 121.17 298.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 148.15 298.25 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 182.32 298.25 Td (interest ) Tj ET Q
q 0 0 0 rg BT 214.29 298.25 Td (income ) Tj ET Q
q 0 0 0 rg BT 246.26 298.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 258.79 298.25 Td ($5.5 ) Tj ET Q
q 0 0 0 rg BT 278.82 298.25 Td (million. ) Tj ET Q
q 0 0 0 rg BT 312.75 298.25 Td (In ) Tj ET Q
q 0 0 0 rg BT 323.61 298.25 Td (addition ) Tj ET Q
q 0 0 0 rg BT 358.92 298.25 Td (two ) Tj ET Q
q 0 0 0 rg BT 376.45 298.25 Td (guaranteed ) Tj ET Q
q 0 0 0 rg BT 422.85 298.25 Td (investment ) Tj ET Q
q 0 0 0 rg BT 469.26 298.25 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 507.89 298.25 Td (held ) Tj ET Q
q 0 0 0 rg BT 527.64 298.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 540.17 298.25 Td (ITCL) Tj ET Q
q 0 0 0 rg BT 562.02 298.25 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.25 Td (were ) Tj ET Q
q 0 0 0 rg BT 71.93 286.25 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 117.19 286.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 127.47 286.25 Td (December ) Tj ET Q
q 0 0 0 rg BT 171.05 286.25 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 193.55 286.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 210.49 286.25 Td (January ) Tj ET Q
q 0 0 0 rg BT 244.09 286.25 Td (201) Tj ET Q
q 0 0 0 rg BT 258.72 286.25 Td (1, ) Tj ET Q
q 0 0 0 rg BT 268.72 286.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 295.65 286.25 Td (resulted ) Tj ET Q
q 0 0 0 rg BT 329.81 286.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 340.09 286.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 347.03 286.25 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 383.94 286.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 394.22 286.25 Td (interest ) Tj ET Q
q 0 0 0 rg BT 426.15 286.25 Td (income ) Tj ET Q
q 0 0 0 rg BT 458.09 286.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 468.92 286.25 Td ($3.6 ) Tj ET Q
q 0 0 0 rg BT 488.92 286.25 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.25 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.25 Td (Interest expense) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 221.75 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 221.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 221.75 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 221.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 221.75 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 221.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
441.50 221.75 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 221.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 221.75 55.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 221.75 m
320.5 221.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 221.75 m
378.5 221.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
382.5 221.75 m
437.5 221.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
441.5 221.75 m
495.5 221.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
499.5 221.75 m
554.5 221.75 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 241.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 327.00 241.42 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.10 241.43 Td (Change) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 226.46 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 355.55 226.43 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 414.00 226.42 Td (2010) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 487.00 226.43 Td ($) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 541.00 226.43 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 211.42 Td (Interest expense) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 342.15 211.43 Td (141,497) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.15 211.42 Td (149,918) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 465.80 211.47 Td (\(8,421) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 211.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 534.80 211.47 Td (\(5.6) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 211.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 183.25 Td (Interest ) Tj ET Q
q 0 0 0 rg BT 82.67 183.25 Td (expense ) Tj ET Q
q 0 0 0 rg BT 117.57 183.25 Td (comprises ) Tj ET Q
q 0 0 0 rg BT 160.80 183.25 Td (three ) Tj ET Q
q 0 0 0 rg BT 183.47 183.25 Td (elements. ) Tj ET Q
q 0 0 0 rg BT 224.20 183.25 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 258.54 183.25 Td (lease ) Tj ET Q
q 0 0 0 rg BT 281.22 183.25 Td (interest ) Tj ET Q
q 0 0 0 rg BT 313.34 183.25 Td (expense, ) Tj ET Q
q 0 0 0 rg BT 350.73 183.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 377.86 183.25 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 419.96 183.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 432.64 183.25 Td ($18.9 ) Tj ET Q
q 0 0 0 rg BT 457.83 183.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 489.41 183.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 499.88 183.25 Td (201) Tj ET Q
q 0 0 0 rg BT 514.50 183.25 Td (1 ) Tj ET Q
q 0 0 0 rg BT 522.19 183.25 Td (due ) Tj ET Q
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BT /F2 10.00 Tf ET
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BT /F4 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
194 0 obj
<<
/Length 31498
>>
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q 0 0 0 rg BT 378.23 540.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 415.03 540.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 424.63 540.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 435.88 540.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 483.79 540.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 501.17 540.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 511.31 540.10 Td ($9.4 ) Tj ET Q
q 0 0 0 rg BT 530.63 540.10 Td (million. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 528.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.05 528.10 Td (securities ) Tj ET Q
q 0 0 0 rg BT 108.31 528.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 130.24 528.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 149.41 528.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 159.69 528.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 193.29 528.10 Td (201) Tj ET Q
q 0 0 0 rg BT 207.92 528.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 215.42 528.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 235.69 528.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 242.63 528.10 Td (further ) Tj ET Q
q 0 0 0 rg BT 272.34 528.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 290.40 528.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 301.23 528.10 Td ($3.4 ) Tj ET Q
q 0 0 0 rg BT 321.23 528.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 352.62 528.10 Td (being ) Tj ET Q
q 0 0 0 rg BT 377.34 528.10 Td (realized ) Tj ET Q
q 0 0 0 rg BT 411.48 528.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 423.98 528.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 438.70 528.10 Td (sale.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 504.10 Td (Dividends ) Tj ET Q
q 0 0 0 rg BT 93.32 504.10 Td (received ) Tj ET Q
q 0 0 0 rg BT 129.39 504.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 139.38 504.10 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 161.60 504.10 Td (includes ) Tj ET Q
q 0 0 0 rg BT 197.13 504.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 203.78 504.10 Td (write-of) Tj ET Q
q 0 0 0 rg BT 235.81 504.10 Td (f ) Tj ET Q
q 0 0 0 rg BT 241.35 504.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 251.89 504.10 Td ($2.1 ) Tj ET Q
q 0 0 0 rg BT 271.61 504.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 302.71 504.10 Td (relating ) Tj ET Q
q 0 0 0 rg BT 335.46 504.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 345.45 504.10 Td (dividends ) Tj ET Q
q 0 0 0 rg BT 386.55 504.10 Td (receivable ) Tj ET Q
q 0 0 0 rg BT 429.84 504.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 451.49 504.10 Td (Navig8 ) Tj ET Q
q 0 0 0 rg BT 483.14 504.10 Td (Limited, ) Tj ET Q
q 0 0 0 rg BT 519.52 504.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 530.06 504.10 Td (Navig8, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 492.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 61.94 492.10 Td (international ) Tj ET Q
q 0 0 0 rg BT 114.98 492.10 Td (shipping ) Tj ET Q
q 0 0 0 rg BT 151.92 492.10 Td (company ) Tj ET Q
q 0 0 0 rg BT 191.08 492.10 Td (specializing ) Tj ET Q
q 0 0 0 rg BT 241.34 492.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 251.62 492.10 Td (product ) Tj ET Q
q 0 0 0 rg BT 284.66 492.10 Td (tankers. ) Tj ET Q
q 0 0 0 rg BT 318.36 492.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 336.41 492.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 383.49 492.10 Td (investment ) Tj ET Q
q 0 0 0 rg BT 429.87 492.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 440.15 492.10 Td (Navig8 ) Tj ET Q
q 0 0 0 rg BT 472.08 492.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 490.14 492.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 509.31 492.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 519.58 492.10 Td (2010.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 468.10 Td (Other ) Tj ET Q
q 0 0 0 rg BT 75.10 468.10 Td (non-operating ) Tj ET Q
q 0 0 0 rg BT 133.53 468.10 Td (items, ) Tj ET Q
q 0 0 0 rg BT 160.03 468.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 174.58 468.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 184.69 468.10 Td (201) Tj ET Q
q 0 0 0 rg BT 199.32 468.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 206.65 468.10 Td (includes ) Tj ET Q
q 0 0 0 rg BT 242.31 468.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 249.08 468.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 268.63 468.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 279.29 468.10 Td ($8.8 ) Tj ET Q
q 0 0 0 rg BT 299.13 468.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 330.35 468.10 Td (arising ) Tj ET Q
q 0 0 0 rg BT 359.90 468.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 372.23 468.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 386.78 468.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 435.21 468.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 445.88 468.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 452.65 468.10 Td (funding ) Tj ET Q
q 0 0 0 rg BT 486.09 468.10 Td (agreement ) Tj ET Q
q 0 0 0 rg BT 530.06 468.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 540.17 468.10 Td (ITCL) Tj ET Q
q 0 0 0 rg BT 562.02 468.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 456.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.81 456.10 Td ($4.4 ) Tj ET Q
q 0 0 0 rg BT 86.69 456.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 117.95 456.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 128.11 456.10 Td (respect ) Tj ET Q
q 0 0 0 rg BT 158.80 456.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 169.50 456.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 184.09 456.10 Td (amortization ) Tj ET Q
q 0 0 0 rg BT 237.00 456.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 247.71 456.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 283.39 456.10 Td (gains, ) Tj ET Q
q 0 0 0 rg BT 309.37 456.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 336.18 456.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 357.44 456.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 378.69 456.10 Td (partially ) Tj ET Q
q 0 0 0 rg BT 414.38 456.10 Td (of) Tj ET Q
q 0 0 0 rg BT 422.53 456.10 Td (fset ) Tj ET Q
q 0 0 0 rg BT 439.34 456.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 451.72 456.10 Td (solicitation ) Tj ET Q
q 0 0 0 rg BT 498.53 456.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 520.91 456.10 Td (associated ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 444.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 70.25 444.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 84.94 444.10 Td (ITCL) Tj ET Q
q 0 0 0 rg BT 106.79 444.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 109.26 444.10 Td (bonds ) Tj ET Q
q 0 0 0 rg BT 135.63 444.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 146.43 444.10 Td ($0.5 ) Tj ET Q
q 0 0 0 rg BT 166.40 444.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 197.77 444.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 214.68 444.10 Td (banking ) Tj ET Q
q 0 0 0 rg BT 249.37 444.10 Td (fees ) Tj ET Q
q 0 0 0 rg BT 267.94 444.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 278.74 444.10 Td ($0.7 ) Tj ET Q
q 0 0 0 rg BT 298.72 444.10 Td (million. ) Tj ET Q
q 0 0 0 rg BT 332.58 444.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 343.38 444.10 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 368.36 444.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 391.38 444.10 Td (non-operating ) Tj ET Q
q 0 0 0 rg BT 449.94 444.10 Td (items, ) Tj ET Q
q 0 0 0 rg BT 476.58 444.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 491.27 444.10 Td (includes ) Tj ET Q
q 0 0 0 rg BT 527.07 444.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 533.98 444.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 553.67 444.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 432.10 Td ($3.6 ) Tj ET Q
q 0 0 0 rg BT 69.68 432.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 100.75 432.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 117.37 432.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 127.33 432.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 141.72 432.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 190.00 432.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 200.51 432.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 207.13 432.10 Td (funding ) Tj ET Q
q 0 0 0 rg BT 240.41 432.10 Td (agreement ) Tj ET Q
q 0 0 0 rg BT 284.23 432.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 300.85 432.10 Td (amortized ) Tj ET Q
q 0 0 0 rg BT 343.01 432.10 Td (gains ) Tj ET Q
q 0 0 0 rg BT 366.30 432.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 378.48 432.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 396.20 432.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 406.71 432.10 Td ($3.1 ) Tj ET Q
q 0 0 0 rg BT 426.39 432.10 Td (million, ) Tj ET Q
q 0 0 0 rg BT 459.96 432.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 486.58 432.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 507.64 432.10 Td (partially ) Tj ET Q
q 0 0 0 rg BT 543.14 432.10 Td (been ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 420.10 Td (of) Tj ET Q
q 0 0 0 rg BT 58.15 420.10 Td (fset ) Tj ET Q
q 0 0 0 rg BT 75.09 420.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 87.59 420.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 94.53 420.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 143.13 420.10 Td (fee ) Tj ET Q
q 0 0 0 rg BT 157.83 420.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 168.66 420.10 Td ($2.7 ) Tj ET Q
q 0 0 0 rg BT 188.66 420.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 220.05 420.10 Td (paid ) Tj ET Q
q 0 0 0 rg BT 239.77 420.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 252.27 420.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 274.76 420.10 Td (redemption ) Tj ET Q
q 0 0 0 rg BT 322.80 420.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 333.63 420.10 Td (bond ) Tj ET Q
q 0 0 0 rg BT 356.13 420.10 Td (debt.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 408.10 Td () Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 396.10 Td (Net income attributable to noncontrolling interest) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 355.60 270.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
320.50 355.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
324.50 355.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
378.50 355.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
382.50 355.60 55.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
437.50 355.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
441.50 355.60 54.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
495.50 355.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
499.50 355.60 55.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 355.6 m
320.5 355.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
324.5 355.6 m
378.5 355.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
382.5 355.6 m
437.5 355.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
441.5 355.6 m
495.5 355.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
499.5 355.6 m
554.5 355.6 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 375.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 327.00 375.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 481.10 375.28 Td (Change) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 360.31 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 355.55 360.28 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 414.00 360.27 Td (2010) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 487.00 360.28 Td ($) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 541.00 360.28 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 345.27 Td (Net income attributable to noncontrolling interest) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 359.65 345.28 Td (591) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 411.15 345.27 Td (2,597) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 465.80 345.32 Td (\(2,006) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.65 345.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 529.80 345.32 Td (\(77.2) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.65 345.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 317.10 Td (Net ) Tj ET Q
q 0 0 0 rg BT 66.75 317.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 98.49 317.10 Td (attributable ) Tj ET Q
q 0 0 0 rg BT 146.33 317.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 156.42 317.10 Td (noncontrolling ) Tj ET Q
q 0 0 0 rg BT 217.61 317.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 249.35 317.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 264.99 317.10 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 306.72 317.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 316.80 317.10 Td (201) Tj ET Q
q 0 0 0 rg BT 331.43 317.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 338.74 317.10 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 378.26 317.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 395.01 317.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 405.09 317.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 411.84 317.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 448.56 317.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 458.65 317.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 473.18 317.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 487.70 317.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 519.44 317.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 530.08 317.10 Td (ITCL) Tj ET Q
q 0 0 0 rg BT 551.93 317.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 554.24 317.10 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 305.10 Td (201) Tj ET Q
q 0 0 0 rg BT 64.63 305.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 72.13 305.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 89.07 305.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 103.78 305.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 141.28 305.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 178.19 305.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 188.47 305.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 203.19 305.10 Td (17.53% ) Tj ET Q
q 0 0 0 rg BT 236.52 305.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 268.45 305.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 278.73 305.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 296.23 305.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 310.94 305.10 Td (income.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 281.10 Td (Recent ) Tj ET Q
q 0 0 0 rg BT 81.93 281.10 Td (accounting ) Tj ET Q
q 0 0 0 rg BT 131.10 281.10 Td (pr) Tj ET Q
q 0 0 0 rg BT 140.92 281.10 Td (onouncements) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 257.10 Td (ASU ) Tj ET Q
q 0 0 0 rg BT 72.37 257.10 Td (201) Tj ET Q
q 0 0 0 rg BT 86.99 257.10 Td (1-04, ) Tj ET Q
q 0 0 0 rg BT 110.19 257.10 Td (Fair ) Tj ET Q
q 0 0 0 rg BT 128.48 257.10 Td (V) Tj ET Q
q 0 0 0 rg BT 134.60 257.10 Td (alue ) Tj ET Q
q 0 0 0 rg BT 153.61 257.10 Td (Measurement ) Tj ET Q
q 0 0 0 rg BT 210.40 257.10 Td (\(T) Tj ET Q
q 0 0 0 rg BT 219.14 257.10 Td (opic ) Tj ET Q
q 0 0 0 rg BT 238.72 257.10 Td (820\): ) Tj ET Q
q 0 0 0 rg BT 261.66 257.10 Td (Amendments ) Tj ET Q
q 0 0 0 rg BT 317.35 257.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 326.97 257.10 Td (Achieve ) Tj ET Q
q 0 0 0 rg BT 362.65 257.10 Td (Common ) Tj ET Q
q 0 0 0 rg BT 402.23 257.10 Td (Fair ) Tj ET Q
q 0 0 0 rg BT 420.53 257.10 Td (V) Tj ET Q
q 0 0 0 rg BT 426.64 257.10 Td (alue ) Tj ET Q
q 0 0 0 rg BT 445.66 257.10 Td (Measurement ) Tj ET Q
q 0 0 0 rg BT 502.45 257.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 519.24 257.10 Td (Disclosure ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 245.10 Td (Requirements ) Tj ET Q
q 0 0 0 rg BT 108.00 245.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 118.23 245.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 138.47 245.10 Td (GAAP) Tj ET Q
q 0 0 0 rg BT 165.33 245.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 167.78 245.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 184.68 245.10 Td (IFRSs. ) Tj ET Q
q 0 0 0 rg BT 214.65 245.10 Td (Many ) Tj ET Q
q 0 0 0 rg BT 240.43 245.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 251.22 245.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 265.89 245.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 300.56 245.10 Td (here ) Tj ET Q
q 0 0 0 rg BT 320.22 245.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 334.88 245.10 Td (clarifications ) Tj ET Q
q 0 0 0 rg BT 389.54 245.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 400.32 245.10 Td (existing ) Tj ET Q
q 0 0 0 rg BT 434.44 245.10 Td (guidance ) Tj ET Q
q 0 0 0 rg BT 472.99 245.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 483.78 245.10 Td (wording ) Tj ET Q
q 0 0 0 rg BT 519.57 245.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 554.23 245.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 233.10 Td (align ) Tj ET Q
q 0 0 0 rg BT 72.41 233.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 92.61 233.10 Td (IFRS ) Tj ET Q
q 0 0 0 rg BT 116.15 233.10 Td (13. ) Tj ET Q
q 0 0 0 rg BT 130.90 233.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 148.87 233.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 167.95 233.10 Td (measurement ) Tj ET Q
q 0 0 0 rg BT 223.68 233.10 Td (guidance ) Tj ET Q
q 0 0 0 rg BT 262.19 233.10 Td (did ) Tj ET Q
q 0 0 0 rg BT 277.39 233.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 292.58 233.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 313.88 233.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 325.74 233.10 Td (impact ) Tj ET Q
q 0 0 0 rg BT 355.37 233.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 367.79 233.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 382.43 233.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 429.42 233.10 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 482.39 233.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 519.79 233.10 Td (statements ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 221.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.94 221.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 81.66 221.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 100.82 221.10 Td (disclosure ) Tj ET Q
q 0 0 0 rg BT 143.86 221.10 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 198.56 221.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 213.27 221.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 223.55 221.10 Td (Note ) Tj ET Q
q 0 0 0 rg BT 245.49 221.10 Td (16 ) Tj ET Q
q 0 0 0 rg BT 257.99 221.10 Td ("Financial ) Tj ET Q
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BT /F3 10.00 Tf ET
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endstream
endobj
195 0 obj
<<
/Length 44082
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stream
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 474.00 646.10 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 527.03 646.10 Td (financial ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.10 Td (statements.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td (B. LIQUIDITY) Tj ET Q
q 0 0 0 rg BT 115.76 610.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 117.71 610.10 Td (AND CAPIT) Tj ET Q
q 0 0 0 rg BT 172.24 610.10 Td (AL) Tj ET Q
q 0 0 0 rg BT 185.58 610.10 Td ( RESOURCES) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td (Liquidity) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 562.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.87 562.10 Td (operate ) Tj ET Q
q 0 0 0 rg BT 98.08 562.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 108.65 562.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 115.88 562.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 145.32 562.10 Td (intensive ) Tj ET Q
q 0 0 0 rg BT 184.21 562.10 Td (industry ) Tj ET Q
q 0 0 0 rg BT 219.78 562.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 237.01 562.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 258.68 562.10 Td (historically ) Tj ET Q
q 0 0 0 rg BT 306.46 562.10 Td (financed ) Tj ET Q
q 0 0 0 rg BT 343.67 562.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 359.79 562.10 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 398.12 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 409.24 562.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 440.91 562.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 458.14 562.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 481.48 562.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 510.92 562.10 Td (expenditures ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (through ) Tj ET Q
q 0 0 0 rg BT 83.75 550.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 90.83 550.10 Td (combination ) Tj ET Q
q 0 0 0 rg BT 143.47 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 154.44 550.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 174.85 550.10 Td (generated ) Tj ET Q
q 0 0 0 rg BT 216.36 550.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 238.44 550.10 Td (operations, ) Tj ET Q
q 0 0 0 rg BT 285.24 550.10 Td (equity ) Tj ET Q
q 0 0 0 rg BT 312.87 550.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 342.17 550.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 359.25 550.10 Td (borrowings ) Tj ET Q
q 0 0 0 rg BT 407.44 550.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 429.53 550.10 Td (commercial ) Tj ET Q
q 0 0 0 rg BT 479.37 550.10 Td (banks. ) Tj ET Q
q 0 0 0 rg BT 507.84 550.10 Td (Our ) Tj ET Q
q 0 0 0 rg BT 526.03 550.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 554.23 550.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (generate ) Tj ET Q
q 0 0 0 rg BT 86.40 538.10 Td (adequate ) Tj ET Q
q 0 0 0 rg BT 124.48 538.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 144.78 538.10 Td (flows ) Tj ET Q
q 0 0 0 rg BT 169.55 538.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 182.09 538.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 189.07 538.10 Td (short ) Tj ET Q
q 0 0 0 rg BT 211.61 538.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 228.59 538.10 Td (medium ) Tj ET Q
q 0 0 0 rg BT 263.90 538.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 284.77 538.10 Td (basis ) Tj ET Q
q 0 0 0 rg BT 307.31 538.10 Td (depends ) Tj ET Q
q 0 0 0 rg BT 342.62 538.10 Td (substantially ) Tj ET Q
q 0 0 0 rg BT 395.71 538.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 408.25 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 423.01 538.10 Td (trading ) Tj ET Q
q 0 0 0 rg BT 453.87 538.10 Td (performance ) Tj ET Q
q 0 0 0 rg BT 506.93 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 517.80 538.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 533.68 538.10 Td (vessels ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 60.25 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 74.94 526.10 Td (market.Historically) Tj ET Q
q 0 0 0 rg BT 156.77 526.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 161.74 526.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 191.97 526.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 213.32 526.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 227.46 526.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 261.57 526.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 272.38 526.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 288.18 526.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 318.98 526.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 340.33 526.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 361.68 526.10 Td (volatile. ) Tj ET Q
q 0 0 0 rg BT 396.64 526.10 Td (Periodic ) Tj ET Q
q 0 0 0 rg BT 432.44 526.10 Td (adjustments ) Tj ET Q
q 0 0 0 rg BT 482.68 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 492.93 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 507.62 526.10 Td (supply ) Tj ET Q
q 0 0 0 rg BT 536.76 526.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 547.57 526.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 84.15 514.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 98.30 514.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 111.35 514.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 142.72 514.10 Td (causes ) Tj ET Q
q 0 0 0 rg BT 171.31 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 186.01 514.10 Td (industry ) Tj ET Q
q 0 0 0 rg BT 221.28 514.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 231.55 514.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 243.48 514.10 Td (cyclical ) Tj ET Q
q 0 0 0 rg BT 277.07 514.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 287.34 514.10 Td (nature. ) Tj ET Q
q 0 0 0 rg BT 317.13 514.10 Td (W) Tj ET Q
q 0 0 0 rg BT 325.77 514.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 332.70 514.10 Td (expect ) Tj ET Q
q 0 0 0 rg BT 361.29 514.10 Td (continued ) Tj ET Q
q 0 0 0 rg BT 403.21 514.10 Td (volatility ) Tj ET Q
q 0 0 0 rg BT 441.81 514.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 452.08 514.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 482.34 514.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 503.71 514.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 517.86 514.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 533.68 514.10 Td (vessels ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 60.28 502.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 75.00 502.10 Td (foreseeable ) Tj ET Q
q 0 0 0 rg BT 123.02 502.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 149.39 502.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 169.67 502.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 176.61 502.10 Td (consequent ) Tj ET Q
q 0 0 0 rg BT 224.10 502.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 231.68 502.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 249.17 502.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 261.67 502.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 277.50 502.10 Td (short ) Tj ET Q
q 0 0 0 rg BT 300.00 502.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 316.94 502.10 Td (medium ) Tj ET Q
q 0 0 0 rg BT 352.21 502.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 373.04 502.10 Td (liquidity) Tj ET Q
q 0 0 0 rg BT 406.28 502.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (Our ) Tj ET Q
q 0 0 0 rg BT 68.62 478.10 Td (funding ) Tj ET Q
q 0 0 0 rg BT 102.80 478.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 120.31 478.10 Td (treasury ) Tj ET Q
q 0 0 0 rg BT 155.59 478.10 Td (activities ) Tj ET Q
q 0 0 0 rg BT 194.76 478.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 210.03 478.10 Td (conducted ) Tj ET Q
q 0 0 0 rg BT 254.20 478.10 Td (within ) Tj ET Q
q 0 0 0 rg BT 282.82 478.10 Td (corporate ) Tj ET Q
q 0 0 0 rg BT 323.65 478.10 Td (policies ) Tj ET Q
q 0 0 0 rg BT 357.82 478.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 368.67 478.10 Td (maximize ) Tj ET Q
q 0 0 0 rg BT 411.17 478.10 Td (investment ) Tj ET Q
q 0 0 0 rg BT 458.12 478.10 Td (returns ) Tj ET Q
q 0 0 0 rg BT 488.96 478.10 Td (while ) Tj ET Q
q 0 0 0 rg BT 514.25 478.10 Td (maintaining ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (appropriate ) Tj ET Q
q 0 0 0 rg BT 98.04 466.10 Td (liquidity ) Tj ET Q
q 0 0 0 rg BT 134.45 466.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 148.62 466.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 164.46 466.10 Td (requirements. ) Tj ET Q
q 0 0 0 rg BT 221.67 466.10 Td (Cash ) Tj ET Q
q 0 0 0 rg BT 244.18 466.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 261.13 466.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 281.41 466.10 Td (equivalents ) Tj ET Q
q 0 0 0 rg BT 329.47 466.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 344.18 466.10 Td (held ) Tj ET Q
q 0 0 0 rg BT 363.91 466.10 Td (primarily ) Tj ET Q
q 0 0 0 rg BT 403.64 466.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 413.93 466.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 434.22 466.10 Td (dollars ) Tj ET Q
q 0 0 0 rg BT 463.95 466.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 484.24 466.10 Td (some ) Tj ET Q
q 0 0 0 rg BT 507.86 466.10 Td (balances ) Tj ET Q
q 0 0 0 rg BT 544.79 466.10 Td (held ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 60.28 454.10 Td (British ) Tj ET Q
q 0 0 0 rg BT 90.00 454.10 Td (Pounds, ) Tj ET Q
q 0 0 0 rg BT 124.46 454.10 Td (Euros, ) Tj ET Q
q 0 0 0 rg BT 152.79 454.10 Td (Norwegian ) Tj ET Q
q 0 0 0 rg BT 199.72 454.10 Td (Kroner ) Tj ET Q
q 0 0 0 rg BT 230.54 454.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 247.48 454.10 Td (Singapore ) Tj ET Q
q 0 0 0 rg BT 290.52 454.10 Td (dollars.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (Our ) Tj ET Q
q 0 0 0 rg BT 67.13 430.10 Td (short-term ) Tj ET Q
q 0 0 0 rg BT 110.36 430.10 Td (liquidity ) Tj ET Q
q 0 0 0 rg BT 145.83 430.10 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 199.61 430.10 Td (relate ) Tj ET Q
q 0 0 0 rg BT 223.38 430.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 232.74 430.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 268.75 430.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 278.65 430.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 317.99 430.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 339.57 430.10 Td (\(including ) Tj ET Q
q 0 0 0 rg BT 382.25 430.10 Td (drydocking\), ) Tj ET Q
q 0 0 0 rg BT 435.20 430.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 456.76 430.10 Td (payments ) Tj ET Q
q 0 0 0 rg BT 496.67 430.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 509.90 430.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 524.81 430.10 Td (chartered ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 59.82 418.10 Td (fleet, ) Tj ET Q
q 0 0 0 rg BT 82.13 418.10 Td (funding ) Tj ET Q
q 0 0 0 rg BT 115.29 418.10 Td (working ) Tj ET Q
q 0 0 0 rg BT 150.66 418.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 179.36 418.10 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 233.60 418.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 250.09 418.10 Td (maintaining ) Tj ET Q
q 0 0 0 rg BT 299.90 418.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 319.71 418.10 Td (reserves ) Tj ET Q
q 0 0 0 rg BT 354.52 418.10 Td (against ) Tj ET Q
q 0 0 0 rg BT 384.89 418.10 Td (fluctuations ) Tj ET Q
q 0 0 0 rg BT 434.14 418.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 443.97 418.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 483.78 418.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 503.59 418.10 Td (flows. ) Tj ET Q
q 0 0 0 rg BT 530.36 418.10 Td (Sources ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 61.09 406.10 Td (short-term ) Tj ET Q
q 0 0 0 rg BT 105.50 406.10 Td (liquidity ) Tj ET Q
q 0 0 0 rg BT 142.14 406.10 Td (include ) Tj ET Q
q 0 0 0 rg BT 174.33 406.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 194.86 406.10 Td (balances, ) Tj ET Q
q 0 0 0 rg BT 234.54 406.10 Td (restricted ) Tj ET Q
q 0 0 0 rg BT 274.49 406.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 295.02 406.10 Td (balances, ) Tj ET Q
q 0 0 0 rg BT 334.70 406.10 Td (short-term ) Tj ET Q
q 0 0 0 rg BT 379.11 406.10 Td (investments ) Tj ET Q
q 0 0 0 rg BT 429.64 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 446.83 406.10 Td (receipts ) Tj ET Q
q 0 0 0 rg BT 480.68 406.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 502.87 406.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 518.96 406.10 Td (customers. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (Revenues ) Tj ET Q
q 0 0 0 rg BT 91.13 394.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 112.83 394.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 132.85 394.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 166.75 394.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 183.45 394.10 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 220.13 394.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 254.03 394.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 268.49 394.10 Td (generally ) Tj ET Q
q 0 0 0 rg BT 307.95 394.10 Td (received ) Tj ET Q
q 0 0 0 rg BT 344.06 394.10 Td (monthly ) Tj ET Q
q 0 0 0 rg BT 379.65 394.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 390.24 394.10 Td (fortnightly ) Tj ET Q
q 0 0 0 rg BT 435.27 394.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 445.30 394.10 Td (advance ) Tj ET Q
q 0 0 0 rg BT 480.31 394.10 Td (while ) Tj ET Q
q 0 0 0 rg BT 504.78 394.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 542.57 394.10 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 81.38 382.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 115.52 382.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 130.23 382.10 Td (received ) Tj ET Q
q 0 0 0 rg BT 166.59 382.10 Td (upon ) Tj ET Q
q 0 0 0 rg BT 189.09 382.10 Td (completion ) Tj ET Q
q 0 0 0 rg BT 236.58 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 247.41 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 262.13 382.10 Td (voyage.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (Net ) Tj ET Q
q 0 0 0 rg BT 66.99 358.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 87.31 358.10 Td (provided ) Tj ET Q
q 0 0 0 rg BT 125.41 358.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 137.96 358.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 178.28 358.10 Td (activities ) Tj ET Q
q 0 0 0 rg BT 216.93 358.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 235.04 358.10 Td ($68.6 ) Tj ET Q
q 0 0 0 rg BT 260.09 358.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 291.53 358.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 301.87 358.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 324.42 358.10 Td (compared ) Tj ET Q
q 0 0 0 rg BT 366.39 358.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 386.73 358.10 Td ($56.9 ) Tj ET Q
q 0 0 0 rg BT 411.78 358.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 443.22 358.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 453.55 358.10 Td (201) Tj ET Q
q 0 0 0 rg BT 468.18 358.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 475.74 358.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 492.73 358.10 Td ($314.9 ) Tj ET Q
q 0 0 0 rg BT 522.78 358.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 554.22 358.10 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (2010. ) Tj ET Q
q 0 0 0 rg BT 75.00 346.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 93.24 346.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 140.52 346.10 Td (reliance ) Tj ET Q
q 0 0 0 rg BT 174.85 346.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 187.54 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 202.46 346.10 Td (spot ) Tj ET Q
q 0 0 0 rg BT 221.82 346.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 252.28 346.10 Td (contributes ) Tj ET Q
q 0 0 0 rg BT 299.41 346.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 309.88 346.10 Td (fluctuations ) Tj ET Q
q 0 0 0 rg BT 359.78 346.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 370.26 346.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 390.72 346.10 Td (flows ) Tj ET Q
q 0 0 0 rg BT 415.64 346.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 437.77 346.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 478.23 346.10 Td (activities ) Tj ET Q
q 0 0 0 rg BT 517.02 346.10 Td (historically ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 60.73 334.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 67.57 334.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 92.18 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 102.91 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 117.53 334.10 Td (exposure ) Tj ET Q
q 0 0 0 rg BT 156.02 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 166.20 334.10 Td (highly ) Tj ET Q
q 0 0 0 rg BT 194.16 334.10 Td (cyclical ) Tj ET Q
q 0 0 0 rg BT 227.65 334.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 255.03 334.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 276.31 334.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 293.14 334.10 Td (more ) Tj ET Q
q 0 0 0 rg BT 316.09 334.10 Td (recently ) Tj ET Q
q 0 0 0 rg BT 350.69 334.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 361.42 334.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 368.26 334.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 392.87 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 403.60 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 418.22 334.10 Td (impact ) Tj ET Q
q 0 0 0 rg BT 447.83 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 458.56 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 473.17 334.10 Td (downturn ) Tj ET Q
q 0 0 0 rg BT 513.90 334.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 524.08 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 538.69 334.10 Td (world ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (economy ) Tj ET Q
q 0 0 0 rg BT 88.55 322.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 100.44 322.10 Td (worldwide ) Tj ET Q
q 0 0 0 rg BT 145.10 322.10 Td (oil ) Tj ET Q
q 0 0 0 rg BT 157.55 322.10 Td (demand. ) Tj ET Q
q 0 0 0 rg BT 193.19 322.10 Td (Any ) Tj ET Q
q 0 0 0 rg BT 212.30 322.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 246.95 322.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 257.17 322.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 293.48 322.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 303.15 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 317.26 322.10 Td (average ) Tj ET Q
q 0 0 0 rg BT 350.10 322.10 Td (TCE ) Tj ET Q
q 0 0 0 rg BT 370.88 322.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 391.65 322.10 Td (earned ) Tj ET Q
q 0 0 0 rg BT 420.19 322.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 432.09 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 446.20 322.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 492.67 322.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 522.89 322.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 532.56 322.10 Td (periods ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (subsequent ) Tj ET Q
q 0 0 0 rg BT 97.39 310.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 108.11 310.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 152.14 310.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 167.59 310.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 193.03 310.10 Td (compared ) Tj ET Q
q 0 0 0 rg BT 235.41 310.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 256.13 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 271.29 310.10 Td (actual ) Tj ET Q
q 0 0 0 rg BT 297.90 310.10 Td (TCE ) Tj ET Q
q 0 0 0 rg BT 319.73 310.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 341.56 310.10 Td (achieved ) Tj ET Q
q 0 0 0 rg BT 380.04 310.10 Td (during ) Tj ET Q
q 0 0 0 rg BT 409.09 310.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 434.54 310.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 453.04 310.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 474.87 310.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 482.25 310.10 Td (positive ) Tj ET Q
q 0 0 0 rg BT 516.86 310.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 528.14 310.10 Td (negative ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td (comparative ) Tj ET Q
q 0 0 0 rg BT 101.98 298.10 Td (impact, ) Tj ET Q
q 0 0 0 rg BT 134.26 298.10 Td (respectively) Tj ET Q
q 0 0 0 rg BT 181.92 298.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 186.99 298.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 199.55 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 214.33 298.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 246.89 298.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 257.79 298.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 278.12 298.10 Td (provided ) Tj ET Q
q 0 0 0 rg BT 316.23 298.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 328.80 298.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 369.13 298.10 Td (activities. ) Tj ET Q
q 0 0 0 rg BT 410.29 298.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 421.19 298.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 449.85 298.10 Td (2013, ) Tj ET Q
q 0 0 0 rg BT 474.91 298.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 489.14 298.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 510.58 298.10 Td (average ) Tj ET Q
q 0 0 0 rg BT 544.23 298.10 Td (total ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 70.20 286.10 Td (cost ) Tj ET Q
q 0 0 0 rg BT 88.74 286.10 Td (breakeven ) Tj ET Q
q 0 0 0 rg BT 132.26 286.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 153.57 286.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 166.00 286.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 172.70 286.10 Td (TCE ) Tj ET Q
q 0 0 0 rg BT 194.02 286.10 Td (basis ) Tj ET Q
q 0 0 0 rg BT 216.45 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 227.21 286.10 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 287.41 286.10 Td ($18,800 ) Tj ET Q
q 0 0 0 rg BT 322.34 286.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 336.43 286.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 352.20 286.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 391.28 286.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 422.59 286.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 439.47 286.10 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 499.66 286.10 Td ($24,200 ) Tj ET Q
q 0 0 0 rg BT 534.59 286.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 548.68 286.10 Td (our ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (VLCCs. ) Tj ET Q
q 0 0 0 rg BT 84.45 274.10 Td (These ) Tj ET Q
q 0 0 0 rg BT 109.82 274.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 123.52 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 137.23 274.10 Td (daily ) Tj ET Q
q 0 0 0 rg BT 158.72 274.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 179.09 274.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 193.92 274.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 223.74 274.10 Td (must ) Tj ET Q
q 0 0 0 rg BT 244.68 274.10 Td (earn ) Tj ET Q
q 0 0 0 rg BT 263.38 274.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 272.66 274.10 Td (cover ) Tj ET Q
q 0 0 0 rg BT 296.36 274.10 Td (budgeted ) Tj ET Q
q 0 0 0 rg BT 334.51 274.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 373.76 274.10 Td (costs, ) Tj ET Q
q 0 0 0 rg BT 397.76 274.10 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 437.57 274.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 468.50 274.10 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 506.09 274.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 522.03 274.10 Td (scheduled ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (loan ) Tj ET Q
q 0 0 0 rg BT 70.90 262.10 Td (principal ) Tj ET Q
q 0 0 0 rg BT 110.13 262.10 Td (repayments, ) Tj ET Q
q 0 0 0 rg BT 162.41 262.10 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 200.52 262.10 Td (hire ) Tj ET Q
q 0 0 0 rg BT 219.75 262.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 237.88 262.10 Td (corporate ) Tj ET Q
q 0 0 0 rg BT 279.31 262.10 Td (overhead ) Tj ET Q
q 0 0 0 rg BT 319.65 262.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 343.33 262.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 354.79 262.10 Td (2013. ) Tj ET Q
q 0 0 0 rg BT 380.71 262.10 Td (These ) Tj ET Q
q 0 0 0 rg BT 408.28 262.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 430.84 262.10 Td (do ) Tj ET Q
q 0 0 0 rg BT 444.52 262.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 460.99 262.10 Td (take ) Tj ET Q
q 0 0 0 rg BT 481.33 262.10 Td (into ) Tj ET Q
q 0 0 0 rg BT 500.57 262.10 Td (account ) Tj ET Q
q 0 0 0 rg BT 535.35 262.10 Td (capital ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (expenditures. ) Tj ET Q
q 0 0 0 rg BT 106.20 250.10 Td (Furthermore, ) Tj ET Q
q 0 0 0 rg BT 161.30 250.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 192.24 250.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 204.85 250.10 Td (short ) Tj ET Q
q 0 0 0 rg BT 227.46 250.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 248.39 250.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 268.78 250.10 Td (charter) Tj ET Q
q 0 0 0 rg BT 296.33 250.10 Td (-in ) Tj ET Q
q 0 0 0 rg BT 310.05 250.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 327.10 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 341.92 250.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 372.86 250.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 385.47 250.10 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 422.51 250.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 456.76 250.10 Td (out ) Tj ET Q
q 0 0 0 rg BT 472.15 250.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 486.97 250.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 502.36 250.10 Td (included ) Tj ET Q
q 0 0 0 rg BT 539.40 250.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 549.79 250.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (breakeven ) Tj ET Q
q 0 0 0 rg BT 93.58 238.10 Td (rates.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td (Our ) Tj ET Q
q 0 0 0 rg BT 67.23 214.10 Td (medium ) Tj ET Q
q 0 0 0 rg BT 101.68 214.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 117.80 214.10 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 158.91 214.10 Td (liquidity ) Tj ET Q
q 0 0 0 rg BT 194.48 214.10 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 248.35 214.10 Td (include ) Tj ET Q
q 0 0 0 rg BT 279.47 214.10 Td (funding ) Tj ET Q
q 0 0 0 rg BT 312.25 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 326.15 214.10 Td (equity ) Tj ET Q
q 0 0 0 rg BT 352.82 214.10 Td (portion ) Tj ET Q
q 0 0 0 rg BT 383.38 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 393.39 214.10 Td (investments ) Tj ET Q
q 0 0 0 rg BT 442.84 214.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 452.29 214.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 470.63 214.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 480.64 214.10 Td (replacement ) Tj ET Q
q 0 0 0 rg BT 531.17 214.10 Td (vessels, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (repayment ) Tj ET Q
q 0 0 0 rg BT 95.06 202.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 106.24 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 121.31 202.10 Td (convertible ) Tj ET Q
q 0 0 0 rg BT 169.15 202.10 Td (bond ) Tj ET Q
q 0 0 0 rg BT 192.00 202.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 209.29 202.10 Td (funding ) Tj ET Q
q 0 0 0 rg BT 243.25 202.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 260.55 202.10 Td (payments ) Tj ET Q
q 0 0 0 rg BT 301.73 202.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 316.24 202.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 336.31 202.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 348.60 202.10 Td (required ) Tj ET Q
q 0 0 0 rg BT 384.77 202.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 395.41 202.10 Td (make ) Tj ET Q
q 0 0 0 rg BT 419.91 202.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 437.21 202.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 447.84 202.10 Td (lessor ) Tj ET Q
q 0 0 0 rg BT 474.02 202.10 Td (put ) Tj ET Q
q 0 0 0 rg BT 489.66 202.10 Td (options ) Tj ET Q
q 0 0 0 rg BT 521.96 202.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 534.81 202.10 Td (certain ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 81.12 190.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 95.56 190.10 Td (charter) Tj ET Q
q 0 0 0 rg BT 123.12 190.10 Td (-in.Sources ) Tj ET Q
q 0 0 0 rg BT 176.17 190.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 187.29 190.10 Td (funding ) Tj ET Q
q 0 0 0 rg BT 221.18 190.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 235.63 190.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 251.74 190.10 Td (medium ) Tj ET Q
q 0 0 0 rg BT 287.30 190.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 304.52 190.10 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 346.74 190.10 Td (liquidity ) Tj ET Q
q 0 0 0 rg BT 383.42 190.10 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 438.41 190.10 Td (include ) Tj ET Q
q 0 0 0 rg BT 470.63 190.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 490.07 190.10 Td (loans, ) Tj ET Q
q 0 0 0 rg BT 516.47 190.10 Td (refinancing ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.59 178.10 Td (existing ) Tj ET Q
q 0 0 0 rg BT 94.52 178.10 Td (arrangements, ) Tj ET Q
q 0 0 0 rg BT 153.15 178.10 Td (equity ) Tj ET Q
q 0 0 0 rg BT 180.41 178.10 Td (issues, ) Tj ET Q
q 0 0 0 rg BT 209.06 178.10 Td (public ) Tj ET Q
q 0 0 0 rg BT 236.32 178.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 253.02 178.10 Td (private ) Tj ET Q
q 0 0 0 rg BT 283.05 178.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 302.53 178.10 Td (of) Tj ET Q
q 0 0 0 rg BT 310.68 178.10 Td (ferings, ) Tj ET Q
q 0 0 0 rg BT 343.21 178.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 369.91 178.10 Td (sales, ) Tj ET Q
q 0 0 0 rg BT 394.11 178.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 411.92 178.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 428.62 178.10 Td (leaseback ) Tj ET Q
q 0 0 0 rg BT 469.75 178.10 Td (arrangements ) Tj ET Q
q 0 0 0 rg BT 525.87 178.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 542.58 178.10 Td (asset ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.10 Td (sales. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 142.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.22 142.10 Td (order ) Tj ET Q
q 0 0 0 rg BT 85.21 142.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 95.88 142.10 Td (meet ) Tj ET Q
q 0 0 0 rg BT 118.21 142.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 133.32 142.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 180.79 142.10 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 235.88 142.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 256.54 142.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 271.65 142.10 Td (next ) Tj ET Q
q 0 0 0 rg BT 291.76 142.10 Td (12 ) Tj ET Q
q 0 0 0 rg BT 304.65 142.10 Td (months, ) Tj ET Q
q 0 0 0 rg BT 339.50 142.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 354.05 142.10 Td (believe ) Tj ET Q
q 0 0 0 rg BT 385.81 142.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 403.70 142.10 Td (additional ) Tj ET Q
q 0 0 0 rg BT 446.58 142.10 Td (financing ) Tj ET Q
q 0 0 0 rg BT 487.24 142.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 505.69 142.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 518.02 142.10 Td (required ) Tj ET Q
q 0 0 0 rg BT 554.22 142.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 130.10 Td (fund ) Tj ET Q
q 0 0 0 rg BT 71.04 130.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 87.09 130.10 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 130.35 130.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 183.06 130.10 Td (installments ) Tj ET Q
q 0 0 0 rg BT 234.10 130.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 245.15 130.10 Td ($87.9 ) Tj ET Q
q 0 0 0 rg BT 270.36 130.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 301.97 130.10 Td (\(see ) Tj ET Q
q 0 0 0 rg BT 320.78 130.10 Td (below\). ) Tj ET Q
q 0 0 0 rg BT 353.17 130.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 366.99 130.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 376.38 130.10 Td (standard ) Tj ET Q
q 0 0 0 rg BT 412.97 130.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 423.46 130.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 438.40 130.10 Td (shipping ) Tj ET Q
q 0 0 0 rg BT 475.56 130.10 Td (industry ) Tj ET Q
q 0 0 0 rg BT 511.05 130.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 525.43 130.10 Td (expect ) Tj ET Q
q 0 0 0 rg BT 554.23 130.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 118.10 Td (finance ) Tj ET Q
q 0 0 0 rg BT 80.98 118.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 115.85 118.10 Td (50% ) Tj ET Q
q 0 0 0 rg BT 135.73 118.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 145.06 118.10 Td (60% ) Tj ET Q
q 0 0 0 rg BT 164.95 118.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 174.83 118.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 188.60 118.10 Td (construction ) Tj ET Q
q 0 0 0 rg BT 239.59 118.10 Td (cost ) Tj ET Q
q 0 0 0 rg BT 257.25 118.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 267.14 118.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 280.91 118.10 Td (newbuildings ) Tj ET Q
q 0 0 0 rg BT 336.35 118.10 Td (through ) Tj ET Q
q 0 0 0 rg BT 369.01 118.10 Td (traditional ) Tj ET Q
q 0 0 0 rg BT 411.67 118.10 Td (bank ) Tj ET Q
q 0 0 0 rg BT 432.66 118.10 Td (financing. ) Tj ET Q
q 0 0 0 rg BT 474.48 118.10 Td (Should ) Tj ET Q
q 0 0 0 rg BT 504.37 118.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 524.25 118.10 Td (financing ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 106.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 66.12 106.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 78.90 106.10 Td (available, ) Tj ET Q
q 0 0 0 rg BT 120.84 106.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 138.63 106.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 164.19 106.10 Td (severely ) Tj ET Q
q 0 0 0 rg BT 200.85 106.10 Td (impact ) Tj ET Q
q 0 0 0 rg BT 231.40 106.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 248.08 106.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 276.97 106.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 288.10 106.10 Td (meet ) Tj ET Q
q 0 0 0 rg BT 310.87 106.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 327.55 106.10 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 375.33 106.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 393.12 106.10 Td (finance ) Tj ET Q
q 0 0 0 rg BT 425.88 106.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 453.10 106.10 Td (obligations. ) Tj ET Q
q 0 0 0 rg BT 503.39 106.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 515.07 106.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 553.68 106.10 Td (as ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 94.10 Td (outlined ) Tj ET Q
q 0 0 0 rg BT 85.25 94.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 95.50 94.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 110.19 94.10 Td (Risk ) Tj ET Q
q 0 0 0 rg BT 131.00 94.10 Td (Factor ) Tj ET Q
q 0 0 0 rg BT 159.02 94.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 172.59 94.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 187.28 94.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 214.74 94.10 Td (industry) Tj ET Q
q 0 0 0 rg BT 246.87 94.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 251.84 94.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 278.75 94.10 Td (historically ) Tj ET Q
q 0 0 0 rg BT 326.22 94.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 342.02 94.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 363.37 94.10 Td (cyclical ) Tj ET Q
q 0 0 0 rg BT 396.93 94.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 413.85 94.10 Td (volatile, ) Tj ET Q
q 0 0 0 rg BT 448.81 94.10 Td (continues ) Tj ET Q
q 0 0 0 rg BT 489.61 94.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 499.86 94.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 511.77 94.10 Td (depressed ) Tj ET Q
q 0 0 0 rg BT 553.67 94.10 Td (or ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 82.10 Td (declines ) Tj ET Q
q 0 0 0 rg BT 84.89 82.10 Td (further ) Tj ET Q
q 0 0 0 rg BT 114.22 82.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 124.13 82.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 138.47 82.10 Td (future, ) Tj ET Q
q 0 0 0 rg BT 166.97 82.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 182.43 82.10 Td (revenues, ) Tj ET Q
q 0 0 0 rg BT 222.59 82.10 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 258.59 82.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 275.15 82.10 Td (available ) Tj ET Q
q 0 0 0 rg BT 313.37 82.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 333.26 82.10 Td (flow ) Tj ET Q
q 0 0 0 rg BT 353.72 82.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 373.06 82.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 384.63 82.10 Td (adversely ) Tj ET Q
q 0 0 0 rg BT 425.07 82.10 Td (af) Tj ET Q
q 0 0 0 rg BT 432.65 82.10 Td (fected ) Tj ET Q
q 0 0 0 rg BT 463.64 82.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 473.55 82.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 487.89 82.10 Td (event ) Tj ET Q
q 0 0 0 rg BT 511.67 82.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 528.79 82.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 544.24 82.10 Td (cash ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 70.10 Td (flow ) Tj ET Q
q 0 0 0 rg BT 70.38 70.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 91.88 70.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 135.58 70.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 155.97 70.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 170.80 70.10 Td (enable ) Tj ET Q
q 0 0 0 rg BT 198.95 70.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 209.89 70.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 219.72 70.10 Td (satisfy ) Tj ET Q
q 0 0 0 rg BT 247.88 70.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 263.27 70.10 Td (short ) Tj ET Q
q 0 0 0 rg BT 285.32 70.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 305.70 70.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 316.08 70.10 Td (medium ) Tj ET Q
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endobj
196 0 obj
<<
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>>
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BT /F1 9.00 Tf ET
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q 0 0 0 rg BT 336.57 562.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 367.71 562.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 389.40 562.10 Td (reserves ) Tj ET Q
q 0 0 0 rg BT 424.41 562.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 436.66 562.10 Td (longer ) Tj ET Q
q 0 0 0 rg BT 464.45 562.10 Td (required ) Tj ET Q
q 0 0 0 rg BT 500.01 562.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 513.92 562.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 531.17 562.10 Td (vessels. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 550.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.59 550.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 84.20 550.10 Td (made ) Tj ET Q
q 0 0 0 rg BT 108.37 550.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 120.32 550.10 Td (advance ) Tj ET Q
q 0 0 0 rg BT 155.58 550.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 192.52 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 203.36 550.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 233.63 550.10 Td (hire ) Tj ET Q
q 0 0 0 rg BT 251.68 550.10 Td (less ) Tj ET Q
q 0 0 0 rg BT 269.19 550.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 309.47 550.10 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 348.08 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 358.92 550.10 Td ($72.8 ) Tj ET Q
q 0 0 0 rg BT 383.93 550.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 415.33 550.10 Td (covering ) Tj ET Q
q 0 0 0 rg BT 452.82 550.10 Td (part ) Tj ET Q
q 0 0 0 rg BT 470.88 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 481.72 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 496.45 550.10 Td (payments ) Tj ET Q
q 0 0 0 rg BT 537.28 550.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 554.23 550.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 71.49 538.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 106.29 538.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 127.21 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 142.58 538.10 Td (six ) Tj ET Q
q 0 0 0 rg BT 157.40 538.10 Td (months ) Tj ET Q
q 0 0 0 rg BT 190.00 538.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 212.58 538.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 241.83 538.10 Td (2010. ) Tj ET Q
q 0 0 0 rg BT 266.79 538.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 281.05 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 292.53 538.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 336.76 538.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 352.41 538.10 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 378.06 538.10 Td ($62.0 ) Tj ET Q
q 0 0 0 rg BT 403.71 538.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 435.75 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 447.23 538.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 463.71 538.10 Td (restricted ) Tj ET Q
q 0 0 0 rg BT 504.06 538.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 524.98 538.10 Td (served ) Tj ET Q
q 0 0 0 rg BT 554.23 538.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (support ) Tj ET Q
q 0 0 0 rg BT 82.95 526.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 99.24 526.10 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 146.63 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 157.36 526.10 Td (make ) Tj ET Q
q 0 0 0 rg BT 181.97 526.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 212.68 526.10 Td (hire ) Tj ET Q
q 0 0 0 rg BT 231.18 526.10 Td (payments ) Tj ET Q
q 0 0 0 rg BT 272.46 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 283.19 526.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 304.48 526.10 Td (Finance, ) Tj ET Q
q 0 0 0 rg BT 341.59 526.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 358.98 526.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 377.49 526.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 408.77 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 419.50 526.10 Td (adjustment ) Tj ET Q
q 0 0 0 rg BT 466.33 526.10 Td (based ) Tj ET Q
q 0 0 0 rg BT 492.05 526.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 505.01 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 520.18 526.10 Td (number ) Tj ET Q
q 0 0 0 rg BT 553.68 526.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 84.15 514.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 101.64 514.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 115.80 514.10 Td (maintained.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 59.90 490.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 102.55 490.10 Td (201) Tj ET Q
q 0 0 0 rg BT 117.18 490.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 126.24 490.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 135.59 490.10 Td (conjunction ) Tj ET Q
q 0 0 0 rg BT 184.37 490.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 203.71 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 217.49 490.10 Td (Board ) Tj ET Q
q 0 0 0 rg BT 243.50 490.10 Td (approved ) Tj ET Q
q 0 0 0 rg BT 282.27 490.10 Td (Restructuring, ) Tj ET Q
q 0 0 0 rg BT 340.77 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 354.55 490.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 395.01 490.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 411.01 490.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 430.92 490.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 464.14 490.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 492.35 490.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 501.70 490.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 507.70 490.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 524.25 490.10 Td (reduction ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.08 478.10 Td ($6,500 ) Tj ET Q
q 0 0 0 rg BT 89.34 478.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 103.86 478.10 Td (day ) Tj ET Q
q 0 0 0 rg BT 120.05 478.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 133.46 478.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 145.21 478.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 175.29 478.10 Td (leased ) Tj ET Q
q 0 0 0 rg BT 202.03 478.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 223.22 478.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 243.32 478.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 276.72 478.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 301.25 478.10 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 342.43 478.10 Td (leases ) Tj ET Q
q 0 0 0 rg BT 368.06 478.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 381.47 478.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 387.67 478.10 Td (four ) Tj ET Q
q 0 0 0 rg BT 406.08 478.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 425.04 478.10 Td (period ) Tj ET Q
q 0 0 0 rg BT 452.34 478.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 469.09 478.10 Td (commenced ) Tj ET Q
q 0 0 0 rg BT 519.15 478.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 530.90 478.10 Td (January ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 60.47 466.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 85.73 466.10 Td (W) Tj ET Q
q 0 0 0 rg BT 94.36 466.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 101.77 466.10 Td (paid ) Tj ET Q
q 0 0 0 rg BT 121.96 466.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 143.27 466.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 177.89 466.10 Td (up ) Tj ET Q
q 0 0 0 rg BT 190.86 466.10 Td (front ) Tj ET Q
q 0 0 0 rg BT 213.27 466.10 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 271.79 466.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 283.09 466.10 Td ($106.0 ) Tj ET Q
q 0 0 0 rg BT 313.56 466.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 345.42 466.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 358.39 466.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 402.44 466.10 Td (30, ) Tj ET Q
q 0 0 0 rg BT 417.91 466.10 Td (201) Tj ET Q
q 0 0 0 rg BT 432.54 466.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 443.01 466.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 454.31 466.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 481.72 466.10 Td ($50.0 ) Tj ET Q
q 0 0 0 rg BT 507.19 466.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 539.05 466.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 557.57 466.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (non-refundable ) Tj ET Q
q 0 0 0 rg BT 112.43 454.10 Td (prepayment ) Tj ET Q
q 0 0 0 rg BT 160.97 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 170.65 454.10 Td (profit ) Tj ET Q
q 0 0 0 rg BT 194.21 454.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 216.65 454.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 232.44 454.10 Td ($56.0 ) Tj ET Q
q 0 0 0 rg BT 256.28 454.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 286.52 454.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 303.41 454.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 309.19 454.10 Td (release ) Tj ET Q
q 0 0 0 rg BT 338.29 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 347.97 454.10 Td (restricted ) Tj ET Q
q 0 0 0 rg BT 386.51 454.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 405.63 454.10 Td (serving ) Tj ET Q
q 0 0 0 rg BT 436.41 454.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 446.08 454.10 Td (security ) Tj ET Q
q 0 0 0 rg BT 479.08 454.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 492.09 454.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 521.19 454.10 Td (payments. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 442.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.93 442.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 84.34 442.10 Td (compensate ) Tj ET Q
q 0 0 0 rg BT 134.40 442.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 155.59 442.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 190.10 442.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 210.73 442.10 Td (100% ) Tj ET Q
q 0 0 0 rg BT 236.92 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 248.10 442.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 265.39 442.10 Td (dif) Tj ET Q
q 0 0 0 rg BT 276.32 442.10 Td (ference ) Tj ET Q
q 0 0 0 rg BT 308.59 442.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 344.76 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 359.83 442.10 Td (renegotiated ) Tj ET Q
q 0 0 0 rg BT 412.10 442.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 433.83 442.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 451.13 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 466.20 442.10 Td (actual ) Tj ET Q
q 0 0 0 rg BT 492.92 442.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 523.54 442.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 541.38 442.10 Td (up ) Tj ET Q
q 0 0 0 rg BT 554.23 442.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.98 430.10 Td (original ) Tj ET Q
q 0 0 0 rg BT 98.85 430.10 Td (contract ) Tj ET Q
q 0 0 0 rg BT 133.82 430.10 Td (rates. ) Tj ET Q
q 0 0 0 rg BT 157.96 430.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 169.06 430.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 207.09 430.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 222.08 430.10 Td (profit ) Tj ET Q
q 0 0 0 rg BT 247.06 430.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 270.92 430.10 Td (above ) Tj ET Q
q 0 0 0 rg BT 297.56 430.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 312.55 430.10 Td (original ) Tj ET Q
q 0 0 0 rg BT 346.41 430.10 Td (threshold ) Tj ET Q
q 0 0 0 rg BT 386.40 430.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 408.04 430.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 426.35 430.10 Td (increased ) Tj ET Q
q 0 0 0 rg BT 466.87 430.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 489.08 430.10 Td (20% ) Tj ET Q
q 0 0 0 rg BT 510.17 430.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 520.72 430.10 Td (25%. ) Tj ET Q
q 0 0 0 rg BT 543.70 430.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 557.58 430.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (result, ) Tj ET Q
q 0 0 0 rg BT 77.94 418.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 94.50 418.10 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 142.17 418.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 168.17 418.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 198.04 418.10 Td (leases ) Tj ET Q
q 0 0 0 rg BT 225.15 418.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 247.25 418.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 269.35 418.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 304.22 418.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 317.45 418.10 Td ($126.5 ) Tj ET Q
q 0 0 0 rg BT 348.18 418.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 380.30 418.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 390.74 418.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 435.05 418.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 450.78 418.10 Td (201) Tj ET Q
q 0 0 0 rg BT 465.41 418.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 476.13 418.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 497.14 418.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 504.80 418.10 Td (corresponding ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 89.03 406.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 98.07 406.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 127.66 406.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 151.69 406.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 179.60 406.10 Td (leases. ) Tj ET Q
q 0 0 0 rg BT 207.24 406.10 Td (Obligations ) Tj ET Q
q 0 0 0 rg BT 255.17 406.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 279.20 406.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 307.11 406.10 Td (leases ) Tj ET Q
q 0 0 0 rg BT 332.25 406.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 352.39 406.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 369.76 406.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 389.90 406.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 422.81 406.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 434.07 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 447.55 406.10 Td ($106.0 ) Tj ET Q
q 0 0 0 rg BT 476.31 406.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 506.46 406.10 Td (compensation ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 86.93 394.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 97.21 394.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 118.05 394.10 Td (Finance.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.60 370.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 103.96 370.10 Td (201) Tj ET Q
q 0 0 0 rg BT 118.59 370.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 128.36 370.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 138.41 370.10 Td (conjunction ) Tj ET Q
q 0 0 0 rg BT 187.90 370.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 207.95 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 222.44 370.10 Td (Board ) Tj ET Q
q 0 0 0 rg BT 249.15 370.10 Td (approved ) Tj ET Q
q 0 0 0 rg BT 288.63 370.10 Td (Restructuring, ) Tj ET Q
q 0 0 0 rg BT 347.84 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 362.33 370.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 403.49 370.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 420.20 370.10 Td (four ) Tj ET Q
q 0 0 0 rg BT 439.13 370.10 Td (German ) Tj ET Q
q 0 0 0 rg BT 473.61 370.10 Td (KG ) Tj ET Q
q 0 0 0 rg BT 490.33 370.10 Td (companies ) Tj ET Q
q 0 0 0 rg BT 535.36 370.10 Td (agreed ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.02 358.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 66.70 358.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 83.92 358.10 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 123.93 358.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 136.17 358.10 Td (four ) Tj ET Q
q 0 0 0 rg BT 155.07 358.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 185.64 358.10 Td (where ) Tj ET Q
q 0 0 0 rg BT 212.31 358.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 226.21 358.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 244.00 358.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 260.68 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 275.14 358.10 Td (lower ) Tj ET Q
q 0 0 0 rg BT 300.15 358.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 310.72 358.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 322.40 358.10 Td (index ) Tj ET Q
q 0 0 0 rg BT 346.85 358.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 364.08 358.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 380.76 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 395.22 358.10 Td (former ) Tj ET Q
q 0 0 0 rg BT 424.66 358.10 Td (rate, ) Tj ET Q
q 0 0 0 rg BT 444.39 358.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 474.95 358.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 484.97 358.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 491.65 358.10 Td (floor ) Tj ET Q
q 0 0 0 rg BT 513.33 358.10 Td (rate. ) Tj ET Q
q 0 0 0 rg BT 532.56 358.10 Td (Annual ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (renewals ) Tj ET Q
q 0 0 0 rg BT 88.69 346.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 116.28 346.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 138.87 346.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 149.24 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 164.61 346.10 Td (owners ) Tj ET Q
q 0 0 0 rg BT 196.65 346.10 Td (option ) Tj ET Q
q 0 0 0 rg BT 225.36 346.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 247.94 346.10 Td (replaced ) Tj ET Q
q 0 0 0 rg BT 284.96 346.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 305.89 346.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 313.48 346.10 Td (fixed ) Tj ET Q
q 0 0 0 rg BT 337.18 346.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 358.66 346.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 370.15 346.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 404.40 346.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 415.05 346.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 438.21 346.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 449.14 346.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 493.38 346.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 509.03 346.10 Td (2015 ) Tj ET Q
q 0 0 0 rg BT 532.19 346.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 549.78 346.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 87.94 334.10 Td (options ) Tj ET Q
q 0 0 0 rg BT 119.79 334.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 137.18 334.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 151.24 334.10 Td (held ) Tj ET Q
q 0 0 0 rg BT 170.86 334.10 Td (previously ) Tj ET Q
q 0 0 0 rg BT 215.47 334.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 237.30 334.10 Td (removed. ) Tj ET Q
q 0 0 0 rg BT 276.66 334.10 Td (A) Tj ET Q
q 0 0 0 rg BT 283.33 334.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 285.73 334.10 Td (profit ) Tj ET Q
q 0 0 0 rg BT 310.34 334.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 333.84 334.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 370.68 334.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 388.63 334.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 400.47 334.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 417.31 334.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 426.93 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 441.54 334.10 Td (end ) Tj ET Q
q 0 0 0 rg BT 458.38 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 469.11 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 483.73 334.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 506.11 334.10 Td (based ) Tj ET Q
q 0 0 0 rg BT 531.28 334.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 543.68 334.10 Td (25% ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 61.06 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 76.01 322.10 Td (excess ) Tj ET Q
q 0 0 0 rg BT 104.85 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 115.91 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 130.86 322.10 Td (aggregate ) Tj ET Q
q 0 0 0 rg BT 172.46 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 183.52 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 198.47 322.10 Td (index ) Tj ET Q
q 0 0 0 rg BT 223.42 322.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 245.03 322.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 265.53 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 280.48 322.10 Td (aggregate ) Tj ET Q
q 0 0 0 rg BT 322.08 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 333.14 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 348.09 322.10 Td (former ) Tj ET Q
q 0 0 0 rg BT 378.03 322.10 Td (rate. ) Tj ET Q
q 0 0 0 rg BT 397.65 322.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 411.49 322.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 418.67 322.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 443.62 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 454.68 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 469.63 322.10 Td (reassessment ) Tj ET Q
q 0 0 0 rg BT 524.57 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 535.63 322.10 Td (leases, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 62.55 310.10 Td (four ) Tj ET Q
q 0 0 0 rg BT 81.77 310.10 Td (leases ) Tj ET Q
q 0 0 0 rg BT 108.21 310.10 Td (remained ) Tj ET Q
q 0 0 0 rg BT 147.97 310.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 158.86 310.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 188.07 310.10 Td (leases ) Tj ET Q
q 0 0 0 rg BT 214.50 310.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 231.50 310.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 247.39 310.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 276.60 310.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 299.14 310.10 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 346.14 310.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 368.13 310.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 402.33 310.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 414.89 310.10 Td ($29.8 ) Tj ET Q
q 0 0 0 rg BT 439.95 310.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 471.40 310.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 481.18 310.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 524.82 310.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 539.88 310.10 Td (201) Tj ET Q
q 0 0 0 rg BT 554.51 310.10 Td (1, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 70.28 298.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 77.22 298.10 Td (corresponding ) Tj ET Q
q 0 0 0 rg BT 136.92 298.10 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 177.19 298.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 187.47 298.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 218.30 298.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 243.56 298.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 272.71 298.10 Td (lease.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (Following ) Tj ET Q
q 0 0 0 rg BT 93.78 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 108.67 274.10 Td (Restructuring ) Tj ET Q
q 0 0 0 rg BT 165.76 274.10 Td (described ) Tj ET Q
q 0 0 0 rg BT 206.74 274.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 217.19 274.10 Td ("Item ) Tj ET Q
q 0 0 0 rg BT 242.26 274.10 Td (4, ) Tj ET Q
q 0 0 0 rg BT 252.42 274.10 Td (Information ) Tj ET Q
q 0 0 0 rg BT 302.85 274.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 315.52 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 330.40 274.10 Td (Company-A. ) Tj ET Q
q 0 0 0 rg BT 385.00 274.10 Td (History ) Tj ET Q
q 0 0 0 rg BT 417.67 274.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 434.77 274.10 Td (Development ) Tj ET Q
q 0 0 0 rg BT 491.31 274.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 502.30 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 517.19 274.10 Td (Company) Tj ET Q
q 0 0 0 rg BT 555.42 274.10 Td (," ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 63.92 262.10 Td (currently ) Tj ET Q
q 0 0 0 rg BT 102.28 262.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 123.42 262.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 140.68 262.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 179.60 262.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 210.74 262.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 235.77 262.10 Td (construction. ) Tj ET Q
q 0 0 0 rg BT 289.46 262.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 302.84 262.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 313.43 262.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 356.78 262.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 371.54 262.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 396.30 262.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 410.22 262.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 424.69 262.10 Td (committed ) Tj ET Q
q 0 0 0 rg BT 469.72 262.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 479.76 262.10 Td (making ) Tj ET Q
q 0 0 0 rg BT 512.02 262.10 Td (newbuilding ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (installments ) Tj ET Q
q 0 0 0 rg BT 100.73 250.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 111.46 250.10 Td ($87.9 ) Tj ET Q
q 0 0 0 rg BT 136.36 250.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 167.66 250.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 187.84 250.10 Td (expected ) Tj ET Q
q 0 0 0 rg BT 225.77 250.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 262.61 250.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 272.79 250.10 Td (2013. ) Tj ET Q
q 0 0 0 rg BT 297.51 250.10 Td (W) Tj ET Q
q 0 0 0 rg BT 306.15 250.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 312.99 250.10 Td (expect ) Tj ET Q
q 0 0 0 rg BT 341.49 250.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 351.67 250.10 Td (finance ) Tj ET Q
q 0 0 0 rg BT 383.49 250.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 406.44 250.10 Td (payments ) Tj ET Q
q 0 0 0 rg BT 447.17 250.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 467.34 250.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 487.51 250.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 499.92 250.10 Td (hand, ) Tj ET Q
q 0 0 0 rg BT 524.26 250.10 Td (operating ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 70.54 238.10 Td (flow ) Tj ET Q
q 0 0 0 rg BT 91.64 238.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 108.85 238.10 Td (bank ) Tj ET Q
q 0 0 0 rg BT 131.07 238.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 151.05 238.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 168.82 238.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 183.25 238.10 Td (intend ) Tj ET Q
q 0 0 0 rg BT 211.02 238.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 221.57 238.10 Td (arrange. ) Tj ET Q
q 0 0 0 rg BT 256.62 238.10 Td (W) Tj ET Q
q 0 0 0 rg BT 265.26 238.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 272.47 238.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 292.46 238.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 308.01 238.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 320.22 238.10 Td (able ) Tj ET Q
q 0 0 0 rg BT 339.65 238.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 350.20 238.10 Td (arrange ) Tj ET Q
q 0 0 0 rg BT 382.95 238.10 Td (financing ) Tj ET Q
q 0 0 0 rg BT 423.48 238.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 436.26 238.10 Td (terms ) Tj ET Q
q 0 0 0 rg BT 461.24 238.10 Td (acceptable ) Tj ET Q
q 0 0 0 rg BT 506.20 238.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 516.76 238.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 528.42 238.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 539.52 238.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 549.51 238.10 Td (all, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 76.49 226.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 103.54 226.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 124.47 226.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 130.96 226.10 Td (materially ) Tj ET Q
q 0 0 0 rg BT 173.55 226.10 Td (adverse ) Tj ET Q
q 0 0 0 rg BT 206.14 226.10 Td (impact ) Tj ET Q
q 0 0 0 rg BT 235.41 226.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 247.46 226.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 262.84 226.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 290.44 226.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 300.27 226.10 Td (meet ) Tj ET Q
q 0 0 0 rg BT 321.76 226.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 337.14 226.10 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 383.64 226.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 400.13 226.10 Td (finance ) Tj ET Q
q 0 0 0 rg BT 431.61 226.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 457.53 226.10 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 504.03 226.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 520.52 226.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 539.79 226.10 Td (result ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 60.41 214.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 93.46 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 104.43 214.10 Td ($25.0 ) Tj ET Q
q 0 0 0 rg BT 129.57 214.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 161.09 214.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 171.51 214.10 Td (installments ) Tj ET Q
q 0 0 0 rg BT 222.47 214.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 240.10 214.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 254.40 214.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 275.91 214.10 Td (already ) Tj ET Q
q 0 0 0 rg BT 307.97 214.10 Td (paid. ) Tj ET Q
q 0 0 0 rg BT 329.74 214.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 343.49 214.10 Td (part ) Tj ET Q
q 0 0 0 rg BT 361.67 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 372.64 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 387.49 214.10 Td (Restructuring, ) Tj ET Q
q 0 0 0 rg BT 447.06 214.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 486.36 214.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 509.00 214.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 524.96 214.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 554.25 214.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (fully ) Tj ET Q
q 0 0 0 rg BT 71.34 202.10 Td (reimburse ) Tj ET Q
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q 0 0 0 rg BT 130.67 202.10 Td (indemnify ) Tj ET Q
q 0 0 0 rg BT 174.22 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 188.89 202.10 Td (company ) Tj ET Q
q 0 0 0 rg BT 228.00 202.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 242.11 202.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 254.56 202.10 Td (payments ) Tj ET Q
q 0 0 0 rg BT 295.34 202.10 Td (made ) Tj ET Q
q 0 0 0 rg BT 319.45 202.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 344.67 202.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 361.56 202.10 Td (guarantees ) Tj ET Q
q 0 0 0 rg BT 406.77 202.10 Td (issued ) Tj ET Q
q 0 0 0 rg BT 434.22 202.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 446.67 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 461.34 202.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 502.68 202.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 512.91 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 527.58 202.10 Td (shipyard ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (in ) Tj ET Q
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q 0 0 0 rg BT 127.78 190.10 Td (three ) Tj ET Q
q 0 0 0 rg BT 150.35 190.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 179.80 190.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 232.58 190.10 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 271.45 190.10 Td (acquired ) Tj ET Q
q 0 0 0 rg BT 308.66 190.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 330.88 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 345.88 190.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 387.55 190.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 404.77 190.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 415.34 190.10 Td (reimburse ) Tj ET Q
q 0 0 0 rg BT 458.10 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 473.10 190.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 514.77 190.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 529.22 190.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 542.00 190.10 Td (costs ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.10 Td (incurred ) Tj ET Q
q 0 0 0 rg BT 87.36 178.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 99.18 178.10 Td (connection ) Tj ET Q
q 0 0 0 rg BT 147.10 178.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 168.92 178.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 193.52 178.10 Td (guarantees. ) Tj ET Q
q 0 0 0 rg BT 242.81 178.10 Td (Currently) Tj ET Q
q 0 0 0 rg BT 280.49 178.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 287.04 178.10 Td (there ) Tj ET Q
q 0 0 0 rg BT 311.07 178.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 321.78 178.10 Td ($209.0 ) Tj ET Q
q 0 0 0 rg BT 353.33 178.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 386.26 178.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 398.08 178.10 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 442.67 178.10 Td (installments ) Tj ET Q
q 0 0 0 rg BT 495.05 178.10 Td (relating ) Tj ET Q
q 0 0 0 rg BT 529.63 178.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 541.46 178.10 Td (these ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 102.89 166.10 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 141.87 166.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 156.43 166.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 183.76 166.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 198.86 166.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 240.64 166.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 250.21 166.10 Td (contingently ) Tj ET Q
q 0 0 0 rg BT 303.09 166.10 Td (liable. ) Tj ET Q
q 0 0 0 rg BT 330.48 166.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 348.92 166.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 390.70 166.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 406.92 166.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 422.59 166.10 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 460.46 166.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 477.79 166.10 Td (liability ) Tj ET Q
q 0 0 0 rg BT 511.79 166.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 522.46 166.10 Td (respect ) Tj ET Q
q 0 0 0 rg BT 553.67 166.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 154.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 73.05 154.10 Td (guarantees ) Tj ET Q
q 0 0 0 rg BT 118.30 154.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 129.13 154.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 143.85 154.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 185.23 154.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 206.06 154.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 221.34 154.10 Td (believe ) Tj ET Q
q 0 0 0 rg BT 252.71 154.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 270.21 154.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 278.27 154.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 296.32 154.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 308.26 154.10 Td (required ) Tj ET Q
q 0 0 0 rg BT 344.08 154.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 354.36 154.10 Td (make ) Tj ET Q
q 0 0 0 rg BT 378.51 154.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 395.45 154.10 Td (payments ) Tj ET Q
q 0 0 0 rg BT 436.27 154.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 446.55 154.10 Td (relation ) Tj ET Q
q 0 0 0 rg BT 479.59 154.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 489.87 154.10 Td (them.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 130.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.28 130.10 Td (January ) Tj ET Q
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q 0 0 0 rg BT 120.77 130.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 135.93 130.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 158.86 130.10 Td (agreement ) Tj ET Q
q 0 0 0 rg BT 203.45 130.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 239.71 130.10 Td (Caernarfon ) Tj ET Q
q 0 0 0 rg BT 287.64 130.10 Td (Shipping ) Tj ET Q
q 0 0 0 rg BT 326.70 130.10 Td (plc, ) Tj ET Q
q 0 0 0 rg BT 344.37 130.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 351.75 130.10 Td (majority-owned ) Tj ET Q
q 0 0 0 rg BT 418.57 130.10 Td (subsidiary) Tj ET Q
q 0 0 0 rg BT 459.03 130.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 464.48 130.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 481.86 130.10 Td (Dresdner ) Tj ET Q
q 0 0 0 rg BT 521.46 130.10 Td (Kleinwort ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 118.10 Td (Leasing ) Tj ET Q
q 0 0 0 rg BT 83.58 118.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 101.06 118.10 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 145.74 118.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 162.11 118.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 176.25 118.10 Td (outstanding ) Tj ET Q
q 0 0 0 rg BT 224.84 118.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 246.75 118.10 Td (obligation ) Tj ET Q
q 0 0 0 rg BT 289.23 118.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 299.48 118.10 Td ($71.6 ) Tj ET Q
q 0 0 0 rg BT 323.91 118.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 354.72 118.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 372.20 118.10 Td (settled ) Tj ET Q
q 0 0 0 rg BT 400.23 118.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 409.93 118.10 Td (full ) Tj ET Q
q 0 0 0 rg BT 425.74 118.10 Td (using ) Tj ET Q
q 0 0 0 rg BT 449.34 118.10 Td (restricted ) Tj ET Q
q 0 0 0 rg BT 488.47 118.10 Td (cash. ) Tj ET Q
q 0 0 0 rg BT 510.66 118.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 520.92 118.10 Td (July ) Tj ET Q
q 0 0 0 rg BT 539.51 118.10 Td (2010, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 106.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 65.83 106.10 Td (lease ) Tj ET Q
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q 0 0 0 rg BT 134.68 106.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 171.61 106.10 Td (Sandringham ) Tj ET Q
q 0 0 0 rg BT 228.54 106.10 Td (Shipping ) Tj ET Q
q 0 0 0 rg BT 268.28 106.10 Td (plc, ) Tj ET Q
q 0 0 0 rg BT 286.60 106.10 Td (a ) Tj ET Q
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endstream
endobj
197 0 obj
<<
/Length 43984
>>
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 329.55 562.10 Td (Glory) Tj ET Q
q 0 0 0 rg BT 352.23 562.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 357.01 562.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 383.73 562.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 401.56 562.10 Td (renamed ) Tj ET Q
q 0 0 0 rg BT 438.26 562.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 462.21 562.10 Td (Eminence, ) Tj ET Q
q 0 0 0 rg BT 506.97 562.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 524.80 562.10 Td (delivered ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.57 550.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 72.25 550.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 85.03 550.10 Td (May ) Tj ET Q
q 0 0 0 rg BT 106.15 550.10 Td (18, ) Tj ET Q
q 0 0 0 rg BT 121.44 550.10 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 144.23 550.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 160.84 550.10 Td (Andromeda ) Tj ET Q
q 0 0 0 rg BT 210.83 550.10 Td (Glory) Tj ET Q
q 0 0 0 rg BT 233.52 550.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 238.80 550.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 266.03 550.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 284.37 550.10 Td (renamed ) Tj ET Q
q 0 0 0 rg BT 321.58 550.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 346.04 550.10 Td (Endurance, ) Tj ET Q
q 0 0 0 rg BT 394.08 550.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 412.42 550.10 Td (delivered ) Tj ET Q
q 0 0 0 rg BT 452.41 550.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 462.98 550.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 474.66 550.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 487.45 550.10 Td (June ) Tj ET Q
q 0 0 0 rg BT 508.56 550.10 Td (28, ) Tj ET Q
q 0 0 0 rg BT 523.85 550.10 Td (2010. ) Tj ET Q
q 0 0 0 rg BT 548.94 550.10 Td (W) Tj ET Q
q 0 0 0 rg BT 557.58 550.10 Td (e ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (secured ) Tj ET Q
q 0 0 0 rg BT 82.89 538.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 89.68 538.10 Td (loan ) Tj ET Q
q 0 0 0 rg BT 109.25 538.10 Td (facility ) Tj ET Q
q 0 0 0 rg BT 139.92 538.10 Td (representing ) Tj ET Q
q 0 0 0 rg BT 191.70 538.10 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 251.81 538.10 Td (70% ) Tj ET Q
q 0 0 0 rg BT 272.49 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 283.18 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 297.75 538.10 Td ($204.9 ) Tj ET Q
q 0 0 0 rg BT 327.60 538.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 358.84 538.10 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 396.73 538.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 419.07 538.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 429.20 538.10 Td (partly ) Tj ET Q
q 0 0 0 rg BT 454.88 538.10 Td (finance ) Tj ET Q
q 0 0 0 rg BT 486.65 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 501.22 538.10 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 539.11 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 549.80 538.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (vessels.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (During ) Tj ET Q
q 0 0 0 rg BT 80.83 502.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 95.55 502.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 115.25 502.10 Td (ended ) Tj ET Q
q 0 0 0 rg BT 141.63 502.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 185.21 502.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 200.21 502.10 Td (201) Tj ET Q
q 0 0 0 rg BT 214.84 502.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 224.84 502.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 239.00 502.10 Td (paid ) Tj ET Q
q 0 0 0 rg BT 258.72 502.10 Td (total ) Tj ET Q
q 0 0 0 rg BT 278.99 502.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 299.26 502.10 Td (dividends ) Tj ET Q
q 0 0 0 rg BT 340.65 502.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 351.48 502.10 Td ($17.1 ) Tj ET Q
q 0 0 0 rg BT 376.48 502.10 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.58 478.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 93.93 478.10 Td (201) Tj ET Q
q 0 0 0 rg BT 108.56 478.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 118.31 478.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 132.23 478.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 151.15 478.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 165.62 478.10 Td (2006-built ) Tj ET Q
q 0 0 0 rg BT 209.37 478.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 238.30 478.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 262.22 478.10 Td (Shanghai. ) Tj ET Q
q 0 0 0 rg BT 304.02 478.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 321.82 478.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 336.29 478.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 354.09 478.10 Td (proceeds ) Tj ET Q
q 0 0 0 rg BT 391.88 478.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 413.56 478.10 Td ($91.2 ) Tj ET Q
q 0 0 0 rg BT 438.32 478.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 469.46 478.10 Td (and, ) Tj ET Q
q 0 0 0 rg BT 488.65 478.10 Td (after ) Tj ET Q
q 0 0 0 rg BT 509.22 478.10 Td (repayment ) Tj ET Q
q 0 0 0 rg BT 553.67 478.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (debt, ) Tj ET Q
q 0 0 0 rg BT 71.91 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 86.33 466.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 104.07 466.10 Td (generated ) Tj ET Q
q 0 0 0 rg BT 145.13 466.10 Td ($31.5 ) Tj ET Q
q 0 0 0 rg BT 169.82 466.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 200.91 466.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 210.89 466.10 Td (cash. ) Tj ET Q
q 0 0 0 rg BT 233.35 466.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 243.88 466.10 Td (connection ) Tj ET Q
q 0 0 0 rg BT 289.95 466.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 309.92 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 324.33 466.10 Td (sale, ) Tj ET Q
q 0 0 0 rg BT 344.58 466.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 358.43 466.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 387.28 466.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 397.25 466.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 417.22 466.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 447.17 466.10 Td (back ) Tj ET Q
q 0 0 0 rg BT 468.24 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 482.66 466.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 509.29 466.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 530.93 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 545.34 466.10 Td (new ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (owner ) Tj ET Q
q 0 0 0 rg BT 77.49 454.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 91.65 454.10 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 151.91 454.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 169.41 454.10 Td (years ) Tj ET Q
q 0 0 0 rg BT 193.01 454.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 202.72 454.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 209.66 454.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 227.15 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 237.98 454.10 Td ($35,000 ) Tj ET Q
q 0 0 0 rg BT 272.98 454.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 288.25 454.10 Td (day) Tj ET Q
q 0 0 0 rg BT 302.04 454.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.17 430.10 Td (February ) Tj ET Q
q 0 0 0 rg BT 100.12 430.10 Td (201) Tj ET Q
q 0 0 0 rg BT 114.75 430.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 125.09 430.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 139.59 430.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 169.08 430.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 189.71 430.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 210.89 430.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 245.39 430.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 256.01 430.10 Td (terminate ) Tj ET Q
q 0 0 0 rg BT 296.62 430.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 311.68 430.10 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 353.96 430.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 384.55 430.10 Td (parties ) Tj ET Q
q 0 0 0 rg BT 414.05 430.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 428.56 430.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 443.62 430.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 461.46 430.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 488.19 430.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 506.39 430.10 Td (VLCCs ) Tj ET Q
q 0 0 0 rg BT 539.59 430.10 Td (T) Tj ET Q
q 0 0 0 rg BT 545.35 430.10 Td (icen ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (Sun ) Tj ET Q
q 0 0 0 rg BT 67.94 418.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 108.09 418.10 Td (Highness\) ) Tj ET Q
q 0 0 0 rg BT 151.02 418.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 167.83 418.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 191.35 418.10 Td (Ace, ) Tj ET Q
q 0 0 0 rg BT 212.33 418.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 229.15 418.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 249.87 418.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 283.90 418.10 Td (simultaneously ) Tj ET Q
q 0 0 0 rg BT 346.83 418.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 365.88 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 380.47 418.10 Td (vessels. ) Tj ET Q
q 0 0 0 rg BT 413.51 418.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 431.43 418.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 479.91 418.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 490.62 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 505.21 418.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 535.34 418.10 Td (parties ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (took ) Tj ET Q
q 0 0 0 rg BT 70.02 406.10 Td (place ) Tj ET Q
q 0 0 0 rg BT 93.36 406.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 103.39 406.10 Td (February ) Tj ET Q
q 0 0 0 rg BT 141.73 406.10 Td (201) Tj ET Q
q 0 0 0 rg BT 156.36 406.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 163.60 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 180.29 406.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 208.63 406.10 Td (201) Tj ET Q
q 0 0 0 rg BT 223.26 406.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 233.00 406.10 Td (respectively) Tj ET Q
q 0 0 0 rg BT 280.67 406.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 285.41 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 302.09 406.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 322.68 406.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 356.58 406.10 Td (made ) Tj ET Q
q 0 0 0 rg BT 380.48 406.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 387.16 406.10 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 444.95 406.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 481.63 406.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 491.65 406.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 502.79 406.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 513.37 406.10 Td ($5.8 ) Tj ET Q
q 0 0 0 rg BT 533.11 406.10 Td (million ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 64.16 394.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 78.88 394.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 101.36 394.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 149.96 394.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 160.79 394.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 175.51 394.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 205.76 394.10 Td (parties.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.31 370.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 90.39 370.10 Td (201) Tj ET Q
q 0 0 0 rg BT 105.02 370.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 115.50 370.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 130.15 370.10 Td (exercised ) Tj ET Q
q 0 0 0 rg BT 170.88 370.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 187.20 370.10 Td (option ) Tj ET Q
q 0 0 0 rg BT 215.74 370.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 226.50 370.10 Td (acquire ) Tj ET Q
q 0 0 0 rg BT 258.90 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 274.10 370.10 Td (2002-built ) Tj ET Q
q 0 0 0 rg BT 318.53 370.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 348.19 370.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 372.84 370.10 Td (Eagle ) Tj ET Q
q 0 0 0 rg BT 398.58 370.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 416.00 370.10 Td (simultaneously ) Tj ET Q
q 0 0 0 rg BT 479.54 370.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 499.19 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 514.39 370.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 541.81 370.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 552.57 370.10 Td (an ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (unrelated ) Tj ET Q
q 0 0 0 rg BT 90.59 358.10 Td (third ) Tj ET Q
q 0 0 0 rg BT 112.86 358.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 136.79 358.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 151.84 358.10 Td ($67.0 ) Tj ET Q
q 0 0 0 rg BT 177.73 358.10 Td (million, ) Tj ET Q
q 0 0 0 rg BT 212.50 358.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 240.33 358.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 259.27 358.10 Td (delivered ) Tj ET Q
q 0 0 0 rg BT 299.86 358.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 311.02 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 326.62 358.10 Td (second ) Tj ET Q
q 0 0 0 rg BT 357.78 358.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 389.48 358.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 401.20 358.10 Td (201) Tj ET Q
q 0 0 0 rg BT 415.83 358.10 Td (1. ) Tj ET Q
q 0 0 0 rg BT 425.96 358.10 Td (After ) Tj ET Q
q 0 0 0 rg BT 450.45 358.10 Td (repayment ) Tj ET Q
q 0 0 0 rg BT 496.04 358.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 507.75 358.10 Td (debt, ) Tj ET Q
q 0 0 0 rg BT 530.86 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 546.46 358.10 Td (sale ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (generated ) Tj ET Q
q 0 0 0 rg BT 91.65 346.10 Td ($10.0 ) Tj ET Q
q 0 0 0 rg BT 116.94 346.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 148.62 346.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 159.19 346.10 Td (cash. ) Tj ET Q
q 0 0 0 rg BT 182.25 346.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 193.37 346.10 Td (connection ) Tj ET Q
q 0 0 0 rg BT 240.03 346.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 260.60 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 275.60 346.10 Td (sale, ) Tj ET Q
q 0 0 0 rg BT 296.44 346.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 310.89 346.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 340.33 346.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 350.89 346.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 371.46 346.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 402.00 346.10 Td (back ) Tj ET Q
q 0 0 0 rg BT 423.67 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 438.67 346.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 465.90 346.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 488.13 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 503.13 346.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 522.58 346.10 Td (owner ) Tj ET Q
q 0 0 0 rg BT 550.36 346.10 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 110.26 334.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 127.76 334.10 Td (years ) Tj ET Q
q 0 0 0 rg BT 151.36 334.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 161.07 334.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 168.01 334.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 185.50 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 196.33 334.10 Td ($32,500 ) Tj ET Q
q 0 0 0 rg BT 231.33 334.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 246.60 334.10 Td (day) Tj ET Q
q 0 0 0 rg BT 260.39 334.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.42 310.10 Td (April ) Tj ET Q
q 0 0 0 rg BT 84.20 310.10 Td (201) Tj ET Q
q 0 0 0 rg BT 98.83 310.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 109.00 310.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 123.34 310.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 152.66 310.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 173.12 310.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 194.13 310.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 228.46 310.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 238.92 310.10 Td (terminate ) Tj ET Q
q 0 0 0 rg BT 279.35 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 294.24 310.10 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 336.35 310.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 366.78 310.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 390.01 310.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 404.34 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 419.23 310.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 443.02 310.10 Td (carrier ) Tj ET Q
q 0 0 0 rg BT 471.78 310.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 496.13 310.10 Td (Leader ) Tj ET Q
q 0 0 0 rg BT 526.56 310.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 543.67 310.10 Td (Ship ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 83.70 298.10 Td (simultaneously ) Tj ET Q
q 0 0 0 rg BT 146.30 298.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 165.01 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 179.28 298.10 Td (vessel. ) Tj ET Q
q 0 0 0 rg BT 208.11 298.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 225.71 298.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 273.85 298.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 284.23 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 298.49 298.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 328.29 298.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 350.88 298.10 Td (took ) Tj ET Q
q 0 0 0 rg BT 370.71 298.10 Td (place ) Tj ET Q
q 0 0 0 rg BT 393.85 298.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 403.67 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 417.93 298.10 Td (second ) Tj ET Q
q 0 0 0 rg BT 447.75 298.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 478.11 298.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 488.48 298.10 Td (201) Tj ET Q
q 0 0 0 rg BT 503.11 298.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 510.16 298.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 526.64 298.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 540.35 298.10 Td (made ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 56.94 286.10 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 114.98 286.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 151.91 286.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 162.19 286.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 183.03 286.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 217.19 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 228.02 286.10 Td ($7.7 ) Tj ET Q
q 0 0 0 rg BT 248.02 286.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 279.41 286.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 293.57 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 308.29 286.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 330.77 286.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 379.37 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 390.20 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 404.92 286.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 435.17 286.10 Td (party) Tj ET Q
q 0 0 0 rg BT 455.07 286.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.92 262.10 Td (May ) Tj ET Q
q 0 0 0 rg BT 81.85 262.10 Td (201) Tj ET Q
q 0 0 0 rg BT 96.48 262.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 106.57 262.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 120.83 262.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 150.07 262.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 170.44 262.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 191.37 262.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 225.62 262.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 235.99 262.10 Td (terminate ) Tj ET Q
q 0 0 0 rg BT 276.35 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 291.16 262.10 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 333.19 262.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 363.53 262.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 386.68 262.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 400.93 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 415.74 262.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 439.45 262.10 Td (carrier ) Tj ET Q
q 0 0 0 rg BT 468.13 262.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 492.39 262.10 Td (Breaker ) Tj ET Q
q 0 0 0 rg BT 526.63 262.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 543.66 262.10 Td (Ship ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 83.70 250.10 Td (simultaneously ) Tj ET Q
q 0 0 0 rg BT 146.30 250.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 165.01 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 179.28 250.10 Td (vessel. ) Tj ET Q
q 0 0 0 rg BT 208.11 250.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 225.71 250.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 273.85 250.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 284.23 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 298.49 250.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 328.29 250.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 350.88 250.10 Td (took ) Tj ET Q
q 0 0 0 rg BT 370.71 250.10 Td (place ) Tj ET Q
q 0 0 0 rg BT 393.85 250.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 403.67 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 417.93 250.10 Td (second ) Tj ET Q
q 0 0 0 rg BT 447.75 250.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 478.11 250.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 488.48 250.10 Td (201) Tj ET Q
q 0 0 0 rg BT 503.11 250.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 510.16 250.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 526.64 250.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 540.35 250.10 Td (made ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 56.94 238.10 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 114.98 238.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 151.91 238.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 162.19 238.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 183.03 238.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 217.19 238.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 228.02 238.10 Td ($6.6 ) Tj ET Q
q 0 0 0 rg BT 248.02 238.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 279.41 238.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 293.57 238.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 308.29 238.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 330.77 238.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 379.37 238.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 390.20 238.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 404.92 238.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 435.17 238.10 Td (party) Tj ET Q
q 0 0 0 rg BT 455.07 238.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.95 214.10 Td (September ) Tj ET Q
q 0 0 0 rg BT 106.33 214.10 Td (201) Tj ET Q
q 0 0 0 rg BT 120.96 214.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 131.08 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 145.91 214.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 187.42 214.10 Td (negotiated ) Tj ET Q
q 0 0 0 rg BT 231.69 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 246.52 214.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 269.13 214.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 317.85 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 328.79 214.10 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 365.84 214.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 400.10 214.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 412.72 214.10 Td (three ) Tj ET Q
q 0 0 0 rg BT 435.32 214.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 461.83 214.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 479.81 214.10 Td (VLCCs, ) Tj ET Q
q 0 0 0 rg BT 515.31 214.10 Td (T) Tj ET Q
q 0 0 0 rg BT 521.06 214.10 Td (itan ) Tj ET Q
q 0 0 0 rg BT 538.68 214.10 Td (Orion ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 90.21 202.10 Td (Duke\), ) Tj ET Q
q 0 0 0 rg BT 119.96 202.10 Td (T) Tj ET Q
q 0 0 0 rg BT 125.72 202.10 Td (itan ) Tj ET Q
q 0 0 0 rg BT 142.61 202.10 Td (Aries ) Tj ET Q
q 0 0 0 rg BT 166.71 202.10 Td (\(ex-Edinbur) Tj ET Q
q 0 0 0 rg BT 214.85 202.10 Td (gh\) ) Tj ET Q
q 0 0 0 rg BT 230.62 202.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 247.32 202.10 Td (T) Tj ET Q
q 0 0 0 rg BT 253.07 202.10 Td (icen ) Tj ET Q
q 0 0 0 rg BT 272.17 202.10 Td (Ocean ) Tj ET Q
q 0 0 0 rg BT 300.14 202.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 340.35 202.10 Td (Lady\), ) Tj ET Q
q 0 0 0 rg BT 369.17 202.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 396.05 202.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 410.69 202.10 Td (being ) Tj ET Q
q 0 0 0 rg BT 435.35 202.10 Td (chartered ) Tj ET Q
q 0 0 0 rg BT 474.98 202.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 485.20 202.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 507.07 202.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 527.85 202.10 Td (Finance. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (These ) Tj ET Q
q 0 0 0 rg BT 77.00 190.10 Td (three ) Tj ET Q
q 0 0 0 rg BT 100.11 190.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 131.56 190.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 153.56 190.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 175.56 190.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 195.35 190.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 208.47 190.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 229.94 190.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 264.71 190.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 285.62 190.10 Td (expected ) Tj ET Q
q 0 0 0 rg BT 324.27 190.10 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 360.16 190.10 Td (during ) Tj ET Q
q 0 0 0 rg BT 389.39 190.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 412.51 190.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 430.07 190.10 Td (2013. ) Tj ET Q
q 0 0 0 rg BT 455.47 190.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 473.91 190.10 Td (T) Tj ET Q
q 0 0 0 rg BT 479.67 190.10 Td (itan ) Tj ET Q
q 0 0 0 rg BT 497.79 190.10 Td (Orion ) Tj ET Q
q 0 0 0 rg BT 524.24 190.10 Td (\(ex-Front ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 95.99 178.10 Td (delivered, ) Tj ET Q
q 0 0 0 rg BT 138.41 178.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 155.57 178.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 170.51 178.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 200.99 178.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 224.26 178.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 244.76 178.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 265.82 178.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 300.20 178.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 318.47 178.10 Td (terminated, ) Tj ET Q
q 0 0 0 rg BT 366.45 178.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 379.17 178.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 407.99 178.10 Td (27, ) Tj ET Q
q 0 0 0 rg BT 423.22 178.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 448.44 178.10 Td (Under ) Tj ET Q
q 0 0 0 rg BT 476.15 178.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 491.09 178.10 Td (terms ) Tj ET Q
q 0 0 0 rg BT 516.03 178.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 527.08 178.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 542.02 178.10 Td (early ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.10 Td (termination ) Tj ET Q
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q 0 0 0 rg BT 108.37 166.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 122.56 166.10 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 158.96 166.10 Td (charters, ) Tj ET Q
q 0 0 0 rg BT 195.08 166.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 215.39 166.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 249.02 166.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 266.55 166.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 282.96 166.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 297.15 166.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 338.01 166.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 344.42 166.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 392.49 166.10 Td (fee ) Tj ET Q
q 0 0 0 rg BT 406.67 166.10 Td (in ) Tj ET Q
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q 0 0 0 rg BT 527.02 166.10 Td (ancillary ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 268.93 154.10 Td (third ) Tj ET Q
q 0 0 0 rg BT 290.60 154.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 313.93 154.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 325.04 154.10 Td ($1.8 ) Tj ET Q
q 0 0 0 rg BT 345.33 154.10 Td (million ) Tj ET Q
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q 0 0 0 rg BT 419.77 154.10 Td (will ) Tj ET Q
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q 0 0 0 rg BT 450.34 154.10 Td (borne ) Tj ET Q
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q 0 0 0 rg BT 488.67 154.10 Td (both ) Tj ET Q
q 0 0 0 rg BT 509.23 154.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 530.36 154.10 Td (Finance ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 259.13 142.10 Td (arrangement.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 202.10 118.10 Td (Finance ) Tj ET Q
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q 0 0 0 rg BT 497.73 118.10 Td (Striver ) Tj ET Q
q 0 0 0 rg BT 527.09 118.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 543.68 118.10 Td (Ship ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 540.36 106.10 Td (made ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 151.91 94.10 Td (to ) Tj ET Q
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q 0 0 0 rg BT 183.03 94.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 217.19 94.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 227.47 94.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 249.97 94.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 260.80 94.10 Td ($8.1 ) Tj ET Q
q 0 0 0 rg BT 280.80 94.10 Td (million ) Tj ET Q
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q 0 0 0 rg BT 422.98 94.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 467.95 94.10 Td (party) Tj ET Q
q 0 0 0 rg BT 487.85 94.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 82.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 349.17 70.10 Td (, ) Tj ET Q
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q 0 0 0 rg BT 378.58 70.10 Td (Hunter) Tj ET Q
q 0 0 0 rg BT 405.95 70.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 411.06 70.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 435.35 70.10 Td (Delta ) Tj ET Q
q 0 0 0 rg BT 459.62 70.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 476.68 70.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 500.97 70.10 Td (Beta\), ) Tj ET Q
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q 0 0 0 rg BT 537.57 70.10 Td (which ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 70.27 58.10 Td (related ) Tj ET Q
q 0 0 0 rg BT 99.98 58.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 119.69 58.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 130.52 58.10 Td ($57.1 ) Tj ET Q
q 0 0 0 rg BT 155.52 58.10 Td (million ) Tj ET Q
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q 0 0 0 rg BT 204.97 58.10 Td (repaid.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 46.10 Td () Tj ET Q
endstream
endobj
198 0 obj
<<
/Length 39579
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 301.00 31.60 Td (56) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 59.94 742.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 102.64 742.10 Td (201) Tj ET Q
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q 0 0 0 rg BT 126.38 742.10 Td (as ) Tj ET Q
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q 0 0 0 rg BT 163.43 742.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 177.26 742.10 Td (Restructuring ) Tj ET Q
q 0 0 0 rg BT 233.31 742.10 Td (described ) Tj ET Q
q 0 0 0 rg BT 273.24 742.10 Td (above, ) Tj ET Q
q 0 0 0 rg BT 301.23 742.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 314.50 742.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 332.79 742.10 Td (15 ) Tj ET Q
q 0 0 0 rg BT 344.40 742.10 Td (wholly-owned ) Tj ET Q
q 0 0 0 rg BT 403.78 742.10 Td (SPCs, ) Tj ET Q
q 0 0 0 rg BT 429.58 742.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 455.63 742.10 Td (together ) Tj ET Q
q 0 0 0 rg BT 490.01 742.10 Td (owned ) Tj ET Q
q 0 0 0 rg BT 518.29 742.10 Td (six ) Tj ET Q
q 0 0 0 rg BT 531.45 742.10 Td (VLCCs ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 730.10 Td (\(including ) Tj ET Q
q 0 0 0 rg BT 93.85 730.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 111.03 730.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 123.77 730.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 144.29 730.10 Td (charter\), ) Tj ET Q
q 0 0 0 rg BT 180.62 730.10 Td (four ) Tj ET Q
q 0 0 0 rg BT 200.02 730.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 239.42 730.10 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 271.04 730.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 288.23 730.10 Td (five ) Tj ET Q
q 0 0 0 rg BT 306.32 730.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 335.73 730.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 388.47 730.10 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 427.31 730.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 437.83 730.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 477.24 730.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 502.49 730.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 509.67 730.10 Td (related ) Tj ET Q
q 0 0 0 rg BT 539.62 730.10 Td (party) Tj ET Q
q 0 0 0 rg BT 559.51 730.10 Td (, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 718.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 64.59 718.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 71.96 718.10 Td (sales ) Tj ET Q
q 0 0 0 rg BT 94.33 718.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 117.25 718.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 128.51 718.10 Td ($1,120.7 ) Tj ET Q
q 0 0 0 rg BT 166.45 718.10 Td (million, ) Tj ET Q
q 0 0 0 rg BT 200.77 718.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 228.14 718.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 246.62 718.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 261.77 718.10 Td (average ) Tj ET Q
q 0 0 0 rg BT 295.79 718.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 307.05 718.10 Td (three ) Tj ET Q
q 0 0 0 rg BT 329.97 718.10 Td (independent ) Tj ET Q
q 0 0 0 rg BT 381.77 718.10 Td (broker ) Tj ET Q
q 0 0 0 rg BT 410.80 718.10 Td (valuations. ) Tj ET Q
q 0 0 0 rg BT 456.69 718.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 470.74 718.10 Td (part ) Tj ET Q
q 0 0 0 rg BT 489.22 718.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 500.48 718.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 515.63 718.10 Td (transaction, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 706.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 88.24 706.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 109.82 706.10 Td (assumed ) Tj ET Q
q 0 0 0 rg BT 145.83 706.10 Td (bank ) Tj ET Q
q 0 0 0 rg BT 166.85 706.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 185.64 706.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 195.55 706.10 Td ($666.3 ) Tj ET Q
q 0 0 0 rg BT 224.63 706.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 255.10 706.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 271.11 706.10 Td (outstanding ) Tj ET Q
q 0 0 0 rg BT 319.36 706.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 370.93 706.10 Td (commitments ) Tj ET Q
q 0 0 0 rg BT 426.94 706.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 436.85 706.10 Td ($325.5 ) Tj ET Q
q 0 0 0 rg BT 465.93 706.10 Td (million. ) Tj ET Q
q 0 0 0 rg BT 498.78 706.10 Td (This ) Tj ET Q
q 0 0 0 rg BT 518.14 706.10 Td (transaction ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 694.10 Td (generated ) Tj ET Q
q 0 0 0 rg BT 91.36 694.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 106.08 694.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 126.35 694.10 Td (proceeds ) Tj ET Q
q 0 0 0 rg BT 164.38 694.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 175.21 694.10 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 235.47 694.10 Td ($64.3 ) Tj ET Q
q 0 0 0 rg BT 260.47 694.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 291.87 694.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 306.03 694.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 320.74 694.10 Td (Company) Tj ET Q
q 0 0 0 rg BT 358.98 694.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 682.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 670.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.48 670.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 88.74 670.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 113.39 670.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 127.21 670.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 146.03 670.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 160.40 670.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 199.21 670.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 222.56 670.10 Td (Alfa ) Tj ET Q
q 0 0 0 rg BT 242.49 670.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 252.42 670.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 264.01 670.10 Td (unrelated ) Tj ET Q
q 0 0 0 rg BT 303.37 670.10 Td (third ) Tj ET Q
q 0 0 0 rg BT 324.41 670.10 Td (party) Tj ET Q
q 0 0 0 rg BT 344.31 670.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 348.49 670.10 Td (All ) Tj ET Q
q 0 0 0 rg BT 363.42 670.10 Td (bank ) Tj ET Q
q 0 0 0 rg BT 385.01 670.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 404.39 670.10 Td (pertaining ) Tj ET Q
q 0 0 0 rg BT 447.08 670.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 457.02 670.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 471.39 670.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 497.98 670.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 508.47 670.10 Td ($12.9 ) Tj ET Q
q 0 0 0 rg BT 533.12 670.10 Td (million ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 658.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 68.05 658.10 Td (prepaid ) Tj ET Q
q 0 0 0 rg BT 100.54 658.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 110.82 658.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 154.40 658.10 Td (201) Tj ET Q
q 0 0 0 rg BT 169.03 658.10 Td (1.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 634.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.99 634.10 Td (received ) Tj ET Q
q 0 0 0 rg BT 102.76 634.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 151.77 634.10 Td (payments ) Tj ET Q
q 0 0 0 rg BT 193.01 634.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 215.36 634.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 236.61 634.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 271.18 634.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 281.87 634.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 304.78 634.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 315.47 634.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 330.60 634.10 Td (aggregate ) Tj ET Q
q 0 0 0 rg BT 372.37 634.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 405.28 634.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 416.52 634.10 Td ($22.2 ) Tj ET Q
q 0 0 0 rg BT 441.93 634.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 470.82 634.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 473.73 634.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 484.42 634.10 Td (respect ) Tj ET Q
q 0 0 0 rg BT 515.65 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 526.89 634.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 542.02 634.10 Td (lease ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.10 Td (terminations ) Tj ET Q
q 0 0 0 rg BT 101.68 622.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 114.91 622.10 Td (T) Tj ET Q
q 0 0 0 rg BT 120.67 622.10 Td (itan ) Tj ET Q
q 0 0 0 rg BT 137.36 622.10 Td (Orion ) Tj ET Q
q 0 0 0 rg BT 162.38 622.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 201.84 622.10 Td (Duke\) ) Tj ET Q
q 0 0 0 rg BT 228.52 622.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 244.53 622.10 Td (T) Tj ET Q
q 0 0 0 rg BT 250.29 622.10 Td (icen ) Tj ET Q
q 0 0 0 rg BT 268.63 622.10 Td (Ocean ) Tj ET Q
q 0 0 0 rg BT 295.86 622.10 Td (\(now ) Tj ET Q
q 0 0 0 rg BT 318.11 622.10 Td (renamed ) Tj ET Q
q 0 0 0 rg BT 354.22 622.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 377.58 622.10 Td (Lady\). ) Tj ET Q
q 0 0 0 rg BT 405.53 622.10 Td (W) Tj ET Q
q 0 0 0 rg BT 414.17 622.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 420.30 622.10 Td (expect ) Tj ET Q
q 0 0 0 rg BT 448.08 622.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 457.55 622.10 Td (receive ) Tj ET Q
q 0 0 0 rg BT 488.11 622.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 494.24 622.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 515.92 622.10 Td (termination ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 86.93 610.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 108.87 610.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 129.71 610.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 163.87 610.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 174.15 610.10 Td (2013 ) Tj ET Q
q 0 0 0 rg BT 196.65 610.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 207.48 610.10 Td ($7.8 ) Tj ET Q
q 0 0 0 rg BT 227.48 610.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 258.87 610.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 272.85 610.10 Td (T) Tj ET Q
q 0 0 0 rg BT 278.60 610.10 Td (itan ) Tj ET Q
q 0 0 0 rg BT 295.55 610.10 Td (Aries ) Tj ET Q
q 0 0 0 rg BT 319.71 610.10 Td (\(now ) Tj ET Q
q 0 0 0 rg BT 342.76 610.10 Td (renamed ) Tj ET Q
q 0 0 0 rg BT 379.68 610.10 Td (Edinbur) Tj ET Q
q 0 0 0 rg BT 411.72 610.10 Td (gh\). ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 586.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 66.03 586.10 Td (made ) Tj ET Q
q 0 0 0 rg BT 90.65 586.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 113.59 586.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 162.65 586.10 Td (payments ) Tj ET Q
q 0 0 0 rg BT 203.93 586.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 214.67 586.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 235.96 586.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 270.58 586.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 281.31 586.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 304.27 586.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 315.01 586.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 330.18 586.10 Td (aggregate ) Tj ET Q
q 0 0 0 rg BT 372.00 586.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 404.96 586.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 416.25 586.10 Td ($32.6 ) Tj ET Q
q 0 0 0 rg BT 441.70 586.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 470.59 586.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 473.55 586.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 484.29 586.10 Td (respect ) Tj ET Q
q 0 0 0 rg BT 515.56 586.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 526.85 586.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 542.03 586.10 Td (lease ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (terminations ) Tj ET Q
q 0 0 0 rg BT 102.67 574.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 117.01 574.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 141.37 574.10 Td (Striver) Tj ET Q
q 0 0 0 rg BT 168.18 574.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 173.37 574.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 197.72 574.10 Td (Rider) Tj ET Q
q 0 0 0 rg BT 219.53 574.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 224.72 574.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 249.07 574.10 Td (Climber) Tj ET Q
q 0 0 0 rg BT 281.44 574.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 286.62 574.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 310.78 574.10 Td (V) Tj ET Q
q 0 0 0 rg BT 317.40 574.10 Td (iewer ) Tj ET Q
q 0 0 0 rg BT 342.29 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 359.41 574.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 383.76 574.10 Td (Guider) Tj ET Q
q 0 0 0 rg BT 410.98 574.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 415.57 574.10 Td (A) Tj ET Q
q 0 0 0 rg BT 422.24 574.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 424.92 574.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 447.59 574.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 496.37 574.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 533.49 574.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 544.50 574.10 Td ($0.5 ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 78.89 562.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 81.20 562.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 91.29 562.10 Td (respect ) Tj ET Q
q 0 0 0 rg BT 121.92 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 132.56 562.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 156.55 562.10 Td (Driver ) Tj ET Q
q 0 0 0 rg BT 184.96 562.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 202.82 562.10 Td (paid ) Tj ET Q
q 0 0 0 rg BT 222.35 562.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 232.44 562.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 253.09 562.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 287.06 562.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 297.15 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 311.68 562.10 Td (first ) Tj ET Q
q 0 0 0 rg BT 330.10 562.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 360.73 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 371.37 562.10 Td (2013 ) Tj ET Q
q 0 0 0 rg BT 393.68 562.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 410.43 562.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 424.40 562.10 Td (expect ) Tj ET Q
q 0 0 0 rg BT 452.81 562.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 462.90 562.10 Td (make ) Tj ET Q
q 0 0 0 rg BT 486.87 562.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 493.62 562.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 515.91 562.10 Td (termination ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 86.93 550.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 97.21 550.10 Td (2013 ) Tj ET Q
q 0 0 0 rg BT 119.71 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 130.54 550.10 Td ($2.1 ) Tj ET Q
q 0 0 0 rg BT 150.54 550.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 181.93 550.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 192.21 550.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 213.05 550.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 247.21 550.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 257.49 550.10 Td (respect ) Tj ET Q
q 0 0 0 rg BT 288.30 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 299.13 550.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 323.30 550.10 Td (Pride. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.51 526.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 103.77 526.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 128.45 526.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 142.29 526.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 171.12 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 181.08 526.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 192.70 526.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 214.86 526.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 263.14 526.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 273.65 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 288.05 526.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 308.00 526.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 337.94 526.10 Td (out ) Tj ET Q
q 0 0 0 rg BT 352.90 526.10 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 391.17 526.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 403.35 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 417.75 526.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 434.93 526.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 458.22 526.10 Td (carriers, ) Tj ET Q
q 0 0 0 rg BT 492.88 526.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 516.57 526.10 Td (V) Tj ET Q
q 0 0 0 rg BT 523.19 526.10 Td (iewer ) Tj ET Q
q 0 0 0 rg BT 547.58 526.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 75.29 514.10 Td (Guider) Tj ET Q
q 0 0 0 rg BT 102.65 514.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 108.77 514.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 126.82 514.10 Td (received ) Tj ET Q
q 0 0 0 rg BT 164.30 514.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 172.36 514.10 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 231.51 514.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 269.56 514.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 280.96 514.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 325.66 514.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 349.27 514.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 372.33 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 388.16 514.10 Td (charterers ) Tj ET Q
q 0 0 0 rg BT 431.19 514.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 446.46 514.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 465.64 514.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 477.59 514.10 Td (hire ) Tj ET Q
q 0 0 0 rg BT 496.75 514.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 514.80 514.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 526.20 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 542.03 514.10 Td (early ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 99.28 502.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 110.80 502.10 Td ($35.0 ) Tj ET Q
q 0 0 0 rg BT 136.49 502.10 Td (million. ) Tj ET Q
q 0 0 0 rg BT 170.83 502.10 Td (W) Tj ET Q
q 0 0 0 rg BT 179.47 502.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 187.10 502.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 206.39 502.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 236.22 502.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 257.19 502.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 278.71 502.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 313.55 502.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 324.52 502.10 Td (terminate ) Tj ET Q
q 0 0 0 rg BT 365.46 502.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 380.87 502.10 Td (long ) Tj ET Q
q 0 0 0 rg BT 401.83 502.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 423.34 502.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 454.28 502.10 Td (parties ) Tj ET Q
q 0 0 0 rg BT 484.12 502.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 498.97 502.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 522.70 502.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 540.89 502.10 Td (OBO ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (carriers. ) Tj ET Q
q 0 0 0 rg BT 84.97 490.10 Td (W) Tj ET Q
q 0 0 0 rg BT 93.60 490.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 100.73 490.10 Td (paid ) Tj ET Q
q 0 0 0 rg BT 120.63 490.10 Td ($23.5 ) Tj ET Q
q 0 0 0 rg BT 145.82 490.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 177.39 490.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 187.86 490.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 208.88 490.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 243.22 490.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 254.24 490.10 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 312.47 490.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 326.81 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 341.72 490.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 364.39 490.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 413.17 490.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 424.19 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 439.09 490.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 473.42 490.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 490.54 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 505.45 490.10 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 546.45 490.10 Td (loss ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.83 478.10 Td (contingent ) Tj ET Q
q 0 0 0 rg BT 105.54 478.10 Td (rentals ) Tj ET Q
q 0 0 0 rg BT 134.70 478.10 Td (relating ) Tj ET Q
q 0 0 0 rg BT 167.74 478.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 178.02 478.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 192.73 478.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 210.23 478.10 Td (vessels. ) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (Borrowing ) Tj ET Q
q 0 0 0 rg BT 96.96 454.10 Td (activities) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (T) Tj ET Q
q 0 0 0 rg BT 54.64 430.10 Td (erm ) Tj ET Q
q 0 0 0 rg BT 72.70 430.10 Td (Loan ) Tj ET Q
q 0 0 0 rg BT 95.76 430.10 Td (Facilities) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.99 406.10 Td (June ) Tj ET Q
q 0 0 0 rg BT 81.98 406.10 Td (2008, ) Tj ET Q
q 0 0 0 rg BT 107.14 406.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 121.46 406.10 Td (entered ) Tj ET Q
q 0 0 0 rg BT 153.54 406.10 Td (into ) Tj ET Q
q 0 0 0 rg BT 171.76 406.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 178.86 406.10 Td ($420.0 ) Tj ET Q
q 0 0 0 rg BT 209.02 406.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 240.57 406.10 Td (pre- ) Tj ET Q
q 0 0 0 rg BT 259.33 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 276.43 406.10 Td (post-delivery ) Tj ET Q
q 0 0 0 rg BT 331.85 406.10 Td (secured ) Tj ET Q
q 0 0 0 rg BT 365.05 406.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 386.04 406.10 Td (loan ) Tj ET Q
q 0 0 0 rg BT 405.91 406.10 Td (facility) Tj ET Q
q 0 0 0 rg BT 433.58 406.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 438.74 406.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 459.18 406.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 471.28 406.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 503.38 406.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 521.02 406.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 532.01 406.10 Td (LIBOR ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (plus ) Tj ET Q
q 0 0 0 rg BT 69.11 394.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 75.99 394.10 Td (mar) Tj ET Q
q 0 0 0 rg BT 91.36 394.10 Td (gin, ) Tj ET Q
q 0 0 0 rg BT 109.07 394.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 125.95 394.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 136.17 394.10 Td (2017. ) Tj ET Q
q 0 0 0 rg BT 160.94 394.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 178.92 394.10 Td (outstanding ) Tj ET Q
q 0 0 0 rg BT 228.03 394.10 Td (balance ) Tj ET Q
q 0 0 0 rg BT 261.00 394.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 273.44 394.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 290.33 394.10 Td (facility ) Tj ET Q
q 0 0 0 rg BT 321.09 394.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 330.75 394.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 374.27 394.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 389.21 394.10 Td (201) Tj ET Q
q 0 0 0 rg BT 403.84 394.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 413.78 394.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 431.77 394.10 Td ($333.7 ) Tj ET Q
q 0 0 0 rg BT 461.71 394.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 493.05 394.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 509.93 394.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 526.81 394.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 546.47 394.10 Td (was ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (assumed ) Tj ET Q
q 0 0 0 rg BT 87.84 382.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 101.24 382.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 141.30 382.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 164.70 382.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 176.43 382.10 Td (part ) Tj ET Q
q 0 0 0 rg BT 195.37 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 207.10 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 222.71 382.10 Td (consideration ) Tj ET Q
q 0 0 0 rg BT 279.99 382.10 Td (relating ) Tj ET Q
q 0 0 0 rg BT 313.93 382.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 325.10 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 340.72 382.10 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 379.65 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 391.38 382.10 Td (15 ) Tj ET Q
q 0 0 0 rg BT 404.78 382.10 Td (SPCs, ) Tj ET Q
q 0 0 0 rg BT 432.36 382.10 Td (see ) Tj ET Q
q 0 0 0 rg BT 448.53 382.10 Td ("Item ) Tj ET Q
q 0 0 0 rg BT 474.34 382.10 Td (4. ) Tj ET Q
q 0 0 0 rg BT 485.23 382.10 Td (Information ) Tj ET Q
q 0 0 0 rg BT 536.40 382.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 549.79 382.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (Company-A. ) Tj ET Q
q 0 0 0 rg BT 104.44 370.10 Td (History ) Tj ET Q
q 0 0 0 rg BT 136.94 370.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 153.88 370.10 Td (Development ) Tj ET Q
q 0 0 0 rg BT 210.25 370.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 221.08 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 235.80 370.10 Td (Company".) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.99 346.10 Td (May ) Tj ET Q
q 0 0 0 rg BT 81.98 346.10 Td (2009, ) Tj ET Q
q 0 0 0 rg BT 107.14 346.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 121.46 346.10 Td (entered ) Tj ET Q
q 0 0 0 rg BT 153.54 346.10 Td (into ) Tj ET Q
q 0 0 0 rg BT 171.76 346.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 178.86 346.10 Td ($146.4 ) Tj ET Q
q 0 0 0 rg BT 209.02 346.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 240.57 346.10 Td (pre- ) Tj ET Q
q 0 0 0 rg BT 259.33 346.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 276.43 346.10 Td (post-delivery ) Tj ET Q
q 0 0 0 rg BT 331.85 346.10 Td (secured ) Tj ET Q
q 0 0 0 rg BT 365.05 346.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 386.04 346.10 Td (loan ) Tj ET Q
q 0 0 0 rg BT 405.91 346.10 Td (facility) Tj ET Q
q 0 0 0 rg BT 433.58 346.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 438.74 346.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 459.18 346.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 471.28 346.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 503.38 346.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 521.02 346.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 532.01 346.10 Td (LIBOR ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (plus ) Tj ET Q
q 0 0 0 rg BT 69.11 334.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 75.99 334.10 Td (mar) Tj ET Q
q 0 0 0 rg BT 91.36 334.10 Td (gin, ) Tj ET Q
q 0 0 0 rg BT 109.07 334.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 125.95 334.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 136.17 334.10 Td (2020. ) Tj ET Q
q 0 0 0 rg BT 160.94 334.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 178.92 334.10 Td (outstanding ) Tj ET Q
q 0 0 0 rg BT 228.03 334.10 Td (balance ) Tj ET Q
q 0 0 0 rg BT 261.00 334.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 273.44 334.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 290.33 334.10 Td (facility ) Tj ET Q
q 0 0 0 rg BT 321.09 334.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 330.75 334.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 374.27 334.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 389.21 334.10 Td (201) Tj ET Q
q 0 0 0 rg BT 403.84 334.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 413.78 334.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 431.77 334.10 Td ($133.0 ) Tj ET Q
q 0 0 0 rg BT 461.71 334.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 493.05 334.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 509.93 334.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 526.81 334.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 546.47 334.10 Td (was ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (assumed ) Tj ET Q
q 0 0 0 rg BT 87.84 322.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 101.24 322.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 141.30 322.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 164.70 322.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 176.43 322.10 Td (part ) Tj ET Q
q 0 0 0 rg BT 195.37 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 207.10 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 222.71 322.10 Td (consideration ) Tj ET Q
q 0 0 0 rg BT 279.99 322.10 Td (relating ) Tj ET Q
q 0 0 0 rg BT 313.93 322.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 325.10 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 340.72 322.10 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 379.65 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 391.38 322.10 Td (15 ) Tj ET Q
q 0 0 0 rg BT 404.78 322.10 Td (SPCs, ) Tj ET Q
q 0 0 0 rg BT 432.36 322.10 Td (see ) Tj ET Q
q 0 0 0 rg BT 448.53 322.10 Td ("Item ) Tj ET Q
q 0 0 0 rg BT 474.34 322.10 Td (4. ) Tj ET Q
q 0 0 0 rg BT 485.23 322.10 Td (Information ) Tj ET Q
q 0 0 0 rg BT 536.40 322.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 549.79 322.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (Company-A. ) Tj ET Q
q 0 0 0 rg BT 104.44 310.10 Td (History ) Tj ET Q
q 0 0 0 rg BT 136.94 310.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 153.88 310.10 Td (Development ) Tj ET Q
q 0 0 0 rg BT 210.25 310.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 221.08 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 235.80 310.10 Td (Company".) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.51 286.10 Td (June ) Tj ET Q
q 0 0 0 rg BT 81.02 286.10 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 105.70 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 120.10 286.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 161.16 286.10 Td (entered ) Tj ET Q
q 0 0 0 rg BT 192.77 286.10 Td (into ) Tj ET Q
q 0 0 0 rg BT 210.51 286.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 217.12 286.10 Td ($200.0 ) Tj ET Q
q 0 0 0 rg BT 246.80 286.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 277.88 286.10 Td (secured ) Tj ET Q
q 0 0 0 rg BT 310.59 286.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 331.10 286.10 Td (loan ) Tj ET Q
q 0 0 0 rg BT 350.50 286.10 Td (facility) Tj ET Q
q 0 0 0 rg BT 378.17 286.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 382.85 286.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 402.81 286.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 414.42 286.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 446.04 286.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 463.20 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 473.71 286.10 Td (LIBOR ) Tj ET Q
q 0 0 0 rg BT 505.89 286.10 Td (plus ) Tj ET Q
q 0 0 0 rg BT 524.74 286.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 531.36 286.10 Td (mar) Tj ET Q
q 0 0 0 rg BT 546.73 286.10 Td (gin, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 66.88 274.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 77.11 274.10 Td (2015 ) Tj ET Q
q 0 0 0 rg BT 99.55 274.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 109.78 274.10 Td (re-finance ) Tj ET Q
q 0 0 0 rg BT 152.74 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 167.41 274.10 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 210.39 274.10 Td (balance ) Tj ET Q
q 0 0 0 rg BT 243.37 274.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 254.15 274.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 261.03 274.10 Td ($80.0 ) Tj ET Q
q 0 0 0 rg BT 285.98 274.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 317.31 274.10 Td (loan ) Tj ET Q
q 0 0 0 rg BT 336.97 274.10 Td (facility ) Tj ET Q
q 0 0 0 rg BT 367.74 274.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 384.62 274.10 Td (part ) Tj ET Q
q 0 0 0 rg BT 402.62 274.10 Td (finance ) Tj ET Q
q 0 0 0 rg BT 434.49 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 449.15 274.10 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 487.13 274.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 497.91 274.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 522.02 274.10 Td (Eminence ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 67.33 262.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 91.89 262.10 Td (Endurance. ) Tj ET Q
q 0 0 0 rg BT 139.40 262.10 Td (A) Tj ET Q
q 0 0 0 rg BT 146.07 262.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 148.97 262.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 176.30 262.10 Td (acquisition, ) Tj ET Q
q 0 0 0 rg BT 225.57 262.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 252.90 262.10 Td (had ) Tj ET Q
q 0 0 0 rg BT 270.24 262.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 292.01 262.10 Td (part ) Tj ET Q
q 0 0 0 rg BT 310.45 262.10 Td (financed ) Tj ET Q
q 0 0 0 rg BT 347.76 262.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 370.09 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 385.20 262.10 Td ($80.0 ) Tj ET Q
q 0 0 0 rg BT 410.60 262.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 442.38 262.10 Td (loan ) Tj ET Q
q 0 0 0 rg BT 462.49 262.10 Td (facility ) Tj ET Q
q 0 0 0 rg BT 493.70 262.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 512.15 262.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 531.71 262.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 542.38 262.10 Td (201) Tj ET Q
q 0 0 0 rg BT 557.01 262.10 Td (1 ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 67.41 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 82.59 250.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 102.78 250.10 Td (associated ) Tj ET Q
q 0 0 0 rg BT 146.84 250.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 167.59 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 182.77 250.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 210.18 250.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 221.48 250.10 Td ($52.2 ) Tj ET Q
q 0 0 0 rg BT 246.95 250.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 278.81 250.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 297.33 250.10 Td (repaid ) Tj ET Q
q 0 0 0 rg BT 325.28 250.10 Td (during ) Tj ET Q
q 0 0 0 rg BT 354.36 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 369.55 250.10 Td (year) Tj ET Q
q 0 0 0 rg BT 386.20 250.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 391.46 250.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 409.97 250.10 Td (outstanding ) Tj ET Q
q 0 0 0 rg BT 459.60 250.10 Td (balance ) Tj ET Q
q 0 0 0 rg BT 493.11 250.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 506.07 250.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 523.49 250.10 Td (facility ) Tj ET Q
q 0 0 0 rg BT 554.78 250.10 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 93.60 238.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 108.61 238.10 Td (201) Tj ET Q
q 0 0 0 rg BT 123.24 238.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 133.25 238.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 151.31 238.10 Td ($127.6 ) Tj ET Q
q 0 0 0 rg BT 181.33 238.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 212.73 238.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 229.68 238.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 246.64 238.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 266.37 238.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 284.43 238.10 Td (assumed ) Tj ET Q
q 0 0 0 rg BT 321.38 238.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 333.90 238.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 373.07 238.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 395.59 238.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 406.43 238.10 Td (part ) Tj ET Q
q 0 0 0 rg BT 424.49 238.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 435.33 238.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 450.06 238.10 Td (consideration ) Tj ET Q
q 0 0 0 rg BT 506.44 238.10 Td (relating ) Tj ET Q
q 0 0 0 rg BT 539.50 238.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 549.79 238.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 88.04 226.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 98.87 226.10 Td (15 ) Tj ET Q
q 0 0 0 rg BT 111.37 226.10 Td (SPCs, ) Tj ET Q
q 0 0 0 rg BT 138.05 226.10 Td (see ) Tj ET Q
q 0 0 0 rg BT 153.32 226.10 Td ("Item ) Tj ET Q
q 0 0 0 rg BT 178.23 226.10 Td (4. ) Tj ET Q
q 0 0 0 rg BT 188.23 226.10 Td (Information ) Tj ET Q
q 0 0 0 rg BT 238.49 226.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 250.99 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 265.71 226.10 Td (Company-A. ) Tj ET Q
q 0 0 0 rg BT 320.15 226.10 Td (History ) Tj ET Q
q 0 0 0 rg BT 352.65 226.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 369.58 226.10 Td (Development ) Tj ET Q
q 0 0 0 rg BT 425.96 226.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 436.79 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 451.50 226.10 Td (Company".) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.86 202.10 Td (November ) Tj ET Q
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q 0 0 0 rg BT 130.61 202.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 144.80 202.10 Td (secured ) Tj ET Q
q 0 0 0 rg BT 177.86 202.10 Td (pre- ) Tj ET Q
q 0 0 0 rg BT 196.49 202.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 213.45 202.10 Td (post-delivery ) Tj ET Q
q 0 0 0 rg BT 268.74 202.10 Td (financing ) Tj ET Q
q 0 0 0 rg BT 309.03 202.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 319.34 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 334.08 202.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 366.60 202.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 377.46 202.10 Td ($147 ) Tj ET Q
q 0 0 0 rg BT 399.98 202.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 431.40 202.10 Td (representing ) Tj ET Q
q 0 0 0 rg BT 483.35 202.10 Td (70% ) Tj ET Q
q 0 0 0 rg BT 504.20 202.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 515.06 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 529.80 202.10 Td (contract ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (price ) Tj ET Q
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q 0 0 0 rg BT 86.50 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 101.14 190.10 Td (first ) Tj ET Q
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endstream
endobj
199 0 obj
<<
/Length 35184
>>
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 140.41 610.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 163.55 610.10 Td (then ) Tj ET Q
q 0 0 0 rg BT 183.93 610.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 194.88 610.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 202.46 610.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 220.61 610.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 238.21 610.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 255.82 610.10 Td (adjustment ) Tj ET Q
q 0 0 0 rg BT 302.86 610.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 318.80 610.10 Td (required ) Tj ET Q
q 0 0 0 rg BT 355.28 610.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 366.22 610.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 378.82 610.10 Td (made ) Tj ET Q
q 0 0 0 rg BT 403.64 610.10 Td (shall ) Tj ET Q
q 0 0 0 rg BT 425.69 610.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 438.29 610.10 Td (carried ) Tj ET Q
q 0 0 0 rg BT 469.21 610.10 Td (forward ) Tj ET Q
q 0 0 0 rg BT 504.02 610.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 521.63 610.10 Td (taken ) Tj ET Q
q 0 0 0 rg BT 546.44 610.10 Td (into ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (account ) Tj ET Q
q 0 0 0 rg BT 83.41 598.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 93.51 598.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 110.27 598.10 Td (subsequent ) Tj ET Q
q 0 0 0 rg BT 157.03 598.10 Td (adjustment. ) Tj ET Q
q 0 0 0 rg BT 205.73 598.10 Td (On ) Tj ET Q
q 0 0 0 rg BT 220.27 598.10 Td (February ) Tj ET Q
q 0 0 0 rg BT 258.69 598.10 Td (22, ) Tj ET Q
q 0 0 0 rg BT 273.51 598.10 Td (201) Tj ET Q
q 0 0 0 rg BT 288.13 598.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 297.95 598.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 311.93 598.10 Td (announced ) Tj ET Q
q 0 0 0 rg BT 357.57 598.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 364.33 598.10 Td (dividend ) Tj ET Q
q 0 0 0 rg BT 401.64 598.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 412.29 598.10 Td ($0.10 ) Tj ET Q
q 0 0 0 rg BT 437.11 598.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 452.20 598.10 Td (share. ) Tj ET Q
q 0 0 0 rg BT 477.95 598.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 495.81 598.10 Td (conversion ) Tj ET Q
q 0 0 0 rg BT 542.01 598.10 Td (price ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 68.21 586.10 Td (adjusted ) Tj ET Q
q 0 0 0 rg BT 104.19 586.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 126.29 586.10 Td ($37.0483 ) Tj ET Q
q 0 0 0 rg BT 166.45 586.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 176.88 586.10 Td ($36.5567 ) Tj ET Q
q 0 0 0 rg BT 217.04 586.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 232.47 586.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 256.22 586.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 263.81 586.10 Td (fective ) Tj ET Q
q 0 0 0 rg BT 293.67 586.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 322.43 586.10 Td (7, ) Tj ET Q
q 0 0 0 rg BT 332.58 586.10 Td (201) Tj ET Q
q 0 0 0 rg BT 347.21 586.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 357.37 586.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 384.47 586.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 402.68 586.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 417.55 586.10 Td (ex-dividend ) Tj ET Q
q 0 0 0 rg BT 467.97 586.10 Td (date. ) Tj ET Q
q 0 0 0 rg BT 489.59 586.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 507.80 586.10 Td (bonds ) Tj ET Q
q 0 0 0 rg BT 534.35 586.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 552.56 586.10 Td (be ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (redeemed ) Tj ET Q
q 0 0 0 rg BT 91.13 574.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 100.62 574.10 Td (100% ) Tj ET Q
q 0 0 0 rg BT 126.22 574.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 136.82 574.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 157.41 574.10 Td (principal ) Tj ET Q
q 0 0 0 rg BT 195.22 574.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 227.49 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 244.20 574.10 Td (will, ) Tj ET Q
q 0 0 0 rg BT 264.52 574.10 Td (unless ) Tj ET Q
q 0 0 0 rg BT 291.79 574.10 Td (previously ) Tj ET Q
q 0 0 0 rg BT 336.28 574.10 Td (redeemed, ) Tj ET Q
q 0 0 0 rg BT 379.91 574.10 Td (converted ) Tj ET Q
q 0 0 0 rg BT 421.60 574.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 432.20 574.10 Td (purchased ) Tj ET Q
q 0 0 0 rg BT 475.01 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 491.72 574.10 Td (cancelled, ) Tj ET Q
q 0 0 0 rg BT 534.24 574.10 Td (mature ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 61.95 562.10 Td (April ) Tj ET Q
q 0 0 0 rg BT 85.56 562.10 Td (14, ) Tj ET Q
q 0 0 0 rg BT 100.56 562.10 Td (2015.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 538.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.98 538.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 87.77 538.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 95.11 538.10 Td (right ) Tj ET Q
q 0 0 0 rg BT 116.91 538.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 127.60 538.10 Td (redeem ) Tj ET Q
q 0 0 0 rg BT 159.93 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 175.05 538.10 Td (bonds ) Tj ET Q
q 0 0 0 rg BT 201.85 538.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 211.98 538.10 Td (par ) Tj ET Q
q 0 0 0 rg BT 227.65 538.10 Td (plus ) Tj ET Q
q 0 0 0 rg BT 247.23 538.10 Td (accrued ) Tj ET Q
q 0 0 0 rg BT 281.22 538.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 313.56 538.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 323.69 538.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 341.03 538.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 361.71 538.10 Td (during ) Tj ET Q
q 0 0 0 rg BT 390.73 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 405.85 538.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 427.09 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 438.33 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 453.45 538.10 Td (loan, ) Tj ET Q
q 0 0 0 rg BT 476.07 538.10 Td (provided ) Tj ET Q
q 0 0 0 rg BT 514.53 538.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 532.43 538.10 Td (90% ) Tj ET Q
q 0 0 0 rg BT 553.67 538.10 Td (or ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (more ) Tj ET Q
q 0 0 0 rg BT 73.29 526.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 84.37 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 99.33 526.10 Td (bonds ) Tj ET Q
q 0 0 0 rg BT 125.97 526.10 Td (issued ) Tj ET Q
q 0 0 0 rg BT 153.72 526.10 Td (shall ) Tj ET Q
q 0 0 0 rg BT 175.35 526.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 196.98 526.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 218.60 526.10 Td (redeemed ) Tj ET Q
q 0 0 0 rg BT 260.21 526.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 271.28 526.10 Td (converted ) Tj ET Q
q 0 0 0 rg BT 313.45 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 323.98 526.10 Td (shares. ) Tj ET Q
q 0 0 0 rg BT 354.22 526.10 Td (6,154,822 ) Tj ET Q
q 0 0 0 rg BT 396.96 526.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 416.37 526.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 444.11 526.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 471.85 526.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 484.04 526.10 Td (issued, ) Tj ET Q
q 0 0 0 rg BT 514.28 526.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 523.14 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 538.10 526.10 Td (bonds ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 71.93 514.10 Td (converted ) Tj ET Q
q 0 0 0 rg BT 113.85 514.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 123.57 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 138.29 514.10 Td (current ) Tj ET Q
q 0 0 0 rg BT 169.10 514.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 191.59 514.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 202.42 514.10 Td ($36.5567.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.83 490.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 89.43 490.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 114.43 490.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 128.59 490.10 Td (purchased ) Tj ET Q
q 0 0 0 rg BT 171.63 490.10 Td ($10.0 ) Tj ET Q
q 0 0 0 rg BT 196.63 490.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 228.02 490.10 Td (notional ) Tj ET Q
q 0 0 0 rg BT 263.29 490.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 287.45 490.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 298.28 490.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 321.32 490.10 Td (convertible ) Tj ET Q
q 0 0 0 rg BT 368.80 490.10 Td (bonds ) Tj ET Q
q 0 0 0 rg BT 395.20 490.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 409.36 490.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 416.29 490.10 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 454.33 490.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 476.82 490.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 487.65 490.10 Td ($5.4 ) Tj ET Q
q 0 0 0 rg BT 507.65 490.10 Td (million.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.84 466.10 Td (loan ) Tj ET Q
q 0 0 0 rg BT 87.35 466.10 Td (associated ) Tj ET Q
q 0 0 0 rg BT 130.73 466.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 150.80 466.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 166.42 466.10 Td (convertible ) Tj ET Q
q 0 0 0 rg BT 213.70 466.10 Td (bonds ) Tj ET Q
q 0 0 0 rg BT 239.88 466.10 Td (imposes ) Tj ET Q
q 0 0 0 rg BT 274.95 466.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 315.00 466.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 331.73 466.10 Td (negative ) Tj ET Q
q 0 0 0 rg BT 367.90 466.10 Td (covenants ) Tj ET Q
q 0 0 0 rg BT 410.17 466.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 422.47 466.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 433.65 466.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 450.38 466.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 466.00 466.10 Td (subsidiaries. ) Tj ET Q
q 0 0 0 rg BT 517.50 466.10 Td (A) Tj ET Q
q 0 0 0 rg BT 524.17 466.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 526.46 466.10 Td (violation ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.81 454.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 83.84 454.10 Td (covenants ) Tj ET Q
q 0 0 0 rg BT 126.30 454.10 Td (constitutes ) Tj ET Q
q 0 0 0 rg BT 171.55 454.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 183.47 454.10 Td (event ) Tj ET Q
q 0 0 0 rg BT 207.61 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 218.42 454.10 Td (default ) Tj ET Q
q 0 0 0 rg BT 248.66 454.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 273.91 454.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 289.72 454.10 Td (convertible ) Tj ET Q
q 0 0 0 rg BT 337.18 454.10 Td (bonds, ) Tj ET Q
q 0 0 0 rg BT 366.05 454.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 392.97 454.10 Td (would, ) Tj ET Q
q 0 0 0 rg BT 422.95 454.10 Td (unless ) Tj ET Q
q 0 0 0 rg BT 450.42 454.10 Td (waived ) Tj ET Q
q 0 0 0 rg BT 481.78 454.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 494.26 454.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 510.07 454.10 Td (bondholders, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (provide ) Tj ET Q
q 0 0 0 rg BT 83.48 442.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 99.75 442.10 Td (bondholders ) Tj ET Q
q 0 0 0 rg BT 152.13 442.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 172.84 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 188.00 442.10 Td (right ) Tj ET Q
q 0 0 0 rg BT 209.82 442.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 220.53 442.10 Td (require ) Tj ET Q
q 0 0 0 rg BT 251.79 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 266.94 442.10 Td (principal ) Tj ET Q
q 0 0 0 rg BT 305.42 442.10 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 342.24 442.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 367.95 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 383.10 442.10 Td (convertible ) Tj ET Q
q 0 0 0 rg BT 431.02 442.10 Td (bonds ) Tj ET Q
q 0 0 0 rg BT 457.85 442.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 498.56 442.10 Td (accrued ) Tj ET Q
q 0 0 0 rg BT 532.58 442.10 Td (interest ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.70 430.10 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 105.07 430.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 121.77 430.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 135.70 430.10 Td (immediate ) Tj ET Q
q 0 0 0 rg BT 180.17 430.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 216.87 430.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 233.57 430.10 Td (accelerate ) Tj ET Q
q 0 0 0 rg BT 275.80 430.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 291.39 430.10 Td (indebtedness, ) Tj ET Q
q 0 0 0 rg BT 347.81 430.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 374.52 430.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 401.78 430.10 Td (impair ) Tj ET Q
q 0 0 0 rg BT 430.15 430.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 445.75 430.10 Td (ability ) Tj ET Q
q 0 0 0 rg BT 473.56 430.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 483.61 430.10 Td (continue ) Tj ET Q
q 0 0 0 rg BT 520.31 430.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 530.35 430.10 Td (conduct ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 65.83 418.10 Td (business.) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (Acquisitions ) Tj ET Q
q 0 0 0 rg BT 103.63 394.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 121.69 394.10 Td (Disposals) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (Navig8 ) Tj ET Q
q 0 0 0 rg BT 82.50 370.10 Td (Limited ) Tj ET Q
q 0 0 0 rg BT 118.89 370.10 Td (\("Navig8"\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.81 346.10 Td (February ) Tj ET Q
q 0 0 0 rg BT 99.38 346.10 Td (2008, ) Tj ET Q
q 0 0 0 rg BT 124.36 346.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 138.49 346.10 Td (acquired ) Tj ET Q
q 0 0 0 rg BT 175.39 346.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 182.30 346.10 Td (15.8% ) Tj ET Q
q 0 0 0 rg BT 210.61 346.10 Td (equity ) Tj ET Q
q 0 0 0 rg BT 238.08 346.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 269.99 346.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 280.24 346.10 Td (Navig8 ) Tj ET Q
q 0 0 0 rg BT 312.16 346.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 326.29 346.10 Td ($20.0 ) Tj ET Q
q 0 0 0 rg BT 351.27 346.10 Td (million. ) Tj ET Q
q 0 0 0 rg BT 384.96 346.10 Td (W) Tj ET Q
q 0 0 0 rg BT 393.60 346.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 400.51 346.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 419.66 346.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 436.58 346.10 Td (investment ) Tj ET Q
q 0 0 0 rg BT 482.94 346.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 493.19 346.10 Td (October ) Tj ET Q
q 0 0 0 rg BT 527.87 346.10 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 550.35 346.10 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 64.72 334.10 Td (proceeds ) Tj ET Q
q 0 0 0 rg BT 102.75 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 113.58 334.10 Td ($19.8 ) Tj ET Q
q 0 0 0 rg BT 138.58 334.10 Td (million.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (Overseas ) Tj ET Q
q 0 0 0 rg BT 91.38 310.10 Td (Shipholding ) Tj ET Q
q 0 0 0 rg BT 145.58 310.10 Td (Gr) Tj ET Q
q 0 0 0 rg BT 157.62 310.10 Td (oup, ) Tj ET Q
q 0 0 0 rg BT 178.74 310.10 Td (Inc. ) Tj ET Q
q 0 0 0 rg BT 197.63 310.10 Td (\("OSG"\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.40 286.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 90.56 286.10 Td (2008, ) Tj ET Q
q 0 0 0 rg BT 116.13 286.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 130.85 286.10 Td (entered ) Tj ET Q
q 0 0 0 rg BT 163.34 286.10 Td (into ) Tj ET Q
q 0 0 0 rg BT 181.97 286.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 189.47 286.10 Td (forward ) Tj ET Q
q 0 0 0 rg BT 224.19 286.10 Td (contract ) Tj ET Q
q 0 0 0 rg BT 259.46 286.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 270.30 286.10 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 308.91 286.10 Td (1,366,600 ) Tj ET Q
q 0 0 0 rg BT 351.97 286.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 380.03 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 391.43 286.10 Td (OSG, ) Tj ET Q
q 0 0 0 rg BT 417.00 286.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 444.50 286.10 Td (represented ) Tj ET Q
q 0 0 0 rg BT 493.65 286.10 Td (4.4% ) Tj ET Q
q 0 0 0 rg BT 517.55 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 528.95 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 544.23 286.10 Td (total ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (outstanding ) Tj ET Q
q 0 0 0 rg BT 98.75 274.10 Td (shares, ) Tj ET Q
q 0 0 0 rg BT 128.33 274.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 142.07 274.10 Td ($92.2 ) Tj ET Q
q 0 0 0 rg BT 166.66 274.10 Td (million. ) Tj ET Q
q 0 0 0 rg BT 199.98 274.10 Td (This ) Tj ET Q
q 0 0 0 rg BT 219.84 274.10 Td (contract ) Tj ET Q
q 0 0 0 rg BT 254.13 274.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 271.77 274.10 Td (settled ) Tj ET Q
q 0 0 0 rg BT 299.96 274.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 309.82 274.10 Td (October ) Tj ET Q
q 0 0 0 rg BT 344.11 274.10 Td (2008. ) Tj ET Q
q 0 0 0 rg BT 368.70 274.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 379.11 274.10 Td (October ) Tj ET Q
q 0 0 0 rg BT 413.40 274.10 Td (2008, ) Tj ET Q
q 0 0 0 rg BT 437.99 274.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 451.73 274.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 470.49 274.10 Td (100,000 ) Tj ET Q
q 0 0 0 rg BT 505.07 274.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 532.15 274.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 542.01 274.10 Td (OSG ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 60.32 262.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 67.86 262.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 90.95 262.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 102.38 262.10 Td ($64.50 ) Tj ET Q
q 0 0 0 rg BT 132.99 262.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 148.86 262.10 Td (share. ) Tj ET Q
q 0 0 0 rg BT 175.56 262.10 Td (For ) Tj ET Q
q 0 0 0 rg BT 192.55 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 207.87 262.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 228.18 262.10 Td (ending ) Tj ET Q
q 0 0 0 rg BT 258.50 262.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 302.69 262.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 318.29 262.10 Td (2009, ) Tj ET Q
q 0 0 0 rg BT 343.90 262.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 358.66 262.10 Td (did ) Tj ET Q
q 0 0 0 rg BT 374.54 262.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 390.42 262.10 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 429.06 262.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 440.50 262.10 Td (sell ) Tj ET Q
q 0 0 0 rg BT 457.49 262.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 475.03 262.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 503.12 262.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 514.55 262.10 Td (OSG. ) Tj ET Q
q 0 0 0 rg BT 539.48 262.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 553.69 262.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 93.45 250.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 108.32 250.10 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 133.19 250.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 147.22 250.10 Td (beneficially ) Tj ET Q
q 0 0 0 rg BT 196.78 250.10 Td (owned ) Tj ET Q
q 0 0 0 rg BT 225.81 250.10 Td (1,408,868 ) Tj ET Q
q 0 0 0 rg BT 268.18 250.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 295.54 250.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 306.24 250.10 Td (OSG. ) Tj ET Q
q 0 0 0 rg BT 331.11 250.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 341.81 250.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 375.27 250.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 392.08 250.10 Td (February ) Tj ET Q
q 0 0 0 rg BT 430.55 250.10 Td (201) Tj ET Q
q 0 0 0 rg BT 445.18 250.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 455.04 250.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 469.07 250.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 488.11 250.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 500.47 250.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 511.17 250.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 526.87 250.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 554.23 250.10 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (OSG ) Tj ET Q
q 0 0 0 rg BT 72.50 238.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 86.67 238.10 Td ($46.5 ) Tj ET Q
q 0 0 0 rg BT 111.67 238.10 Td (million.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td (Fr) Tj ET Q
q 0 0 0 rg BT 60.37 214.10 Td (ontline ) Tj ET Q
q 0 0 0 rg BT 92.31 214.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 114.81 214.10 Td (Ltd.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.14 190.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 105.03 190.10 Td (201) Tj ET Q
q 0 0 0 rg BT 119.66 190.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 129.96 190.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 144.43 190.10 Td (acquired ) Tj ET Q
q 0 0 0 rg BT 181.66 190.10 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 242.23 190.10 Td (8.8% ) Tj ET Q
q 0 0 0 rg BT 265.86 190.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 277.00 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 292.02 190.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 315.93 190.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 345.38 190.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 356.52 190.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 395.99 190.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 418.80 190.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 433.27 190.10 Td ($25.0 ) Tj ET Q
q 0 0 0 rg BT 458.57 190.10 Td (million. ) Tj ET Q
q 0 0 0 rg BT 492.77 190.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 503.91 190.10 Td (May ) Tj ET Q
q 0 0 0 rg BT 525.04 190.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 550.35 190.10 Td (we ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.10 Td (paid ) Tj ET Q
q 0 0 0 rg BT 68.92 178.10 Td ($13.3 ) Tj ET Q
q 0 0 0 rg BT 93.12 178.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 123.71 178.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 137.08 178.10 Td (3,546,000 ) Tj ET Q
q 0 0 0 rg BT 178.78 178.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 205.47 178.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 214.95 178.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 221.09 178.10 Td (private ) Tj ET Q
q 0 0 0 rg BT 250.55 178.10 Td (placement ) Tj ET Q
q 0 0 0 rg BT 293.34 178.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 305.05 178.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 343.41 178.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 365.11 178.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 375.15 178.10 Td (56 ) Tj ET Q
q 0 0 0 rg BT 386.85 178.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 417.44 178.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 435.80 178.10 Td (ordinary ) Tj ET Q
q 0 0 0 rg BT 471.38 178.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 498.07 178.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 506.99 178.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 513.13 178.10 Td (subscription ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 72.48 166.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 83.31 166.10 Td ($3.75 ) Tj ET Q
q 0 0 0 rg BT 108.31 166.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 123.57 166.10 Td (share. ) Tj ET Q
q 0 0 0 rg BT 149.67 166.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 160.49 166.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 194.09 166.10 Td (2013, ) Tj ET Q
q 0 0 0 rg BT 219.08 166.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 233.24 166.10 Td (paid ) Tj ET Q
q 0 0 0 rg BT 252.95 166.10 Td ($6.0 ) Tj ET Q
q 0 0 0 rg BT 272.95 166.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 304.34 166.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 318.50 166.10 Td (1,143,000 ) Tj ET Q
q 0 0 0 rg BT 360.99 166.10 Td (shares ) Tj ET Q
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q 0 0 0 rg BT 398.75 166.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 405.69 166.10 Td (private ) Tj ET Q
q 0 0 0 rg BT 435.95 166.10 Td (placement ) Tj ET Q
q 0 0 0 rg BT 479.53 166.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 492.03 166.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 531.19 166.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 553.69 166.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 154.10 Td (59 ) Tj ET Q
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q 0 0 0 rg BT 115.07 154.10 Td (ordinary ) Tj ET Q
q 0 0 0 rg BT 152.12 154.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 180.29 154.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 190.68 154.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 198.29 154.10 Td (subscription ) Tj ET Q
q 0 0 0 rg BT 250.35 154.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 273.51 154.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 285.01 154.10 Td ($5.25 ) Tj ET Q
q 0 0 0 rg BT 310.69 154.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 326.63 154.10 Td (share. ) Tj ET Q
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q 0 0 0 rg BT 361.81 154.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 369.42 154.10 Td (currently ) Tj ET Q
q 0 0 0 rg BT 408.69 154.10 Td (own ) Tj ET Q
q 0 0 0 rg BT 429.09 154.10 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 490.02 154.10 Td (6.3% ) Tj ET Q
q 0 0 0 rg BT 514.02 154.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 525.53 154.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 540.92 154.10 Td (share ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 142.10 Td (capital ) Tj ET Q
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q 0 0 0 rg BT 129.15 142.10 Td (2012.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 118.10 Td (W) Tj ET Q
q 0 0 0 rg BT 59.82 118.10 Td (indsor) Tj ET Q
q 0 0 0 rg BT 86.87 118.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 89.37 118.10 Td (Petr) Tj ET Q
q 0 0 0 rg BT 107.50 118.10 Td (oleum ) Tj ET Q
q 0 0 0 rg BT 135.93 118.10 Td (T) Tj ET Q
q 0 0 0 rg BT 141.86 118.10 Td (ransport ) Tj ET Q
q 0 0 0 rg BT 181.58 118.10 Td (Corporation ) Tj ET Q
q 0 0 0 rg BT 237.23 118.10 Td (T) Tj ET Q
q 0 0 0 rg BT 242.98 118.10 Td (erm ) Tj ET Q
q 0 0 0 rg BT 262.69 118.10 Td (Notes) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 94.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.94 94.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 94.65 94.10 Td (2013, ) Tj ET Q
q 0 0 0 rg BT 119.76 94.10 Td (ITCL) Tj ET Q
q 0 0 0 rg BT 141.61 94.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 144.22 94.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 163.50 94.10 Td ($8.0 ) Tj ET Q
q 0 0 0 rg BT 183.61 94.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 215.12 94.10 Td (notional ) Tj ET Q
q 0 0 0 rg BT 250.50 94.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 274.77 94.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 285.71 94.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 300.35 94.10 Td (W) Tj ET Q
q 0 0 0 rg BT 309.39 94.10 Td (indsor ) Tj ET Q
q 0 0 0 rg BT 337.00 94.10 Td (Petroleum ) Tj ET Q
q 0 0 0 rg BT 380.52 94.10 Td (T) Tj ET Q
q 0 0 0 rg BT 386.28 94.10 Td (ransport ) Tj ET Q
q 0 0 0 rg BT 421.66 94.10 Td (Corporation ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 472.60 94.10 Td (7.84%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 498.43 94.10 Td ( ) Tj ET Q
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q 0 0 0 rg BT 506.26 94.10 Td (erm ) Tj ET Q
q 0 0 0 rg BT 524.42 94.10 Td (Notes ) Tj ET Q
q 0 0 0 rg BT 550.36 94.10 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 82.10 Td (proceeds ) Tj ET Q
q 0 0 0 rg BT 88.04 82.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 98.87 82.10 Td ($4.5 ) Tj ET Q
q 0 0 0 rg BT 118.87 82.10 Td (million.) Tj ET Q
endstream
endobj
200 0 obj
<<
/Length 27381
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 301.00 31.60 Td (58) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 742.25 Td (C.RESEARCH ) Tj ET Q
q 0 0 0 rg BT 122.24 742.25 Td (AND ) Tj ET Q
q 0 0 0 rg BT 146.40 742.25 Td (DEVELOPMENT) Tj ET Q
q 0 0 0 rg BT 224.00 742.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 229.00 742.25 Td (P) Tj ET Q
q 0 0 0 rg BT 234.37 742.25 Td (A) Tj ET Q
q 0 0 0 rg BT 240.84 742.25 Td (TENTS ) Tj ET Q
q 0 0 0 rg BT 275.59 742.25 Td (AND ) Tj ET Q
q 0 0 0 rg BT 299.75 742.25 Td (LICENSES, ) Tj ET Q
q 0 0 0 rg BT 354.22 742.25 Td (ETC.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 730.25 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 718.25 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 718.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 66.07 718.25 Td (do ) Tj ET Q
q 0 0 0 rg BT 79.06 718.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 94.82 718.25 Td (undertake ) Tj ET Q
q 0 0 0 rg BT 137.24 718.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 154.67 718.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 199.87 718.25 Td (expenditures ) Tj ET Q
q 0 0 0 rg BT 253.95 718.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 266.94 718.25 Td (research ) Tj ET Q
q 0 0 0 rg BT 303.24 718.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 320.66 718.25 Td (development, ) Tj ET Q
q 0 0 0 rg BT 377.80 718.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 395.23 718.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 417.10 718.25 Td (no ) Tj ET Q
q 0 0 0 rg BT 430.09 718.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 475.29 718.25 Td (interests ) Tj ET Q
q 0 0 0 rg BT 511.61 718.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 522.37 718.25 Td (patents ) Tj ET Q
q 0 0 0 rg BT 553.69 718.25 Td (or ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 706.25 Td (licenses.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 682.25 Td (D.) Tj ET Q
q 0 0 0 rg BT 64.54 682.25 Td (TREND ) Tj ET Q
q 0 0 0 rg BT 102.05 682.25 Td (INFORMA) Tj ET Q
q 0 0 0 rg BT 150.19 682.25 Td (TION) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 670.25 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 658.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.89 658.25 Td (oil ) Tj ET Q
q 0 0 0 rg BT 82.80 658.25 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 111.13 658.25 Td (industry ) Tj ET Q
q 0 0 0 rg BT 147.25 658.25 Td (has ) Tj ET Q
q 0 0 0 rg BT 163.93 658.25 Td (been ) Tj ET Q
q 0 0 0 rg BT 186.15 658.25 Td (highly ) Tj ET Q
q 0 0 0 rg BT 215.05 658.25 Td (cyclical, ) Tj ET Q
q 0 0 0 rg BT 251.99 658.25 Td (experiencing ) Tj ET Q
q 0 0 0 rg BT 306.98 658.25 Td (volatility ) Tj ET Q
q 0 0 0 rg BT 346.43 658.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 357.56 658.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 388.66 658.25 Td (hire ) Tj ET Q
q 0 0 0 rg BT 407.55 658.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 429.77 658.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 447.56 658.25 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 475.34 658.25 Td (values ) Tj ET Q
q 0 0 0 rg BT 504.23 658.25 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 542.58 658.25 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 646.25 Td (changes ) Tj ET Q
q 0 0 0 rg BT 84.13 646.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 93.83 646.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 107.97 646.25 Td (supply ) Tj ET Q
q 0 0 0 rg BT 136.57 646.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 146.82 646.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 163.18 646.25 Td (demand ) Tj ET Q
q 0 0 0 rg BT 196.76 646.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 210.35 646.25 Td (crude ) Tj ET Q
q 0 0 0 rg BT 234.48 646.25 Td (oil ) Tj ET Q
q 0 0 0 rg BT 246.96 646.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 263.32 646.25 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 290.23 646.25 Td (capacity) Tj ET Q
q 0 0 0 rg BT 322.89 646.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 327.31 646.25 Td (See ) Tj ET Q
q 0 0 0 rg BT 343.68 646.25 Td ("Item ) Tj ET Q
q 0 0 0 rg BT 368.01 646.25 Td (5, ) Tj ET Q
q 0 0 0 rg BT 377.43 646.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 419.34 646.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 435.70 646.25 Td (Financial ) Tj ET Q
q 0 0 0 rg BT 474.84 646.25 Td (Review ) Tj ET Q
q 0 0 0 rg BT 507.31 646.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 523.67 646.25 Td (Prospects ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 56.95 634.25 Td (A. ) Tj ET Q
q 0 0 0 rg BT 69.17 634.25 Td (Operating ) Tj ET Q
q 0 0 0 rg BT 111.66 634.25 Td (Results".) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.25 Td (E.OFF-BALANCE ) Tj ET Q
q 0 0 0 rg BT 138.89 610.25 Td (SHEET) Tj ET Q
q 0 0 0 rg BT 172.06 610.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 174.01 610.25 Td (ARRANGEMENTS) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.25 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.25 Td (Charter ) Tj ET Q
q 0 0 0 rg BT 81.85 586.25 Td (hire ) Tj ET Q
q 0 0 0 rg BT 99.27 586.25 Td (payments ) Tj ET Q
q 0 0 0 rg BT 139.46 586.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 149.10 586.25 Td (third ) Tj ET Q
q 0 0 0 rg BT 169.86 586.25 Td (parties ) Tj ET Q
q 0 0 0 rg BT 198.38 586.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 211.90 586.25 Td (certain ) Tj ET Q
q 0 0 0 rg BT 240.97 586.25 Td (contracted ) Tj ET Q
q 0 0 0 rg BT 284.48 586.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 294.13 586.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 324.32 586.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 338.40 586.25 Td (accounted ) Tj ET Q
q 0 0 0 rg BT 380.80 586.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 394.32 586.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 404.52 586.25 Td (operating ) Tj ET Q
q 0 0 0 rg BT 444.15 586.25 Td (leases. ) Tj ET Q
q 0 0 0 rg BT 472.26 586.25 Td (W) Tj ET Q
q 0 0 0 rg BT 480.90 586.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 487.20 586.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 501.27 586.25 Td (also ) Tj ET Q
q 0 0 0 rg BT 519.25 586.25 Td (committed ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 59.28 574.25 Td (make ) Tj ET Q
q 0 0 0 rg BT 82.44 574.25 Td (rental ) Tj ET Q
q 0 0 0 rg BT 106.71 574.25 Td (payments ) Tj ET Q
q 0 0 0 rg BT 146.53 574.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 170.81 574.25 Td (operating ) Tj ET Q
q 0 0 0 rg BT 210.07 574.25 Td (leases ) Tj ET Q
q 0 0 0 rg BT 235.45 574.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 248.62 574.25 Td (of) Tj ET Q
q 0 0 0 rg BT 256.76 574.25 Td (fice ) Tj ET Q
q 0 0 0 rg BT 273.25 574.25 Td (premises. ) Tj ET Q
q 0 0 0 rg BT 312.69 574.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 329.74 574.25 Td (future ) Tj ET Q
q 0 0 0 rg BT 355.12 574.25 Td (minimum ) Tj ET Q
q 0 0 0 rg BT 395.52 574.25 Td (rental ) Tj ET Q
q 0 0 0 rg BT 419.78 574.25 Td (payments ) Tj ET Q
q 0 0 0 rg BT 459.61 574.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 483.88 574.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 498.72 574.25 Td (non-cancellable ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 131.35 562.25 Td (disclosed ) Tj ET Q
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q 0 0 0 rg BT 288.31 562.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 299.14 562.25 Td (contractual ) Tj ET Q
q 0 0 0 rg BT 346.05 562.25 Td (obligations".) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.25 Td () Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 119.43 538.25 Td (information ) Tj ET Q
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q 0 0 0 rg BT 208.28 538.25 Td (in ) Tj ET Q
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q 0 0 0 rg BT 351.56 538.25 Td (expectations, ) Tj ET Q
q 0 0 0 rg BT 405.69 538.25 Td (projections, ) Tj ET Q
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q 0 0 0 rg BT 202.71 526.25 Td (intended ) Tj ET Q
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q 0 0 0 rg BT 390.45 526.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 399.45 526.25 Td (caution ) Tj ET Q
q 0 0 0 rg BT 433.45 526.25 Td (that ) Tj ET Q
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q 0 0 0 rg BT 465.01 514.25 Td (ferences ) Tj ET Q
q 0 0 0 rg BT 500.02 514.25 Td (can ) Tj ET Q
q 0 0 0 rg BT 515.60 514.25 Td (be ) Tj ET Q
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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438.50 392.75 60.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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502.50 352.75 60.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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502.50 322.75 60.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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0.8 0.9333333333333333 1 rg
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438.50 292.75 60.00 -15.00 re f
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498.50 292.75 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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502.50 292.75 60.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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246.50 252.75 60.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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0.8 0.9333333333333333 1 rg
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502.50 252.75 60.00 -15.00 re f
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1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 392.75 m
246.5 392.75 l
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0 0 0 RG
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0 J
0 j
3 M
246.5 392.75 m
306.5 392.75 l
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[] 0 d
0 J
0 j
3 M
310.5 392.75 m
370.5 392.75 l
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0 J
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3 M
374.5 392.75 m
434.5 392.75 l
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0 J
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3 M
438.5 392.75 m
498.5 392.75 l
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0 J
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3 M
502.5 392.75 m
562.5 392.75 l
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0 J
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3 M
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3 M
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[] 0 d
0 J
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3 M
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0 J
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3 M
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[] 0 d
0 J
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3 M
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0 J
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3 M
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0 J
0 j
3 M
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0 J
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0 J
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3 M
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3 M
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 421.42 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 372.40 421.43 Td (Payment due by period) Tj ET Q
BT /F4 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 321.70 397.43 Td (1 3 years) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 385.70 397.43 Td (3 5 years) Tj ET Q
BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 472.20 397.43 Td (years) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 537.10 397.43 Td (Total) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 382.42 Td (Fixed rate long-term debt) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 334.15 382.42 Td (261,550) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 462.15 382.42 Td (147,365) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 382.42 Td (483,992) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 280.15 357.42 Td (9,526) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 339.15 357.42 Td (19,051) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 420.65 357.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 357.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 357.42 Td (28,577) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 342.42 Td (Operating lease obligations) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 280.15 342.42 Td (6,353) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 344.15 342.42 Td (3,631) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 415.65 342.42 Td (257) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 342.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 342.42 Td (10,241) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 398.15 327.42 Td (201,045) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 356.65 312.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 420.65 312.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 312.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 297.42 Td (Newbuilding commitments) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 275.15 297.42 Td (87,924) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 356.65 297.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 420.65 297.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 297.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 282.42 Td (Interest on fixed rate long-term debt) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 275.15 282.42 Td (30,321) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 339.15 282.42 Td (50,763) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 403.15 282.42 Td (28,763) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 467.15 282.42 Td (25,615) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 282.42 Td (135,462) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 267.42 Td (Interest on fixed rate long-term debt in) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 257.42 Td (unconsolidated subsidiaries) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 415.65 257.42 Td (406) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 484.65 257.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 536.15 257.42 Td (3,652) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 242.42 Td (Interest on capital lease obligations) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 398.15 227.43 Td (367,927) Tj ET Q
BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 82.95 199.25 Td (payments ) Tj ET Q
q 0 0 0 rg BT 124.24 199.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 139.41 199.25 Td (based ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
202 0 obj
<<
/Length 35342
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 109.36 646.25 Td (T) Tj ET Q
q 0 0 0 rg BT 114.77 646.25 Td (ankers ) Tj ET Q
q 0 0 0 rg BT 143.18 646.25 Td (Limited ) Tj ET Q
q 0 0 0 rg BT 177.14 646.25 Td (since ) Tj ET Q
q 0 0 0 rg BT 200.00 646.25 Td (September ) Tj ET Q
q 0 0 0 rg BT 245.07 646.25 Td (2007. ) Tj ET Q
q 0 0 0 rg BT 269.88 646.25 Td (Mrs. ) Tj ET Q
q 0 0 0 rg BT 290.80 646.25 Td (Klemp ) Tj ET Q
q 0 0 0 rg BT 320.33 646.25 Td (served ) Tj ET Q
q 0 0 0 rg BT 348.74 646.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 359.21 646.25 Td (V) Tj ET Q
q 0 0 0 rg BT 365.83 646.25 Td (ice ) Tj ET Q
q 0 0 0 rg BT 379.79 646.25 Td (President ) Tj ET Q
q 0 0 0 rg BT 419.32 646.25 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 453.28 646.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 474.52 646.25 Td (August ) Tj ET Q
q 0 0 0 rg BT 505.72 646.25 Td (2001 ) Tj ET Q
q 0 0 0 rg BT 528.03 646.25 Td (until ) Tj ET Q
q 0 0 0 rg BT 548.67 646.25 Td (she ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 67.15 634.25 Td (promoted ) Tj ET Q
q 0 0 0 rg BT 107.08 634.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 116.46 634.25 Td (May ) Tj ET Q
q 0 0 0 rg BT 136.39 634.25 Td (2006. ) Tj ET Q
q 0 0 0 rg BT 160.49 634.25 Td (Mrs. ) Tj ET Q
q 0 0 0 rg BT 180.71 634.25 Td (Klemp ) Tj ET Q
q 0 0 0 rg BT 209.53 634.25 Td (graduated ) Tj ET Q
q 0 0 0 rg BT 250.55 634.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 260.48 634.25 Td (MSc ) Tj ET Q
q 0 0 0 rg BT 280.98 634.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 290.36 634.25 Td (Business ) Tj ET Q
q 0 0 0 rg BT 327.52 634.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 343.56 634.25 Td (Economics ) Tj ET Q
q 0 0 0 rg BT 389.59 634.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 410.63 634.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 424.45 634.25 Td (Norwegian ) Tj ET Q
q 0 0 0 rg BT 470.48 634.25 Td (School ) Tj ET Q
q 0 0 0 rg BT 499.86 634.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 509.79 634.25 Td (Management ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.25 Td (\(BI\) ) Tj ET Q
q 0 0 0 rg BT 69.33 622.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 79.78 622.25 Td (1986. ) Tj ET Q
q 0 0 0 rg BT 104.94 622.25 Td (Mrs. ) Tj ET Q
q 0 0 0 rg BT 126.23 622.25 Td (Klemp ) Tj ET Q
q 0 0 0 rg BT 156.11 622.25 Td (served ) Tj ET Q
q 0 0 0 rg BT 184.88 622.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 195.29 622.25 Td (Assistant ) Tj ET Q
q 0 0 0 rg BT 234.63 622.25 Td (Director ) Tj ET Q
q 0 0 0 rg BT 270.61 622.25 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 304.93 622.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 315.38 622.25 Td (Color ) Tj ET Q
q 0 0 0 rg BT 340.83 622.25 Td (Group ) Tj ET Q
q 0 0 0 rg BT 368.46 622.25 Td (ASA) Tj ET Q
q 0 0 0 rg BT 387.91 622.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 390.58 622.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 412.69 622.25 Td (1998 ) Tj ET Q
q 0 0 0 rg BT 435.36 622.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 445.80 622.25 Td (2001 ) Tj ET Q
q 0 0 0 rg BT 468.47 622.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 485.58 622.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 496.58 622.25 Td (Group ) Tj ET Q
q 0 0 0 rg BT 524.80 622.25 Td (Financial ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.25 Td (Manager ) Tj ET Q
q 0 0 0 rg BT 88.15 610.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 98.54 610.25 Td (Color ) Tj ET Q
q 0 0 0 rg BT 123.94 610.25 Td (Line ) Tj ET Q
q 0 0 0 rg BT 144.30 610.25 Td (ASA) Tj ET Q
q 0 0 0 rg BT 163.75 610.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 166.37 610.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 188.42 610.25 Td (1992 ) Tj ET Q
q 0 0 0 rg BT 211.04 610.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 221.43 610.25 Td (1998, ) Tj ET Q
q 0 0 0 rg BT 246.54 610.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 253.60 610.25 Td (Norwegian ) Tj ET Q
q 0 0 0 rg BT 300.64 610.25 Td (based ) Tj ET Q
q 0 0 0 rg BT 326.02 610.25 Td (cruise ) Tj ET Q
q 0 0 0 rg BT 352.52 610.25 Td (operator ) Tj ET Q
q 0 0 0 rg BT 388.45 610.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 415.50 610.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 433.67 610.25 Td (stock ) Tj ET Q
q 0 0 0 rg BT 457.39 610.25 Td (listed ) Tj ET Q
q 0 0 0 rg BT 481.67 610.25 Td (up ) Tj ET Q
q 0 0 0 rg BT 494.28 610.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 504.68 610.25 Td (October ) Tj ET Q
q 0 0 0 rg BT 539.50 610.25 Td (1999. ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 73.22 598.25 Td (1989 ) Tj ET Q
q 0 0 0 rg BT 94.78 598.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 104.11 598.25 Td (1992 ) Tj ET Q
q 0 0 0 rg BT 125.66 598.25 Td (Mrs. ) Tj ET Q
q 0 0 0 rg BT 145.83 598.25 Td (Klemp ) Tj ET Q
q 0 0 0 rg BT 174.59 598.25 Td (served ) Tj ET Q
q 0 0 0 rg BT 202.25 598.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 211.79 598.25 Td (Assistant ) Tj ET Q
q 0 0 0 rg BT 249.90 598.25 Td (V) Tj ET Q
q 0 0 0 rg BT 256.52 598.25 Td (ice ) Tj ET Q
q 0 0 0 rg BT 269.73 598.25 Td (President ) Tj ET Q
q 0 0 0 rg BT 308.50 598.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 317.83 598.25 Td (Nordea ) Tj ET Q
q 0 0 0 rg BT 348.81 598.25 Td (Bank ) Tj ET Q
q 0 0 0 rg BT 371.47 598.25 Td (Nor) Tj ET Q
q 0 0 0 rg BT 386.84 598.25 Td (ge ) Tj ET Q
q 0 0 0 rg BT 397.49 598.25 Td (ASA) Tj ET Q
q 0 0 0 rg BT 416.94 598.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 418.49 598.25 Td (handling ) Tj ET Q
q 0 0 0 rg BT 455.04 598.25 Td (structuring ) Tj ET Q
q 0 0 0 rg BT 499.92 598.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 515.91 598.25 Td (syndication ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.81 586.25 Td (loan ) Tj ET Q
q 0 0 0 rg BT 80.50 586.25 Td (facilities ) Tj ET Q
q 0 0 0 rg BT 117.41 586.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 127.66 586.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 142.36 586.25 Td (international ) Tj ET Q
q 0 0 0 rg BT 195.37 586.25 Td (banking ) Tj ET Q
q 0 0 0 rg BT 230.06 586.25 Td (market. ) Tj ET Q
q 0 0 0 rg BT 262.80 586.25 Td (From ) Tj ET Q
q 0 0 0 rg BT 286.95 586.25 Td (1986 ) Tj ET Q
q 0 0 0 rg BT 309.43 586.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 319.68 586.25 Td (1989, ) Tj ET Q
q 0 0 0 rg BT 344.66 586.25 Td (Mrs. ) Tj ET Q
q 0 0 0 rg BT 365.75 586.25 Td (Klemp ) Tj ET Q
q 0 0 0 rg BT 395.45 586.25 Td (served ) Tj ET Q
q 0 0 0 rg BT 424.02 586.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 434.83 586.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 441.74 586.25 Td (lending ) Tj ET Q
q 0 0 0 rg BT 474.22 586.25 Td (of) Tj ET Q
q 0 0 0 rg BT 482.37 586.25 Td (ficer ) Tj ET Q
q 0 0 0 rg BT 503.16 586.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 513.96 586.25 Td (Fokus ) Tj ET Q
q 0 0 0 rg BT 540.90 586.25 Td (Bank ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.25 Td (ASA.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.25 Td (B.COMPENSA) Tj ET Q
q 0 0 0 rg BT 120.65 550.25 Td (TION) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.25 Td (During ) Tj ET Q
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q 0 0 0 rg BT 93.06 526.25 Td (year ) Tj ET Q
q 0 0 0 rg BT 111.53 526.25 Td (ended ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 136.67 526.25 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 194.01 526.25 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 214.01 526.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 217.77 526.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 230.69 526.25 Td (paid ) Tj ET Q
q 0 0 0 rg BT 249.16 526.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 258.20 526.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 272.79 526.25 Td (directors ) Tj ET Q
q 0 0 0 rg BT 309.03 526.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 324.73 526.25 Td (executive ) Tj ET Q
q 0 0 0 rg BT 364.30 526.25 Td (of) Tj ET Q
q 0 0 0 rg BT 372.45 526.25 Td (ficers ) Tj ET Q
q 0 0 0 rg BT 395.91 526.25 Td (\(six ) Tj ET Q
q 0 0 0 rg BT 412.17 526.25 Td (persons\) ) Tj ET Q
q 0 0 0 rg BT 447.31 526.25 Td (aggregate ) Tj ET Q
q 0 0 0 rg BT 487.43 526.25 Td (cash ) Tj ET Q
q 0 0 0 rg BT 506.46 526.25 Td (compensation ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 61.19 514.25 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 121.80 514.25 Td ($1.6 ) Tj ET Q
q 0 0 0 rg BT 142.16 514.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 173.90 514.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 191.20 514.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 203.49 514.25 Td (aggregate ) Tj ET Q
q 0 0 0 rg BT 245.21 514.25 Td (amount ) Tj ET Q
q 0 0 0 rg BT 278.06 514.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 289.24 514.25 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 349.86 514.25 Td ($0.04 ) Tj ET Q
q 0 0 0 rg BT 375.21 514.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 406.96 514.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 421.48 514.25 Td (pension ) Tj ET Q
q 0 0 0 rg BT 455.44 514.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 472.73 514.25 Td (retirement ) Tj ET Q
q 0 0 0 rg BT 516.68 514.25 Td (benefits. ) Tj ET Q
q 0 0 0 rg BT 553.69 514.25 Td (In ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.25 Td (addition ) Tj ET Q
q 0 0 0 rg BT 85.82 502.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 96.65 502.25 Td (cash ) Tj ET Q
q 0 0 0 rg BT 117.47 502.25 Td (compensation, ) Tj ET Q
q 0 0 0 rg BT 178.56 502.25 Td (during ) Tj ET Q
q 0 0 0 rg BT 207.72 502.25 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 230.77 502.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 245.48 502.25 Td (also ) Tj ET Q
q 0 0 0 rg BT 264.63 502.25 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 311.55 502.25 Td (stock ) Tj ET Q
q 0 0 0 rg BT 335.70 502.25 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 394.29 502.25 Td (expense ) Tj ET Q
q 0 0 0 rg BT 429.55 502.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 440.93 502.25 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 501.74 502.25 Td ($0.3 ) Tj ET Q
q 0 0 0 rg BT 522.29 502.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 554.23 502.25 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.25 Td (respect ) Tj ET Q
q 0 0 0 rg BT 80.82 490.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 91.65 490.25 Td (options ) Tj ET Q
q 0 0 0 rg BT 123.59 490.25 Td (granted ) Tj ET Q
q 0 0 0 rg BT 156.08 490.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 181.35 490.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 197.18 490.25 Td (Share ) Tj ET Q
q 0 0 0 rg BT 222.45 490.25 Td (Option ) Tj ET Q
q 0 0 0 rg BT 252.72 490.25 Td (Scheme.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.25 Td (C.BOARD ) Tj ET Q
q 0 0 0 rg BT 103.33 466.25 Td (PRACTICES) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.25 Td (In ) Tj ET Q
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q 0 0 0 rg BT 107.68 442.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 127.65 442.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 143.17 442.25 Td (Bye-laws ) Tj ET Q
q 0 0 0 rg BT 183.13 442.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 197.54 442.25 Td (number ) Tj ET Q
q 0 0 0 rg BT 230.28 442.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 240.80 442.25 Td (Directors ) Tj ET Q
q 0 0 0 rg BT 280.20 442.25 Td (shall ) Tj ET Q
q 0 0 0 rg BT 301.28 442.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 312.91 442.25 Td (such ) Tj ET Q
q 0 0 0 rg BT 333.43 442.25 Td (number ) Tj ET Q
q 0 0 0 rg BT 366.17 442.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 381.14 442.25 Td (less ) Tj ET Q
q 0 0 0 rg BT 398.33 442.25 Td (than ) Tj ET Q
q 0 0 0 rg BT 417.74 442.25 Td (two ) Tj ET Q
q 0 0 0 rg BT 434.94 442.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 445.46 442.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 460.98 442.25 Td (shareholders ) Tj ET Q
q 0 0 0 rg BT 513.71 442.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 525.90 442.25 Td (Ordinary ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.25 Td (Resolution ) Tj ET Q
q 0 0 0 rg BT 95.86 430.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 115.59 430.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 137.55 430.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 157.85 430.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 168.15 430.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 188.44 430.25 Td (determine ) Tj ET Q
q 0 0 0 rg BT 230.94 430.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 247.90 430.25 Td (each ) Tj ET Q
q 0 0 0 rg BT 268.74 430.25 Td (Director ) Tj ET Q
q 0 0 0 rg BT 304.58 430.25 Td (shall ) Tj ET Q
q 0 0 0 rg BT 325.98 430.25 Td (hold ) Tj ET Q
q 0 0 0 rg BT 346.28 430.25 Td (of) Tj ET Q
q 0 0 0 rg BT 354.43 430.25 Td (fice ) Tj ET Q
q 0 0 0 rg BT 371.94 430.25 Td (until ) Tj ET Q
q 0 0 0 rg BT 392.79 430.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 407.53 430.25 Td (next ) Tj ET Q
q 0 0 0 rg BT 427.27 430.25 Td (annual ) Tj ET Q
q 0 0 0 rg BT 456.45 430.25 Td (general ) Tj ET Q
q 0 0 0 rg BT 488.39 430.25 Td (meeting ) Tj ET Q
q 0 0 0 rg BT 523.12 430.25 Td (following ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.25 Td (his ) Tj ET Q
q 0 0 0 rg BT 64.17 418.25 Td (election ) Tj ET Q
q 0 0 0 rg BT 98.32 418.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 109.15 418.25 Td (until ) Tj ET Q
q 0 0 0 rg BT 129.99 418.25 Td (his ) Tj ET Q
q 0 0 0 rg BT 144.16 418.25 Td (successor ) Tj ET Q
q 0 0 0 rg BT 184.98 418.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 194.15 418.25 Td (elected. ) Tj ET Q
q 0 0 0 rg BT 227.28 418.25 Td (W) Tj ET Q
q 0 0 0 rg BT 235.91 418.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 242.85 418.25 Td (currently ) Tj ET Q
q 0 0 0 rg BT 281.45 418.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 302.82 418.25 Td (four ) Tj ET Q
q 0 0 0 rg BT 321.98 418.25 Td (Directors.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.25 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 394.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.91 394.25 Td (currently ) Tj ET Q
q 0 0 0 rg BT 104.84 394.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 126.55 394.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 138.82 394.25 Td (audit ) Tj ET Q
q 0 0 0 rg BT 161.65 394.25 Td (committee, ) Tj ET Q
q 0 0 0 rg BT 209.19 394.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 236.47 394.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 245.97 394.25 Td (responsible ) Tj ET Q
q 0 0 0 rg BT 294.35 394.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 308.85 394.25 Td (overseeing ) Tj ET Q
q 0 0 0 rg BT 355.00 394.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 370.05 394.25 Td (quality ) Tj ET Q
q 0 0 0 rg BT 400.66 394.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 417.93 394.25 Td (integrity ) Tj ET Q
q 0 0 0 rg BT 454.65 394.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 465.81 394.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 481.98 394.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 519.79 394.25 Td (statements ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 68.56 382.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 86.02 382.25 Td (accounting, ) Tj ET Q
q 0 0 0 rg BT 136.52 382.25 Td (auditing ) Tj ET Q
q 0 0 0 rg BT 173.42 382.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 191.98 382.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 231.09 382.25 Td (reporting ) Tj ET Q
q 0 0 0 rg BT 271.87 382.25 Td (practices, ) Tj ET Q
q 0 0 0 rg BT 314.03 382.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 331.49 382.25 Td (compliance ) Tj ET Q
q 0 0 0 rg BT 381.70 382.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 403.61 382.25 Td (legal ) Tj ET Q
q 0 0 0 rg BT 427.17 382.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 445.73 382.25 Td (regulatory ) Tj ET Q
q 0 0 0 rg BT 490.95 382.25 Td (requirements, ) Tj ET Q
q 0 0 0 rg BT 549.78 382.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.25 Td (independent ) Tj ET Q
q 0 0 0 rg BT 100.99 370.25 Td (auditor's ) Tj ET Q
q 0 0 0 rg BT 137.13 370.25 Td (qualifications, ) Tj ET Q
q 0 0 0 rg BT 196.17 370.25 Td (independence ) Tj ET Q
q 0 0 0 rg BT 253.26 370.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 269.82 370.25 Td (performance ) Tj ET Q
q 0 0 0 rg BT 322.46 370.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 339.02 370.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 354.46 370.25 Td (internal ) Tj ET Q
q 0 0 0 rg BT 387.13 370.25 Td (audit ) Tj ET Q
q 0 0 0 rg BT 409.24 370.25 Td (function. ) Tj ET Q
q 0 0 0 rg BT 447.18 370.25 Td (In ) Tj ET Q
q 0 0 0 rg BT 457.63 370.25 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 482.25 370.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 497.70 370.25 Td (audit ) Tj ET Q
q 0 0 0 rg BT 519.81 370.25 Td (committee ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.25 Td (comprised ) Tj ET Q
q 0 0 0 rg BT 94.16 358.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 104.99 358.25 Td (Mrs. ) Tj ET Q
q 0 0 0 rg BT 126.10 358.25 Td (Kate ) Tj ET Q
q 0 0 0 rg BT 147.48 358.25 Td (Blankenship.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.25 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.09 334.25 Td (lieu ) Tj ET Q
q 0 0 0 rg BT 78.84 334.25 Td (of ) Tj ET Q
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q 0 0 0 rg BT 97.12 334.25 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 155.42 334.25 Td (committee ) Tj ET Q
q 0 0 0 rg BT 200.38 334.25 Td (comprised ) Tj ET Q
q 0 0 0 rg BT 244.79 334.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 255.88 334.25 Td (independent ) Tj ET Q
q 0 0 0 rg BT 307.51 334.25 Td (directors, ) Tj ET Q
q 0 0 0 rg BT 347.75 334.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 363.84 334.25 Td (Board ) Tj ET Q
q 0 0 0 rg BT 391.03 334.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 402.12 334.25 Td (Directors ) Tj ET Q
q 0 0 0 rg BT 442.08 334.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 451.51 334.25 Td (responsible ) Tj ET Q
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q 0 0 0 rg BT 303.40 722.28 Td (Ordinary) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 315.25 712.28 Td (Shar) Tj ET Q
q 0 0 0 rg BT 335.63 712.28 Td (es) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 288.70 702.28 Td (of $2.50 each) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 420.25 722.28 Td (Options to) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 358.65 712.28 Td (acquir) Tj ET Q
q 0 0 0 rg BT 386.25 712.28 Td (e Ordinary Shar) Tj ET Q
q 0 0 0 rg BT 456.62 712.28 Td (es) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 387.75 702.28 Td (which have vested) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 497.15 722.28 Td (Per) Tj ET Q
q 0 0 0 rg BT 511.95 722.28 Td (centage of) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 483.20 712.28 Td (Ordinary Shar) Tj ET Q
q 0 0 0 rg BT 546.64 712.28 Td (es ) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 501.60 702.28 Td (Outstanding) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 688.17 Td (John Fredriksen*) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 339.00 688.17 Td (*) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 432.15 688.17 Td (100,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.00 688.17 Td (*) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 673.17 Td (Cecilie Fredriksen) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 333.65 673.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 454.65 673.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 544.65 673.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 658.17 Td (Kate Blankenship) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 321.15 658.17 Td (2,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 437.15 658.17 Td (30,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 545.00 658.17 Td (**) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 643.17 Td (Tony Curry) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 333.65 643.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 437.15 643.17 Td (30,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 545.00 643.17 Td (**) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 628.17 Td (Jens Martin Jensen) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 316.15 628.17 Td (14,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 437.15 628.17 Td (56,667) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 545.00 628.17 Td (**) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 613.17 Td (Inger M. Klemp) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 316.15 613.17 Td (16,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 437.15 613.17 Td (56,667) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 545.00 613.17 Td (**) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 596.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 584.10 Td (*Hemen ) Tj ET Q
q 0 0 0 rg BT 101.93 584.10 Td (Holding ) Tj ET Q
q 0 0 0 rg BT 137.76 584.10 Td (Ltd, ) Tj ET Q
q 0 0 0 rg BT 157.20 584.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 168.58 584.10 Td (Hemen, ) Tj ET Q
q 0 0 0 rg BT 203.02 584.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 212.74 584.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 220.23 584.10 Td (Cyprus ) Tj ET Q
q 0 0 0 rg BT 252.17 584.10 Td (holding ) Tj ET Q
q 0 0 0 rg BT 285.78 584.10 Td (company) Tj ET Q
q 0 0 0 rg BT 321.79 584.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 327.34 584.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 354.84 584.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 364.56 584.10 Td (indirectly ) Tj ET Q
q 0 0 0 rg BT 405.93 584.10 Td (controlled ) Tj ET Q
q 0 0 0 rg BT 449.53 584.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 462.58 584.10 Td (trusts ) Tj ET Q
q 0 0 0 rg BT 487.30 584.10 Td (established ) Tj ET Q
q 0 0 0 rg BT 534.79 584.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 547.84 584.10 Td (Mr) Tj ET Q
q 0 0 0 rg BT 559.51 584.10 Td (. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 572.10 Td (Fredriksen, ) Tj ET Q
q 0 0 0 rg BT 96.83 572.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 110.61 572.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 156.75 572.10 Td (Chairman ) Tj ET Q
q 0 0 0 rg BT 197.75 572.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 213.75 572.10 Td (Chief ) Tj ET Q
q 0 0 0 rg BT 237.53 572.10 Td (Executive ) Tj ET Q
q 0 0 0 rg BT 279.07 572.10 Td (Of) Tj ET Q
q 0 0 0 rg BT 289.44 572.10 Td (ficer) Tj ET Q
q 0 0 0 rg BT 307.36 572.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 311.42 572.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 324.64 572.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 338.42 572.10 Td (benefit ) Tj ET Q
q 0 0 0 rg BT 367.75 572.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 377.64 572.10 Td (his ) Tj ET Q
q 0 0 0 rg BT 390.87 572.10 Td (immediate ) Tj ET Q
q 0 0 0 rg BT 434.64 572.10 Td (family) Tj ET Q
q 0 0 0 rg BT 460.10 572.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 464.16 572.10 Td (Mr) Tj ET Q
q 0 0 0 rg BT 475.83 572.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 479.89 572.10 Td (Fredriksen ) Tj ET Q
q 0 0 0 rg BT 524.22 572.10 Td (disclaims ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 560.10 Td (beneficial ) Tj ET Q
q 0 0 0 rg BT 91.56 560.10 Td (ownership ) Tj ET Q
q 0 0 0 rg BT 135.37 560.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 145.84 560.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 160.21 560.10 Td (26,304,053 ) Tj ET Q
q 0 0 0 rg BT 207.35 560.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 245.59 560.10 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 274.40 560.10 Td (held ) Tj ET Q
q 0 0 0 rg BT 293.76 560.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 305.91 560.10 Td (Hemen, ) Tj ET Q
q 0 0 0 rg BT 339.43 560.10 Td (except ) Tj ET Q
q 0 0 0 rg BT 367.67 560.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 377.59 560.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 391.95 560.10 Td (extent ) Tj ET Q
q 0 0 0 rg BT 418.53 560.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 429.01 560.10 Td (his ) Tj ET Q
q 0 0 0 rg BT 442.82 560.10 Td (voting ) Tj ET Q
q 0 0 0 rg BT 470.52 560.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 487.11 560.10 Td (dispositive ) Tj ET Q
q 0 0 0 rg BT 532.59 560.10 Td (interest ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 548.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 60.28 548.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 81.11 548.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 108.60 548.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 119.43 548.10 Td (common ) Tj ET Q
q 0 0 0 rg BT 156.92 548.10 Td (stock. ) Tj ET Q
q 0 0 0 rg BT 183.03 548.10 Td (Mr) Tj ET Q
q 0 0 0 rg BT 194.70 548.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 199.70 548.10 Td (Fredriksen ) Tj ET Q
q 0 0 0 rg BT 244.97 548.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 260.80 548.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 273.30 548.10 Td (pecuniary ) Tj ET Q
q 0 0 0 rg BT 315.22 548.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 347.16 548.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 357.44 548.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 372.15 548.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 399.64 548.10 Td (held ) Tj ET Q
q 0 0 0 rg BT 419.36 548.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 431.86 548.10 Td (Hemen.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 536.10 Td (**Less than 1%.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 512.10 Td (Shar) Tj ET Q
q 0 0 0 rg BT 70.38 512.10 Td (e Option Scheme) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 500.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 488.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.21 488.10 Td (September ) Tj ET Q
q 0 0 0 rg BT 104.84 488.10 Td (2009, ) Tj ET Q
q 0 0 0 rg BT 129.22 488.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 144.42 488.10 Td (board ) Tj ET Q
q 0 0 0 rg BT 169.07 488.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 179.27 488.10 Td (directors ) Tj ET Q
q 0 0 0 rg BT 216.13 488.10 Td (approved ) Tj ET Q
q 0 0 0 rg BT 255.21 488.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 270.42 488.10 Td (Share ) Tj ET Q
q 0 0 0 rg BT 295.06 488.10 Td (Option ) Tj ET Q
q 0 0 0 rg BT 324.72 488.10 Td (Scheme. ) Tj ET Q
q 0 0 0 rg BT 360.61 488.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 378.03 488.10 Td (subscription ) Tj ET Q
q 0 0 0 rg BT 428.80 488.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 450.66 488.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 464.19 488.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 476.06 488.10 Td (options ) Tj ET Q
q 0 0 0 rg BT 507.38 488.10 Td (granted ) Tj ET Q
q 0 0 0 rg BT 539.24 488.10 Td (under ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 476.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.77 476.10 Td (scheme ) Tj ET Q
q 0 0 0 rg BT 97.31 476.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 115.42 476.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 127.41 476.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 161.61 476.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 174.17 476.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 188.94 476.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 221.48 476.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 232.37 476.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 244.92 476.10 Td (dividends ) Tj ET Q
q 0 0 0 rg BT 286.36 476.10 Td (declared ) Tj ET Q
q 0 0 0 rg BT 322.77 476.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 335.33 476.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 346.77 476.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 362.09 476.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 385.75 476.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 396.08 476.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 410.85 476.10 Td (period ) Tj ET Q
q 0 0 0 rg BT 438.95 476.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 460.94 476.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 475.71 476.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 494.92 476.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 505.81 476.10 Td (grant ) Tj ET Q
q 0 0 0 rg BT 528.91 476.10 Td (until ) Tj ET Q
q 0 0 0 rg BT 549.79 476.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 464.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 69.16 464.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 83.87 464.10 Td (options ) Tj ET Q
q 0 0 0 rg BT 115.82 464.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 130.53 464.10 Td (exercised, ) Tj ET Q
q 0 0 0 rg BT 173.28 464.10 Td (provided ) Tj ET Q
q 0 0 0 rg BT 211.33 464.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 226.04 464.10 Td (subscription ) Tj ET Q
q 0 0 0 rg BT 277.43 464.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 299.92 464.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 309.09 464.10 Td (never ) Tj ET Q
q 0 0 0 rg BT 333.79 464.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 367.94 464.10 Td (below ) Tj ET Q
q 0 0 0 rg BT 394.88 464.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 409.59 464.10 Td (par ) Tj ET Q
q 0 0 0 rg BT 424.86 464.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 449.02 464.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 464.29 464.10 Td (share.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 440.10 Td (Details ) Tj ET Q
q 0 0 0 rg BT 80.83 440.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 91.66 440.10 Td (options ) Tj ET Q
q 0 0 0 rg BT 123.60 440.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 133.88 440.10 Td (acquire ) Tj ET Q
q 0 0 0 rg BT 165.81 440.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 181.64 440.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 220.23 440.10 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 249.39 440.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 261.89 440.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 277.72 440.10 Td (Directors ) Tj ET Q
q 0 0 0 rg BT 317.43 440.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 334.37 440.10 Td (of) Tj ET Q
q 0 0 0 rg BT 342.52 440.10 Td (ficers ) Tj ET Q
q 0 0 0 rg BT 367.23 440.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 378.06 440.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 388.89 440.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 417.49 440.10 Td (14, ) Tj ET Q
q 0 0 0 rg BT 432.49 440.10 Td (2013, ) Tj ET Q
q 0 0 0 rg BT 457.49 440.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 479.41 440.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 490.24 440.10 Td (follows:) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 387.60 210.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
260.50 387.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
325.50 387.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
329.50 387.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
394.50 387.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
398.50 387.60 80.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
478.50 387.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
482.50 387.60 80.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 357.60 210.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
260.50 357.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
325.50 357.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
329.50 357.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
394.50 357.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
398.50 357.60 80.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
478.50 357.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
482.50 357.60 80.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 327.60 210.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
260.50 327.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
325.50 327.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
329.50 327.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
394.50 327.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
398.50 327.60 80.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
478.50 327.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
482.50 327.60 80.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 297.60 210.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
260.50 297.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
325.50 297.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
329.50 297.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
394.50 297.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
398.50 297.60 80.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
478.50 297.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
482.50 297.60 80.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 417.6 m
260.5 417.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
260.5 417.6 m
325.5 417.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
260.5 402.6 m
325.5 402.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
325.5 417.6 m
329.5 417.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
325.5 402.6 m
329.5 402.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
329.5 417.6 m
394.5 417.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
329.5 402.6 m
394.5 402.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
394.5 417.6 m
398.5 417.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
398.5 417.6 m
478.5 417.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
478.5 417.6 m
482.5 417.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
482.5 417.6 m
562.5 417.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
260.5 387.6 m
325.5 387.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
325.5 387.6 m
329.5 387.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
329.5 387.6 m
394.5 387.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
394.5 387.6 m
398.5 387.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
398.5 387.6 m
478.5 387.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
478.5 387.6 m
482.5 387.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
482.5 387.6 m
562.5 387.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
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3 M
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endobj
204 0 obj
<<
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>>
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q 0 0 0 rg BT 115.99 658.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 130.95 658.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 178.27 658.10 Td (leased ) Tj ET Q
q 0 0 0 rg BT 206.00 658.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 237.07 658.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 252.02 658.10 Td (leased ) Tj ET Q
q 0 0 0 rg BT 279.75 658.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 301.93 658.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 323.02 658.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 357.42 658.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 374.60 658.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 395.68 658.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 430.08 658.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 439.49 658.10 Td (entitled ) Tj ET Q
q 0 0 0 rg BT 472.22 658.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 482.75 658.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 489.93 658.10 Td (profit ) Tj ET Q
q 0 0 0 rg BT 514.89 658.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 538.73 658.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 549.80 658.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 646.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 96.57 646.10 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 132.43 646.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 144.42 646.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 166.95 646.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 197.27 646.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 222.03 646.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 228.45 646.10 Td (Charter ) Tj ET Q
q 0 0 0 rg BT 259.99 646.10 Td (Ancillary ) Tj ET Q
q 0 0 0 rg BT 299.30 646.10 Td (Agreement. ) Tj ET Q
q 0 0 0 rg BT 348.07 646.10 Td (This ) Tj ET Q
q 0 0 0 rg BT 367.83 646.10 Td (profit ) Tj ET Q
q 0 0 0 rg BT 392.04 646.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 415.12 646.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 432.66 646.10 Td (increased ) Tj ET Q
q 0 0 0 rg BT 472.40 646.10 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 493.83 646.10 Td (20%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 512.16 646.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 514.15 646.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 523.91 646.10 Td (25%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 542.24 646.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 544.23 646.10 Td (with ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 57.59 634.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 75.44 634.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 97.74 634.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 131.71 634.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 142.07 634.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 166.80 634.10 Td (A) Tj ET Q
q 0 0 0 rg BT 173.47 634.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 176.34 634.10 Td (summary ) Tj ET Q
q 0 0 0 rg BT 216.42 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 227.62 634.10 Td (leasing ) Tj ET Q
q 0 0 0 rg BT 258.81 634.10 Td (transactions ) Tj ET Q
q 0 0 0 rg BT 309.44 634.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 330.08 634.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 351.28 634.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 385.81 634.10 Td (during ) Tj ET Q
q 0 0 0 rg BT 414.78 634.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 429.86 634.10 Td (years ) Tj ET Q
q 0 0 0 rg BT 453.82 634.10 Td (ended ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 480.57 634.10 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 539.52 634.10 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 559.52 634.10 Td (, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.10 Td (201) Tj ET Q
q 0 0 0 rg BT 64.63 622.10 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 69.63 622.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 72.13 622.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 89.07 622.10 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 109.07 622.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 111.57 622.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 120.74 622.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 131.57 622.10 Td (follows:) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 584.60 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 584.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 584.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 584.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 584.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 584.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 554.60 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 554.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 554.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 554.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 554.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 554.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 524.60 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 524.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 524.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 524.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 524.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 524.60 65.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 584.6 m
359.5 584.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 584.6 m
424.5 584.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 584.6 m
428.5 584.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 584.6 m
493.5 584.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 584.6 m
497.5 584.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 584.6 m
562.5 584.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 494.6 m
359.5 494.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 494.6 m
424.5 494.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 494.6 m
428.5 494.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 494.6 m
493.5 494.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 494.6 m
497.5 494.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 494.6 m
562.5 494.6 l
s
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 589.31 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 401.00 589.28 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 470.35 589.27 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 539.00 589.27 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 574.27 Td (Charter hire paid \(principal and interest\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 388.15 574.28 Td (176,332) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 574.27 Td (248,822) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 574.27 Td (289,578) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 559.27 Td (Lease termination fees expense \(income\), net) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 398.15 559.28 Td (1,777) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 462.15 559.27 Td (17,104) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 532.80 559.32 Td (\(2,435) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 559.27 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 544.27 Td (Compensation paid on lease amendment) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 410.65 544.28 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 544.27 Td (106,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 544.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 529.27 Td (Profit share expense) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 410.65 529.28 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 474.65 529.27 Td (482) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 529.27 Td (30,566) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 514.27 Td (Contingent rental expense) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 393.15 514.28 Td (52,176) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.65 514.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 514.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 499.27 Td (Remaining lease obligation) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 388.15 499.28 Td (875,670) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 499.27 Td (926,821) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 518.65 499.27 Td (1,289,897) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 471.10 Td (A) Tj ET Q
q 0 0 0 rg BT 56.67 471.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 59.45 471.10 Td (summary ) Tj ET Q
q 0 0 0 rg BT 99.44 471.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 110.54 471.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 125.54 471.10 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 162.20 471.10 Td (earned ) Tj ET Q
q 0 0 0 rg BT 191.62 471.10 Td (\(incurred\) ) Tj ET Q
q 0 0 0 rg BT 234.37 471.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 256.59 471.10 Td (related ) Tj ET Q
q 0 0 0 rg BT 286.56 471.10 Td (parties, ) Tj ET Q
q 0 0 0 rg BT 318.50 471.10 Td (excluding ) Tj ET Q
q 0 0 0 rg BT 360.71 471.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 375.70 471.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 396.81 471.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 431.25 471.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 454.01 471.10 Td (related ) Tj ET Q
q 0 0 0 rg BT 483.98 471.10 Td (balances ) Tj ET Q
q 0 0 0 rg BT 521.18 471.10 Td (above, ) Tj ET Q
q 0 0 0 rg BT 550.34 471.10 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 459.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.72 459.10 Td (years ) Tj ET Q
q 0 0 0 rg BT 88.32 459.10 Td (ended ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 114.69 459.10 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 173.28 459.10 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 193.28 459.10 Td (, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 198.28 459.10 Td (201) Tj ET Q
q 0 0 0 rg BT 212.91 459.10 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 217.91 459.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 220.41 459.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 237.34 459.10 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 257.34 459.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 259.84 459.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 274.55 459.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 285.38 459.10 Td (follows:) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 421.60 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 421.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 421.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 421.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 421.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 421.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 391.60 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 391.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 391.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 391.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 391.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 391.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 361.60 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 361.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 361.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 361.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 361.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 361.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 331.60 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 331.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 331.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 331.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 331.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 331.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 301.60 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 301.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 301.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 301.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 301.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 301.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 271.60 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 271.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 271.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 271.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 271.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 271.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 241.60 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 241.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 241.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 241.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 241.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 241.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 211.60 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 211.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 211.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 211.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 211.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 211.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 181.60 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 181.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 181.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 181.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 181.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 181.60 65.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 421.6 m
359.5 421.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 421.6 m
424.5 421.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 421.6 m
428.5 421.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 421.6 m
493.5 421.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
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endobj
205 0 obj
<<
/Length 24768
>>
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493.5 463.5 m
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s
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1.00 w
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[] 0 d
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BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 738.21 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 470.00 738.18 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F5 10.00 Tf ET
q 0 0 0 rg BT 53.00 723.18 Td (Receivables) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 431.00 723.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 500.00 723.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 708.17 Td (Ship Finance International Limited) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 467.15 708.18 Td (1,891) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 536.15 708.17 Td (1,138) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 693.17 Td (SeatankersManagement Co. Ltd) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 474.65 693.18 Td (342) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 693.17 Td (168) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 474.65 678.18 Td (778) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 678.17 Td (632) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 663.17 Td (Golar LNG Limited) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 474.65 663.18 Td (755) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 663.17 Td (610) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 648.17 Td (Orion ) Tj ET Q
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q 0 0 0 rg BT 84.06 648.17 Td (ankers Ltd) Tj ET Q
BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 633.17 Td (13) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 588.17 Td (10,469) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 573.17 Td (57) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 479.65 558.18 Td (13) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 479.65 543.18 Td (13) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 479.65 528.18 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 528.17 Td (68) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 513.17 Td (Aktiv Kapital Ltd) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 479.65 513.18 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 513.17 Td (67) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 474.65 498.18 Td (106) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 498.17 Td (356) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 479.65 483.18 Td (12) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 483.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 468.17 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 467.15 468.18 Td (9,055) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 440.00 Td (A) Tj ET Q
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q 0 0 0 rg BT 146.64 440.00 Td (due ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 334.35 440.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 382.58 440.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 393.41 440.00 Td (follows:) Tj ET Q
0.8 0.9333333333333333 1 rg
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50.50 399.50 378.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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428.50 399.50 65.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 399.50 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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497.50 399.50 65.00 -15.00 re f
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493.50 369.50 4.00 -15.00 re f
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497.50 369.50 65.00 -15.00 re f
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493.50 309.50 4.00 -15.00 re f
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497.50 309.50 65.00 -15.00 re f
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0 0 0 RG
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1.00 w
0 i
[] 0 d
0 J
0 j
3 M
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[] 0 d
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3 M
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3 M
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3 M
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3 M
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3 M
497.5 294.5 m
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3 M
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BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 419.21 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 470.00 419.18 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 539.35 419.17 Td (2011) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 53.00 404.18 Td (Payables) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 431.00 404.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 500.00 404.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 389.17 Td (Ship Finance International Limited) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 458.80 389.23 Td (\(52,063) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.65 389.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 532.80 389.22 Td (\(9,209) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 389.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 374.17 Td (Seatankers Management Co. Ltd) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 471.30 374.23 Td (\(257) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.65 374.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 540.30 374.22 Td (\(550) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 374.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 359.17 Td (Golar LNG Limited) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 471.30 359.23 Td (\(101) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.65 359.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 540.30 359.22 Td (\(106) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 359.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 344.17 Td (Golden Ocean Group Limited) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 463.80 344.23 Td (\(1,042) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.65 344.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 540.30 344.22 Td (\(910) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 344.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 329.17 Td (Frontline 2012 Ltd) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 471.30 329.23 Td (\(423) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.65 329.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 329.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 314.17 Td (Aktiv Kapital Ltd) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 476.30 314.23 Td (\(34) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.65 314.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 314.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 299.17 Td (Deep Sea Supply Plc) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 476.30 299.23 Td (\(28) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.65 299.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 299.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 284.17 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 458.80 284.23 Td (\(53,948) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.65 284.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 527.80 284.22 Td (\(10,775) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 284.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 256.00 Td (Receivables ) Tj ET Q
q 0 0 0 rg BT 101.56 256.00 Td (and ) Tj ET Q
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q 0 0 0 rg BT 157.49 256.00 Td (with ) Tj ET Q
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q 0 0 0 rg BT 278.78 256.00 Td (unpaid ) Tj ET Q
q 0 0 0 rg BT 309.25 256.00 Td (management, ) Tj ET Q
q 0 0 0 rg BT 366.09 256.00 Td (technical ) Tj ET Q
q 0 0 0 rg BT 405.43 256.00 Td (advisory) Tj ET Q
q 0 0 0 rg BT 439.22 256.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 444.97 256.00 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 498.22 256.00 Td (supervision ) Tj ET Q
q 0 0 0 rg BT 547.58 256.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 244.00 Td (technical ) Tj ET Q
q 0 0 0 rg BT 89.58 244.00 Td (management, ) Tj ET Q
q 0 0 0 rg BT 146.67 244.00 Td (administrative ) Tj ET Q
q 0 0 0 rg BT 207.37 244.00 Td (service ) Tj ET Q
q 0 0 0 rg BT 239.18 244.00 Td (and ) Tj ET Q
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q 0 0 0 rg BT 283.38 244.00 Td (char) Tj ET Q
q 0 0 0 rg BT 300.41 244.00 Td (ges ) Tj ET Q
q 0 0 0 rg BT 317.23 244.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 335.17 244.00 Td (charterhire ) Tj ET Q
q 0 0 0 rg BT 381.96 244.00 Td (payments.In ) Tj ET Q
q 0 0 0 rg BT 439.61 244.00 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 478.38 244.00 Td (certain ) Tj ET Q
q 0 0 0 rg BT 509.08 244.00 Td (payables ) Tj ET Q
q 0 0 0 rg BT 547.56 244.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 232.00 Td (receivables ) Tj ET Q
q 0 0 0 rg BT 97.41 232.00 Td (arise ) Tj ET Q
q 0 0 0 rg BT 118.72 232.00 Td (when ) Tj ET Q
q 0 0 0 rg BT 142.82 232.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 157.48 232.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 198.80 232.00 Td (pays ) Tj ET Q
q 0 0 0 rg BT 219.57 232.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 231.45 232.00 Td (invoice ) Tj ET Q
q 0 0 0 rg BT 263.32 232.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 275.76 232.00 Td (behalf ) Tj ET Q
q 0 0 0 rg BT 303.18 232.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 313.95 232.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 320.82 232.00 Td (related ) Tj ET Q
q 0 0 0 rg BT 350.46 232.00 Td (party ) Tj ET Q
q 0 0 0 rg BT 373.45 232.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 390.32 232.00 Td (vice ) Tj ET Q
q 0 0 0 rg BT 409.42 232.00 Td (versa.) Tj ET Q
q 0 0 0 rg BT 437.84 232.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 455.82 232.00 Td (payable ) Tj ET Q
q 0 0 0 rg BT 489.35 232.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 509.57 232.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 530.35 232.00 Td (Finance ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 220.00 Td (principally ) Tj ET Q
q 0 0 0 rg BT 95.94 220.00 Td (includes ) Tj ET Q
q 0 0 0 rg BT 131.88 220.00 Td (unpaid ) Tj ET Q
q 0 0 0 rg BT 161.72 220.00 Td (contingent ) Tj ET Q
q 0 0 0 rg BT 206.55 220.00 Td (rental ) Tj ET Q
q 0 0 0 rg BT 231.94 220.00 Td (expense ) Tj ET Q
q 0 0 0 rg BT 266.76 220.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 283.82 220.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 290.88 220.00 Td (lease ) Tj ET Q
q 0 0 0 rg BT 313.48 220.00 Td (termination ) Tj ET Q
q 0 0 0 rg BT 362.20 220.00 Td (fee. ) Tj ET Q
q 0 0 0 rg BT 379.53 220.00 Td (Receivables ) Tj ET Q
q 0 0 0 rg BT 430.46 220.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 447.52 220.00 Td (payables ) Tj ET Q
q 0 0 0 rg BT 485.12 220.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 505.52 220.00 Td (related ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 133.01 208.00 Td (quarterly ) Tj ET Q
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q 0 0 0 rg BT 181.88 208.00 Td (arrears ) Tj ET Q
q 0 0 0 rg BT 211.58 208.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 231.86 208.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 246.58 208.00 Td (exception ) Tj ET Q
q 0 0 0 rg BT 287.95 208.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 298.78 208.00 Td (profit ) Tj ET Q
q 0 0 0 rg BT 323.50 208.00 Td (share ) Tj ET Q
q 0 0 0 rg BT 347.09 208.00 Td (due ) Tj ET Q
q 0 0 0 rg BT 364.03 208.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 374.31 208.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 395.15 208.00 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 429.31 208.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 456.25 208.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 465.42 208.00 Td (settled ) Tj ET Q
q 0 0 0 rg BT 494.02 208.00 Td (annually) Tj ET Q
q 0 0 0 rg BT 527.80 208.00 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 58.64 179.00 Td (e ) Tj ET Q
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q 0 0 0 rg BT 98.60 179.00 Td (business ) Tj ET Q
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endstream
endobj
206 0 obj
<<
/Length 50031
>>
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BT /F1 9.00 Tf ET
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q 0 0 0 rg BT 410.05 622.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 424.28 622.10 Td (Company) Tj ET Q
q 0 0 0 rg BT 465.95 622.10 Td (s ) Tj ET Q
q 0 0 0 rg BT 471.86 622.10 Td (ownership ) Tj ET Q
q 0 0 0 rg BT 515.54 622.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 525.34 622.10 Td (Frontline ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 72.39 610.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 90.34 610.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 124.38 610.10 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 146.21 610.10 Td (8.8%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 167.04 610.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 169.44 610.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 179.61 610.10 Td (7.9%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 200.44 610.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 205.16 610.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 223.10 610.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 264.38 610.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 310.64 610.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 317.47 610.10 Td (gain, ) Tj ET Q
q 0 0 0 rg BT 339.58 610.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 366.41 610.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 384.36 610.10 Td (included ) Tj ET Q
q 0 0 0 rg BT 421.19 610.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 431.36 610.10 Td (Share ) Tj ET Q
q 0 0 0 rg BT 459.85 610.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 470.58 610.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 499.08 610.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 520.91 610.10 Td (associated ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (companies, ) Tj ET Q
q 0 0 0 rg BT 101.09 598.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 113.59 598.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 128.31 598.10 Td (dilution ) Tj ET Q
q 0 0 0 rg BT 161.92 598.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 172.75 598.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 184.70 598.10 Td (ownership ) Tj ET Q
q 0 0 0 rg BT 228.86 598.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 239.69 598.10 Td ($0.7 ) Tj ET Q
q 0 0 0 rg BT 259.69 598.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 288.58 598.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 291.08 598.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 301.36 598.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 316.08 598.10 Td (second ) Tj ET Q
q 0 0 0 rg BT 346.35 598.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 377.16 598.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 387.99 598.10 Td (2012.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.57 574.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 93.91 574.10 Td (2013, ) Tj ET Q
q 0 0 0 rg BT 118.66 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 133.12 574.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 174.25 574.10 Td (paid ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 193.71 574.10 Td ($6.0 ) Tj ET Q
q 0 0 0 rg BT 213.45 574.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 242.34 574.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 244.58 574.10 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 258.48 574.10 Td (1,143,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 298.48 574.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 300.73 574.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 327.96 574.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 337.98 574.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 344.66 574.10 Td (private ) Tj ET Q
q 0 0 0 rg BT 374.67 574.10 Td (placement ) Tj ET Q
q 0 0 0 rg BT 418.00 574.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 430.24 574.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 469.15 574.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 491.39 574.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 501.97 574.10 Td (59 ) Tj ET Q
q 0 0 0 rg BT 514.21 574.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.10 574.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 545.34 574.10 Td (new ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (ordinary ) Tj ET Q
q 0 0 0 rg BT 85.92 562.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 112.96 562.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 122.23 562.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 128.71 562.10 Td (subscription ) Tj ET Q
q 0 0 0 rg BT 179.65 562.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 201.68 562.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 212.06 562.10 Td ($5.25) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 234.56 562.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 236.60 562.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 251.42 562.10 Td (share. ) Tj ET Q
q 0 0 0 rg BT 277.07 562.10 Td (Following ) Tj ET Q
q 0 0 0 rg BT 320.23 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 334.50 562.10 Td (private ) Tj ET Q
q 0 0 0 rg BT 364.31 562.10 Td (placement, ) Tj ET Q
q 0 0 0 rg BT 409.94 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 424.21 562.10 Td (Company) Tj ET Q
q 0 0 0 rg BT 465.87 562.10 Td (s ) Tj ET Q
q 0 0 0 rg BT 471.81 562.10 Td (ownership ) Tj ET Q
q 0 0 0 rg BT 515.52 562.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 525.34 562.10 Td (Frontline ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 71.83 550.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 89.21 550.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 122.68 550.10 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 143.95 550.10 Td (7.9%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 164.78 550.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 166.61 550.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 176.22 550.10 Td (6.3%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 197.05 550.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 201.24 550.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 218.62 550.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 259.33 550.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 305.02 550.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 311.29 550.10 Td (gain, ) Tj ET Q
q 0 0 0 rg BT 332.84 550.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 359.10 550.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 376.49 550.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 387.76 550.10 Td (included ) Tj ET Q
q 0 0 0 rg BT 424.02 550.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 433.63 550.10 Td (Share ) Tj ET Q
q 0 0 0 rg BT 461.55 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 471.71 550.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 499.65 550.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 520.92 550.10 Td (associated ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (companies, ) Tj ET Q
q 0 0 0 rg BT 101.09 538.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 113.59 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 128.31 538.10 Td (dilution ) Tj ET Q
q 0 0 0 rg BT 161.92 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 172.75 538.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 184.70 538.10 Td (ownership ) Tj ET Q
q 0 0 0 rg BT 228.86 538.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 239.69 538.10 Td ($5.2 ) Tj ET Q
q 0 0 0 rg BT 259.69 538.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 288.58 538.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 291.08 538.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 301.36 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 316.08 538.10 Td (first ) Tj ET Q
q 0 0 0 rg BT 334.69 538.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 365.50 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 376.33 538.10 Td (2013.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.81 514.10 Td (September ) Tj ET Q
q 0 0 0 rg BT 106.05 514.10 Td (201) Tj ET Q
q 0 0 0 rg BT 120.68 514.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 130.66 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 145.36 514.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 186.72 514.10 Td (negotiated ) Tj ET Q
q 0 0 0 rg BT 230.85 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 245.55 514.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 268.01 514.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 316.59 514.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 327.40 514.10 Td (bare ) Tj ET Q
q 0 0 0 rg BT 347.09 514.10 Td (boat ) Tj ET Q
q 0 0 0 rg BT 366.79 514.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 400.91 514.10 Td (on ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 413.39 514.10 Td (three) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 433.38 514.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 435.85 514.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 462.22 514.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 480.08 514.10 Td (VLCCs, ) Tj ET Q
q 0 0 0 rg BT 515.44 514.10 Td (T) Tj ET Q
q 0 0 0 rg BT 521.20 514.10 Td (itan ) Tj ET Q
q 0 0 0 rg BT 538.67 514.10 Td (Orion ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 90.32 502.10 Td (Duke\), ) Tj ET Q
q 0 0 0 rg BT 120.19 502.10 Td (T) Tj ET Q
q 0 0 0 rg BT 125.94 502.10 Td (itan ) Tj ET Q
q 0 0 0 rg BT 142.93 502.10 Td (Aries ) Tj ET Q
q 0 0 0 rg BT 167.15 502.10 Td (\(now ) Tj ET Q
q 0 0 0 rg BT 190.25 502.10 Td (renamed ) Tj ET Q
q 0 0 0 rg BT 227.23 502.10 Td (Edinbur) Tj ET Q
q 0 0 0 rg BT 259.27 502.10 Td (gh\) ) Tj ET Q
q 0 0 0 rg BT 275.16 502.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 291.97 502.10 Td (T) Tj ET Q
q 0 0 0 rg BT 297.72 502.10 Td (icen ) Tj ET Q
q 0 0 0 rg BT 316.94 502.10 Td (Ocean ) Tj ET Q
q 0 0 0 rg BT 345.03 502.10 Td (\(now ) Tj ET Q
q 0 0 0 rg BT 368.14 502.10 Td (renamed ) Tj ET Q
q 0 0 0 rg BT 405.12 502.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 429.34 502.10 Td (Lady\), ) Tj ET Q
q 0 0 0 rg BT 458.28 502.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 485.27 502.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 500.03 502.10 Td (being ) Tj ET Q
q 0 0 0 rg BT 524.81 502.10 Td (chartered ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (in ) Tj ET Q
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q 0 0 0 rg BT 101.37 490.10 Td (Finance. ) Tj ET Q
q 0 0 0 rg BT 137.32 490.10 Td (These ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 163.14 490.10 Td (three) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 183.12 490.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 185.06 490.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 215.33 490.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 236.14 490.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 256.96 490.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 275.56 490.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 287.50 490.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 307.78 490.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 341.37 490.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 361.09 490.10 Td (expected ) Tj ET Q
q 0 0 0 rg BT 398.56 490.10 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 433.26 490.10 Td (during ) Tj ET Q
q 0 0 0 rg BT 461.30 490.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 483.24 490.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 499.62 490.10 Td (2013. ) Tj ET Q
q 0 0 0 rg BT 523.91 490.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 541.26 490.10 Td (T) Tj ET Q
q 0 0 0 rg BT 547.02 490.10 Td (itan ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (Orion ) Tj ET Q
q 0 0 0 rg BT 75.53 478.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 115.49 478.10 Td (Duke\) ) Tj ET Q
q 0 0 0 rg BT 142.68 478.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 160.43 478.10 Td (delivered, ) Tj ET Q
q 0 0 0 rg BT 202.33 478.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 218.96 478.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 233.38 478.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 263.33 478.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 286.07 478.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 306.05 478.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 326.59 478.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 360.44 478.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 378.19 478.10 Td (terminated, ) Tj ET Q
q 0 0 0 rg BT 425.64 478.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 437.84 478.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 466.14 478.10 Td (27, ) Tj ET Q
q 0 0 0 rg BT 480.83 478.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 505.37 478.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 523.12 478.10 Td (Company ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (received ) Tj ET Q
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q 0 0 0 rg BT 93.70 466.10 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 151.94 466.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 189.07 466.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 211.20 466.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 232.24 466.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 266.59 466.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 277.62 466.10 Td ($10.6 ) Tj ET Q
q 0 0 0 rg BT 302.82 466.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 331.71 466.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 334.41 466.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 348.77 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 363.68 466.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 386.36 466.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 435.16 466.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 446.19 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 461.10 466.10 Td (charter) Tj ET Q
q 0 0 0 rg BT 488.31 466.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 493.31 466.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 511.36 466.10 Td (T) Tj ET Q
q 0 0 0 rg BT 517.12 466.10 Td (icen ) Tj ET Q
q 0 0 0 rg BT 536.47 466.10 Td (Ocean ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (\(now ) Tj ET Q
q 0 0 0 rg BT 73.19 454.10 Td (renamed ) Tj ET Q
q 0 0 0 rg BT 110.25 454.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 134.56 454.10 Td (Lady\) ) Tj ET Q
q 0 0 0 rg BT 161.08 454.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 179.27 454.10 Td (delivered, ) Tj ET Q
q 0 0 0 rg BT 221.61 454.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 238.68 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 253.54 454.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 283.93 454.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 307.11 454.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 327.53 454.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 348.51 454.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 382.80 454.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 400.99 454.10 Td (terminated, ) Tj ET Q
q 0 0 0 rg BT 448.89 454.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 461.53 454.10 Td (November ) Tj ET Q
q 0 0 0 rg BT 506.37 454.10 Td (27, ) Tj ET Q
q 0 0 0 rg BT 521.51 454.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 546.46 454.10 Td (The ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 90.98 442.10 Td (received ) Tj ET Q
q 0 0 0 rg BT 126.94 442.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 133.48 442.10 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 191.12 442.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 227.65 442.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 249.18 442.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 269.62 442.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 303.37 442.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 313.80 442.10 Td ($1) Tj ET Q
q 0 0 0 rg BT 323.43 442.10 Td (1.6 ) Tj ET Q
q 0 0 0 rg BT 338.03 442.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 366.92 442.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 369.02 442.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 382.77 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 397.09 442.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 419.17 442.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 467.37 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 477.79 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 492.11 442.10 Td (charter) Tj ET Q
q 0 0 0 rg BT 519.31 442.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 523.75 442.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 541.25 442.10 Td (T) Tj ET Q
q 0 0 0 rg BT 547.00 442.10 Td (itan ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (Aries ) Tj ET Q
q 0 0 0 rg BT 74.44 430.10 Td (\(now ) Tj ET Q
q 0 0 0 rg BT 97.78 430.10 Td (renamed ) Tj ET Q
q 0 0 0 rg BT 134.99 430.10 Td (Edinbur) Tj ET Q
q 0 0 0 rg BT 167.03 430.10 Td (gh\) ) Tj ET Q
q 0 0 0 rg BT 183.14 430.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 201.48 430.10 Td (delivered, ) Tj ET Q
q 0 0 0 rg BT 243.96 430.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 261.19 430.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 276.19 430.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 306.73 430.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 330.06 430.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 350.62 430.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 371.75 430.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 406.19 430.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 424.52 430.10 Td (terminated, ) Tj ET Q
q 0 0 0 rg BT 472.57 430.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 485.35 430.10 Td (February ) Tj ET Q
q 0 0 0 rg BT 524.23 430.10 Td (16, ) Tj ET Q
q 0 0 0 rg BT 539.52 430.10 Td (2013. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (Under ) Tj ET Q
q 0 0 0 rg BT 76.43 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 90.09 418.10 Td (terms ) Tj ET Q
q 0 0 0 rg BT 113.75 418.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 123.52 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 137.17 418.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 158.60 418.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 206.14 418.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 215.91 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 229.57 418.10 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 265.43 418.10 Td (charters, ) Tj ET Q
q 0 0 0 rg BT 301.02 418.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 320.80 418.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 353.89 418.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 370.89 418.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 386.77 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 400.42 418.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 440.75 418.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 446.63 418.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 494.17 418.10 Td (fee ) Tj ET Q
q 0 0 0 rg BT 507.82 418.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 517.04 418.10 Td (accordance ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (with ) Tj ET Q
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q 0 0 0 rg BT 85.00 406.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 115.25 406.10 Td (ancillary ) Tj ET Q
q 0 0 0 rg BT 152.73 406.10 Td (agreement. ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 60.46 382.10 Td (201) Tj ET Q
q 0 0 0 rg BT 75.08 382.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 84.71 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 99.05 382.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 140.06 382.10 Td (received ) Tj ET Q
q 0 0 0 rg BT 176.05 382.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 224.28 382.10 Td (payments ) Tj ET Q
q 0 0 0 rg BT 264.73 382.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 286.29 382.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 306.76 382.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 340.54 382.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 350.44 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 364.78 382.10 Td (aggregate ) Tj ET Q
q 0 0 0 rg BT 405.77 382.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 437.89 382.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 448.35 382.10 Td ($5.3 ) Tj ET Q
q 0 0 0 rg BT 467.97 382.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 496.86 382.10 Td ( ) Tj ET Q
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q 0 0 0 rg BT 508.89 382.10 Td (respect ) Tj ET Q
q 0 0 0 rg BT 539.33 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 549.79 382.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 73.58 370.10 Td (terminations ) Tj ET Q
q 0 0 0 rg BT 127.16 370.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 142.41 370.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 166.88 370.10 Td (Ace ) Tj ET Q
q 0 0 0 rg BT 186.57 370.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 204.34 370.10 Td (T) Tj ET Q
q 0 0 0 rg BT 210.10 370.10 Td (icen ) Tj ET Q
q 0 0 0 rg BT 230.34 370.10 Td (Sun ) Tj ET Q
q 0 0 0 rg BT 249.49 370.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 290.85 370.10 Td (Highness\) ) Tj ET Q
q 0 0 0 rg BT 335.00 370.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 353.03 370.10 Td (made ) Tj ET Q
q 0 0 0 rg BT 378.27 370.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 427.96 370.10 Td (payments ) Tj ET Q
q 0 0 0 rg BT 469.88 370.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 481.25 370.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 503.18 370.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 538.43 370.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 549.80 370.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 159.69 358.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 188.58 358.10 Td ( ) Tj ET Q
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q 0 0 0 rg BT 201.36 358.10 Td (respect ) Tj ET Q
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q 0 0 0 rg BT 243.00 358.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 280.21 358.10 Td (terminations ) Tj ET Q
q 0 0 0 rg BT 332.70 358.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 346.86 358.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 371.03 358.10 Td (Leader ) Tj ET Q
q 0 0 0 rg BT 401.28 358.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 418.22 358.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 442.39 358.10 Td (Breaker) Tj ET Q
q 0 0 0 rg BT 473.48 358.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 93.46 334.10 Td (201) Tj ET Q
q 0 0 0 rg BT 108.09 334.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 117.05 334.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 171.07 334.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 189.20 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 202.88 334.10 Td (double ) Tj ET Q
q 0 0 0 rg BT 231.55 334.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 248.57 334.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 286.68 334.10 Td (tanker) Tj ET Q
q 0 0 0 rg BT 311.27 334.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 315.23 334.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 338.36 334.10 Td (Hunter) Tj ET Q
q 0 0 0 rg BT 365.73 334.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 369.69 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 378.82 334.10 Td (VTN ) Tj ET Q
q 0 0 0 rg BT 400.83 334.10 Td (Shipping ) Tj ET Q
q 0 0 0 rg BT 438.41 334.10 Td (Inc., ) Tj ET Q
q 0 0 0 rg BT 457.64 334.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 463.54 334.10 Td (wholly ) Tj ET Q
q 0 0 0 rg BT 492.78 334.10 Td (owned ) Tj ET Q
q 0 0 0 rg BT 520.90 334.10 Td (subsidiary ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.83 322.10 Td (Farahead ) Tj ET Q
q 0 0 0 rg BT 99.98 322.10 Td (Holdings ) Tj ET Q
q 0 0 0 rg BT 139.15 322.10 Td (Limited, ) Tj ET Q
q 0 0 0 rg BT 175.81 322.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 192.74 322.10 Td (recognized ) Tj ET Q
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q 0 0 0 rg BT 265.76 322.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 276.59 322.10 Td ($0.05 ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 330.48 322.10 Td ( ) Tj ET Q
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q 0 0 0 rg BT 357.98 322.10 Td (fourth ) Tj ET Q
q 0 0 0 rg BT 384.92 322.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 415.73 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 426.56 322.10 Td (201) Tj ET Q
q 0 0 0 rg BT 441.19 322.10 Td (1.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 102.75 298.10 Td (201) Tj ET Q
q 0 0 0 rg BT 117.38 298.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 126.55 298.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 164.88 298.10 Td (completed ) Tj ET Q
q 0 0 0 rg BT 208.20 298.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 214.30 298.10 Td (restructuring ) Tj ET Q
q 0 0 0 rg BT 267.06 298.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 277.06 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 290.94 298.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 331.50 298.10 Td (\(see ) Tj ET Q
q 0 0 0 rg BT 349.27 298.10 Td (Note ) Tj ET Q
q 0 0 0 rg BT 370.37 298.10 Td (4\) ) Tj ET Q
q 0 0 0 rg BT 380.37 298.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 389.81 298.10 Td (which ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 415.92 298.10 Td (15) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 427.59 298.10 Td (subsidiaries ) Tj ET Q
q 0 0 0 rg BT 476.47 298.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 497.57 298.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 515.91 298.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 525.35 298.10 Td (Frontline ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 71.33 286.10 Td (Ltd, ) Tj ET Q
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q 0 0 0 rg BT 94.82 286.10 Td (related ) Tj ET Q
q 0 0 0 rg BT 123.36 286.10 Td (company ) Tj ET Q
q 0 0 0 rg BT 161.34 286.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 177.67 286.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 215.67 286.10 Td (owns ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 238.11 286.10 Td (8.8%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 258.94 286.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 260.27 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 269.94 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 283.49 286.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 305.92 286.10 Td (capital. ) Tj ET Q
q 0 0 0 rg BT 336.10 286.10 Td (At ) Tj ET Q
q 0 0 0 rg BT 347.44 286.10 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 404.85 286.10 Td (201) Tj ET Q
q 0 0 0 rg BT 419.48 286.10 Td (1, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 428.31 286.10 Td ($10.5 ) Tj ET Q
q 0 0 0 rg BT 452.15 286.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 481.04 286.10 Td ( ) Tj ET Q
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q 0 0 0 rg BT 515.36 286.10 Td (outstanding ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 64.16 274.10 Td (working ) Tj ET Q
q 0 0 0 rg BT 99.99 274.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 129.14 274.10 Td (balances.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (In ) Tj ET Q
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q 0 0 0 rg BT 104.64 250.10 Td (201) Tj ET Q
q 0 0 0 rg BT 119.27 250.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 129.39 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 144.22 250.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 185.72 250.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 202.77 250.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 223.73 250.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 258.00 250.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 287.26 250.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 297.65 250.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 304.70 250.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 322.30 250.10 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 362.68 250.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 373.63 250.10 Td ($6,500) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.13 250.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 403.74 250.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 419.13 250.10 Td (day ) Tj ET Q
q 0 0 0 rg BT 436.18 250.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 450.45 250.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 463.06 250.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 494.01 250.10 Td (leased ) Tj ET Q
q 0 0 0 rg BT 521.61 250.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 543.66 250.10 Td (Ship ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 151.79 238.10 Td (leases ) Tj ET Q
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q 0 0 0 rg BT 192.62 238.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 199.71 238.10 Td (four ) Tj ET Q
q 0 0 0 rg BT 219.01 238.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 238.86 238.10 Td (period ) Tj ET Q
q 0 0 0 rg BT 267.06 238.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 284.70 238.10 Td (commenced ) Tj ET Q
q 0 0 0 rg BT 335.65 238.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 348.30 238.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 382.04 238.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 392.19 238.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 417.14 238.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 435.33 238.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 476.87 238.10 Td (paid ) Tj ET Q
q 0 0 0 rg BT 496.73 238.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 517.71 238.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 552.02 238.10 Td (up ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (front ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 140.58 226.10 Td ($106.0 ) Tj ET Q
q 0 0 0 rg BT 170.50 226.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 199.40 226.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 201.82 226.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 214.24 226.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 257.75 226.10 Td (30, ) Tj ET Q
q 0 0 0 rg BT 272.67 226.10 Td (201) Tj ET Q
q 0 0 0 rg BT 287.30 226.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 297.23 226.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 307.98 226.10 Td (which ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 334.84 226.10 Td ($50.0 ) Tj ET Q
q 0 0 0 rg BT 359.76 226.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 388.66 226.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 391.08 226.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 409.05 226.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 415.92 226.10 Td (non-refundable ) Tj ET Q
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q 0 0 0 rg BT 529.05 226.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 539.80 226.10 Td (profit ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td (split ) Tj ET Q
q 0 0 0 rg BT 69.92 214.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 87.06 214.10 Td ($56.0 ) Tj ET Q
q 0 0 0 rg BT 112.26 214.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 141.15 214.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 143.84 214.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 162.09 214.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 169.23 214.10 Td (release ) Tj ET Q
q 0 0 0 rg BT 199.68 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 210.71 214.10 Td (restricted ) Tj ET Q
q 0 0 0 rg BT 250.60 214.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 271.07 214.10 Td (serving ) Tj ET Q
q 0 0 0 rg BT 303.20 214.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 314.23 214.10 Td (security ) Tj ET Q
q 0 0 0 rg BT 348.58 214.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 362.94 214.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 393.39 214.10 Td (payments. ) Tj ET Q
q 0 0 0 rg BT 436.72 214.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 454.96 214.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 496.54 214.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 514.80 214.10 Td (compensate ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 71.21 202.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 105.74 202.10 Td (with ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 126.38 202.10 Td (100%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 149.71 202.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 152.58 202.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 163.78 202.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 181.09 202.10 Td (dif) Tj ET Q
q 0 0 0 rg BT 192.02 202.10 Td (ference ) Tj ET Q
q 0 0 0 rg BT 224.30 202.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 260.49 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 275.58 202.10 Td (renegotiated ) Tj ET Q
q 0 0 0 rg BT 327.87 202.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 349.61 202.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 366.92 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 382.01 202.10 Td (actual ) Tj ET Q
q 0 0 0 rg BT 408.75 202.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 439.38 202.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 457.24 202.10 Td (up ) Tj ET Q
q 0 0 0 rg BT 470.11 202.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 480.76 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 495.85 202.10 Td (original ) Tj ET Q
q 0 0 0 rg BT 529.82 202.10 Td (contract ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (rates. ) Tj ET Q
q 0 0 0 rg BT 73.88 190.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 84.71 190.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 122.48 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 137.20 190.10 Td (profit ) Tj ET Q
q 0 0 0 rg BT 161.91 190.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 185.51 190.10 Td (above ) Tj ET Q
q 0 0 0 rg BT 211.89 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 226.61 190.10 Td (original ) Tj ET Q
q 0 0 0 rg BT 260.21 190.10 Td (threshold ) Tj ET Q
q 0 0 0 rg BT 299.93 190.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 321.30 190.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 339.36 190.10 Td (increased ) Tj ET Q
q 0 0 0 rg BT 379.61 190.10 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.55 190.10 Td (20%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 419.88 190.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 422.38 190.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 432.66 190.10 Td (25%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.99 190.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 97.63 166.10 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 121.73 166.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 135.54 166.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 176.03 166.10 Td (purchased ) Tj ET Q
q 0 0 0 rg BT 218.16 166.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 231.86 166.10 Td (VLCC, ) Tj ET Q
q 0 0 0 rg BT 262.63 166.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 285.79 166.10 Td (V) Tj ET Q
q 0 0 0 rg BT 292.41 166.10 Td (ista ) Tj ET Q
q 0 0 0 rg BT 307.89 166.10 Td (\(renamed ) Tj ET Q
q 0 0 0 rg BT 347.25 166.10 Td (Dewi ) Tj ET Q
q 0 0 0 rg BT 370.51 166.10 Td (Maeswara\), ) Tj ET Q
q 0 0 0 rg BT 419.02 166.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 440.06 166.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 460.00 166.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 493.25 166.10 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 506.51 166.10 Td ($58.5 ) Tj ET Q
q 0 0 0 rg BT 530.61 166.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 559.50 166.10 Td (. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 154.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 69.14 154.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 94.14 154.10 Td (V) Tj ET Q
q 0 0 0 rg BT 100.77 154.10 Td (ista ) Tj ET Q
q 0 0 0 rg BT 118.25 154.10 Td (\(renamed ) Tj ET Q
q 0 0 0 rg BT 159.59 154.10 Td (Dewi ) Tj ET Q
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q 0 0 0 rg BT 232.86 154.10 Td (had ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 305.01 118.10 Td (charter ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
207 0 obj
<<
/Length 21406
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F4 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
208 0 obj
<<
/Length 23914
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50.50 629.60 240.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
290.50 629.60 50.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
340.50 629.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
344.50 629.60 50.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
394.50 629.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
398.50 629.60 80.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
478.50 629.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
482.50 629.60 80.00 -15.00 re f
/GS0 gs
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 709.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 328.65 709.28 Td (NYSE) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 484.95 709.28 Td (OSE) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 694.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 315.85 694.28 Td (High) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 372.10 694.28 Td (Low) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 453.85 694.28 Td (High) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 540.10 694.28 Td (Low) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 679.28 Td (Fiscal year ended December 31,) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 293.00 679.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 347.00 679.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.00 679.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 485.00 679.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 664.27 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 293.00 664.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 319.15 664.27 Td (9.47) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 347.00 664.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 373.15 664.27 Td (3.02) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 428.30 664.27 Td (NOK 48.50) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 512.30 664.27 Td (NOK 17.24) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 649.27 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 293.00 649.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 314.15 649.27 Td (27.76) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 347.00 649.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 373.15 649.27 Td (2.52) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 423.30 649.27 Td (NOK 169.50) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 512.30 649.27 Td (NOK 14.76) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 634.27 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 293.00 634.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 314.15 634.27 Td (38.85) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 347.00 634.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 368.15 634.27 Td (24.98) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 423.30 634.27 Td (NOK 236.70) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 507.30 634.27 Td (NOK 146.40) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 619.27 Td (2009) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 293.00 619.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 314.15 619.27 Td (33.29) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 347.00 619.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 368.15 619.27 Td (15.78) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 423.30 619.27 Td (NOK 235.00) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 507.30 619.27 Td (NOK 107.00) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 604.27 Td (2008) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 293.00 604.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 314.15 604.27 Td (72.36) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 347.00 604.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 368.15 604.27 Td (25.00) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 423.30 604.27 Td (NOK 376.50) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 507.30 604.27 Td (NOK 165.25) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 576.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.25 576.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 109.84 576.10 Td (table ) Tj ET Q
q 0 0 0 rg BT 131.98 576.10 Td (sets ) Tj ET Q
q 0 0 0 rg BT 149.68 576.10 Td (forth, ) Tj ET Q
q 0 0 0 rg BT 174.33 576.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 188.69 576.10 Td (each ) Tj ET Q
q 0 0 0 rg BT 209.71 576.10 Td (full ) Tj ET Q
q 0 0 0 rg BT 226.30 576.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 263.99 576.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 295.00 576.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 309.37 576.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 324.29 576.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 341.99 576.10 Td (most ) Tj ET Q
q 0 0 0 rg BT 364.15 576.10 Td (recent ) Tj ET Q
q 0 0 0 rg BT 391.27 576.10 Td (fiscal ) Tj ET Q
q 0 0 0 rg BT 415.63 576.10 Td (years, ) Tj ET Q
q 0 0 0 rg BT 441.94 576.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 456.86 576.10 Td (high ) Tj ET Q
q 0 0 0 rg BT 477.34 576.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 494.48 576.10 Td (low ) Tj ET Q
q 0 0 0 rg BT 512.19 576.10 Td (prices ) Tj ET Q
q 0 0 0 rg BT 538.77 576.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 549.80 576.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 564.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 88.60 564.10 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 117.76 564.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 130.26 564.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 144.98 564.10 Td (NYSE ) Tj ET Q
q 0 0 0 rg BT 173.59 564.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 190.53 564.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 205.24 564.10 Td (OSE.) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 511.60 240.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
290.50 511.60 50.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
340.50 511.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
344.50 511.60 50.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
394.50 511.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
398.50 511.60 80.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
478.50 511.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
482.50 511.60 80.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 481.60 240.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
290.50 481.60 50.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
340.50 481.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
344.50 481.60 50.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
394.50 481.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
398.50 481.60 80.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
478.50 481.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
482.50 481.60 80.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 451.60 240.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
290.50 451.60 50.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
340.50 451.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
344.50 451.60 50.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
394.50 451.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
398.50 451.60 80.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
478.50 451.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
482.50 451.60 80.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 421.60 240.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
290.50 421.60 50.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
340.50 421.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
344.50 421.60 50.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
394.50 421.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
398.50 421.60 80.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
478.50 421.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
482.50 421.60 80.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 391.60 240.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
290.50 391.60 50.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
340.50 391.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
344.50 391.60 50.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
394.50 391.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
398.50 391.60 80.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
478.50 391.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
482.50 391.60 80.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 361.60 240.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
290.50 361.60 50.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
340.50 361.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
344.50 361.60 50.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
394.50 361.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
398.50 361.60 80.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
478.50 361.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
482.50 361.60 80.00 -15.00 re f
/GS0 gs
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 531.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 328.65 531.28 Td (NYSE) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 484.95 531.28 Td (OSE) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 516.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 315.85 516.28 Td (High) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 372.10 516.28 Td (Low) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 453.85 516.28 Td (High) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 540.10 516.28 Td (Low) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 501.28 Td (Fiscal year) Tj ET Q
q 0 0 0 rg BT 99.19 501.28 Td ( ended December) Tj ET Q
q 0 0 0 rg BT 172.88 501.28 Td ( 31, 2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 293.00 501.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 347.00 501.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.00 501.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 485.00 501.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 486.27 Td (First quarter) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 293.00 486.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 319.15 486.27 Td (9.47) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 347.00 486.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 373.15 486.27 Td (4.03) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 428.30 486.27 Td (NOK 48.50) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 512.30 486.27 Td (NOK 24.16) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 471.27 Td (Second quarter) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 293.00 471.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 319.15 471.27 Td (7.69) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 347.00 471.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 373.15 471.27 Td (3.88) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 428.30 471.27 Td (NOK 44.70) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 512.30 471.27 Td (NOK 23.98) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 456.27 Td (Third quarter) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 293.00 456.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 319.15 456.27 Td (4.72) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 347.00 456.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 373.15 456.27 Td (3.02) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 428.30 456.27 Td (NOK 28.00) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 512.30 456.27 Td (NOK 17.24) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 441.27 Td (Fourth quarter) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 293.00 441.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 319.15 441.27 Td (4.03) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 347.00 441.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 373.15 441.27 Td (3.07) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 428.30 441.27 Td (NOK 22.90) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 512.30 441.27 Td (NOK 17.50) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 426.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 328.65 426.28 Td (NYSE) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 484.95 426.28 Td (OSE) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 411.27 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 315.85 411.28 Td (High) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 372.10 411.28 Td (Low) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 453.85 411.28 Td (High) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 540.10 411.28 Td (Low) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 396.28 Td (Fiscal year ended December 31, 2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 337.00 396.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 391.00 396.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.00 396.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 485.00 396.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 381.27 Td (First quarter) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 293.00 381.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 314.15 381.27 Td (27.76) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 347.00 381.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 368.15 381.27 Td (24.02) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 423.30 381.27 Td (NOK 169.50) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 507.30 381.27 Td (NOK 133.00) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 366.27 Td (Second quarter) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 293.00 366.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 314.15 366.27 Td (25.09) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 347.00 366.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 368.15 366.27 Td (14.35) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 423.30 366.27 Td (NOK 138.80) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 512.30 366.27 Td (NOK 77.25) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 351.27 Td (Third quarter) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 293.00 351.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 314.15 351.27 Td (15.16) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 347.00 351.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 373.15 351.27 Td (4.83) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 428.30 351.27 Td (NOK 81.50) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 512.30 351.27 Td (NOK 28.32) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 336.27 Td (Fourth quarter) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 293.00 336.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 319.15 336.27 Td (6.54) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 347.00 336.27 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 373.15 336.27 Td (2.52) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 428.30 336.27 Td (NOK 39.87) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 512.30 336.27 Td (NOK 14.76) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 308.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.03 308.10 Td (following ) Tj ET Q
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endstream
endobj
209 0 obj
<<
/Length 45532
>>
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q 0 0 0 rg BT 227.69 586.25 Td (chartering, ) Tj ET Q
q 0 0 0 rg BT 272.85 586.25 Td (selling, ) Tj ET Q
q 0 0 0 rg BT 304.13 586.25 Td (management ) Tj ET Q
q 0 0 0 rg BT 357.34 586.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 373.90 586.25 Td (operation ) Tj ET Q
q 0 0 0 rg BT 413.79 586.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 424.24 586.25 Td (ships ) Tj ET Q
q 0 0 0 rg BT 446.92 586.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 463.48 586.25 Td (aircraft; ) Tj ET Q
q 0 0 0 rg BT 497.24 586.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 511.58 586.25 Td (entering ) Tj ET Q
q 0 0 0 rg BT 546.46 586.25 Td (into ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 61.20 574.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 78.50 574.25 Td (guarantee, ) Tj ET Q
q 0 0 0 rg BT 122.73 574.25 Td (contract, ) Tj ET Q
q 0 0 0 rg BT 160.30 574.25 Td (indemnity ) Tj ET Q
q 0 0 0 rg BT 203.72 574.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 214.91 574.25 Td (suretyship ) Tj ET Q
q 0 0 0 rg BT 258.89 574.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 276.19 574.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 286.84 574.25 Td (assure, ) Tj ET Q
q 0 0 0 rg BT 317.19 574.25 Td (support, ) Tj ET Q
q 0 0 0 rg BT 352.56 574.25 Td (secure, ) Tj ET Q
q 0 0 0 rg BT 383.46 574.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 404.11 574.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 415.30 574.25 Td (without ) Tj ET Q
q 0 0 0 rg BT 448.73 574.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 463.81 574.25 Td (consideration ) Tj ET Q
q 0 0 0 rg BT 520.55 574.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 531.74 574.25 Td (benefit, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.07 562.25 Td (performance ) Tj ET Q
q 0 0 0 rg BT 116.44 562.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 126.62 562.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 142.91 562.25 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 189.20 562.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 199.38 562.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 215.67 562.25 Td (person ) Tj ET Q
q 0 0 0 rg BT 244.18 562.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 254.36 562.25 Td (persons; ) Tj ET Q
q 0 0 0 rg BT 289.54 562.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 305.82 562.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 319.89 562.25 Td (borrowing ) Tj ET Q
q 0 0 0 rg BT 363.40 562.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 379.69 562.25 Td (raising ) Tj ET Q
q 0 0 0 rg BT 408.75 562.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 418.93 562.25 Td (money ) Tj ET Q
q 0 0 0 rg BT 448.00 562.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 457.63 562.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 473.92 562.25 Td (currency ) Tj ET Q
q 0 0 0 rg BT 510.74 562.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 520.92 562.25 Td (currencies ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.28 550.25 Td (secure ) Tj ET Q
q 0 0 0 rg BT 88.32 550.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 99.15 550.25 Td (dischar) Tj ET Q
q 0 0 0 rg BT 127.84 550.25 Td (ge ) Tj ET Q
q 0 0 0 rg BT 139.78 550.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 156.72 550.25 Td (debt ) Tj ET Q
q 0 0 0 rg BT 176.44 550.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 187.27 550.25 Td (obligation ) Tj ET Q
q 0 0 0 rg BT 230.32 550.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 240.60 550.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 257.53 550.25 Td (manner) Tj ET Q
q 0 0 0 rg BT 286.97 550.25 Td (.) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.25 Td (Shar) Tj ET Q
q 0 0 0 rg BT 68.52 526.25 Td (eholder ) Tj ET Q
q 0 0 0 rg BT 101.55 526.25 Td (Meetings) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 138.21 526.25 Td (.Under ) Tj ET Q
q 0 0 0 rg BT 173.18 526.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 189.00 526.25 Td (Bye-laws, ) Tj ET Q
q 0 0 0 rg BT 231.75 526.25 Td (annual ) Tj ET Q
q 0 0 0 rg BT 260.89 526.25 Td (shareholder ) Tj ET Q
q 0 0 0 rg BT 310.02 526.25 Td (meetings ) Tj ET Q
q 0 0 0 rg BT 348.61 526.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 366.65 526.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 378.57 526.25 Td (held ) Tj ET Q
q 0 0 0 rg BT 398.27 526.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 408.53 526.25 Td (accordance ) Tj ET Q
q 0 0 0 rg BT 455.98 526.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 476.24 526.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 490.94 526.25 Td (Companies ) Tj ET Q
q 0 0 0 rg BT 537.87 526.25 Td (Act ) Tj ET Q
q 0 0 0 rg BT 554.80 526.25 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 57.08 514.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 77.49 514.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 94.57 514.25 Td (place ) Tj ET Q
q 0 0 0 rg BT 118.30 514.25 Td (\(other ) Tj ET Q
q 0 0 0 rg BT 144.82 514.25 Td (than ) Tj ET Q
q 0 0 0 rg BT 164.67 514.25 Td (Norway\) ) Tj ET Q
q 0 0 0 rg BT 202.85 514.25 Td (selected ) Tj ET Q
q 0 0 0 rg BT 237.70 514.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 250.33 514.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 266.30 514.25 Td (board ) Tj ET Q
q 0 0 0 rg BT 291.71 514.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 302.68 514.25 Td (directors.) Tj ET Q
q 0 0 0 rg BT 344.99 514.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 363.17 514.25 Td (quorum ) Tj ET Q
q 0 0 0 rg BT 396.92 514.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 406.77 514.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 423.85 514.25 Td (annual ) Tj ET Q
q 0 0 0 rg BT 453.15 514.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 464.12 514.25 Td (general ) Tj ET Q
q 0 0 0 rg BT 496.18 514.25 Td (meeting ) Tj ET Q
q 0 0 0 rg BT 531.03 514.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 540.34 514.25 Td (equal ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.45 502.25 Td (one ) Tj ET Q
q 0 0 0 rg BT 77.55 502.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 88.55 502.25 Td (more ) Tj ET Q
q 0 0 0 rg BT 111.77 502.25 Td (shareholders, ) Tj ET Q
q 0 0 0 rg BT 167.47 502.25 Td (either ) Tj ET Q
q 0 0 0 rg BT 192.91 502.25 Td (present ) Tj ET Q
q 0 0 0 rg BT 224.45 502.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 234.90 502.25 Td (person ) Tj ET Q
q 0 0 0 rg BT 264.23 502.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 275.22 502.25 Td (represented ) Tj ET Q
q 0 0 0 rg BT 323.98 502.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 336.65 502.25 Td (proxy) Tj ET Q
q 0 0 0 rg BT 359.33 502.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 364.49 502.25 Td (holding ) Tj ET Q
q 0 0 0 rg BT 397.72 502.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 408.17 502.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 423.05 502.25 Td (aggregate ) Tj ET Q
q 0 0 0 rg BT 464.58 502.25 Td (shares ) Tj ET Q
q 0 0 0 rg BT 492.24 502.25 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 528.23 502.25 Td (33 ) Tj ET Q
q 0 0 0 rg BT 540.89 502.25 Td (1/3% ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.66 490.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 75.20 490.25 Td (exercisable ) Tj ET Q
q 0 0 0 rg BT 122.50 490.25 Td (voting ) Tj ET Q
q 0 0 0 rg BT 150.39 490.25 Td (rights.) Tj ET Q
q 0 0 0 rg BT 180.48 490.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 198.36 490.25 Td (meetings ) Tj ET Q
q 0 0 0 rg BT 236.79 490.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 256.34 490.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 268.10 490.25 Td (held ) Tj ET Q
q 0 0 0 rg BT 287.65 490.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 297.19 490.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 313.96 490.25 Td (place, ) Tj ET Q
q 0 0 0 rg BT 339.88 490.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 349.99 490.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 360.65 490.25 Td (outside ) Tj ET Q
q 0 0 0 rg BT 391.86 490.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 402.52 490.25 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 441.50 490.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 458.83 490.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 467.82 490.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 482.93 490.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 489.70 490.25 Td (jurisdiction ) Tj ET Q
q 0 0 0 rg BT 537.58 490.25 Td (which ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.25 Td (applies ) Tj ET Q
q 0 0 0 rg BT 81.24 478.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 88.59 478.25 Td (controlled ) Tj ET Q
q 0 0 0 rg BT 132.05 478.25 Td (foreign ) Tj ET Q
q 0 0 0 rg BT 163.84 478.25 Td (company ) Tj ET Q
q 0 0 0 rg BT 203.41 478.25 Td (tax ) Tj ET Q
q 0 0 0 rg BT 218.54 478.25 Td (legislation ) Tj ET Q
q 0 0 0 rg BT 263.11 478.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 274.36 478.25 Td (similar ) Tj ET Q
q 0 0 0 rg BT 305.04 478.25 Td (regime.Special ) Tj ET Q
q 0 0 0 rg BT 372.66 478.25 Td (meetings ) Tj ET Q
q 0 0 0 rg BT 411.67 478.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 431.80 478.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 444.16 478.25 Td (called ) Tj ET Q
q 0 0 0 rg BT 470.94 478.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 481.07 478.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 496.21 478.25 Td (discretion ) Tj ET Q
q 0 0 0 rg BT 538.55 478.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 549.80 478.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.25 Td (board ) Tj ET Q
q 0 0 0 rg BT 76.28 466.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 88.13 466.25 Td (directors ) Tj ET Q
q 0 0 0 rg BT 126.63 466.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 144.58 466.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 155.32 466.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 171.05 466.25 Td (request ) Tj ET Q
q 0 0 0 rg BT 203.44 466.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 215.29 466.25 Td (shareholders ) Tj ET Q
q 0 0 0 rg BT 269.34 466.25 Td (holding ) Tj ET Q
q 0 0 0 rg BT 303.41 466.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 314.15 466.25 Td (least ) Tj ET Q
q 0 0 0 rg BT 335.99 466.25 Td (one-tenth ) Tj ET Q
q 0 0 0 rg BT 377.27 466.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 389.11 466.25 Td (all ) Tj ET Q
q 0 0 0 rg BT 402.62 466.25 Td (outstanding ) Tj ET Q
q 0 0 0 rg BT 452.80 466.25 Td (shares ) Tj ET Q
q 0 0 0 rg BT 481.31 466.25 Td (entitled ) Tj ET Q
q 0 0 0 rg BT 514.81 466.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 526.11 466.25 Td (vote ) Tj ET Q
q 0 0 0 rg BT 546.84 466.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 557.57 466.25 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.25 Td (meeting.) Tj ET Q
q 0 0 0 rg BT 89.16 454.25 Td (Annual ) Tj ET Q
q 0 0 0 rg BT 122.10 454.25 Td (shareholder ) Tj ET Q
q 0 0 0 rg BT 172.24 454.25 Td (meetings ) Tj ET Q
q 0 0 0 rg BT 211.85 454.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 229.79 454.25 Td (special ) Tj ET Q
q 0 0 0 rg BT 261.05 454.25 Td (meetings ) Tj ET Q
q 0 0 0 rg BT 300.65 454.25 Td (must ) Tj ET Q
q 0 0 0 rg BT 323.60 454.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 336.54 454.25 Td (called ) Tj ET Q
q 0 0 0 rg BT 363.91 454.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 377.41 454.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 393.69 454.25 Td (less ) Tj ET Q
q 0 0 0 rg BT 412.19 454.25 Td (than ) Tj ET Q
q 0 0 0 rg BT 432.91 454.25 Td (seven ) Tj ET Q
q 0 0 0 rg BT 459.18 454.25 Td (days' ) Tj ET Q
q 0 0 0 rg BT 482.81 454.25 Td (prior ) Tj ET Q
q 0 0 0 rg BT 505.75 454.25 Td (written ) Tj ET Q
q 0 0 0 rg BT 537.57 454.25 Td (notice ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.25 Td (specifying ) Tj ET Q
q 0 0 0 rg BT 93.61 442.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 107.78 442.25 Td (place, ) Tj ET Q
q 0 0 0 rg BT 133.32 442.25 Td (day ) Tj ET Q
q 0 0 0 rg BT 149.71 442.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 166.10 442.25 Td (time ) Tj ET Q
q 0 0 0 rg BT 185.83 442.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 196.11 442.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 210.28 442.25 Td (meeting.) Tj ET Q
q 0 0 0 rg BT 249.81 442.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 267.31 442.25 Td (board ) Tj ET Q
q 0 0 0 rg BT 292.03 442.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 302.31 442.25 Td (directors ) Tj ET Q
q 0 0 0 rg BT 339.25 442.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 358.42 442.25 Td (fix ) Tj ET Q
q 0 0 0 rg BT 371.48 442.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 387.87 442.25 Td (date ) Tj ET Q
q 0 0 0 rg BT 406.48 442.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 416.76 442.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 430.93 442.25 Td (record ) Tj ET Q
q 0 0 0 rg BT 458.42 442.25 Td (date ) Tj ET Q
q 0 0 0 rg BT 477.03 442.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 490.64 442.25 Td (determining ) Tj ET Q
q 0 0 0 rg BT 540.91 442.25 Td (those ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.25 Td (shareholders ) Tj ET Q
q 0 0 0 rg BT 103.04 430.25 Td (eligible ) Tj ET Q
q 0 0 0 rg BT 135.53 430.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 145.81 430.25 Td (receive ) Tj ET Q
q 0 0 0 rg BT 177.17 430.25 Td (notice ) Tj ET Q
q 0 0 0 rg BT 204.10 430.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 214.93 430.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 231.87 430.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 242.15 430.25 Td (vote ) Tj ET Q
q 0 0 0 rg BT 261.87 430.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 271.58 430.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 286.30 430.25 Td (meeting.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.11 406.25 Td (Companies ) Tj ET Q
q 0 0 0 rg BT 113.32 406.25 Td (Act ) Tj ET Q
q 0 0 0 rg BT 129.32 406.25 Td (provides ) Tj ET Q
q 0 0 0 rg BT 165.32 406.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 181.88 406.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 187.88 406.25 Td (company ) Tj ET Q
q 0 0 0 rg BT 226.09 406.25 Td (must ) Tj ET Q
q 0 0 0 rg BT 247.10 406.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 267.54 406.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 273.54 406.25 Td (general ) Tj ET Q
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q 0 0 0 rg BT 338.30 406.25 Td (of ) Tj ET Q
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q 0 0 0 rg BT 359.20 406.25 Td (shareholders ) Tj ET Q
q 0 0 0 rg BT 411.30 406.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 420.64 406.25 Td (each ) Tj ET Q
q 0 0 0 rg BT 440.52 406.25 Td (calendar ) Tj ET Q
q 0 0 0 rg BT 475.94 406.25 Td (year) Tj ET Q
q 0 0 0 rg BT 492.60 406.25 Td (.) Tj ET Q
q 0 0 0 rg BT 499.92 406.25 Td (The ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.25 Td (Act ) Tj ET Q
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q 0 0 0 rg BT 184.28 394.25 Td (requirements ) Tj ET Q
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q 0 0 0 rg BT 422.18 394.25 Td (must ) Tj ET Q
q 0 0 0 rg BT 444.29 394.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 456.40 394.25 Td (present ) Tj ET Q
q 0 0 0 rg BT 487.94 394.25 Td (or ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 179.79 382.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 216.25 382.25 Td (transacted ) Tj ET Q
q 0 0 0 rg BT 259.35 382.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 269.14 382.25 Td (the ) Tj ET Q
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q 0 0 0 rg BT 315.91 382.25 Td (meeting ) Tj ET Q
q 0 0 0 rg BT 350.69 382.25 Td (to ) Tj ET Q
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q 0 0 0 rg BT 522.24 382.25 Td (leaves ) Tj ET Q
q 0 0 0 rg BT 549.80 382.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.25 Td (quorum ) Tj ET Q
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q 0 0 0 rg BT 150.56 370.25 Td (meeting ) Tj ET Q
q 0 0 0 rg BT 185.19 370.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 195.39 370.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 210.02 370.25 Td (company ) Tj ET Q
q 0 0 0 rg BT 249.10 370.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 259.29 370.25 Td (determine ) Tj ET Q
q 0 0 0 rg BT 301.69 370.25 Td (in ) Tj ET Q
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q 0 0 0 rg BT 433.69 370.25 Td (Act ) Tj ET Q
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q 0 0 0 rg BT 499.05 370.25 Td (imposes ) Tj ET Q
q 0 0 0 rg BT 534.25 370.25 Td (special ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.25 Td (quorum ) Tj ET Q
q 0 0 0 rg BT 83.51 358.25 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 138.12 358.25 Td (where ) Tj ET Q
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q 0 0 0 rg BT 232.52 358.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 247.13 358.25 Td (being ) Tj ET Q
q 0 0 0 rg BT 271.75 358.25 Td (asked ) Tj ET Q
q 0 0 0 rg BT 296.92 358.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 307.11 358.25 Td (approve ) Tj ET Q
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q 0 0 0 rg BT 356.34 358.25 Td (modification ) Tj ET Q
q 0 0 0 rg BT 409.84 358.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 420.58 358.25 Td (rights ) Tj ET Q
q 0 0 0 rg BT 445.76 358.25 Td (attaching ) Tj ET Q
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q 0 0 0 rg BT 501.84 358.25 Td (particular ) Tj ET Q
q 0 0 0 rg BT 542.56 358.25 Td (class ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.47 346.25 Td (shares ) Tj ET Q
q 0 0 0 rg BT 87.61 346.25 Td (\(33.33%\) ) Tj ET Q
q 0 0 0 rg BT 127.24 346.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 137.71 346.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 149.29 346.25 Td (amalgamation ) Tj ET Q
q 0 0 0 rg BT 208.08 346.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 218.55 346.25 Td (mer) Tj ET Q
q 0 0 0 rg BT 233.92 346.25 Td (ger ) Tj ET Q
q 0 0 0 rg BT 248.83 346.25 Td (transaction ) Tj ET Q
q 0 0 0 rg BT 294.84 346.25 Td (\(33.33%\) ) Tj ET Q
q 0 0 0 rg BT 334.48 346.25 Td (unless ) Tj ET Q
q 0 0 0 rg BT 361.62 346.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 371.54 346.25 Td (either ) Tj ET Q
q 0 0 0 rg BT 396.45 346.25 Td (case ) Tj ET Q
q 0 0 0 rg BT 415.80 346.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 430.16 346.25 Td (Bye-laws ) Tj ET Q
q 0 0 0 rg BT 470.07 346.25 Td (provide ) Tj ET Q
q 0 0 0 rg BT 502.76 346.25 Td (otherwise.) Tj ET Q
q 0 0 0 rg BT 546.45 346.25 Td (The ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.25 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 97.08 334.25 Td (Bye-laws ) Tj ET Q
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q 0 0 0 rg BT 149.85 334.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 165.13 334.25 Td (provide ) Tj ET Q
q 0 0 0 rg BT 198.17 334.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 212.33 334.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 219.27 334.25 Td (quorum ) Tj ET Q
q 0 0 0 rg BT 252.88 334.25 Td (requirement ) Tj ET Q
q 0 0 0 rg BT 303.69 334.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 326.74 334.25 Td (than ) Tj ET Q
q 0 0 0 rg BT 346.46 334.25 Td (33.33%.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.48 310.25 Td (key ) Tj ET Q
q 0 0 0 rg BT 85.85 310.25 Td (powers ) Tj ET Q
q 0 0 0 rg BT 117.67 310.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 128.93 310.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 145.20 310.25 Td (shareholders ) Tj ET Q
q 0 0 0 rg BT 198.67 310.25 Td (include ) Tj ET Q
q 0 0 0 rg BT 231.03 310.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 246.18 310.25 Td (power ) Tj ET Q
q 0 0 0 rg BT 274.11 310.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 284.82 310.25 Td (alter ) Tj ET Q
q 0 0 0 rg BT 305.52 310.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 320.67 310.25 Td (terms ) Tj ET Q
q 0 0 0 rg BT 345.82 310.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 357.08 310.25 Td (the ) Tj ET Q
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q 0 0 0 rg BT 478.22 310.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 489.48 310.25 Td (association ) Tj ET Q
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q 0 0 0 rg BT 554.22 310.25 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.25 Td (approve ) Tj ET Q
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q 0 0 0 rg BT 102.09 298.25 Td (thereby ) Tj ET Q
q 0 0 0 rg BT 134.79 298.25 Td (make ) Tj ET Q
q 0 0 0 rg BT 159.17 298.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 166.76 298.25 Td (fective ) Tj ET Q
q 0 0 0 rg BT 196.68 298.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 213.84 298.25 Td (alterations ) Tj ET Q
q 0 0 0 rg BT 258.21 298.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 268.71 298.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 283.65 298.25 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 330.95 298.25 Td (Bye-laws ) Tj ET Q
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q 0 0 0 rg BT 395.82 298.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 408.54 298.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 423.48 298.25 Td (directors.Dissenting ) Tj ET Q
q 0 0 0 rg BT 511.46 298.25 Td (shareholders ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 83.37 286.25 Td (20% ) Tj ET Q
q 0 0 0 rg BT 104.51 286.25 Td (of ) Tj ET Q
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q 0 0 0 rg BT 205.88 286.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 225.91 286.25 Td (apply ) Tj ET Q
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q 0 0 0 rg BT 553.68 286.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.25 Td (association. ) Tj ET Q
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q 0 0 0 rg BT 508.94 274.25 Td (the ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.25 Td (from ) Tj ET Q
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q 0 0 0 rg BT 195.73 262.25 Td (powers ) Tj ET Q
q 0 0 0 rg BT 227.08 262.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 241.76 262.25 Td (to ) Tj ET Q
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q 0 0 0 rg BT 341.61 262.25 Td (of ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 223.98 250.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 228.83 250.25 Td (to ) Tj ET Q
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q 0 0 0 rg BT 532.02 250.25 Td (another ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.25 Td (jurisdiction ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 362.65 586.10 Td (voting ) Tj ET Q
q 0 0 0 rg BT 390.55 586.10 Td (shares ) Tj ET Q
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q 0 0 0 rg BT 484.35 586.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 502.25 586.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 514.03 586.10 Td (able ) Tj ET Q
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q 0 0 0 rg BT 543.15 586.10 Td (elect ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 73.79 574.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 128.96 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 146.13 574.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 156.64 574.10 Td (prevent ) Tj ET Q
q 0 0 0 rg BT 189.36 574.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 266.93 574.10 Td (person ) Tj ET Q
q 0 0 0 rg BT 296.33 574.10 Td (whom ) Tj ET Q
q 0 0 0 rg BT 324.06 574.10 Td (such ) Tj ET Q
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q 0 0 0 rg BT 415.57 574.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 431.08 574.10 Td (wish ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
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BT /F1 9.00 Tf ET
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q 0 0 0 rg BT 109.93 658.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 120.33 658.10 Td (she ) Tj ET Q
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q 0 0 0 rg BT 144.48 658.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 154.88 658.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 172.50 658.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 179.01 658.10 Td (director) Tj ET Q
q 0 0 0 rg BT 209.71 658.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 214.28 658.10 Td (alternate ) Tj ET Q
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q 0 0 0 rg BT 283.94 658.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 294.34 658.10 Td (of) Tj ET Q
q 0 0 0 rg BT 302.49 658.10 Td (ficer ) Tj ET Q
q 0 0 0 rg BT 322.88 658.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 333.28 658.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 347.57 658.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 388.53 658.10 Td (or ) Tj ET Q
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q 0 0 0 rg BT 433.77 658.10 Td (of ) Tj ET Q
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q 0 0 0 rg BT 450.68 658.10 Td (committee ) Tj ET Q
q 0 0 0 rg BT 494.96 658.10 Td (authorized ) Tj ET Q
q 0 0 0 rg BT 539.24 658.10 Td (under ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 646.10 Td (Bye-law ) Tj ET Q
q 0 0 0 rg BT 86.19 646.10 Td (104, ) Tj ET Q
q 0 0 0 rg BT 106.00 646.10 Td (resident ) Tj ET Q
q 0 0 0 rg BT 139.97 646.10 Td (representative ) Tj ET Q
q 0 0 0 rg BT 198.37 646.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 209.01 646.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 229.65 646.10 Td (respective ) Tj ET Q
q 0 0 0 rg BT 272.49 646.10 Td (heirs, ) Tj ET Q
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q 0 0 0 rg BT 337.37 646.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 348.02 646.10 Td (administrators ) Tj ET Q
q 0 0 0 rg BT 407.54 646.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 418.19 646.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 436.05 646.10 Td (serving ) Tj ET Q
q 0 0 0 rg BT 467.80 646.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 477.90 646.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 484.65 646.10 Td (similar ) Tj ET Q
q 0 0 0 rg BT 514.73 646.10 Td (capacity ) Tj ET Q
q 0 0 0 rg BT 550.36 646.10 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 132.19 634.10 Td (company's ) Tj ET Q
q 0 0 0 rg BT 177.04 634.10 Td (request.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td (The ) Tj ET Q
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q 0 0 0 rg BT 281.74 610.10 Td (being ) Tj ET Q
q 0 0 0 rg BT 306.67 610.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 313.83 610.10 Td (party ) Tj ET Q
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q 0 0 0 rg BT 350.08 610.10 Td (or ) Tj ET Q
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q 0 0 0 rg BT 489.95 610.10 Td (any ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 237.51 598.10 Td (Company ) Tj ET Q
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q 0 0 0 rg BT 327.90 598.10 Td (interested. ) Tj ET Q
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q 0 0 0 rg BT 524.48 598.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 530.91 598.10 Td (director ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 378.21 574.10 Td (into ) Tj ET Q
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q 0 0 0 rg BT 530.91 574.10 Td (quorum ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 121.64 550.10 Td (its ) Tj ET Q
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q 0 0 0 rg BT 264.92 550.10 Td (exercise ) Tj ET Q
q 0 0 0 rg BT 299.34 550.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 311.00 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 320.99 550.10 Td (the ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 91.48 538.10 Td (all ) Tj ET Q
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q 0 0 0 rg BT 134.28 538.10 Td (part ) Tj ET Q
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q 0 0 0 rg BT 498.53 538.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 517.42 538.10 Td (Company's ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 116.43 526.10 Td (required ) Tj ET Q
q 0 0 0 rg BT 151.90 526.10 Td (to ) Tj ET Q
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q 0 0 0 rg BT 185.07 526.10 Td (because ) Tj ET Q
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q 0 0 0 rg BT 229.35 526.10 Td (their ) Tj ET Q
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q 0 0 0 rg BT 268.36 526.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 284.95 526.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 336.46 526.10 Td (are ) Tj ET Q
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q 0 0 0 rg BT 365.75 526.10 Td (required ) Tj ET Q
q 0 0 0 rg BT 401.21 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 411.15 526.10 Td (be ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (Shares. ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 287.72 502.10 Td (director) Tj ET Q
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q 0 0 0 rg BT 359.71 502.10 Td (director) Tj ET Q
q 0 0 0 rg BT 390.40 502.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 395.09 502.10 Td (of) Tj ET Q
q 0 0 0 rg BT 403.24 502.10 Td (ficer) Tj ET Q
q 0 0 0 rg BT 421.15 502.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 425.84 502.10 Td (person ) Tj ET Q
q 0 0 0 rg BT 454.69 502.10 Td (or ) Tj ET Q
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q 0 0 0 rg BT 500.16 502.10 Td (of ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 458.29 490.10 Td (as ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 294.53 478.10 Td (person ) Tj ET Q
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q 0 0 0 rg BT 335.36 478.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 352.72 478.10 Td (person ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 359.22 466.10 Td (property ) Tj ET Q
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q 0 0 0 rg BT 553.69 466.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (deficiency ) Tj ET Q
q 0 0 0 rg BT 95.03 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 106.75 454.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 124.58 454.10 Td (security ) Tj ET Q
q 0 0 0 rg BT 159.63 454.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 170.79 454.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 182.51 454.10 Td (upon ) Tj ET Q
q 0 0 0 rg BT 205.90 454.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 233.73 454.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 251.56 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 263.28 454.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 280.00 454.10 Td (monies ) Tj ET Q
q 0 0 0 rg BT 312.28 454.10 Td (shall ) Tj ET Q
q 0 0 0 rg BT 334.56 454.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 347.38 454.10 Td (invested, ) Tj ET Q
q 0 0 0 rg BT 386.60 454.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 398.32 454.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 413.37 454.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 431.20 454.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 450.15 454.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 461.87 454.10 Td (damage ) Tj ET Q
q 0 0 0 rg BT 496.35 454.10 Td (arising ) Tj ET Q
q 0 0 0 rg BT 526.96 454.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 549.79 454.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (bankruptcy) Tj ET Q
q 0 0 0 rg BT 94.34 442.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 99.48 442.10 Td (insolvency) Tj ET Q
q 0 0 0 rg BT 142.15 442.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 147.29 442.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 158.26 442.10 Td (tortious ) Tj ET Q
q 0 0 0 rg BT 191.46 442.10 Td (act ) Tj ET Q
q 0 0 0 rg BT 205.75 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 216.72 442.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 233.80 442.10 Td (person ) Tj ET Q
q 0 0 0 rg BT 263.10 442.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 283.51 442.10 Td (whom ) Tj ET Q
q 0 0 0 rg BT 311.15 442.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 328.23 442.10 Td (monies, ) Tj ET Q
q 0 0 0 rg BT 362.26 442.10 Td (securities, ) Tj ET Q
q 0 0 0 rg BT 405.16 442.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 416.13 442.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 423.72 442.10 Td (fects ) Tj ET Q
q 0 0 0 rg BT 445.23 442.10 Td (shall ) Tj ET Q
q 0 0 0 rg BT 466.76 442.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 478.84 442.10 Td (deposited, ) Tj ET Q
q 0 0 0 rg BT 522.30 442.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 533.27 442.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 547.57 442.10 Td (any ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 67.92 430.10 Td (occasioned ) Tj ET Q
q 0 0 0 rg BT 114.71 430.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 127.08 430.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 143.88 430.10 Td (error ) Tj ET Q
q 0 0 0 rg BT 165.67 430.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 176.36 430.10 Td (judgment, ) Tj ET Q
q 0 0 0 rg BT 219.00 430.10 Td (omission, ) Tj ET Q
q 0 0 0 rg BT 259.98 430.10 Td (default, ) Tj ET Q
q 0 0 0 rg BT 292.61 430.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 303.30 430.10 Td (oversight ) Tj ET Q
q 0 0 0 rg BT 342.88 430.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 355.24 430.10 Td (his ) Tj ET Q
q 0 0 0 rg BT 369.28 430.10 Td (part, ) Tj ET Q
q 0 0 0 rg BT 389.69 430.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 400.38 430.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 414.40 430.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 431.21 430.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 454.12 430.10 Td (loss, ) Tj ET Q
q 0 0 0 rg BT 474.54 430.10 Td (damage ) Tj ET Q
q 0 0 0 rg BT 508.00 430.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 518.69 430.10 Td (misfortune ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (whatever ) Tj ET Q
q 0 0 0 rg BT 89.27 418.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 116.34 418.10 Td (shall ) Tj ET Q
q 0 0 0 rg BT 137.86 418.10 Td (happen ) Tj ET Q
q 0 0 0 rg BT 169.36 418.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 179.77 418.10 Td (relation ) Tj ET Q
q 0 0 0 rg BT 212.94 418.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 223.35 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 238.19 418.10 Td (execution ) Tj ET Q
q 0 0 0 rg BT 279.69 418.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 290.65 418.10 Td (his ) Tj ET Q
q 0 0 0 rg BT 304.95 418.10 Td (duties, ) Tj ET Q
q 0 0 0 rg BT 333.96 418.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 344.92 418.10 Td (supposed ) Tj ET Q
q 0 0 0 rg BT 384.77 418.10 Td (duties, ) Tj ET Q
q 0 0 0 rg BT 413.79 418.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 424.19 418.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 435.71 418.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 446.67 418.10 Td (otherwise ) Tj ET Q
q 0 0 0 rg BT 488.18 418.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 498.58 418.10 Td (relation ) Tj ET Q
q 0 0 0 rg BT 531.75 418.10 Td (thereto. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (Each ) Tj ET Q
q 0 0 0 rg BT 72.65 406.10 Td (indemnitee ) Tj ET Q
q 0 0 0 rg BT 119.74 406.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 137.96 406.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 150.06 406.10 Td (indemnified ) Tj ET Q
q 0 0 0 rg BT 201.04 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 218.14 406.10 Td (held ) Tj ET Q
q 0 0 0 rg BT 238.02 406.10 Td (harmless ) Tj ET Q
q 0 0 0 rg BT 276.23 406.10 Td (out ) Tj ET Q
q 0 0 0 rg BT 291.67 406.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 302.67 406.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 318.66 406.10 Td (funds ) Tj ET Q
q 0 0 0 rg BT 343.54 406.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 353.98 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 368.86 406.10 Td (fullest ) Tj ET Q
q 0 0 0 rg BT 396.52 406.10 Td (extent ) Tj ET Q
q 0 0 0 rg BT 423.62 406.10 Td (permitted ) Tj ET Q
q 0 0 0 rg BT 464.60 406.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 477.26 406.10 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 516.58 406.10 Td (law ) Tj ET Q
q 0 0 0 rg BT 533.68 406.10 Td (against ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 62.99 394.10 Td (liabilities, ) Tj ET Q
q 0 0 0 rg BT 105.70 394.10 Td (loss, ) Tj ET Q
q 0 0 0 rg BT 126.75 394.10 Td (damage ) Tj ET Q
q 0 0 0 rg BT 160.84 394.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 172.16 394.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 207.36 394.10 Td (\(including ) Tj ET Q
q 0 0 0 rg BT 251.46 394.10 Td (but ) Tj ET Q
q 0 0 0 rg BT 267.23 394.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 283.00 394.10 Td (limited ) Tj ET Q
q 0 0 0 rg BT 314.33 394.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 325.10 394.10 Td (liabilities ) Tj ET Q
q 0 0 0 rg BT 365.31 394.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 391.07 394.10 Td (contract, ) Tj ET Q
q 0 0 0 rg BT 428.76 394.10 Td (tort ) Tj ET Q
q 0 0 0 rg BT 445.64 394.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 463.08 394.10 Td (statute ) Tj ET Q
q 0 0 0 rg BT 492.17 394.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 503.50 394.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 520.93 394.10 Td (applicable ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (foreign ) Tj ET Q
q 0 0 0 rg BT 81.44 382.10 Td (law ) Tj ET Q
q 0 0 0 rg BT 98.44 382.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 109.34 382.10 Td (regulation ) Tj ET Q
q 0 0 0 rg BT 152.44 382.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 169.44 382.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 182.00 382.10 Td (reasonable ) Tj ET Q
q 0 0 0 rg BT 227.32 382.10 Td (legal ) Tj ET Q
q 0 0 0 rg BT 249.32 382.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 266.32 382.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 289.43 382.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 311.99 382.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 328.99 382.10 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 367.66 382.10 Td (properly ) Tj ET Q
q 0 0 0 rg BT 404.10 382.10 Td (payable\) ) Tj ET Q
q 0 0 0 rg BT 441.08 382.10 Td (incurred ) Tj ET Q
q 0 0 0 rg BT 476.96 382.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 487.86 382.10 Td (suf) Tj ET Q
q 0 0 0 rg BT 499.90 382.10 Td (fered ) Tj ET Q
q 0 0 0 rg BT 523.00 382.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 535.56 382.10 Td (him ) Tj ET Q
q 0 0 0 rg BT 553.68 382.10 Td (as ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 71.07 370.10 Td (director) Tj ET Q
q 0 0 0 rg BT 101.77 370.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 107.01 370.10 Td (alternate ) Tj ET Q
q 0 0 0 rg BT 144.17 370.10 Td (director) Tj ET Q
q 0 0 0 rg BT 174.87 370.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 180.11 370.10 Td (of) Tj ET Q
q 0 0 0 rg BT 188.26 370.10 Td (ficer) Tj ET Q
q 0 0 0 rg BT 206.18 370.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 211.42 370.10 Td (person ) Tj ET Q
q 0 0 0 rg BT 240.83 370.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 251.90 370.10 Td (committee ) Tj ET Q
q 0 0 0 rg BT 296.85 370.10 Td (member ) Tj ET Q
q 0 0 0 rg BT 332.36 370.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 343.43 370.10 Td (resident ) Tj ET Q
q 0 0 0 rg BT 377.83 370.10 Td (representative ) Tj ET Q
q 0 0 0 rg BT 436.66 370.10 Td (\(or ) Tj ET Q
q 0 0 0 rg BT 451.06 370.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 461.58 370.10 Td (his ) Tj ET Q
q 0 0 0 rg BT 476.00 370.10 Td (reasonable ) Tj ET Q
q 0 0 0 rg BT 521.49 370.10 Td (belief ) Tj ET Q
q 0 0 0 rg BT 547.00 370.10 Td (that ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (he ) Tj ET Q
q 0 0 0 rg BT 61.55 358.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 70.34 358.10 Td (acting ) Tj ET Q
q 0 0 0 rg BT 96.88 358.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 107.33 358.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 123.88 358.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 134.33 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 148.66 358.10 Td (above\). ) Tj ET Q
q 0 0 0 rg BT 180.48 358.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 190.92 358.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 228.31 358.10 Td (each ) Tj ET Q
q 0 0 0 rg BT 248.74 358.10 Td (indemnitee ) Tj ET Q
q 0 0 0 rg BT 295.28 358.10 Td (shall ) Tj ET Q
q 0 0 0 rg BT 316.28 358.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 327.84 358.10 Td (indemnified ) Tj ET Q
q 0 0 0 rg BT 378.27 358.10 Td (against ) Tj ET Q
q 0 0 0 rg BT 408.71 358.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 420.82 358.10 Td (liabilities ) Tj ET Q
q 0 0 0 rg BT 460.15 358.10 Td (incurred ) Tj ET Q
q 0 0 0 rg BT 495.58 358.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 505.47 358.10 Td (defending ) Tj ET Q
q 0 0 0 rg BT 547.57 358.10 Td (any ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (proceedings, ) Tj ET Q
q 0 0 0 rg BT 103.70 346.10 Td (whether ) Tj ET Q
q 0 0 0 rg BT 138.78 346.10 Td (civil ) Tj ET Q
q 0 0 0 rg BT 159.44 346.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 170.65 346.10 Td (criminal, ) Tj ET Q
q 0 0 0 rg BT 209.35 346.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 220.01 346.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 247.33 346.10 Td (judgment ) Tj ET Q
q 0 0 0 rg BT 287.98 346.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 297.53 346.10 Td (given ) Tj ET Q
q 0 0 0 rg BT 322.63 346.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 333.29 346.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 354.50 346.10 Td (indemnitee's ) Tj ET Q
q 0 0 0 rg BT 407.50 346.10 Td (favor) Tj ET Q
q 0 0 0 rg BT 428.20 346.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 433.58 346.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 444.79 346.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 455.45 346.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 482.77 346.10 Td (he ) Tj ET Q
q 0 0 0 rg BT 495.09 346.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 504.64 346.10 Td (acquitted. ) Tj ET Q
q 0 0 0 rg BT 546.47 346.10 Td (The ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 91.34 334.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 100.46 334.10 Td (authorized ) Tj ET Q
q 0 0 0 rg BT 145.11 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 155.34 334.10 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 193.33 334.10 Td (insurance ) Tj ET Q
q 0 0 0 rg BT 234.10 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 244.33 334.10 Td (cover ) Tj ET Q
q 0 0 0 rg BT 268.98 334.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 285.87 334.10 Td (liability ) Tj ET Q
q 0 0 0 rg BT 319.43 334.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 327.44 334.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 347.11 334.10 Td (incur ) Tj ET Q
q 0 0 0 rg BT 370.11 334.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 395.33 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 410.00 334.10 Td (indemnification ) Tj ET Q
q 0 0 0 rg BT 475.76 334.10 Td (provisions ) Tj ET Q
q 0 0 0 rg BT 519.88 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 530.66 334.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 542.56 334.10 Td (Bye-) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (laws.) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td (Dividends.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 93.05 298.10 Td (Holders ) Tj ET Q
q 0 0 0 rg BT 132.35 298.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 143.32 298.10 Td (common ) Tj ET Q
q 0 0 0 rg BT 180.96 298.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 208.59 298.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 223.44 298.10 Td (entitled ) Tj ET Q
q 0 0 0 rg BT 256.08 298.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 266.50 298.10 Td (receive ) Tj ET Q
q 0 0 0 rg BT 298.00 298.10 Td (dividend ) Tj ET Q
q 0 0 0 rg BT 335.64 298.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 352.72 298.10 Td (distribution ) Tj ET Q
q 0 0 0 rg BT 401.48 298.10 Td (payments, ) Tj ET Q
q 0 0 0 rg BT 444.95 298.10 Td (pro ) Tj ET Q
q 0 0 0 rg BT 460.92 298.10 Td (rata ) Tj ET Q
q 0 0 0 rg BT 478.55 298.10 Td (based ) Tj ET Q
q 0 0 0 rg BT 503.96 298.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 516.61 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 531.47 298.10 Td (number ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.97 286.10 Td (common ) Tj ET Q
q 0 0 0 rg BT 98.60 286.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 126.22 286.10 Td (held, ) Tj ET Q
q 0 0 0 rg BT 148.58 286.10 Td (when, ) Tj ET Q
q 0 0 0 rg BT 175.37 286.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 186.34 286.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 203.41 286.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 212.16 286.10 Td (declared ) Tj ET Q
q 0 0 0 rg BT 248.65 286.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 261.29 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 276.14 286.10 Td (board ) Tj ET Q
q 0 0 0 rg BT 301.55 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 312.51 286.10 Td (directors, ) Tj ET Q
q 0 0 0 rg BT 352.63 286.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 363.05 286.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 375.13 286.10 Td (sole ) Tj ET Q
q 0 0 0 rg BT 393.88 286.10 Td (discretion.) Tj ET Q
q 0 0 0 rg BT 440.26 286.10 Td (Any ) Tj ET Q
q 0 0 0 rg BT 460.11 286.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 486.63 286.10 Td (dividends ) Tj ET Q
q 0 0 0 rg BT 528.15 286.10 Td (declared ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 68.06 274.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 80.00 274.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 89.71 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 104.43 274.10 Td (discretion ) Tj ET Q
q 0 0 0 rg BT 146.36 274.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 157.19 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 171.91 274.10 Td (board ) Tj ET Q
q 0 0 0 rg BT 197.18 274.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 208.01 274.10 Td (directors ) Tj ET Q
q 0 0 0 rg BT 245.49 274.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 262.43 274.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 280.49 274.10 Td (depend ) Tj ET Q
q 0 0 0 rg BT 311.87 274.10 Td (upon ) Tj ET Q
q 0 0 0 rg BT 334.37 274.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 350.20 274.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 387.68 274.10 Td (condition, ) Tj ET Q
q 0 0 0 rg BT 430.45 274.10 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 466.83 274.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 483.76 274.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 506.81 274.10 Td (factors.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 64.11 250.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 71.54 250.10 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 111.19 250.10 Td (exempted ) Tj ET Q
q 0 0 0 rg BT 153.06 250.10 Td (company) Tj ET Q
q 0 0 0 rg BT 189.07 250.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 194.56 250.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 209.22 250.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 224.42 250.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 255.74 250.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 266.52 250.10 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 306.17 250.10 Td (law ) Tj ET Q
q 0 0 0 rg BT 323.60 250.10 Td (relating ) Tj ET Q
q 0 0 0 rg BT 357.14 250.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 367.91 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 383.13 250.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 420.55 250.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 431.88 250.10 Td (dividends.) Tj ET Q
q 0 0 0 rg BT 478.09 250.10 Td (W) Tj ET Q
q 0 0 0 rg BT 486.72 250.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 494.16 250.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 514.37 250.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 530.14 250.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 547.58 250.10 Td (any ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (dividends ) Tj ET Q
q 0 0 0 rg BT 91.81 238.10 Td (if, ) Tj ET Q
q 0 0 0 rg BT 103.35 238.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 113.49 238.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 128.63 238.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 149.33 238.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 164.48 238.10 Td (dividend ) Tj ET Q
q 0 0 0 rg BT 202.40 238.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 211.99 238.10 Td (declared ) Tj ET Q
q 0 0 0 rg BT 248.78 238.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 260.04 238.10 Td (at ) Tj ET Q
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endstream
endobj
212 0 obj
<<
/Length 36102
>>
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BT /F1 9.00 Tf ET
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q 0 0 0 rg BT 155.63 646.10 Td (do ) Tj ET Q
q 0 0 0 rg BT 168.57 646.10 Td (so ) Tj ET Q
q 0 0 0 rg BT 180.42 646.10 Td (without ) Tj ET Q
q 0 0 0 rg BT 213.92 646.10 Td (becoming ) Tj ET Q
q 0 0 0 rg BT 256.30 646.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 277.02 646.10 Td (flow ) Tj ET Q
q 0 0 0 rg BT 298.30 646.10 Td (insolvent ) Tj ET Q
q 0 0 0 rg BT 337.92 646.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 349.19 646.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 356.58 646.10 Td (result. ) Tj ET Q
q 0 0 0 rg BT 384.04 646.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 402.53 646.10 Td (restrictions ) Tj ET Q
q 0 0 0 rg BT 449.91 646.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 465.07 646.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 483.01 646.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 498.18 646.10 Td (par ) Tj ET Q
q 0 0 0 rg BT 513.90 646.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 538.50 646.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 549.78 646.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 73.79 634.10 Td (must ) Tj ET Q
q 0 0 0 rg BT 95.94 634.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 108.07 634.10 Td (char) Tj ET Q
q 0 0 0 rg BT 125.09 634.10 Td (ged ) Tj ET Q
q 0 0 0 rg BT 142.23 634.10 Td (against ) Tj ET Q
q 0 0 0 rg BT 173.25 634.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 188.16 634.10 Td (company's ) Tj ET Q
q 0 0 0 rg BT 233.20 634.10 Td (issued ) Tj ET Q
q 0 0 0 rg BT 260.90 634.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 284.69 634.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 314.03 634.10 Td (account ) Tj ET Q
q 0 0 0 rg BT 347.82 634.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 358.85 634.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 365.98 634.10 Td (company ) Tj ET Q
q 0 0 0 rg BT 405.33 634.10 Td (fund ) Tj ET Q
q 0 0 0 rg BT 426.35 634.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 453.49 634.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 462.85 634.10 Td (available ) Tj ET Q
q 0 0 0 rg BT 501.63 634.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 515.99 634.10 Td (dividend ) Tj ET Q
q 0 0 0 rg BT 553.68 634.10 Td (or ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.10 Td (distribution ) Tj ET Q
q 0 0 0 rg BT 98.79 622.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 109.79 622.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 121.90 622.10 Td (paid ) Tj ET Q
q 0 0 0 rg BT 141.79 622.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 156.12 622.10 Td (out ) Tj ET Q
q 0 0 0 rg BT 171.57 622.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 182.57 622.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 197.46 622.10 Td (proceeds ) Tj ET Q
q 0 0 0 rg BT 235.67 622.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 246.67 622.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 253.79 622.10 Td (fresh ) Tj ET Q
q 0 0 0 rg BT 276.45 622.10 Td (issue ) Tj ET Q
q 0 0 0 rg BT 299.12 622.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 310.12 622.10 Td (shares. ) Tj ET Q
q 0 0 0 rg BT 339.70 622.10 Td (Any ) Tj ET Q
q 0 0 0 rg BT 359.59 622.10 Td (premium ) Tj ET Q
q 0 0 0 rg BT 398.37 622.10 Td (paid ) Tj ET Q
q 0 0 0 rg BT 418.25 622.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 430.93 622.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 445.82 622.10 Td (repurchase ) Tj ET Q
q 0 0 0 rg BT 491.79 622.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 502.80 622.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 530.46 622.10 Td (must ) Tj ET Q
q 0 0 0 rg BT 552.58 622.10 Td (be ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td (char) Tj ET Q
q 0 0 0 rg BT 67.03 610.10 Td (ged ) Tj ET Q
q 0 0 0 rg BT 85.28 610.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 96.86 610.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 112.89 610.10 Td (company's ) Tj ET Q
q 0 0 0 rg BT 159.05 610.10 Td (current ) Tj ET Q
q 0 0 0 rg BT 191.18 610.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 216.09 610.10 Td (premium ) Tj ET Q
q 0 0 0 rg BT 256.00 610.10 Td (account ) Tj ET Q
q 0 0 0 rg BT 290.90 610.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 303.04 610.10 Td (char) Tj ET Q
q 0 0 0 rg BT 320.07 610.10 Td (ged ) Tj ET Q
q 0 0 0 rg BT 338.32 610.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 349.91 610.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 358.16 610.10 Td (company ) Tj ET Q
q 0 0 0 rg BT 398.62 610.10 Td (fund ) Tj ET Q
q 0 0 0 rg BT 420.76 610.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 449.01 610.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 459.49 610.10 Td (available ) Tj ET Q
q 0 0 0 rg BT 499.39 610.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 514.86 610.10 Td (dividend ) Tj ET Q
q 0 0 0 rg BT 553.67 610.10 Td (or ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (distribution. ) Tj ET Q
q 0 0 0 rg BT 100.67 598.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 118.44 598.10 Td (Companies ) Tj ET Q
q 0 0 0 rg BT 165.16 598.10 Td (Act ) Tj ET Q
q 0 0 0 rg BT 181.82 598.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 202.37 598.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 217.37 598.10 Td (impose ) Tj ET Q
q 0 0 0 rg BT 248.47 598.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 265.13 598.10 Td (requirement ) Tj ET Q
q 0 0 0 rg BT 315.66 598.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 332.88 598.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 347.31 598.10 Td (directors ) Tj ET Q
q 0 0 0 rg BT 384.52 598.10 Td (shall ) Tj ET Q
q 0 0 0 rg BT 405.62 598.10 Td (make ) Tj ET Q
q 0 0 0 rg BT 429.50 598.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 436.15 598.10 Td (general ) Tj ET Q
q 0 0 0 rg BT 467.80 598.10 Td (of) Tj ET Q
q 0 0 0 rg BT 475.95 598.10 Td (fer ) Tj ET Q
q 0 0 0 rg BT 489.26 598.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 499.26 598.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 511.48 598.10 Td (shareholders ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.68 586.10 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 99.13 586.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 120.36 586.10 Td (shares ) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 148.25 586.10 Td (pr) Tj ET Q
q 0 0 0 rg BT 156.77 586.10 Td (o ) Tj ET Q
q 0 0 0 rg BT 164.68 586.10 Td (rata) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 181.35 586.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 184.25 586.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 194.94 586.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 216.17 586.10 Td (respective ) Tj ET Q
q 0 0 0 rg BT 259.60 586.10 Td (shareholdings. ) Tj ET Q
q 0 0 0 rg BT 320.35 586.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 338.80 586.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 386.28 586.10 Td (Bye-Laws ) Tj ET Q
q 0 0 0 rg BT 430.29 586.10 Td (do ) Tj ET Q
q 0 0 0 rg BT 443.19 586.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 458.88 586.10 Td (contain ) Tj ET Q
q 0 0 0 rg BT 491.22 586.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 508.56 586.10 Td (specific ) Tj ET Q
q 0 0 0 rg BT 542.56 586.10 Td (rules ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (regarding ) Tj ET Q
q 0 0 0 rg BT 90.92 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 105.74 574.10 Td (procedures ) Tj ET Q
q 0 0 0 rg BT 152.21 574.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 162.59 574.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 174.64 574.10 Td (followed ) Tj ET Q
q 0 0 0 rg BT 212.79 574.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 225.39 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 240.21 574.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 281.70 574.10 Td (when ) Tj ET Q
q 0 0 0 rg BT 305.97 574.10 Td (purchasing ) Tj ET Q
q 0 0 0 rg BT 352.45 574.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 364.50 574.10 Td (own ) Tj ET Q
q 0 0 0 rg BT 384.33 574.10 Td (shares, ) Tj ET Q
q 0 0 0 rg BT 414.42 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 431.46 574.10 Td (consequently ) Tj ET Q
q 0 0 0 rg BT 486.83 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 501.65 574.10 Td (primary ) Tj ET Q
q 0 0 0 rg BT 535.91 574.10 Td (source ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.96 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 75.80 562.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 123.01 562.10 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 170.08 562.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 180.48 562.10 Td (shareholders ) Tj ET Q
q 0 0 0 rg BT 233.65 562.10 Td (when ) Tj ET Q
q 0 0 0 rg BT 257.93 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 272.78 562.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 314.29 562.10 Td (tenders ) Tj ET Q
q 0 0 0 rg BT 345.80 562.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 360.08 562.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 372.16 562.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 399.78 562.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 417.96 562.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 430.02 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 444.87 562.10 Td (rules ) Tj ET Q
q 0 0 0 rg BT 466.93 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 477.89 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 492.73 562.10 Td (listing ) Tj ET Q
q 0 0 0 rg BT 520.37 562.10 Td (exchanges ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 62.50 550.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 89.44 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 104.16 550.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 151.24 550.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 178.73 550.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 193.43 550.10 Td (listed.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.95 526.10 Td (Companies ) Tj ET Q
q 0 0 0 rg BT 114.81 526.10 Td (Act ) Tj ET Q
q 0 0 0 rg BT 131.65 526.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 148.49 526.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 164.23 526.10 Td (Bye-Laws ) Tj ET Q
q 0 0 0 rg BT 207.73 526.10 Td (do ) Tj ET Q
q 0 0 0 rg BT 220.13 526.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 235.31 526.10 Td (confer ) Tj ET Q
q 0 0 0 rg BT 263.25 526.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 280.08 526.10 Td (pre-emptive, ) Tj ET Q
q 0 0 0 rg BT 333.30 526.10 Td (redemption, ) Tj ET Q
q 0 0 0 rg BT 383.74 526.10 Td (conversion ) Tj ET Q
q 0 0 0 rg BT 430.02 526.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 440.75 526.10 Td (sinking ) Tj ET Q
q 0 0 0 rg BT 472.60 526.10 Td (fund ) Tj ET Q
q 0 0 0 rg BT 493.33 526.10 Td (rights ) Tj ET Q
q 0 0 0 rg BT 518.51 526.10 Td (attached ) Tj ET Q
q 0 0 0 rg BT 554.22 526.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 66.02 514.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 104.80 514.10 Td (Shares. ) Tj ET Q
q 0 0 0 rg BT 136.65 514.10 Td (Holders ) Tj ET Q
q 0 0 0 rg BT 171.00 514.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 182.01 514.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 220.80 514.10 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 250.15 514.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 265.04 514.10 Td (entitled ) Tj ET Q
q 0 0 0 rg BT 297.72 514.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 308.18 514.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 325.31 514.10 Td (vote ) Tj ET Q
q 0 0 0 rg BT 345.21 514.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 360.67 514.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 384.45 514.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 397.14 514.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 409.82 514.10 Td (matters ) Tj ET Q
q 0 0 0 rg BT 441.94 514.10 Td (submitted ) Tj ET Q
q 0 0 0 rg BT 484.07 514.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 494.54 514.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 501.67 514.10 Td (vote ) Tj ET Q
q 0 0 0 rg BT 521.57 514.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 532.59 514.10 Td (holders ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 61.01 502.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 99.78 502.10 Td (Shares. ) Tj ET Q
q 0 0 0 rg BT 131.62 502.10 Td (Unless ) Tj ET Q
q 0 0 0 rg BT 161.51 502.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 168.63 502.10 Td (dif) Tj ET Q
q 0 0 0 rg BT 179.56 502.10 Td (ferent ) Tj ET Q
q 0 0 0 rg BT 205.55 502.10 Td (majority ) Tj ET Q
q 0 0 0 rg BT 242.10 502.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 251.45 502.10 Td (required ) Tj ET Q
q 0 0 0 rg BT 287.44 502.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 300.12 502.10 Td (law ) Tj ET Q
q 0 0 0 rg BT 317.23 502.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 328.24 502.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 340.91 502.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 356.92 502.10 Td (Bye-laws, ) Tj ET Q
q 0 0 0 rg BT 399.86 502.10 Td (resolutions ) Tj ET Q
q 0 0 0 rg BT 446.43 502.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 456.88 502.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 468.99 502.10 Td (approved ) Tj ET Q
q 0 0 0 rg BT 508.88 502.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 521.55 502.10 Td (holders ) Tj ET Q
q 0 0 0 rg BT 553.67 502.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 88.60 490.10 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 117.76 490.10 Td (require ) Tj ET Q
q 0 0 0 rg BT 148.57 490.10 Td (approval ) Tj ET Q
q 0 0 0 rg BT 186.06 490.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 198.56 490.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 205.50 490.10 Td (simple ) Tj ET Q
q 0 0 0 rg BT 234.66 490.10 Td (majority ) Tj ET Q
q 0 0 0 rg BT 271.04 490.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 281.88 490.10 Td (votes ) Tj ET Q
q 0 0 0 rg BT 305.48 490.10 Td (cast ) Tj ET Q
q 0 0 0 rg BT 323.53 490.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 333.25 490.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 340.19 490.10 Td (meeting ) Tj ET Q
q 0 0 0 rg BT 374.90 490.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 384.61 490.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 411.55 490.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 418.49 490.10 Td (quorum ) Tj ET Q
q 0 0 0 rg BT 452.10 490.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 461.27 490.10 Td (present.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (Bye-Law ) Tj ET Q
q 0 0 0 rg BT 89.76 466.10 Td (8 ) Tj ET Q
q 0 0 0 rg BT 97.31 466.10 Td (specifically ) Tj ET Q
q 0 0 0 rg BT 145.95 466.10 Td (provides ) Tj ET Q
q 0 0 0 rg BT 182.94 466.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 200.48 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 215.25 466.10 Td (issuance ) Tj ET Q
q 0 0 0 rg BT 251.68 466.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 262.56 466.10 Td (more ) Tj ET Q
q 0 0 0 rg BT 285.65 466.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 313.19 466.10 Td (ranking ) Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 346.29 466.10 Td (pari ) Tj ET Q
q 0 0 0 rg BT 365.51 466.10 Td (passu) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 388.29 466.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 390.84 466.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 411.17 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 425.94 466.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 453.48 466.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 463.81 466.10 Td (issue ) Tj ET Q
q 0 0 0 rg BT 486.36 466.10 Td (shall ) Tj ET Q
q 0 0 0 rg BT 507.80 466.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 523.13 466.10 Td (constitute ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (a ) Tj ET Q
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q 0 0 0 rg BT 106.90 454.10 Td (class ) Tj ET Q
q 0 0 0 rg BT 129.20 454.10 Td (rights, ) Tj ET Q
q 0 0 0 rg BT 157.34 454.10 Td (unless ) Tj ET Q
q 0 0 0 rg BT 185.20 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 200.28 454.10 Td (rights ) Tj ET Q
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q 0 0 0 rg BT 262.10 454.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 272.74 454.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 300.59 454.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 311.23 454.10 Td (issue ) Tj ET Q
q 0 0 0 rg BT 334.10 454.10 Td (state ) Tj ET Q
q 0 0 0 rg BT 355.28 454.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 373.14 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 388.22 454.10 Td (issuance ) Tj ET Q
q 0 0 0 rg BT 424.96 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 436.15 454.10 Td (further ) Tj ET Q
q 0 0 0 rg BT 466.22 454.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 494.08 454.10 Td (shall ) Tj ET Q
q 0 0 0 rg BT 515.83 454.10 Td (constitute ) Tj ET Q
q 0 0 0 rg BT 557.57 454.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (variation ) Tj ET Q
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q 0 0 0 rg BT 98.76 442.10 Td (class ) Tj ET Q
q 0 0 0 rg BT 120.64 442.10 Td (rights. ) Tj ET Q
q 0 0 0 rg BT 148.36 442.10 Td (Bye-Law ) Tj ET Q
q 0 0 0 rg BT 188.01 442.10 Td (12 ) Tj ET Q
q 0 0 0 rg BT 200.45 442.10 Td (confers ) Tj ET Q
q 0 0 0 rg BT 232.32 442.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 244.77 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 259.43 442.10 Td (directors ) Tj ET Q
q 0 0 0 rg BT 296.86 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 311.52 442.10 Td (right ) Tj ET Q
q 0 0 0 rg BT 332.84 442.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 343.07 442.10 Td (dispose ) Tj ET Q
q 0 0 0 rg BT 375.51 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 386.28 442.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 403.16 442.10 Td (number ) Tj ET Q
q 0 0 0 rg BT 436.15 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 446.93 442.10 Td (unissued ) Tj ET Q
q 0 0 0 rg BT 484.37 442.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 511.80 442.10 Td (forming ) Tj ET Q
q 0 0 0 rg BT 546.46 442.10 Td (part ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 61.05 430.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 75.99 430.10 Td (authorized ) Tj ET Q
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q 0 0 0 rg BT 275.00 430.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 292.16 430.10 Td (requirement ) Tj ET Q
q 0 0 0 rg BT 343.20 430.10 Td (for ) Tj ET Q
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q 0 0 0 rg BT 534.81 430.10 Td (certain ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 205.90 418.10 Td (\(or ) Tj ET Q
q 0 0 0 rg BT 221.23 418.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 239.34 418.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 251.34 418.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 264.46 418.10 Td (subsidiaries'\) ) Tj ET Q
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q 0 0 0 rg BT 371.91 418.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 393.36 418.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 411.46 418.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 423.46 418.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 436.58 418.10 Td (Principal ) Tj ET Q
q 0 0 0 rg BT 476.35 418.10 Td (Shareholders ) Tj ET Q
q 0 0 0 rg BT 532.23 418.10 Td (\(or ) Tj ET Q
q 0 0 0 rg BT 547.56 418.10 Td (any ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 145.49 406.10 Td (Shareholder\). ) Tj ET Q
q 0 0 0 rg BT 201.43 406.10 Td (When ) Tj ET Q
q 0 0 0 rg BT 227.24 406.10 Td (Bye-law ) Tj ET Q
q 0 0 0 rg BT 263.05 406.10 Td (89 ) Tj ET Q
q 0 0 0 rg BT 274.99 406.10 Td (applies, ) Tj ET Q
q 0 0 0 rg BT 307.75 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 321.90 406.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 362.72 406.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 371.33 406.10 Td (required ) Tj ET Q
q 0 0 0 rg BT 406.58 406.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 416.29 406.10 Td (send ) Tj ET Q
q 0 0 0 rg BT 436.56 406.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 446.27 406.10 Td (each ) Tj ET Q
q 0 0 0 rg BT 466.52 406.10 Td (shareholder ) Tj ET Q
q 0 0 0 rg BT 515.10 406.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 521.47 406.10 Td (disclosure ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 211.55 394.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 266.22 394.10 Td (transaction.However) Tj ET Q
q 0 0 0 rg BT 353.84 394.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 359.24 394.10 Td (this ) Tj ET Q
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q 0 0 0 rg BT 457.36 394.10 Td (specifically ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 179.68 382.10 Td (new ) Tj ET Q
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q 0 0 0 rg BT 236.61 382.10 Td (a ) Tj ET Q
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q 0 0 0 rg BT 347.13 382.10 Td (cash.) Tj ET Q
BT /F4 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
213 0 obj
<<
/Length 41006
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stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F5 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 166.97 658.25 Td (December ) Tj ET Q
q 0 0 0 rg BT 210.40 658.25 Td (201) Tj ET Q
q 0 0 0 rg BT 225.02 658.25 Td (1, ) Tj ET Q
q 0 0 0 rg BT 234.87 658.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 245.00 658.25 Td (conjunction ) Tj ET Q
q 0 0 0 rg BT 294.55 658.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 314.68 658.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 329.24 658.25 Td (Board ) Tj ET Q
q 0 0 0 rg BT 356.03 658.25 Td (approved ) Tj ET Q
q 0 0 0 rg BT 395.58 658.25 Td (restructuring ) Tj ET Q
q 0 0 0 rg BT 449.02 658.25 Td (plan, ) Tj ET Q
q 0 0 0 rg BT 471.08 658.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 485.64 658.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 526.88 658.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 543.66 658.25 Td (Ship ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 646.25 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 84.49 646.25 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 113.98 646.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 124.60 646.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 131.88 646.25 Td (rate ) Tj ET Q
q 0 0 0 rg BT 149.70 646.25 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 190.30 646.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 201.47 646.25 Td ($6,500 ) Tj ET Q
q 0 0 0 rg BT 231.81 646.25 Td (per ) Tj ET Q
q 0 0 0 rg BT 247.42 646.25 Td (day ) Tj ET Q
q 0 0 0 rg BT 264.70 646.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 279.20 646.25 Td (all ) Tj ET Q
q 0 0 0 rg BT 292.03 646.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 323.20 646.25 Td (leased ) Tj ET Q
q 0 0 0 rg BT 351.03 646.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 373.30 646.25 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 394.48 646.25 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 428.98 646.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 454.58 646.25 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 496.86 646.25 Td (leases ) Tj ET Q
q 0 0 0 rg BT 523.57 646.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 538.07 646.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 545.35 646.25 Td (four ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.25 Td (year ) Tj ET Q
q 0 0 0 rg BT 70.03 634.25 Td (period ) Tj ET Q
q 0 0 0 rg BT 98.41 634.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 116.23 634.25 Td (commenced ) Tj ET Q
q 0 0 0 rg BT 167.36 634.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 180.19 634.25 Td (January ) Tj ET Q
q 0 0 0 rg BT 214.12 634.25 Td (1, ) Tj ET Q
q 0 0 0 rg BT 224.44 634.25 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 249.56 634.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 267.94 634.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 309.65 634.25 Td (paid ) Tj ET Q
q 0 0 0 rg BT 329.69 634.25 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 350.86 634.25 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 385.34 634.25 Td (up ) Tj ET Q
q 0 0 0 rg BT 398.17 634.25 Td (front ) Tj ET Q
q 0 0 0 rg BT 420.43 634.25 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 478.80 634.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 489.95 634.25 Td ($106.0 ) Tj ET Q
q 0 0 0 rg BT 520.28 634.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 552.00 634.25 Td (on ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.25 Td (December ) Tj ET Q
q 0 0 0 rg BT 93.60 622.25 Td (30, ) Tj ET Q
q 0 0 0 rg BT 108.62 622.25 Td (201) Tj ET Q
q 0 0 0 rg BT 123.25 622.25 Td (1, ) Tj ET Q
q 0 0 0 rg BT 133.26 622.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 144.11 622.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 171.06 622.25 Td ($50.0 ) Tj ET Q
q 0 0 0 rg BT 196.08 622.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 227.49 622.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 245.55 622.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 252.51 622.25 Td (non-refundable ) Tj ET Q
q 0 0 0 rg BT 316.11 622.25 Td (prepayment ) Tj ET Q
q 0 0 0 rg BT 365.83 622.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 376.67 622.25 Td (profit ) Tj ET Q
q 0 0 0 rg BT 401.41 622.25 Td (share ) Tj ET Q
q 0 0 0 rg BT 425.02 622.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 441.98 622.25 Td ($56.0 ) Tj ET Q
q 0 0 0 rg BT 466.99 622.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 498.40 622.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 516.47 622.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 523.42 622.25 Td (release ) Tj ET Q
q 0 0 0 rg BT 553.69 622.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.25 Td (restricted ) Tj ET Q
q 0 0 0 rg BT 89.21 610.25 Td (cash ) Tj ET Q
q 0 0 0 rg BT 108.98 610.25 Td (serving ) Tj ET Q
q 0 0 0 rg BT 140.43 610.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 150.76 610.25 Td (security ) Tj ET Q
q 0 0 0 rg BT 184.42 610.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 198.09 610.25 Td (charter ) Tj ET Q
q 0 0 0 rg BT 227.85 610.25 Td (payments. ) Tj ET Q
q 0 0 0 rg BT 270.54 610.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 288.09 610.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 328.98 610.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 346.54 610.25 Td (compensate ) Tj ET Q
q 0 0 0 rg BT 395.75 610.25 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 416.10 610.25 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 449.76 610.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 469.54 610.25 Td (100% ) Tj ET Q
q 0 0 0 rg BT 494.88 610.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 505.21 610.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 521.66 610.25 Td (dif) Tj ET Q
q 0 0 0 rg BT 532.59 610.25 Td (ference ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.25 Td (between ) Tj ET Q
q 0 0 0 rg BT 85.93 598.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 100.77 598.25 Td (renegotiated ) Tj ET Q
q 0 0 0 rg BT 152.81 598.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 174.30 598.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 191.36 598.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 206.20 598.25 Td (actual ) Tj ET Q
q 0 0 0 rg BT 232.69 598.25 Td (market ) Tj ET Q
q 0 0 0 rg BT 263.07 598.25 Td (rate ) Tj ET Q
q 0 0 0 rg BT 280.67 598.25 Td (up ) Tj ET Q
q 0 0 0 rg BT 293.29 598.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 303.69 598.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 318.52 598.25 Td (original ) Tj ET Q
q 0 0 0 rg BT 352.25 598.25 Td (contract ) Tj ET Q
q 0 0 0 rg BT 387.07 598.25 Td (rates. ) Tj ET Q
q 0 0 0 rg BT 411.06 598.25 Td (In ) Tj ET Q
q 0 0 0 rg BT 422.01 598.25 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 459.90 598.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 474.74 598.25 Td (profit ) Tj ET Q
q 0 0 0 rg BT 499.57 598.25 Td (share ) Tj ET Q
q 0 0 0 rg BT 523.29 598.25 Td (above ) Tj ET Q
q 0 0 0 rg BT 549.79 598.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.25 Td (original ) Tj ET Q
q 0 0 0 rg BT 84.08 586.25 Td (threshold ) Tj ET Q
q 0 0 0 rg BT 124.27 586.25 Td (rates ) Tj ET Q
q 0 0 0 rg BT 146.12 586.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 164.64 586.25 Td (increased ) Tj ET Q
q 0 0 0 rg BT 205.37 586.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 227.78 586.25 Td (20% ) Tj ET Q
q 0 0 0 rg BT 249.08 586.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 259.83 586.25 Td (25%. ) Tj ET Q
q 0 0 0 rg BT 282.98 586.25 Td (As ) Tj ET Q
q 0 0 0 rg BT 297.06 586.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 304.47 586.25 Td (result ) Tj ET Q
q 0 0 0 rg BT 329.66 586.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 340.97 586.25 Td (this, ) Tj ET Q
q 0 0 0 rg BT 360.89 586.25 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 408.30 586.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 434.04 586.25 Td (capital ) Tj ET Q
q 0 0 0 rg BT 463.67 586.25 Td (leases ) Tj ET Q
q 0 0 0 rg BT 490.52 586.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 507.93 586.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 539.23 586.25 Td (under ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.25 Td (capital ) Tj ET Q
q 0 0 0 rg BT 78.61 574.25 Td (leases ) Tj ET Q
q 0 0 0 rg BT 104.45 574.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 125.29 574.25 Td (been ) Tj ET Q
q 0 0 0 rg BT 146.13 574.25 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 179.74 574.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 191.70 574.25 Td ($126.5 ) Tj ET Q
q 0 0 0 rg BT 221.17 574.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 252.02 574.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 261.20 574.25 Td (December ) Tj ET Q
q 0 0 0 rg BT 304.25 574.25 Td (31, ) Tj ET Q
q 0 0 0 rg BT 318.71 574.25 Td (201) Tj ET Q
q 0 0 0 rg BT 333.34 574.25 Td (1. ) Tj ET Q
q 0 0 0 rg BT 342.80 574.25 Td (Obligations ) Tj ET Q
q 0 0 0 rg BT 391.43 574.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 416.16 574.25 Td (capital ) Tj ET Q
q 0 0 0 rg BT 444.78 574.25 Td (leases ) Tj ET Q
q 0 0 0 rg BT 470.62 574.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 491.46 574.25 Td (also ) Tj ET Q
q 0 0 0 rg BT 509.53 574.25 Td (been ) Tj ET Q
q 0 0 0 rg BT 530.37 574.25 Td (reduced ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 62.50 562.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 77.22 562.25 Td ($106.0 ) Tj ET Q
q 0 0 0 rg BT 107.22 562.25 Td (million ) Tj ET Q
q 0 0 0 rg BT 138.61 562.25 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 196.65 562.25 Td (payment ) Tj ET Q
q 0 0 0 rg BT 233.58 562.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 243.86 562.25 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 264.70 562.25 Td (Finance.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.25 Td (D.EXCHANGE ) Tj ET Q
q 0 0 0 rg BT 125.00 538.25 Td (CONTROLS) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.24 514.25 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 107.59 514.25 Td (Monetary ) Tj ET Q
q 0 0 0 rg BT 148.56 514.25 Td (Authority ) Tj ET Q
q 0 0 0 rg BT 190.14 514.25 Td (\(the ) Tj ET Q
q 0 0 0 rg BT 208.38 514.25 Td ("BMA"\) ) Tj ET Q
q 0 0 0 rg BT 245.35 514.25 Td (must ) Tj ET Q
q 0 0 0 rg BT 267.49 514.25 Td (give ) Tj ET Q
q 0 0 0 rg BT 287.40 514.25 Td (permission ) Tj ET Q
q 0 0 0 rg BT 333.97 514.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 348.33 514.25 Td (all ) Tj ET Q
q 0 0 0 rg BT 361.01 514.25 Td (issuances ) Tj ET Q
q 0 0 0 rg BT 401.47 514.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 418.60 514.25 Td (transfers ) Tj ET Q
q 0 0 0 rg BT 455.73 514.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 466.75 514.25 Td (securities ) Tj ET Q
q 0 0 0 rg BT 507.20 514.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 518.22 514.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 525.35 514.25 Td (Bermuda ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.25 Td (exempted ) Tj ET Q
q 0 0 0 rg BT 91.70 502.25 Td (company ) Tj ET Q
q 0 0 0 rg BT 131.17 502.25 Td (like ) Tj ET Q
q 0 0 0 rg BT 148.99 502.25 Td (ours, ) Tj ET Q
q 0 0 0 rg BT 171.54 502.25 Td (unless ) Tj ET Q
q 0 0 0 rg BT 199.36 502.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 214.40 502.25 Td (proposed ) Tj ET Q
q 0 0 0 rg BT 253.89 502.25 Td (transaction ) Tj ET Q
q 0 0 0 rg BT 300.58 502.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 310.08 502.25 Td (exempted ) Tj ET Q
q 0 0 0 rg BT 351.77 502.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 364.60 502.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 379.64 502.25 Td (BMA's ) Tj ET Q
q 0 0 0 rg BT 410.94 502.25 Td (written ) Tj ET Q
q 0 0 0 rg BT 442.09 502.25 Td (general ) Tj ET Q
q 0 0 0 rg BT 474.33 502.25 Td (permissions. ) Tj ET Q
q 0 0 0 rg BT 527.23 502.25 Td (W) Tj ET Q
q 0 0 0 rg BT 535.87 502.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 543.13 502.25 Td (have ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.25 Td (received ) Tj ET Q
q 0 0 0 rg BT 86.14 490.25 Td (general ) Tj ET Q
q 0 0 0 rg BT 117.84 490.25 Td (permission ) Tj ET Q
q 0 0 0 rg BT 164.01 490.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 185.72 490.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 200.22 490.25 Td (BMA) Tj ET Q
q 0 0 0 rg BT 222.45 490.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 224.73 490.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 234.78 490.25 Td (issue ) Tj ET Q
q 0 0 0 rg BT 257.06 490.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 273.78 490.25 Td (unissued ) Tj ET Q
q 0 0 0 rg BT 311.05 490.25 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 349.43 490.25 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 378.37 490.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 395.09 490.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 409.02 490.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 423.52 490.25 Td (free ) Tj ET Q
q 0 0 0 rg BT 441.33 490.25 Td (transferability ) Tj ET Q
q 0 0 0 rg BT 499.70 490.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 510.31 490.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 525.92 490.25 Td (Ordinary ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.25 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 79.37 478.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 90.42 478.25 Td (long ) Tj ET Q
q 0 0 0 rg BT 110.91 478.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 121.95 478.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 138.00 478.25 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 176.81 478.25 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 206.18 478.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 221.11 478.25 Td (listed ) Tj ET Q
q 0 0 0 rg BT 245.48 478.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 258.20 478.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 270.35 478.25 Td ("appointed ) Tj ET Q
q 0 0 0 rg BT 316.58 478.25 Td (stock ) Tj ET Q
q 0 0 0 rg BT 340.40 478.25 Td (exchange".Our ) Tj ET Q
q 0 0 0 rg BT 408.00 478.25 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 446.82 478.25 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 476.19 478.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 491.11 478.25 Td (listed ) Tj ET Q
q 0 0 0 rg BT 515.49 478.25 Td (on ) Tj ET Q
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q 0 0 0 rg BT 543.13 478.25 Td (New ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.25 Td (Y) Tj ET Q
q 0 0 0 rg BT 56.22 466.25 Td (ork, ) Tj ET Q
q 0 0 0 rg BT 73.53 466.25 Td (Oslo ) Tj ET Q
q 0 0 0 rg BT 93.90 466.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 109.82 466.25 Td (London ) Tj ET Q
q 0 0 0 rg BT 142.40 466.25 Td (Stock ) Tj ET Q
q 0 0 0 rg BT 166.66 466.25 Td (Exchanges. ) Tj ET Q
q 0 0 0 rg BT 213.85 466.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 230.87 466.25 Td (New ) Tj ET Q
q 0 0 0 rg BT 251.01 466.25 Td (Y) Tj ET Q
q 0 0 0 rg BT 257.23 466.25 Td (ork ) Tj ET Q
q 0 0 0 rg BT 272.04 466.25 Td (Stock ) Tj ET Q
q 0 0 0 rg BT 296.30 466.25 Td (Exchange, ) Tj ET Q
q 0 0 0 rg BT 339.70 466.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 365.62 466.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 373.77 466.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 384.68 466.25 Td ("appointed ) Tj ET Q
q 0 0 0 rg BT 429.68 466.25 Td (stock ) Tj ET Q
q 0 0 0 rg BT 452.27 466.25 Td (exchange" ) Tj ET Q
q 0 0 0 rg BT 495.58 466.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 503.73 466.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 517.42 466.25 Td (Company's ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.25 Td ("primary ) Tj ET Q
q 0 0 0 rg BT 88.47 454.25 Td (listing".Our ) Tj ET Q
q 0 0 0 rg BT 143.33 454.25 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 182.16 454.25 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 211.55 454.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 231.50 454.25 Td (therefore ) Tj ET Q
q 0 0 0 rg BT 270.31 454.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 282.48 454.25 Td (freely ) Tj ET Q
q 0 0 0 rg BT 308.53 454.25 Td (transferred ) Tj ET Q
q 0 0 0 rg BT 354.56 454.25 Td (among ) Tj ET Q
q 0 0 0 rg BT 384.51 454.25 Td (persons ) Tj ET Q
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q 0 0 0 rg BT 437.74 454.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 452.68 454.25 Td (residents ) Tj ET Q
q 0 0 0 rg BT 490.95 454.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 508.12 454.25 Td (non-residents ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.83 442.25 Td (Bermuda.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.25 Td (Although ) Tj ET Q
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q 0 0 0 rg BT 104.49 418.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 119.23 418.25 Td (incorporated ) Tj ET Q
q 0 0 0 rg BT 172.29 418.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 182.59 418.25 Td (Bermuda, ) Tj ET Q
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q 0 0 0 rg BT 238.46 418.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 253.19 418.25 Td (classified ) Tj ET Q
q 0 0 0 rg BT 293.48 418.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 304.34 418.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 311.31 418.25 Td (non-resident ) Tj ET Q
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q 0 0 0 rg BT 428.04 418.25 Td (exchange ) Tj ET Q
q 0 0 0 rg BT 468.33 418.25 Td (control ) Tj ET Q
q 0 0 0 rg BT 499.18 418.25 Td (purposes ) Tj ET Q
q 0 0 0 rg BT 537.26 418.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 549.78 418.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.25 Td (BMA.Other ) Tj ET Q
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q 0 0 0 rg BT 173.66 406.25 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 212.56 406.25 Td (Dollars ) Tj ET Q
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q 0 0 0 rg BT 259.27 406.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 269.85 406.25 Td (Bermuda, ) Tj ET Q
q 0 0 0 rg BT 311.25 406.25 Td (there ) Tj ET Q
q 0 0 0 rg BT 333.48 406.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 347.94 406.25 Td (no ) Tj ET Q
q 0 0 0 rg BT 360.19 406.25 Td (restrictions ) Tj ET Q
q 0 0 0 rg BT 406.87 406.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 419.12 406.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 434.69 406.25 Td (ability ) Tj ET Q
q 0 0 0 rg BT 462.49 406.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 472.52 406.25 Td (transfer ) Tj ET Q
q 0 0 0 rg BT 505.30 406.25 Td (funds ) Tj ET Q
q 0 0 0 rg BT 529.77 406.25 Td (into ) Tj ET Q
q 0 0 0 rg BT 547.58 406.25 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.25 Td (out ) Tj ET Q
q 0 0 0 rg BT 65.26 394.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 76.07 394.25 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 115.21 394.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 126.02 394.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 136.28 394.25 Td (pay ) Tj ET Q
q 0 0 0 rg BT 153.20 394.25 Td (dividends ) Tj ET Q
q 0 0 0 rg BT 194.57 394.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 204.83 394.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 225.10 394.25 Td (residents ) Tj ET Q
q 0 0 0 rg BT 263.13 394.25 Td (who ) Tj ET Q
q 0 0 0 rg BT 282.83 394.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 297.52 394.25 Td (holders ) Tj ET Q
q 0 0 0 rg BT 329.44 394.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 340.25 394.25 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 378.83 394.25 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 407.97 394.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 418.78 394.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 441.81 394.25 Td (nonresidents ) Tj ET Q
q 0 0 0 rg BT 494.84 394.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 505.65 394.25 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 544.79 394.25 Td (who ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 64.71 382.25 Td (holders ) Tj ET Q
q 0 0 0 rg BT 96.65 382.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 107.48 382.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 123.31 382.25 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 161.90 382.25 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 191.06 382.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 201.34 382.25 Td (currency ) Tj ET Q
q 0 0 0 rg BT 238.82 382.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 261.87 382.25 Td (than ) Tj ET Q
q 0 0 0 rg BT 281.58 382.25 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 320.74 382.25 Td (Dollars.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.25 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.54 358.25 Td (accordance ) Tj ET Q
q 0 0 0 rg BT 107.71 358.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 127.70 358.25 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 166.56 358.25 Td (law) Tj ET Q
q 0 0 0 rg BT 180.35 358.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 185.06 358.25 Td (share ) Tj ET Q
q 0 0 0 rg BT 208.37 358.25 Td (certificates ) Tj ET Q
q 0 0 0 rg BT 254.44 358.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 273.86 358.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 285.51 358.25 Td (issued ) Tj ET Q
q 0 0 0 rg BT 312.72 358.25 Td (only ) Tj ET Q
q 0 0 0 rg BT 332.71 358.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 342.70 358.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 357.12 358.25 Td (names ) Tj ET Q
q 0 0 0 rg BT 384.88 358.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 395.42 358.25 Td (corporations, ) Tj ET Q
q 0 0 0 rg BT 450.11 358.25 Td (individuals ) Tj ET Q
q 0 0 0 rg BT 496.77 358.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 507.30 358.25 Td (legal ) Tj ET Q
q 0 0 0 rg BT 528.95 358.25 Td (persons. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.25 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.86 346.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 75.61 346.25 Td (case ) Tj ET Q
q 0 0 0 rg BT 95.34 346.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 106.20 346.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 118.17 346.25 Td (applicant ) Tj ET Q
q 0 0 0 rg BT 157.35 346.25 Td (acting ) Tj ET Q
q 0 0 0 rg BT 184.31 346.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 194.62 346.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 201.59 346.25 Td (special ) Tj ET Q
q 0 0 0 rg BT 231.88 346.25 Td (capacity ) Tj ET Q
q 0 0 0 rg BT 267.72 346.25 Td (\(for ) Tj ET Q
q 0 0 0 rg BT 285.24 346.25 Td (example, ) Tj ET Q
q 0 0 0 rg BT 324.14 346.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 335.00 346.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 346.97 346.25 Td (executor ) Tj ET Q
q 0 0 0 rg BT 383.92 346.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 394.78 346.25 Td (trustee\), ) Tj ET Q
q 0 0 0 rg BT 429.79 346.25 Td (certificates ) Tj ET Q
q 0 0 0 rg BT 476.18 346.25 Td (may) Tj ET Q
q 0 0 0 rg BT 492.75 346.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 497.78 346.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 507.52 346.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 522.27 346.25 Td (request ) Tj ET Q
q 0 0 0 rg BT 553.68 346.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.43 334.25 Td (applicant, ) Tj ET Q
q 0 0 0 rg BT 105.79 334.25 Td (record ) Tj ET Q
q 0 0 0 rg BT 133.54 334.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 147.96 334.25 Td (capacity ) Tj ET Q
q 0 0 0 rg BT 183.49 334.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 193.48 334.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 220.13 334.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 234.55 334.25 Td (applicant ) Tj ET Q
q 0 0 0 rg BT 273.41 334.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 282.29 334.25 Td (acting. ) Tj ET Q
q 0 0 0 rg BT 311.44 334.25 Td (Notwithstanding ) Tj ET Q
q 0 0 0 rg BT 380.32 334.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 394.74 334.25 Td (recording ) Tj ET Q
q 0 0 0 rg BT 435.27 334.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 445.81 334.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 462.46 334.25 Td (such ) Tj ET Q
q 0 0 0 rg BT 483.00 334.25 Td (special ) Tj ET Q
q 0 0 0 rg BT 512.98 334.25 Td (capacity) Tj ET Q
q 0 0 0 rg BT 545.64 334.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 550.35 334.25 Td (we ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 64.71 322.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 79.99 322.25 Td (bound ) Tj ET Q
q 0 0 0 rg BT 107.49 322.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 117.76 322.25 Td (investigate ) Tj ET Q
q 0 0 0 rg BT 163.58 322.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 174.41 322.25 Td (incur ) Tj ET Q
q 0 0 0 rg BT 197.46 322.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 214.40 322.25 Td (responsibility ) Tj ET Q
q 0 0 0 rg BT 271.34 322.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 281.62 322.25 Td (respect ) Tj ET Q
q 0 0 0 rg BT 312.44 322.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 323.27 322.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 337.98 322.25 Td (proper ) Tj ET Q
q 0 0 0 rg BT 366.58 322.25 Td (administration ) Tj ET Q
q 0 0 0 rg BT 426.85 322.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 437.68 322.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 454.62 322.25 Td (such ) Tj ET Q
q 0 0 0 rg BT 475.45 322.25 Td (estate ) Tj ET Q
q 0 0 0 rg BT 500.71 322.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 511.54 322.25 Td (trust.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.25 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 298.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.58 298.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 83.63 298.25 Td (take ) Tj ET Q
q 0 0 0 rg BT 102.79 298.25 Td (no ) Tj ET Q
q 0 0 0 rg BT 115.29 298.25 Td (notice ) Tj ET Q
q 0 0 0 rg BT 142.22 298.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 153.05 298.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 169.99 298.25 Td (trust ) Tj ET Q
q 0 0 0 rg BT 190.27 298.25 Td (applicable ) Tj ET Q
q 0 0 0 rg BT 233.86 298.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 244.14 298.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 261.07 298.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 271.90 298.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 287.73 298.25 Td (shares ) Tj ET Q
q 0 0 0 rg BT 315.22 298.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 326.05 298.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 349.10 298.25 Td (securities ) Tj ET Q
q 0 0 0 rg BT 389.37 298.25 Td (whether ) Tj ET Q
q 0 0 0 rg BT 424.07 298.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 434.90 298.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 450.18 298.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 464.34 298.25 Td (had ) Tj ET Q
q 0 0 0 rg BT 481.28 298.25 Td (notice ) Tj ET Q
q 0 0 0 rg BT 508.21 298.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 519.04 298.25 Td (such ) Tj ET Q
q 0 0 0 rg BT 539.87 298.25 Td (trust.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.25 Td (As ) Tj ET Q
q 0 0 0 rg BT 63.86 274.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 76.04 274.25 Td ("exempted ) Tj ET Q
q 0 0 0 rg BT 121.74 274.25 Td (company", ) Tj ET Q
q 0 0 0 rg BT 167.72 274.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 182.12 274.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 197.08 274.25 Td (exempt ) Tj ET Q
q 0 0 0 rg BT 229.25 274.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 251.44 274.25 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 290.83 274.25 Td (laws ) Tj ET Q
q 0 0 0 rg BT 311.91 274.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 339.09 274.25 Td (restrict ) Tj ET Q
q 0 0 0 rg BT 369.60 274.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 384.56 274.25 Td (percentage ) Tj ET Q
q 0 0 0 rg BT 430.61 274.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 441.68 274.25 Td (share ) Tj ET Q
q 0 0 0 rg BT 465.52 274.25 Td (capital ) Tj ET Q
q 0 0 0 rg BT 494.92 274.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 512.66 274.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 532.62 274.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 544.80 274.25 Td (held ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 63.66 262.25 Td (non-Bermudians, ) Tj ET Q
q 0 0 0 rg BT 136.48 262.25 Td (but ) Tj ET Q
q 0 0 0 rg BT 152.92 262.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 164.91 262.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 178.01 262.25 Td (exempted ) Tj ET Q
q 0 0 0 rg BT 220.54 262.25 Td (company) Tj ET Q
q 0 0 0 rg BT 256.55 262.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 262.71 262.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 278.03 262.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 298.91 262.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 315.35 262.25 Td (participate ) Tj ET Q
q 0 0 0 rg BT 361.21 262.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 372.64 262.25 Td (certain ) Tj ET Q
q 0 0 0 rg BT 403.51 262.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 441.06 262.25 Td (transactions ) Tj ET Q
q 0 0 0 rg BT 492.49 262.25 Td (including: ) Tj ET Q
q 0 0 0 rg BT 536.70 262.25 Td (\(i\) ) Tj ET Q
q 0 0 0 rg BT 549.80 262.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.25 Td (acquisition ) Tj ET Q
q 0 0 0 rg BT 96.42 250.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 107.28 250.25 Td (holding ) Tj ET Q
q 0 0 0 rg BT 140.37 250.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 151.23 250.25 Td (land ) Tj ET Q
q 0 0 0 rg BT 170.98 250.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 181.29 250.25 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 220.48 250.25 Td (\(except ) Tj ET Q
q 0 0 0 rg BT 252.44 250.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 269.97 250.25 Td (required ) Tj ET Q
q 0 0 0 rg BT 305.82 250.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 320.01 250.25 Td (its ) Tj ET Q
q 0 0 0 rg BT 331.99 250.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 368.42 250.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 385.39 250.25 Td (held ) Tj ET Q
q 0 0 0 rg BT 405.14 250.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 417.67 250.25 Td (way ) Tj ET Q
q 0 0 0 rg BT 436.86 250.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 447.73 250.25 Td (lease ) Tj ET Q
q 0 0 0 rg BT 470.25 250.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 481.11 250.25 Td (tenancy ) Tj ET Q
q 0 0 0 rg BT 514.74 250.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 528.93 250.25 Td (terms ) Tj ET Q
q 0 0 0 rg BT 553.68 250.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 66.05 238.25 Td (more ) Tj ET Q
q 0 0 0 rg BT 89.87 238.25 Td (than ) Tj ET Q
q 0 0 0 rg BT 110.36 238.25 Td (21 ) Tj ET Q
q 0 0 0 rg BT 123.64 238.25 Td (years\) ) Tj ET Q
q 0 0 0 rg BT 151.34 238.25 Td (without ) Tj ET Q
q 0 0 0 rg BT 185.17 238.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 200.66 238.25 Td (express ) Tj ET Q
q 0 0 0 rg BT 233.93 238.25 Td (authorization ) Tj ET Q
q 0 0 0 rg BT 289.96 238.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 301.56 238.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 317.05 238.25 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 356.98 238.25 Td (legislature; ) Tj ET Q
q 0 0 0 rg BT 404.69 238.25 Td (\(ii\) ) Tj ET Q
q 0 0 0 rg BT 420.18 238.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 435.67 238.25 Td (taking ) Tj ET Q
q 0 0 0 rg BT 463.94 238.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 475.54 238.25 Td (mortgages ) Tj ET Q
q 0 0 0 rg BT 520.47 238.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 533.74 238.25 Td (land ) Tj ET Q
q 0 0 0 rg BT 554.23 238.25 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.25 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 88.98 226.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 99.09 226.25 Td (secure ) Tj ET Q
q 0 0 0 rg BT 126.96 226.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 138.73 226.25 Td (amount ) Tj ET Q
q 0 0 0 rg BT 171.05 226.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 181.16 226.25 Td (excess ) Tj ET Q
q 0 0 0 rg BT 209.58 226.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 220.24 226.25 Td ($50,000 ) Tj ET Q
q 0 0 0 rg BT 255.07 226.25 Td (without ) Tj ET Q
q 0 0 0 rg BT 287.96 226.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 302.50 226.25 Td (consent ) Tj ET Q
q 0 0 0 rg BT 335.38 226.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 346.04 226.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 360.59 226.25 Td (Minister ) Tj ET Q
q 0 0 0 rg BT 396.80 226.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 407.46 226.25 Td (Business ) Tj ET Q
q 0 0 0 rg BT 445.35 226.25 Td (Development ) Tj ET Q
q 0 0 0 rg BT 501.55 226.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 518.15 226.25 Td (T) Tj ET Q
q 0 0 0 rg BT 523.56 226.25 Td (ourism ) Tj ET Q
q 0 0 0 rg BT 553.67 226.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.25 Td (Bermuda; ) Tj ET Q
q 0 0 0 rg BT 91.93 214.25 Td (\(iii\) ) Tj ET Q
q 0 0 0 rg BT 109.42 214.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 124.14 214.25 Td (acquisition ) Tj ET Q
q 0 0 0 rg BT 170.51 214.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 181.34 214.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 198.28 214.25 Td (bonds ) Tj ET Q
q 0 0 0 rg BT 224.66 214.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 235.49 214.25 Td (debentures ) Tj ET Q
q 0 0 0 rg BT 281.30 214.25 Td (secured ) Tj ET Q
q 0 0 0 rg BT 314.34 214.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 326.83 214.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 343.77 214.25 Td (land ) Tj ET Q
q 0 0 0 rg BT 363.48 214.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 373.76 214.25 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 412.91 214.25 Td (except ) Tj ET Q
q 0 0 0 rg BT 441.50 214.25 Td (bonds ) Tj ET Q
q 0 0 0 rg BT 467.89 214.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 478.71 214.25 Td (debentures ) Tj ET Q
q 0 0 0 rg BT 524.52 214.25 Td (issued ) Tj ET Q
q 0 0 0 rg BT 552.02 214.25 Td (by ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 65.21 202.25 Td (Government ) Tj ET Q
q 0 0 0 rg BT 118.18 202.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 129.50 202.25 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 169.14 202.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 180.46 202.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 193.45 202.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 200.87 202.25 Td (public ) Tj ET Q
q 0 0 0 rg BT 228.86 202.25 Td (authority ) Tj ET Q
q 0 0 0 rg BT 267.95 202.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 278.72 202.25 Td (Bermuda; ) Tj ET Q
q 0 0 0 rg BT 321.14 202.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 332.46 202.25 Td (\(iv\) ) Tj ET Q
q 0 0 0 rg BT 349.88 202.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 365.09 202.25 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 401.39 202.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 414.38 202.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 425.70 202.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 462.58 202.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 473.90 202.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 491.32 202.25 Td (kind ) Tj ET Q
q 0 0 0 rg BT 512.09 202.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 522.86 202.25 Td (Bermuda, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.25 Td (except ) Tj ET Q
q 0 0 0 rg BT 78.20 190.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 88.08 190.25 Td (so ) Tj ET Q
q 0 0 0 rg BT 99.08 190.25 Td (far ) Tj ET Q
q 0 0 0 rg BT 112.28 190.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 122.71 190.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 142.04 190.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 153.58 190.25 Td (necessary ) Tj ET Q
q 0 0 0 rg BT 194.55 190.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 208.32 190.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 222.64 190.25 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 258.06 190.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 270.16 190.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 280.60 190.25 Td (its ) Tj ET Q
q 0 0 0 rg BT 292.15 190.25 Td (business ) Tj ET Q
q 0 0 0 rg BT 328.14 190.25 Td (outside ) Tj ET Q
q 0 0 0 rg BT 359.14 190.25 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 397.90 190.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 408.33 190.25 Td (under ) Tj ET Q
q 0 0 0 rg BT 433.20 190.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 439.75 190.25 Td (license ) Tj ET Q
q 0 0 0 rg BT 469.61 190.25 Td (granted ) Tj ET Q
q 0 0 0 rg BT 501.70 190.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 513.81 190.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 528.13 190.25 Td (Minister ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.83 178.25 Td (Business ) Tj ET Q
q 0 0 0 rg BT 98.89 178.25 Td (Development ) Tj ET Q
q 0 0 0 rg BT 155.26 178.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 172.02 178.25 Td (T) Tj ET Q
q 0 0 0 rg BT 177.43 178.25 Td (ourism ) Tj ET Q
q 0 0 0 rg BT 207.71 178.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 218.54 178.25 Td (Bermuda.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 154.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.36 154.25 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 107.84 154.25 Td (government ) Tj ET Q
q 0 0 0 rg BT 158.42 154.25 Td (actively ) Tj ET Q
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endstream
endobj
214 0 obj
<<
/Length 34443
>>
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BT /F1 9.00 Tf ET
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q 0 0 0 rg BT 363.83 514.25 Td (100% ) Tj ET Q
q 0 0 0 rg BT 389.66 514.25 Td (United ) Tj ET Q
q 0 0 0 rg BT 419.38 514.25 Td (States ) Tj ET Q
q 0 0 0 rg BT 445.76 514.25 Td (source ) Tj ET Q
q 0 0 0 rg BT 474.36 514.25 Td (income.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.25 Td (Shipping ) Tj ET Q
q 0 0 0 rg BT 88.02 490.25 Td (income ) Tj ET Q
q 0 0 0 rg BT 119.36 490.25 Td (attributable ) Tj ET Q
q 0 0 0 rg BT 166.80 490.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 176.48 490.25 Td (transportation ) Tj ET Q
q 0 0 0 rg BT 233.93 490.25 Td (exclusively ) Tj ET Q
q 0 0 0 rg BT 281.38 490.25 Td (between ) Tj ET Q
q 0 0 0 rg BT 316.60 490.25 Td (non-United ) Tj ET Q
q 0 0 0 rg BT 364.05 490.25 Td (States ) Tj ET Q
q 0 0 0 rg BT 389.84 490.25 Td (ports ) Tj ET Q
q 0 0 0 rg BT 411.74 490.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 429.20 490.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 440.55 490.25 Td (considered ) Tj ET Q
q 0 0 0 rg BT 485.77 490.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 495.45 490.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 506.79 490.25 Td (100% ) Tj ET Q
q 0 0 0 rg BT 532.03 490.25 Td (derived ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 72.43 478.25 Td (sources ) Tj ET Q
q 0 0 0 rg BT 105.41 478.25 Td (outside ) Tj ET Q
q 0 0 0 rg BT 137.29 478.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 152.50 478.25 Td (United ) Tj ET Q
q 0 0 0 rg BT 182.70 478.25 Td (States. ) Tj ET Q
q 0 0 0 rg BT 212.08 478.25 Td (Shipping ) Tj ET Q
q 0 0 0 rg BT 251.19 478.25 Td (income ) Tj ET Q
q 0 0 0 rg BT 283.61 478.25 Td (derived ) Tj ET Q
q 0 0 0 rg BT 316.59 478.25 Td (from ) Tj ET Q
q 0 0 0 rg BT 339.02 478.25 Td (sources ) Tj ET Q
q 0 0 0 rg BT 372.00 478.25 Td (outside ) Tj ET Q
q 0 0 0 rg BT 403.88 478.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 419.08 478.25 Td (United ) Tj ET Q
q 0 0 0 rg BT 449.29 478.25 Td (States ) Tj ET Q
q 0 0 0 rg BT 476.17 478.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 494.72 478.25 Td (not ) Tj ET Q
q 0 0 0 rg BT 510.49 478.25 Td (be ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.25 Td (United ) Tj ET Q
q 0 0 0 rg BT 79.72 466.25 Td (States ) Tj ET Q
q 0 0 0 rg BT 106.10 466.25 Td (federal ) Tj ET Q
q 0 0 0 rg BT 136.36 466.25 Td (income ) Tj ET Q
q 0 0 0 rg BT 168.29 466.25 Td (tax.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.25 Td (Based ) Tj ET Q
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q 0 0 0 rg BT 289.30 442.25 Td (operations, ) Tj ET Q
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q 0 0 0 rg BT 396.62 442.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 427.08 442.25 Td (will ) Tj ET Q
q 0 0 0 rg BT 444.76 442.25 Td (operate ) Tj ET Q
q 0 0 0 rg BT 476.30 442.25 Td (in ) Tj ET Q
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q 0 0 0 rg BT 517.77 442.25 Td (parts ) Tj ET Q
q 0 0 0 rg BT 539.33 442.25 Td (of ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.25 Td (world, ) Tj ET Q
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q 0 0 0 rg BT 191.07 430.25 Td (States ) Tj ET Q
q 0 0 0 rg BT 217.41 430.25 Td (ports. ) Tj ET Q
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q 0 0 0 rg BT 272.04 430.25 Td (exempt ) Tj ET Q
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q 0 0 0 rg BT 355.48 430.25 Td (States ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 322.25 Td (\(i\) ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 286.25 Td (\(ii\) ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 254.32 Td () Tj ET Q
BT /F3 10.00 Tf ET
/GS0 gs
q 6.00 0 0 10.09 98.00 252.16 cm
/I26 Do Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 123.00 254.32 Td (the ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 219.32 Td () Tj ET Q
BT /F3 10.00 Tf ET
/GS0 gs
q 6.00 0 0 10.09 98.00 217.16 cm
/I27 Do Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 123.00 219.32 Td (more ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 123.00 199.32 Td (of ) Tj ET Q
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q 0 0 0 rg BT 253.88 199.32 Td (the ) Tj ET Q
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q 0 0 0 rg BT 335.54 199.32 Td (T) Tj ET Q
q 0 0 0 rg BT 340.95 199.32 Td (est.) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 160.25 Td (The ) Tj ET Q
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q 0 0 0 rg BT 97.54 160.25 Td (States ) Tj ET Q
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q 0 0 0 rg BT 129.40 160.25 Td (reasury ) Tj ET Q
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q 0 0 0 rg BT 314.31 160.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 328.92 160.25 Td (country ) Tj ET Q
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endstream
endobj
215 0 obj
<<
/Length 35032
>>
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BT /F1 9.00 Tf ET
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<<
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q 0 0 0 rg BT 236.81 634.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 251.55 634.10 Td (eligible ) Tj ET Q
q 0 0 0 rg BT 283.51 634.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 297.14 634.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 319.65 634.10 Td (preferential ) Tj ET Q
q 0 0 0 rg BT 367.70 634.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 388.54 634.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 406.06 634.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 417.47 634.10 Td (taxed ) Tj ET Q
q 0 0 0 rg BT 441.09 634.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 451.39 634.10 Td (ordinary ) Tj ET Q
q 0 0 0 rg BT 487.23 634.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 518.63 634.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 528.38 634.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 534.78 634.10 Td (United ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 76.39 622.10 Td (Holder) Tj ET Q
q 0 0 0 rg BT 103.60 622.10 Td (.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (Sale, ) Tj ET Q
q 0 0 0 rg BT 72.78 598.10 Td (Exchange ) Tj ET Q
q 0 0 0 rg BT 116.95 598.10 Td (or) Tj ET Q
q 0 0 0 rg BT 126.21 598.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 128.71 598.10 Td (other) Tj ET Q
q 0 0 0 rg BT 151.29 598.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 153.79 598.10 Td (Disposition ) Tj ET Q
q 0 0 0 rg BT 204.09 598.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 214.92 598.10 Td (Common ) Tj ET Q
q 0 0 0 rg BT 256.86 598.10 Td (Stock) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (Assuming ) Tj ET Q
q 0 0 0 rg BT 93.31 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 108.27 574.10 Td (Company ) Tj ET Q
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q 0 0 0 rg BT 385.17 574.10 Td (for ) Tj ET Q
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q 0 0 0 rg BT 465.20 574.10 Td (, ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 149.47 562.10 Td (taxable ) Tj ET Q
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q 0 0 0 rg BT 427.00 562.10 Td (Company's ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 256.02 538.10 Td (in ) Tj ET Q
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q 0 0 0 rg BT 280.68 538.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 319.12 538.10 Td (Shares.Such ) Tj ET Q
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q 0 0 0 rg BT 405.83 538.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 423.73 538.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 441.62 538.10 Td (be ) Tj ET Q
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q 0 0 0 rg BT 482.93 538.10 Td (as ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 399.24 514.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 408.41 514.10 Td (subject ) Tj ET Q
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BT /F2 10.00 Tf ET
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q 0 0 0 rg BT 309.94 490.10 Td (T) Tj ET Q
q 0 0 0 rg BT 315.69 490.10 Td (ax ) Tj ET Q
q 0 0 0 rg BT 328.19 490.10 Td (Consequences) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 111.31 466.10 Td (States ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (as ) Tj ET Q
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q 0 0 0 rg BT 129.51 454.10 Td (investment ) Tj ET Q
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q 0 0 0 rg BT 301.91 454.10 Td (States ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 259.58 442.10 Td (Holder ) Tj ET Q
q 0 0 0 rg BT 290.05 442.10 Td (if, ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 167.34 430.10 Td (either;) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 234.04 370.10 Td (the ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 113.55 334.10 Td (determining ) Tj ET Q
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q 0 0 0 rg BT 293.39 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 307.53 334.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 348.34 334.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 365.82 334.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 377.19 334.10 Td (treated ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 146.63 322.10 Td (assets, ) Tj ET Q
q 0 0 0 rg BT 174.69 322.10 Td (respectively) Tj ET Q
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q 0 0 0 rg BT 237.62 322.10 Td (any ) Tj ET Q
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q 0 0 0 rg BT 264.84 322.10 Td (its ) Tj ET Q
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q 0 0 0 rg BT 319.84 322.10 Td (corporations ) Tj ET Q
q 0 0 0 rg BT 372.05 322.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 382.05 322.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 408.71 322.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 416.49 322.10 Td (owns ) Tj ET Q
q 0 0 0 rg BT 439.83 322.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 449.27 322.10 Td (least ) Tj ET Q
q 0 0 0 rg BT 469.82 322.10 Td (25% ) Tj ET Q
q 0 0 0 rg BT 490.37 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 500.92 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 515.36 322.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 539.24 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 549.80 322.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (subsidiary's ) Tj ET Q
q 0 0 0 rg BT 99.00 310.10 Td (stock.Income ) Tj ET Q
q 0 0 0 rg BT 159.79 310.10 Td (earned, ) Tj ET Q
q 0 0 0 rg BT 191.13 310.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 201.65 310.10 Td (deemed ) Tj ET Q
q 0 0 0 rg BT 234.94 310.10 Td (earned, ) Tj ET Q
q 0 0 0 rg BT 266.28 310.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 278.47 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 292.89 310.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 333.97 310.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 343.94 310.10 Td (connection ) Tj ET Q
q 0 0 0 rg BT 390.01 310.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 409.98 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 424.39 310.10 Td (performance ) Tj ET Q
q 0 0 0 rg BT 477.11 310.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 487.63 310.10 Td (services ) Tj ET Q
q 0 0 0 rg BT 522.04 310.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 549.23 310.10 Td (not ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td (constitute ) Tj ET Q
q 0 0 0 rg BT 90.92 298.10 Td (passive ) Tj ET Q
q 0 0 0 rg BT 122.41 298.10 Td (income.By ) Tj ET Q
q 0 0 0 rg BT 173.05 298.10 Td (contrast, ) Tj ET Q
q 0 0 0 rg BT 209.25 298.10 Td (rental ) Tj ET Q
q 0 0 0 rg BT 234.06 298.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 265.53 298.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 292.57 298.10 Td (generally ) Tj ET Q
q 0 0 0 rg BT 331.82 298.10 Td (constitute ) Tj ET Q
q 0 0 0 rg BT 372.74 298.10 Td ("passive ) Tj ET Q
q 0 0 0 rg BT 408.31 298.10 Td (income" ) Tj ET Q
q 0 0 0 rg BT 443.86 298.10 Td (unless ) Tj ET Q
q 0 0 0 rg BT 470.91 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 485.17 298.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 526.09 298.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 534.81 298.10 Td (treated ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 75.27 286.10 Td (specific ) Tj ET Q
q 0 0 0 rg BT 108.86 286.10 Td (rules ) Tj ET Q
q 0 0 0 rg BT 130.80 286.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 141.63 286.10 Td (deriving ) Tj ET Q
q 0 0 0 rg BT 177.46 286.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 189.40 286.10 Td (rental ) Tj ET Q
q 0 0 0 rg BT 214.67 286.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 246.60 286.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 256.88 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 271.60 286.10 Td (active ) Tj ET Q
q 0 0 0 rg BT 297.97 286.10 Td (conduct ) Tj ET Q
q 0 0 0 rg BT 332.12 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 342.95 286.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 349.89 286.10 Td (trade ) Tj ET Q
q 0 0 0 rg BT 372.38 286.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 383.21 286.10 Td (business.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (Based ) Tj ET Q
q 0 0 0 rg BT 76.99 262.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 89.55 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 104.32 262.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 151.46 262.10 Td (current ) Tj ET Q
q 0 0 0 rg BT 182.33 262.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 226.54 262.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 243.53 262.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 269.96 262.10 Td (projections, ) Tj ET Q
q 0 0 0 rg BT 319.45 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 334.22 262.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 375.67 262.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 396.55 262.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 411.88 262.10 Td (believe ) Tj ET Q
q 0 0 0 rg BT 443.31 262.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 460.86 262.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 468.97 262.10 Td (is, ) Tj ET Q
q 0 0 0 rg BT 480.70 262.10 Td (nor ) Tj ET Q
q 0 0 0 rg BT 496.58 262.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 517.47 262.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 525.58 262.10 Td (expect ) Tj ET Q
q 0 0 0 rg BT 554.23 262.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (become, ) Tj ET Q
q 0 0 0 rg BT 86.21 250.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 93.26 250.10 Td (PFIC ) Tj ET Q
q 0 0 0 rg BT 117.00 250.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 137.39 250.10 Td (respect ) Tj ET Q
q 0 0 0 rg BT 168.32 250.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 178.71 250.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 195.76 250.10 Td (taxable ) Tj ET Q
q 0 0 0 rg BT 227.25 250.10 Td (year) Tj ET Q
q 0 0 0 rg BT 243.90 250.10 Td (.) Tj ET Q
q 0 0 0 rg BT 250.85 250.10 Td (Although ) Tj ET Q
q 0 0 0 rg BT 291.24 250.10 Td (there ) Tj ET Q
q 0 0 0 rg BT 313.84 250.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 323.13 250.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 335.74 250.10 Td (legal ) Tj ET Q
q 0 0 0 rg BT 357.79 250.10 Td (authority ) Tj ET Q
q 0 0 0 rg BT 396.50 250.10 Td (directly ) Tj ET Q
q 0 0 0 rg BT 429.66 250.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 442.27 250.10 Td (point, ) Tj ET Q
q 0 0 0 rg BT 467.94 250.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 482.78 250.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 529.97 250.10 Td (belief ) Tj ET Q
q 0 0 0 rg BT 555.35 250.10 Td (is ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (based ) Tj ET Q
q 0 0 0 rg BT 74.68 238.10 Td (principally ) Tj ET Q
q 0 0 0 rg BT 119.91 238.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 131.82 238.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 145.95 238.10 Td (position ) Tj ET Q
q 0 0 0 rg BT 180.09 238.10 Td (that, ) Tj ET Q
q 0 0 0 rg BT 199.49 238.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 213.06 238.10 Td (purposes ) Tj ET Q
q 0 0 0 rg BT 250.52 238.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 260.77 238.10 Td (determining ) Tj ET Q
q 0 0 0 rg BT 311.00 238.10 Td (whether ) Tj ET Q
q 0 0 0 rg BT 345.11 238.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 359.24 238.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 400.04 238.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 408.62 238.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 414.97 238.10 Td (PFIC, ) Tj ET Q
q 0 0 0 rg BT 440.50 238.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 454.63 238.10 Td (gross ) Tj ET Q
q 0 0 0 rg BT 477.65 238.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 509.00 238.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 523.13 238.10 Td (Company ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (derives ) Tj ET Q
q 0 0 0 rg BT 81.17 226.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 91.80 226.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 100.77 226.10 Td (deemed ) Tj ET Q
q 0 0 0 rg BT 134.16 226.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 144.24 226.10 Td (derive ) Tj ET Q
q 0 0 0 rg BT 171.52 226.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 193.25 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 207.77 226.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 227.84 226.10 Td (chartering ) Tj ET Q
q 0 0 0 rg BT 270.67 226.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 287.40 226.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 318.58 226.10 Td (chartering ) Tj ET Q
q 0 0 0 rg BT 361.41 226.10 Td (activities ) Tj ET Q
q 0 0 0 rg BT 399.80 226.10 Td (should ) Tj ET Q
q 0 0 0 rg BT 428.77 226.10 Td (constitute ) Tj ET Q
q 0 0 0 rg BT 469.95 226.10 Td (services ) Tj ET Q
q 0 0 0 rg BT 504.46 226.10 Td (income, ) Tj ET Q
q 0 0 0 rg BT 538.69 226.10 Td (rather ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 69.59 214.10 Td (rental ) Tj ET Q
q 0 0 0 rg BT 94.74 214.10 Td (income.Correspondingly) Tj ET Q
q 0 0 0 rg BT 198.24 214.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 203.12 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 217.71 214.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 258.97 214.10 Td (believes ) Tj ET Q
q 0 0 0 rg BT 294.12 214.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 311.49 214.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 332.20 214.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 364.01 214.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 384.72 214.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 399.87 214.10 Td (constitute ) Tj ET Q
q 0 0 0 rg BT 441.13 214.10 Td (passive ) Tj ET Q
q 0 0 0 rg BT 472.95 214.10 Td (income, ) Tj ET Q
q 0 0 0 rg BT 507.26 214.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 524.08 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 538.67 214.10 Td (assets ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 66.59 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 80.40 202.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 120.89 202.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 130.81 202.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 141.86 202.10 Td (wholly-owned ) Tj ET Q
q 0 0 0 rg BT 201.22 202.10 Td (subsidiaries ) Tj ET Q
q 0 0 0 rg BT 250.03 202.10 Td (own ) Tj ET Q
q 0 0 0 rg BT 268.85 202.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 284.88 202.10 Td (operate ) Tj ET Q
q 0 0 0 rg BT 315.90 202.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 325.28 202.10 Td (connection ) Tj ET Q
q 0 0 0 rg BT 370.75 202.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 390.12 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 403.93 202.10 Td (production ) Tj ET Q
q 0 0 0 rg BT 448.85 202.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 458.78 202.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 478.70 202.10 Td (income, ) Tj ET Q
q 0 0 0 rg BT 512.23 202.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 521.61 202.10 Td (particular) Tj ET Q
q 0 0 0 rg BT 559.52 202.10 Td (, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 65.00 190.10 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 98.62 190.10 Td (do ) Tj ET Q
q 0 0 0 rg BT 111.41 190.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 126.97 190.10 Td (constitute ) Tj ET Q
q 0 0 0 rg BT 168.64 190.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 194.76 190.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 212.54 190.10 Td (produce, ) Tj ET Q
q 0 0 0 rg BT 250.04 190.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 261.15 190.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 276.15 190.10 Td (held ) Tj ET Q
q 0 0 0 rg BT 296.15 190.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 310.60 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 325.60 190.10 Td (production ) Tj ET Q
q 0 0 0 rg BT 371.71 190.10 Td (of, ) Tj ET Q
q 0 0 0 rg BT 385.33 190.10 Td (passive ) Tj ET Q
q 0 0 0 rg BT 417.56 190.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 449.78 190.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 464.23 190.10 Td (purposes ) Tj ET Q
q 0 0 0 rg BT 502.56 190.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 513.68 190.10 Td (determining ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.10 Td (whether ) Tj ET Q
q 0 0 0 rg BT 84.71 178.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 99.42 178.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 140.81 178.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 149.98 178.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 156.92 178.10 Td (PFIC.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 154.10 Td (Although ) Tj ET Q
q 0 0 0 rg BT 89.34 154.10 Td (there ) Tj ET Q
q 0 0 0 rg BT 110.88 154.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 119.11 154.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 130.67 154.10 Td (direct ) Tj ET Q
q 0 0 0 rg BT 154.99 154.10 Td (legal ) Tj ET Q
q 0 0 0 rg BT 175.99 154.10 Td (authority ) Tj ET Q
q 0 0 0 rg BT 213.65 154.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 237.98 154.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 251.75 154.10 Td (PFIC ) Tj ET Q
q 0 0 0 rg BT 274.43 154.10 Td (rules, ) Tj ET Q
q 0 0 0 rg BT 297.93 154.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 311.71 154.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 352.15 154.10 Td (believes ) Tj ET Q
q 0 0 0 rg BT 386.48 154.10 Td (there ) Tj ET Q
q 0 0 0 rg BT 408.02 154.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 416.25 154.10 Td (substantial ) Tj ET Q
q 0 0 0 rg BT 460.58 154.10 Td (legal ) Tj ET Q
q 0 0 0 rg BT 481.57 154.10 Td (authority ) Tj ET Q
q 0 0 0 rg BT 519.24 154.10 Td (supporting ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 142.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 63.23 142.10 Td (position ) Tj ET Q
q 0 0 0 rg BT 99.25 142.10 Td (consisting ) Tj ET Q
q 0 0 0 rg BT 143.59 142.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 155.70 142.10 Td (case ) Tj ET Q
q 0 0 0 rg BT 176.69 142.10 Td (law ) Tj ET Q
q 0 0 0 rg BT 194.92 142.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 213.14 142.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 244.14 142.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 271.82 142.10 Td (Internal ) Tj ET Q
q 0 0 0 rg BT 306.69 142.10 Td (Revenue ) Tj ET Q
q 0 0 0 rg BT 345.46 142.10 Td (Service, ) Tj ET Q
q 0 0 0 rg BT 381.74 142.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 393.85 142.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 409.85 142.10 Td (IRS, ) Tj ET Q
q 0 0 0 rg BT 431.70 142.10 Td (pronouncements ) Tj ET Q
q 0 0 0 rg BT 501.58 142.10 Td (concerning ) Tj ET Q
q 0 0 0 rg BT 549.79 142.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 130.10 Td (characterization ) Tj ET Q
q 0 0 0 rg BT 117.00 130.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 128.48 130.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 161.07 130.10 Td (derived ) Tj ET Q
q 0 0 0 rg BT 194.21 130.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 216.80 130.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 237.73 130.10 Td (charters, ) Tj ET Q
q 0 0 0 rg BT 275.03 130.10 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 312.61 130.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 347.41 130.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 365.00 130.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 397.03 130.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 431.83 130.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 443.32 130.10 Td (services ) Tj ET Q
q 0 0 0 rg BT 478.68 130.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 511.26 130.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 526.08 130.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 549.78 130.10 Td (tax ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 118.10 Td (purposes.However) Tj ET Q
q 0 0 0 rg BT 129.30 118.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 133.86 118.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 141.47 118.10 Td (should ) Tj ET Q
q 0 0 0 rg BT 170.20 118.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 181.70 118.10 Td (noted ) Tj ET Q
q 0 0 0 rg BT 205.97 118.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 223.03 118.10 Td (there ) Tj ET Q
q 0 0 0 rg BT 245.07 118.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 253.80 118.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 271.97 118.10 Td (authority ) Tj ET Q
q 0 0 0 rg BT 310.13 118.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 336.62 118.10 Td (characterizes ) Tj ET Q
q 0 0 0 rg BT 390.86 118.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 410.69 118.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 440.50 118.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 471.99 118.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 482.38 118.10 Td (rental ) Tj ET Q
q 0 0 0 rg BT 507.20 118.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 538.70 118.10 Td (rather ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 106.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 69.94 106.10 Td (services ) Tj ET Q
q 0 0 0 rg BT 104.87 106.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 137.03 106.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 151.42 106.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 174.69 106.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 189.63 106.10 Td (purposes. ) Tj ET Q
q 0 0 0 rg BT 229.80 106.10 Td (Accordingly) Tj ET Q
q 0 0 0 rg BT 279.14 106.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 284.36 106.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 294.87 106.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 309.81 106.10 Td (absence ) Tj ET Q
q 0 0 0 rg BT 344.18 106.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 355.23 106.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 372.40 106.10 Td (legal ) Tj ET Q
q 0 0 0 rg BT 394.55 106.10 Td (authority ) Tj ET Q
q 0 0 0 rg BT 433.38 106.10 Td (specifically ) Tj ET Q
q 0 0 0 rg BT 482.20 106.10 Td (relating ) Tj ET Q
q 0 0 0 rg BT 515.46 106.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 525.97 106.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 540.91 106.10 Td (Code ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 94.10 Td (provisions ) Tj ET Q
q 0 0 0 rg BT 94.36 94.10 Td (governing ) Tj ET Q
q 0 0 0 rg BT 137.60 94.10 Td (PFICs, ) Tj ET Q
q 0 0 0 rg BT 167.81 94.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 182.72 94.10 Td (IRS ) Tj ET Q
q 0 0 0 rg BT 200.97 94.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 211.99 94.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 219.12 94.10 Td (court ) Tj ET Q
q 0 0 0 rg BT 242.36 94.10 Td (could ) Tj ET Q
q 0 0 0 rg BT 267.27 94.10 Td (disagree ) Tj ET Q
q 0 0 0 rg BT 303.28 94.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 323.75 94.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 339.77 94.10 Td (position.In ) Tj ET Q
q 0 0 0 rg BT 390.52 94.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 428.48 94.10 Td (although ) Tj ET Q
q 0 0 0 rg BT 466.17 94.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 481.08 94.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 522.66 94.10 Td (intends ) Tj ET Q
q 0 0 0 rg BT 554.24 94.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 82.10 Td (conduct ) Tj ET Q
q 0 0 0 rg BT 83.42 82.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 94.64 82.10 Td (af) Tj ET Q
q 0 0 0 rg BT 102.22 82.10 Td (fairs ) Tj ET Q
q 0 0 0 rg BT 121.76 82.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 131.30 82.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 151.40 82.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 157.61 82.10 Td (manner ) Tj ET Q
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<<
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q 0 0 0 rg BT 308.41 538.10 Td (generally ) Tj ET Q
q 0 0 0 rg BT 347.96 538.10 Td (recognize ) Tj ET Q
q 0 0 0 rg BT 389.16 538.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 418.15 538.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 437.71 538.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 448.39 538.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 466.29 538.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 478.63 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 493.19 538.10 Td (sale, ) Tj ET Q
q 0 0 0 rg BT 513.58 538.10 Td (exchange ) Tj ET Q
q 0 0 0 rg BT 553.68 538.10 Td (or ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 72.19 526.10 Td (disposition ) Tj ET Q
q 0 0 0 rg BT 117.72 526.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 127.70 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 141.55 526.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 179.29 526.10 Td (Shares. ) Tj ET Q
q 0 0 0 rg BT 209.73 526.10 Td (A) Tj ET Q
q 0 0 0 rg BT 216.40 526.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 218.04 526.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 246.90 526.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 272.43 526.10 Td (Holder ) Tj ET Q
q 0 0 0 rg BT 301.83 526.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 319.03 526.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 330.11 526.10 Td (eligible ) Tj ET Q
q 0 0 0 rg BT 361.74 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 371.16 526.10 Td (make ) Tj ET Q
q 0 0 0 rg BT 394.46 526.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 400.54 526.10 Td (QEF ) Tj ET Q
q 0 0 0 rg BT 421.07 526.10 Td (Election ) Tj ET Q
q 0 0 0 rg BT 456.03 526.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 475.45 526.10 Td (respect ) Tj ET Q
q 0 0 0 rg BT 505.40 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 514.82 526.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 525.91 526.10 Td (Ordinary ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 79.31 514.10 Td (only ) Tj ET Q
q 0 0 0 rg BT 99.74 514.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 108.49 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 123.36 514.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 164.90 514.10 Td (provides ) Tj ET Q
q 0 0 0 rg BT 201.98 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 216.85 514.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 246.71 514.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 273.25 514.10 Td (Holder ) Tj ET Q
q 0 0 0 rg BT 303.67 514.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 324.09 514.10 Td (annual ) Tj ET Q
q 0 0 0 rg BT 353.40 514.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 368.26 514.10 Td (information ) Tj ET Q
q 0 0 0 rg BT 418.13 514.10 Td (relating ) Tj ET Q
q 0 0 0 rg BT 451.32 514.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 461.74 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 476.61 514.10 Td (Company) Tj ET Q
q 0 0 0 rg BT 514.85 514.10 Td (.) Tj ET Q
q 0 0 0 rg BT 522.17 514.10 Td (There ) Tj ET Q
q 0 0 0 rg BT 548.13 514.10 Td (can ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 61.94 502.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 74.44 502.10 Td (assurance ) Tj ET Q
q 0 0 0 rg BT 115.81 502.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 133.30 502.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 148.02 502.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 189.40 502.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 207.46 502.10 Td (provide ) Tj ET Q
q 0 0 0 rg BT 240.51 502.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 261.34 502.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 276.05 502.10 Td (information ) Tj ET Q
q 0 0 0 rg BT 325.77 502.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 338.27 502.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 350.21 502.10 Td (annual ) Tj ET Q
q 0 0 0 rg BT 379.36 502.10 Td (basis.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (T) Tj ET Q
q 0 0 0 rg BT 55.75 478.10 Td (axation ) Tj ET Q
q 0 0 0 rg BT 89.92 478.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 100.75 478.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 132.14 478.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 160.20 478.10 Td (Holders ) Tj ET Q
q 0 0 0 rg BT 196.58 478.10 Td (Making ) Tj ET Q
q 0 0 0 rg BT 232.42 478.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 239.92 478.10 Td ("Mark-to-Market" ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (Alternatively) Tj ET Q
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q 0 0 0 rg BT 106.62 454.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 114.74 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 128.97 454.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 169.87 454.10 Td (were ) Tj ET Q
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q 0 0 0 rg BT 201.10 454.10 Td (be ) Tj ET Q
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q 0 0 0 rg BT 241.76 454.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 252.10 454.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 258.55 454.10 Td (PFIC ) Tj ET Q
q 0 0 0 rg BT 281.69 454.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 295.36 454.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 311.81 454.10 Td (taxable ) Tj ET Q
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q 0 0 0 rg BT 361.91 454.10 Td (and, ) Tj ET Q
q 0 0 0 rg BT 380.86 454.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 391.21 454.10 Td (anticipated, ) Tj ET Q
q 0 0 0 rg BT 439.58 454.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 491.92 454.10 Td (Shares ) Tj ET Q
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q 0 0 0 rg BT 534.81 454.10 Td (treated ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 60.19 442.10 Td ("marketable ) Tj ET Q
q 0 0 0 rg BT 110.54 442.10 Td (stock," ) Tj ET Q
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q 0 0 0 rg BT 175.45 442.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 201.20 442.10 Td (Holder ) Tj ET Q
q 0 0 0 rg BT 230.82 442.10 Td (would ) Tj ET Q
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q 0 0 0 rg BT 268.97 442.10 Td (allowed ) Tj ET Q
q 0 0 0 rg BT 302.48 442.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 312.11 442.10 Td (make ) Tj ET Q
q 0 0 0 rg BT 335.63 442.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 341.92 442.10 Td (Mark-to-Market ) Tj ET Q
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q 0 0 0 rg BT 503.36 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 517.44 442.10 Td (Company's ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 184.29 430.10 Td (is ) Tj ET Q
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q 0 0 0 rg BT 220.48 430.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 265.28 430.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 291.85 430.10 Td (Holder ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 221.38 418.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 246.24 418.10 Td (of ) Tj ET Q
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q 0 0 0 rg BT 342.33 418.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 352.74 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 368.16 418.10 Td (end ) Tj ET Q
q 0 0 0 rg BT 385.79 418.10 Td (of ) Tj ET Q
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q 0 0 0 rg BT 465.21 418.10 Td (over ) Tj ET Q
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q 0 0 0 rg BT 538.12 418.10 Td (States ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 216.70 394.10 Td (Holder's ) Tj ET Q
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q 0 0 0 rg BT 288.71 394.10 Td (tax ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 125.93 382.10 Td (, ) Tj ET Q
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q 0 0 0 rg BT 222.82 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 234.39 382.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 265.29 382.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 298.52 382.10 Td (previously ) Tj ET Q
q 0 0 0 rg BT 343.97 382.10 Td (included ) Tj ET Q
q 0 0 0 rg BT 381.64 382.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 392.66 382.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 425.32 382.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 436.89 382.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 444.56 382.10 Td (result ) Tj ET Q
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q 0 0 0 rg BT 481.58 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 497.03 382.10 Td (Mark-to-Market ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 96.94 370.10 Td ( ) Tj ET Q
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q 0 0 0 rg BT 132.46 370.10 Td (States ) Tj ET Q
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q 0 0 0 rg BT 198.12 370.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 214.48 370.10 Td (basis ) Tj ET Q
q 0 0 0 rg BT 238.64 370.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 250.57 370.10 Td (his ) Tj ET Q
q 0 0 0 rg BT 266.39 370.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 306.64 370.10 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 337.46 370.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 366.61 370.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 380.20 370.10 Td (adjusted ) Tj ET Q
q 0 0 0 rg BT 417.68 370.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 429.61 370.10 Td (reflect ) Tj ET Q
q 0 0 0 rg BT 459.29 370.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 477.89 370.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 500.37 370.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 533.96 370.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 546.44 370.10 Td (loss ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (amount.Gain ) Tj ET Q
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q 0 0 0 rg BT 154.75 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 169.02 358.10 Td (sale, ) Tj ET Q
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q 0 0 0 rg BT 318.28 358.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 370.71 358.10 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 399.43 358.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 426.48 358.10 Td (be ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 217.05 346.10 Td (other ) Tj ET Q
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q 0 0 0 rg BT 286.26 346.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 296.97 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 311.57 346.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 350.05 346.10 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 379.10 346.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 406.48 346.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 418.30 346.10 Td (treated ) Tj ET Q
q 0 0 0 rg BT 447.89 346.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 458.60 346.10 Td (ordinary ) Tj ET Q
q 0 0 0 rg BT 494.86 346.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 512.80 346.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 522.96 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 537.56 346.10 Td (extent ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (that ) Tj ET Q
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q 0 0 0 rg BT 106.39 334.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 127.22 334.10 Td (not ) Tj ET Q
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q 0 0 0 rg BT 172.75 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 187.47 334.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 202.18 334.10 Td (mark-to-market ) Tj ET Q
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q 0 0 0 rg BT 291.04 334.10 Td (previously ) Tj ET Q
q 0 0 0 rg BT 335.76 334.10 Td (included ) Tj ET Q
q 0 0 0 rg BT 372.69 334.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 385.19 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 399.91 334.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 429.62 334.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 456.01 334.10 Td (Holder) Tj ET Q
q 0 0 0 rg BT 483.23 334.10 Td (.) Tj ET Q
BT /F2 10.00 Tf ET
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q 0 0 0 rg BT 100.75 310.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 132.14 310.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 160.20 310.10 Td (Holders ) Tj ET Q
q 0 0 0 rg BT 196.58 310.10 Td (Not ) Tj ET Q
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q 0 0 0 rg BT 264.28 310.10 Td (imely ) Tj ET Q
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q 0 0 0 rg BT 310.29 310.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 312.79 310.10 Td (or) Tj ET Q
q 0 0 0 rg BT 322.05 310.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 324.55 310.10 Td (Mark-to-Market ) Tj ET Q
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BT /F3 10.00 Tf ET
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endstream
endobj
218 0 obj
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/Length 41793
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stream
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BT /F1 9.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 73.83 358.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 84.34 358.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 96.51 358.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 117.02 358.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 142.52 358.10 Td (exceeds ) Tj ET Q
q 0 0 0 rg BT 176.35 358.10 Td ($75,000 ) Tj ET Q
q 0 0 0 rg BT 211.02 358.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 220.42 358.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 237.03 358.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 256.98 358.10 Td (during ) Tj ET Q
q 0 0 0 rg BT 285.27 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 299.66 358.10 Td (taxable ) Tj ET Q
q 0 0 0 rg BT 330.71 358.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 350.09 358.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 360.60 358.10 Td ($50,000 ) Tj ET Q
q 0 0 0 rg BT 395.28 358.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 407.45 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 421.85 358.10 Td (last ) Tj ET Q
q 0 0 0 rg BT 437.91 358.10 Td (day ) Tj ET Q
q 0 0 0 rg BT 454.53 358.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 465.03 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 479.43 358.10 Td (taxable ) Tj ET Q
q 0 0 0 rg BT 510.48 358.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 529.86 358.10 Td (\(or ) Tj ET Q
q 0 0 0 rg BT 543.70 358.10 Td (such ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (higher ) Tj ET Q
q 0 0 0 rg BT 77.88 346.10 Td (dollar ) Tj ET Q
q 0 0 0 rg BT 103.54 346.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 135.87 346.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 146.54 346.10 Td (prescribed ) Tj ET Q
q 0 0 0 rg BT 190.52 346.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 202.86 346.10 Td (applicable ) Tj ET Q
q 0 0 0 rg BT 246.11 346.10 Td (T) Tj ET Q
q 0 0 0 rg BT 251.87 346.10 Td (reasury ) Tj ET Q
q 0 0 0 rg BT 283.63 346.10 Td (regulations\).Specified ) Tj ET Q
q 0 0 0 rg BT 378.99 346.10 Td (foreign ) Tj ET Q
q 0 0 0 rg BT 410.21 346.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 447.52 346.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 473.19 346.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 500.52 346.10 Td (include, ) Tj ET Q
q 0 0 0 rg BT 534.79 346.10 Td (among ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 72.36 334.10 Td (assets, ) Tj ET Q
q 0 0 0 rg BT 100.00 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 114.02 334.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 151.93 334.10 Td (Shares, ) Tj ET Q
q 0 0 0 rg BT 182.90 334.10 Td (unless ) Tj ET Q
q 0 0 0 rg BT 209.71 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 223.73 334.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 261.64 334.10 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 290.11 334.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 304.13 334.10 Td (held ) Tj ET Q
q 0 0 0 rg BT 323.15 334.10 Td (through ) Tj ET Q
q 0 0 0 rg BT 356.07 334.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 367.32 334.10 Td (account ) Tj ET Q
q 0 0 0 rg BT 400.22 334.10 Td (maintained ) Tj ET Q
q 0 0 0 rg BT 446.46 334.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 466.04 334.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 472.29 334.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 501.32 334.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 527.01 334.10 Td (financial ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (institution. ) Tj ET Q
q 0 0 0 rg BT 94.60 322.10 Td (Substantial ) Tj ET Q
q 0 0 0 rg BT 140.57 322.10 Td (penalties ) Tj ET Q
q 0 0 0 rg BT 177.65 322.10 Td (apply ) Tj ET Q
q 0 0 0 rg BT 201.40 322.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 210.72 322.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 226.69 322.10 Td (failure ) Tj ET Q
q 0 0 0 rg BT 254.32 322.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 263.63 322.10 Td (timely ) Tj ET Q
q 0 0 0 rg BT 290.72 322.10 Td (file ) Tj ET Q
q 0 0 0 rg BT 305.58 322.10 Td (IRS ) Tj ET Q
q 0 0 0 rg BT 322.67 322.10 Td (Form ) Tj ET Q
q 0 0 0 rg BT 345.88 322.10 Td (8938, ) Tj ET Q
q 0 0 0 rg BT 369.91 322.10 Td (unless ) Tj ET Q
q 0 0 0 rg BT 396.45 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 410.20 322.10 Td (failure ) Tj ET Q
q 0 0 0 rg BT 437.83 322.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 446.03 322.10 Td (shown ) Tj ET Q
q 0 0 0 rg BT 473.68 322.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 482.99 322.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 493.96 322.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 509.94 322.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 519.25 322.10 Td (reasonable ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (cause ) Tj ET Q
q 0 0 0 rg BT 74.77 310.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 91.78 310.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 107.13 310.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 124.13 310.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 134.48 310.10 Td (willful ) Tj ET Q
q 0 0 0 rg BT 163.71 310.10 Td (neglect. ) Tj ET Q
q 0 0 0 rg BT 197.08 310.10 Td (Additionally) Tj ET Q
q 0 0 0 rg BT 246.98 310.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 252.05 310.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 262.40 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 277.18 310.10 Td (event ) Tj ET Q
q 0 0 0 rg BT 301.40 310.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 313.41 310.10 Td (individual ) Tj ET Q
q 0 0 0 rg BT 356.53 310.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 386.31 310.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 412.77 310.10 Td (Holder ) Tj ET Q
q 0 0 0 rg BT 443.10 310.10 Td (\(and ) Tj ET Q
q 0 0 0 rg BT 463.44 310.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 473.79 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 488.57 310.10 Td (extent ) Tj ET Q
q 0 0 0 rg BT 515.57 310.10 Td (specified ) Tj ET Q
q 0 0 0 rg BT 554.23 310.10 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td (applicable ) Tj ET Q
q 0 0 0 rg BT 93.45 298.10 Td (T) Tj ET Q
q 0 0 0 rg BT 99.21 298.10 Td (reasury ) Tj ET Q
q 0 0 0 rg BT 131.19 298.10 Td (regulations ) Tj ET Q
q 0 0 0 rg BT 178.17 298.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 185.15 298.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 214.92 298.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 241.35 298.10 Td (entity\) ) Tj ET Q
q 0 0 0 rg BT 270.00 298.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 287.55 298.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 296.76 298.10 Td (required ) Tj ET Q
q 0 0 0 rg BT 332.63 298.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 342.95 298.10 Td (file ) Tj ET Q
q 0 0 0 rg BT 358.83 298.10 Td (IRS ) Tj ET Q
q 0 0 0 rg BT 376.94 298.10 Td (Form ) Tj ET Q
q 0 0 0 rg BT 401.15 298.10 Td (8938 ) Tj ET Q
q 0 0 0 rg BT 423.70 298.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 444.58 298.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 459.91 298.10 Td (file ) Tj ET Q
q 0 0 0 rg BT 475.78 298.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 496.66 298.10 Td (form, ) Tj ET Q
q 0 0 0 rg BT 521.14 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 535.91 298.10 Td (statute ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.87 286.10 Td (limitations ) Tj ET Q
q 0 0 0 rg BT 106.18 286.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 118.72 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 133.47 286.10 Td (assessment ) Tj ET Q
q 0 0 0 rg BT 180.45 286.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 197.42 286.10 Td (collection ) Tj ET Q
q 0 0 0 rg BT 239.39 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 250.25 286.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 280.01 286.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 306.43 286.10 Td (federal ) Tj ET Q
q 0 0 0 rg BT 336.72 286.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 368.69 286.10 Td (taxes ) Tj ET Q
q 0 0 0 rg BT 391.77 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 402.64 286.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 423.51 286.10 Td (holder ) Tj ET Q
q 0 0 0 rg BT 451.59 286.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 465.79 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 480.54 286.10 Td (related ) Tj ET Q
q 0 0 0 rg BT 510.28 286.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 525.03 286.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 544.78 286.10 Td (may ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 65.94 274.10 Td (close ) Tj ET Q
q 0 0 0 rg BT 89.64 274.10 Td (until ) Tj ET Q
q 0 0 0 rg BT 111.14 274.10 Td (three ) Tj ET Q
q 0 0 0 rg BT 134.28 274.10 Td (years ) Tj ET Q
q 0 0 0 rg BT 158.54 274.10 Td (after ) Tj ET Q
q 0 0 0 rg BT 180.01 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 195.39 274.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 215.21 274.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 233.36 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 248.74 274.10 Td (required ) Tj ET Q
q 0 0 0 rg BT 285.21 274.10 Td (information ) Tj ET Q
q 0 0 0 rg BT 335.58 274.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 345.41 274.10 Td (filed.United ) Tj ET Q
q 0 0 0 rg BT 401.61 274.10 Td (States ) Tj ET Q
q 0 0 0 rg BT 428.66 274.10 Td (Holders ) Tj ET Q
q 0 0 0 rg BT 463.48 274.10 Td (\(including ) Tj ET Q
q 0 0 0 rg BT 507.74 274.10 Td (United ) Tj ET Q
q 0 0 0 rg BT 538.12 274.10 Td (States ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (entities\) ) Tj ET Q
q 0 0 0 rg BT 84.71 262.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 99.42 262.10 Td (encouraged ) Tj ET Q
q 0 0 0 rg BT 148.00 262.10 Td (consult ) Tj ET Q
q 0 0 0 rg BT 179.39 262.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 200.21 262.10 Td (own ) Tj ET Q
q 0 0 0 rg BT 219.94 262.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 234.65 262.10 Td (advisors ) Tj ET Q
q 0 0 0 rg BT 270.48 262.10 Td (regarding ) Tj ET Q
q 0 0 0 rg BT 311.30 262.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 332.12 262.10 Td (reporting ) Tj ET Q
q 0 0 0 rg BT 371.28 262.10 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 418.22 262.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 443.49 262.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 460.44 262.10 Td (legislation.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 92.32 238.10 Td (T) Tj ET Q
q 0 0 0 rg BT 98.07 238.10 Td (axation) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 62.95 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 73.12 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 87.17 214.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 105.66 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 115.83 214.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 132.11 214.10 Td (document, ) Tj ET Q
q 0 0 0 rg BT 175.88 214.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 189.38 214.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 203.42 214.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 218.03 214.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 248.19 214.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 257.81 214.10 Td (taxation ) Tj ET Q
q 0 0 0 rg BT 291.86 214.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 316.46 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 330.51 214.10 Td (laws ) Tj ET Q
q 0 0 0 rg BT 350.68 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 360.84 214.10 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 399.34 214.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 415.61 214.10 Td (distributions ) Tj ET Q
q 0 0 0 rg BT 467.45 214.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 477.07 214.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 487.79 214.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 499.63 214.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 514.79 214.10 Td (subsidiaries ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 68.54 202.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 83.19 202.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 98.40 202.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 129.16 202.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 139.38 202.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 156.25 202.10 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 195.34 202.10 Td (tax. ) Tj ET Q
q 0 0 0 rg BT 211.95 202.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 225.50 202.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 236.27 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 250.92 202.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 270.01 202.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 280.78 202.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 297.66 202.10 Td (document, ) Tj ET Q
q 0 0 0 rg BT 342.03 202.10 Td (there ) Tj ET Q
q 0 0 0 rg BT 364.45 202.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 373.56 202.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 385.99 202.10 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 425.08 202.10 Td (income, ) Tj ET Q
q 0 0 0 rg BT 459.45 202.10 Td (corporation ) Tj ET Q
q 0 0 0 rg BT 507.98 202.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 518.75 202.10 Td (profits ) Tj ET Q
q 0 0 0 rg BT 547.29 202.10 Td (tax, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (withholding ) Tj ET Q
q 0 0 0 rg BT 100.07 190.10 Td (tax, ) Tj ET Q
q 0 0 0 rg BT 116.53 190.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 144.92 190.10 Td (gains ) Tj ET Q
q 0 0 0 rg BT 167.76 190.10 Td (tax, ) Tj ET Q
q 0 0 0 rg BT 184.22 190.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 212.61 190.10 Td (transfer ) Tj ET Q
q 0 0 0 rg BT 244.88 190.10 Td (tax, ) Tj ET Q
q 0 0 0 rg BT 261.34 190.10 Td (estate ) Tj ET Q
q 0 0 0 rg BT 285.84 190.10 Td (duty ) Tj ET Q
q 0 0 0 rg BT 305.36 190.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 315.42 190.10 Td (inheritance ) Tj ET Q
q 0 0 0 rg BT 361.58 190.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 375.54 190.10 Td (payable ) Tj ET Q
q 0 0 0 rg BT 408.37 190.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 420.11 190.10 Td (non-residents ) Tj ET Q
q 0 0 0 rg BT 475.72 190.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 485.79 190.10 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 524.18 190.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 533.70 190.10 Td (respect ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.90 178.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 90.13 178.10 Td (gains ) Tj ET Q
q 0 0 0 rg BT 113.81 178.10 Td (realized ) Tj ET Q
q 0 0 0 rg BT 148.02 178.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 160.59 178.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 167.60 178.10 Td (disposition ) Tj ET Q
q 0 0 0 rg BT 214.07 178.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 224.97 178.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 240.88 178.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 279.55 178.10 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 308.78 178.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 319.68 178.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 330.03 178.10 Td (respect ) Tj ET Q
q 0 0 0 rg BT 360.92 178.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 371.82 178.10 Td (distributions ) Tj ET Q
q 0 0 0 rg BT 424.40 178.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 436.97 178.10 Td (us ) Tj ET Q
q 0 0 0 rg BT 448.43 178.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 468.79 178.10 Td (respect ) Tj ET Q
q 0 0 0 rg BT 499.67 178.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 510.02 178.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 525.93 178.10 Td (Ordinary ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.10 Td (Shares. ) Tj ET Q
q 0 0 0 rg BT 81.33 166.10 Td (This ) Tj ET Q
q 0 0 0 rg BT 101.45 166.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 122.12 166.10 Td (not, ) Tj ET Q
q 0 0 0 rg BT 139.74 166.10 Td (however) Tj ET Q
q 0 0 0 rg BT 173.77 166.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 178.61 166.10 Td (apply ) Tj ET Q
q 0 0 0 rg BT 203.16 166.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 213.28 166.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 227.84 166.10 Td (taxation ) Tj ET Q
q 0 0 0 rg BT 262.39 166.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 273.06 166.10 Td (persons ) Tj ET Q
q 0 0 0 rg BT 305.96 166.10 Td (ordinarily ) Tj ET Q
q 0 0 0 rg BT 347.73 166.10 Td (resident ) Tj ET Q
q 0 0 0 rg BT 381.72 166.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 391.84 166.10 Td (Bermuda. ) Tj ET Q
q 0 0 0 rg BT 433.34 166.10 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 472.33 166.10 Td (holders ) Tj ET Q
q 0 0 0 rg BT 504.11 166.10 Td (should ) Tj ET Q
q 0 0 0 rg BT 533.12 166.10 Td (consult ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 154.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 70.25 154.10 Td (own ) Tj ET Q
q 0 0 0 rg BT 89.39 154.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 103.53 154.10 Td (advisors ) Tj ET Q
q 0 0 0 rg BT 138.78 154.10 Td (regarding ) Tj ET Q
q 0 0 0 rg BT 179.02 154.10 Td (possible ) Tj ET Q
q 0 0 0 rg BT 213.72 154.10 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 252.29 154.10 Td (taxes ) Tj ET Q
q 0 0 0 rg BT 274.76 154.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 294.46 154.10 Td (respect ) Tj ET Q
q 0 0 0 rg BT 324.70 154.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 334.40 154.10 Td (dispositions ) Tj ET Q
q 0 0 0 rg BT 384.11 154.10 Td (of, ) Tj ET Q
q 0 0 0 rg BT 396.86 154.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 413.22 154.10 Td (distributions ) Tj ET Q
q 0 0 0 rg BT 465.14 154.10 Td (on, ) Tj ET Q
q 0 0 0 rg BT 479.57 154.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 494.82 154.10 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 532.84 154.10 Td (Shares.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 130.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.87 130.10 Td (Minister ) Tj ET Q
q 0 0 0 rg BT 104.08 130.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 114.73 130.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 148.71 130.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 158.81 130.10 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 197.79 130.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 213.45 130.10 Td (granted ) Tj ET Q
q 0 0 0 rg BT 245.75 130.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 260.29 130.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 301.50 130.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 308.27 130.10 Td (tax ) Tj ET Q
q 0 0 0 rg BT 322.81 130.10 Td (exempt ) Tj ET Q
q 0 0 0 rg BT 354.56 130.10 Td (status ) Tj ET Q
q 0 0 0 rg BT 379.66 130.10 Td (until ) Tj ET Q
q 0 0 0 rg BT 400.32 130.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 428.74 130.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 443.57 130.10 Td (2035, ) Tj ET Q
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endstream
endobj
219 0 obj
<<
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>>
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q 0 0 0 rg BT 463.59 431.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 469.87 431.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 488.92 431.10 Td (enter ) Tj ET Q
q 0 0 0 rg BT 510.74 431.10 Td (into ) Tj ET Q
q 0 0 0 rg BT 528.13 431.10 Td (Forward ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 419.10 Td (Freight ) Tj ET Q
q 0 0 0 rg BT 80.97 419.10 Td (Agreements, ) Tj ET Q
q 0 0 0 rg BT 134.47 419.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 145.47 419.10 Td (FF) Tj ET Q
q 0 0 0 rg BT 155.85 419.10 Td (As, ) Tj ET Q
q 0 0 0 rg BT 172.14 419.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 189.26 419.10 Td (futures ) Tj ET Q
q 0 0 0 rg BT 219.71 419.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 234.04 419.10 Td (trading ) Tj ET Q
q 0 0 0 rg BT 265.05 419.10 Td (purposes ) Tj ET Q
q 0 0 0 rg BT 303.27 419.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 313.73 419.10 Td (order ) Tj ET Q
q 0 0 0 rg BT 337.51 419.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 347.96 419.10 Td (manage ) Tj ET Q
q 0 0 0 rg BT 381.73 419.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 397.74 419.10 Td (exposure ) Tj ET Q
q 0 0 0 rg BT 436.52 419.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 446.97 419.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 461.87 419.10 Td (risk ) Tj ET Q
q 0 0 0 rg BT 479.54 419.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 490.55 419.10 Td (movements ) Tj ET Q
q 0 0 0 rg BT 539.33 419.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 549.79 419.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 407.10 Td (spot ) Tj ET Q
q 0 0 0 rg BT 69.32 407.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 99.73 407.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 114.03 407.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 143.88 407.10 Td (trade ) Tj ET Q
q 0 0 0 rg BT 166.51 407.10 Td (routes ) Tj ET Q
q 0 0 0 rg BT 193.60 407.10 Td (and, ) Tj ET Q
q 0 0 0 rg BT 213.18 407.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 223.61 407.10 Td (some ) Tj ET Q
q 0 0 0 rg BT 247.36 407.10 Td (extent, ) Tj ET Q
q 0 0 0 rg BT 276.94 407.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 291.25 407.10 Td (speculative ) Tj ET Q
q 0 0 0 rg BT 338.88 407.10 Td (purposes. ) Tj ET Q
q 0 0 0 rg BT 379.58 407.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 390.55 407.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 415.70 407.10 Td (201) Tj ET Q
q 0 0 0 rg BT 430.33 407.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 437.97 407.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 455.06 407.10 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 480.21 407.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 494.51 407.10 Td (entered ) Tj ET Q
q 0 0 0 rg BT 526.58 407.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 533.67 407.10 Td (limited ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 395.10 Td (number ) Tj ET Q
q 0 0 0 rg BT 82.36 395.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 92.50 395.10 Td (FF) Tj ET Q
q 0 0 0 rg BT 102.88 395.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 115.80 395.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 129.27 395.10 Td (speculative ) Tj ET Q
q 0 0 0 rg BT 176.06 395.10 Td (trading ) Tj ET Q
q 0 0 0 rg BT 206.19 395.10 Td (purposes. ) Tj ET Q
q 0 0 0 rg BT 245.65 395.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 258.58 395.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 268.71 395.10 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 326.61 395.10 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 346.61 395.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 350.92 395.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 364.94 395.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 405.64 395.10 Td (had ) Tj ET Q
q 0 0 0 rg BT 421.89 395.10 Td (24 ) Tj ET Q
q 0 0 0 rg BT 433.69 395.10 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 471.60 395.10 Td (outstanding, ) Tj ET Q
q 0 0 0 rg BT 522.57 395.10 Td (compared ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 383.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.66 383.10 Td (25 ) Tj ET Q
q 0 0 0 rg BT 73.54 383.10 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 112.51 383.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 123.16 383.10 Td (201) Tj ET Q
q 0 0 0 rg BT 137.79 383.10 Td (1. ) Tj ET Q
q 0 0 0 rg BT 147.96 383.10 Td (W) Tj ET Q
q 0 0 0 rg BT 156.60 383.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 163.92 383.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 210.66 383.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 217.98 383.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 236.42 383.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 247.62 383.10 Td ($1.7 ) Tj ET Q
q 0 0 0 rg BT 268.00 383.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 299.77 383.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 310.98 383.10 Td ('mark ) Tj ET Q
q 0 0 0 rg BT 336.21 383.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 346.86 383.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 377.51 383.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 388.72 383.10 Td (derivatives' ) Tj ET Q
q 0 0 0 rg BT 437.27 383.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 447.92 383.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 473.30 383.10 Td (compared ) Tj ET Q
q 0 0 0 rg BT 515.60 383.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 526.26 383.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 533.58 383.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 553.67 383.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 371.10 Td ($0.4 ) Tj ET Q
q 0 0 0 rg BT 69.90 371.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 101.18 371.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 111.35 371.10 Td (201) Tj ET Q
q 0 0 0 rg BT 125.98 371.10 Td (1. ) Tj ET Q
q 0 0 0 rg BT 135.35 371.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 148.86 371.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 159.58 371.10 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 218.06 371.10 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 238.06 371.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 242.96 371.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 257.01 371.10 Td (had ) Tj ET Q
q 0 0 0 rg BT 273.85 371.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 286.24 371.10 Td (unrealized ) Tj ET Q
q 0 0 0 rg BT 330.28 371.10 Td (exposure ) Tj ET Q
q 0 0 0 rg BT 368.77 371.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 378.94 371.10 Td (FF) Tj ET Q
q 0 0 0 rg BT 389.32 371.10 Td (As. ) Tj ET Q
q 0 0 0 rg BT 405.16 371.10 Td (W) Tj ET Q
q 0 0 0 rg BT 413.80 371.10 Td (e ) Tj ET Q
q 0 0 0 rg BT 420.63 371.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 440.24 371.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 458.75 371.10 Td (enter ) Tj ET Q
q 0 0 0 rg BT 481.13 371.10 Td (into ) Tj ET Q
q 0 0 0 rg BT 499.08 371.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 522.02 371.10 Td (derivative ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 359.10 Td (instruments ) Tj ET Q
q 0 0 0 rg BT 98.93 359.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 120.63 359.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 140.66 359.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 150.70 359.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 170.74 359.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 184.66 359.10 Td (speculative ) Tj ET Q
q 0 0 0 rg BT 231.90 359.10 Td (purposes ) Tj ET Q
q 0 0 0 rg BT 269.72 359.10 Td (but ) Tj ET Q
q 0 0 0 rg BT 284.76 359.10 Td (currently ) Tj ET Q
q 0 0 0 rg BT 323.12 359.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 337.04 359.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 358.18 359.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 373.22 359.10 Td (entered ) Tj ET Q
q 0 0 0 rg BT 404.90 359.10 Td (into ) Tj ET Q
q 0 0 0 rg BT 422.72 359.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 439.42 359.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 460.02 359.10 Td (agreement. ) Tj ET Q
q 0 0 0 rg BT 506.42 359.10 Td (Following ) Tj ET Q
q 0 0 0 rg BT 549.80 359.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 347.10 Td (restructuring ) Tj ET Q
q 0 0 0 rg BT 104.16 347.10 Td (described ) Tj ET Q
q 0 0 0 rg BT 145.54 347.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 156.38 347.10 Td ("Item ) Tj ET Q
q 0 0 0 rg BT 181.86 347.10 Td (4. ) Tj ET Q
q 0 0 0 rg BT 192.42 347.10 Td (Information ) Tj ET Q
q 0 0 0 rg BT 243.25 347.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 256.32 347.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 271.60 347.10 Td (Company-A. ) Tj ET Q
q 0 0 0 rg BT 326.60 347.10 Td (History ) Tj ET Q
q 0 0 0 rg BT 359.67 347.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 377.17 347.10 Td (Development ) Tj ET Q
q 0 0 0 rg BT 434.11 347.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 445.50 347.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 460.79 347.10 Td (Company) Tj ET Q
q 0 0 0 rg BT 499.02 347.10 Td (," ) Tj ET Q
q 0 0 0 rg BT 508.67 347.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 523.40 347.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 536.46 347.10 Td (longer ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 335.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 71.38 335.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 88.32 335.10 Td (floating ) Tj ET Q
q 0 0 0 rg BT 121.92 335.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 139.40 335.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 159.12 335.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 176.06 335.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 190.77 335.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 203.27 335.10 Td (longer ) Tj ET Q
q 0 0 0 rg BT 231.31 335.10 Td (exposed ) Tj ET Q
q 0 0 0 rg BT 266.58 335.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 276.86 335.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 308.79 335.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 326.28 335.10 Td (risk.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 311.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 63.46 311.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 74.13 311.10 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 132.56 311.10 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 152.56 311.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 157.40 311.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 171.96 311.10 Td (fair ) Tj ET Q
q 0 0 0 rg BT 188.18 311.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 218.28 311.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 242.28 311.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 252.96 311.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 268.63 311.10 Td (fixed ) Tj ET Q
q 0 0 0 rg BT 291.52 311.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 308.85 311.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 328.41 311.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 346.30 311.10 Td ($312.0 ) Tj ET Q
q 0 0 0 rg BT 376.14 311.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 407.38 311.10 Td (\(201) Tj ET Q
q 0 0 0 rg BT 425.34 311.10 Td (1: ) Tj ET Q
q 0 0 0 rg BT 435.46 311.10 Td ($343.8 ) Tj ET Q
q 0 0 0 rg BT 465.30 311.10 Td (million\). ) Tj ET Q
q 0 0 0 rg BT 502.36 311.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 511.37 311.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 543.14 311.10 Td (rates ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 299.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 71.54 299.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 81.42 299.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 116.29 299.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 126.72 299.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 163.25 299.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 175.36 299.10 Td (1% ) Tj ET Q
q 0 0 0 rg BT 190.79 299.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 210.68 299.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 222.78 299.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 245.44 299.10 Td (variables ) Tj ET Q
q 0 0 0 rg BT 283.64 299.10 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 326.29 299.10 Td (constant, ) Tj ET Q
q 0 0 0 rg BT 364.23 299.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 377.99 299.10 Td (estimate ) Tj ET Q
q 0 0 0 rg BT 413.42 299.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 430.53 299.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 444.85 299.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 474.72 299.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 498.49 299.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 508.93 299.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 524.36 299.10 Td (fixed ) Tj ET Q
q 0 0 0 rg BT 547.02 299.10 Td (rate ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 287.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 69.98 287.10 Td (would ) Tj ET Q
q 0 0 0 rg BT 97.74 287.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 119.38 287.10 Td (decreased ) Tj ET Q
q 0 0 0 rg BT 161.56 287.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 172.65 287.10 Td (increased ) Tj ET Q
q 0 0 0 rg BT 213.17 287.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 225.93 287.10 Td (approximately ) Tj ET Q
q 0 0 0 rg BT 286.45 287.10 Td ($9.0 ) Tj ET Q
q 0 0 0 rg BT 306.71 287.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 338.37 287.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 355.57 287.10 Td ($9.5 ) Tj ET Q
q 0 0 0 rg BT 375.83 287.10 Td (million, ) Tj ET Q
q 0 0 0 rg BT 409.99 287.10 Td (respectively ) Tj ET Q
q 0 0 0 rg BT 461.06 287.10 Td (\(201) Tj ET Q
q 0 0 0 rg BT 479.02 287.10 Td (1: ) Tj ET Q
q 0 0 0 rg BT 489.56 287.10 Td (decrease ) Tj ET Q
q 0 0 0 rg BT 526.74 287.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 539.50 287.10 Td ($12.7 ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 275.10 Td (million ) Tj ET Q
q 0 0 0 rg BT 81.39 275.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 98.33 275.10 Td (increase ) Tj ET Q
q 0 0 0 rg BT 133.58 275.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 146.08 275.10 Td ($13.5 ) Tj ET Q
q 0 0 0 rg BT 171.08 275.10 Td (million\).) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 251.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.59 251.10 Td (majority ) Tj ET Q
q 0 0 0 rg BT 105.51 251.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 116.88 251.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 133.25 251.10 Td (transactions, ) Tj ET Q
q 0 0 0 rg BT 186.56 251.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 212.93 251.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 230.41 251.10 Td (liabilities ) Tj ET Q
q 0 0 0 rg BT 270.67 251.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 285.91 251.10 Td (denominated ) Tj ET Q
q 0 0 0 rg BT 340.61 251.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 351.42 251.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 372.25 251.10 Td (dollars, ) Tj ET Q
q 0 0 0 rg BT 405.01 251.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 421.38 251.10 Td (functional ) Tj ET Q
q 0 0 0 rg BT 464.96 251.10 Td (currency) Tj ET Q
q 0 0 0 rg BT 499.29 251.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 504.83 251.10 Td (Certain ) Tj ET Q
q 0 0 0 rg BT 537.30 251.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 548.67 251.10 Td (our ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 239.10 Td (subsidiaries ) Tj ET Q
q 0 0 0 rg BT 99.57 239.10 Td (report ) Tj ET Q
q 0 0 0 rg BT 125.81 239.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 135.94 239.10 Td (Sterling, ) Tj ET Q
q 0 0 0 rg BT 172.46 239.10 Td (Norwegian ) Tj ET Q
q 0 0 0 rg BT 219.25 239.10 Td (Kroner ) Tj ET Q
q 0 0 0 rg BT 249.92 239.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 260.61 239.10 Td (Singapore ) Tj ET Q
q 0 0 0 rg BT 303.51 239.10 Td (Dollars ) Tj ET Q
q 0 0 0 rg BT 335.31 239.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 352.10 239.10 Td (risks ) Tj ET Q
q 0 0 0 rg BT 373.35 239.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 384.03 239.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 401.39 239.10 Td (kinds ) Tj ET Q
q 0 0 0 rg BT 425.42 239.10 Td (arise ) Tj ET Q
q 0 0 0 rg BT 446.65 239.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 457.33 239.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 464.13 239.10 Td (result: ) Tj ET Q
q 0 0 0 rg BT 491.48 239.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 498.27 239.10 Td (transaction ) Tj ET Q
q 0 0 0 rg BT 544.50 239.10 Td (risk, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 227.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 67.78 227.10 Td (is, ) Tj ET Q
q 0 0 0 rg BT 79.73 227.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 94.73 227.10 Td (risk ) Tj ET Q
q 0 0 0 rg BT 112.51 227.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 130.29 227.10 Td (currency ) Tj ET Q
q 0 0 0 rg BT 168.05 227.10 Td (fluctuations ) Tj ET Q
q 0 0 0 rg BT 218.05 227.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 236.39 227.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 258.05 227.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 270.27 227.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 277.86 227.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 295.63 227.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 308.41 227.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 323.41 227.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 347.85 227.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 358.96 227.10 Td (our ) Tj ET Q
q 0 0 0 rg BT 375.07 227.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 395.63 227.10 Td (flows; ) Tj ET Q
q 0 0 0 rg BT 423.41 227.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 440.63 227.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 447.85 227.10 Td (translation ) Tj ET Q
q 0 0 0 rg BT 492.85 227.10 Td (risk, ) Tj ET Q
q 0 0 0 rg BT 513.13 227.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 540.35 227.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 549.80 227.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 215.10 Td (impact ) Tj ET Q
q 0 0 0 rg BT 80.01 215.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 91.15 215.10 Td (currency ) Tj ET Q
q 0 0 0 rg BT 128.93 215.10 Td (fluctuations ) Tj ET Q
q 0 0 0 rg BT 178.94 215.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 189.52 215.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 204.54 215.10 Td (translation ) Tj ET Q
q 0 0 0 rg BT 249.56 215.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 260.69 215.10 Td (foreign ) Tj ET Q
q 0 0 0 rg BT 292.37 215.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 336.83 215.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 354.07 215.10 Td (foreign ) Tj ET Q
q 0 0 0 rg BT 385.75 215.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 411.88 215.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 429.12 215.10 Td (liabilities ) Tj ET Q
q 0 0 0 rg BT 469.14 215.10 Td (into ) Tj ET Q
q 0 0 0 rg BT 487.50 215.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 508.09 215.10 Td (dollars ) Tj ET Q
q 0 0 0 rg BT 538.11 215.10 Td (in ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
221 0 obj
<<
/Length 22375
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stream
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BT /F1 9.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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0.49 w
0 i
[] 0 d
1 J
1 j
3 M
354.45947265625 491.7669921875 m
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50.50 396.60 378.00 -15.00 re f
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
BT /F2 10.00 Tf ET
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q 0 0 0 rg BT 264.72 410.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 275.62 410.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 290.95 410.10 Td (NYSE's ) Tj ET Q
q 0 0 0 rg BT 325.87 410.10 Td (standards ) Tj ET Q
q 0 0 0 rg BT 366.75 410.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 381.53 410.10 Td (independence ) Tj ET Q
q 0 0 0 rg BT 439.61 410.10 Td (applicable ) Tj ET Q
q 0 0 0 rg BT 483.81 410.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 494.71 410.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 502.26 410.10 Td (foreign ) Tj ET Q
q 0 0 0 rg BT 534.25 410.10 Td (private ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.00 398.10 Td (issuer) Tj ET Q
q 0 0 0 rg BT 108.78 398.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.00 374.10 Td ( ) Tj ET Q
BT /F4 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 214.28 374.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 252.17 374.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 270.35 374.10 Td (non-management ) Tj ET Q
q 0 0 0 rg BT 342.96 374.10 Td (directors ) Tj ET Q
q 0 0 0 rg BT 381.13 374.10 Td (meet ) Tj ET Q
q 0 0 0 rg BT 403.74 374.10 Td (regularly ) Tj ET Q
q 0 0 0 rg BT 443.02 374.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 453.99 374.10 Td (executive ) Tj ET Q
q 0 0 0 rg BT 495.48 374.10 Td (sessions ) Tj ET Q
q 0 0 0 rg BT 531.45 374.10 Td (without ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 240.52 362.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 257.67 362.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 269.81 362.10 Td (independent ) Tj ET Q
q 0 0 0 rg BT 320.84 362.10 Td (directors ) Tj ET Q
q 0 0 0 rg BT 357.98 362.10 Td (meet ) Tj ET Q
q 0 0 0 rg BT 379.56 362.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 389.49 362.10 Td (an ) Tj ET Q
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q 0 0 0 rg BT 472.59 362.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 481.96 362.10 Td (least ) Tj ET Q
q 0 0 0 rg BT 502.44 362.10 Td (once ) Tj ET Q
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q 0 0 0 rg BT 530.06 362.10 Td (year) Tj ET Q
q 0 0 0 rg BT 546.71 362.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 550.89 362.10 Td (As ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 189.58 338.10 Td (we ) Tj ET Q
q 0 0 0 rg BT 203.74 338.10 Td (do ) Tj ET Q
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q 0 0 0 rg BT 231.52 338.10 Td (expect ) Tj ET Q
q 0 0 0 rg BT 260.12 338.10 Td (them ) Tj ET Q
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q 0 0 0 rg BT 292.89 338.10 Td (do ) Tj ET Q
q 0 0 0 rg BT 305.39 338.10 Td (so ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F4 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 368.56 314.10 Td (that ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 186.89 290.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 247.98 290.10 Td (As ) Tj ET Q
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q 0 0 0 rg BT 497.89 290.10 Td (currently ) Tj ET Q
q 0 0 0 rg BT 536.33 290.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 557.56 290.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 233.72 278.10 Td (committee.) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F4 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 274.85 254.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 298.01 254.10 Td (things, ) Tj ET Q
q 0 0 0 rg BT 327.58 254.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 345.19 254.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 352.24 254.10 Td (listed ) Tj ET Q
q 0 0 0 rg BT 376.52 254.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 396.92 254.10 Td (company ) Tj ET Q
q 0 0 0 rg BT 436.19 254.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 457.68 254.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 469.73 254.10 Td (audit ) Tj ET Q
q 0 0 0 rg BT 492.34 254.10 Td (committee ) Tj ET Q
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q 0 0 0 rg BT 557.56 254.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 322.82 242.10 Td (As ) Tj ET Q
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q 0 0 0 rg BT 522.58 242.10 Td (Exchange ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F4 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 439.15 206.10 Td (disclose ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
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stream
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 524.47 661.07 Td (27, ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 231.64 622.07 Td (to ) Tj ET Q
q 0 0 0 rg BT 241.69 622.07 Td (Sealift ) Tj ET Q
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q 0 0 0 rg BT 286.23 622.07 Td (dated ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 295.60 562.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 311.43 562.25 Td (integrated ) Tj ET Q
q 0 0 0 rg BT 353.91 562.25 Td (audits. ) Tj ET Q
q 0 0 0 rg BT 385.11 562.25 Td (W) Tj ET Q
q 0 0 0 rg BT 393.75 562.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 400.68 562.25 Td (conducted ) Tj ET Q
q 0 0 0 rg BT 444.27 562.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 460.10 562.25 Td (audits ) Tj ET Q
q 0 0 0 rg BT 486.49 562.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 496.76 562.25 Td (accordance ) Tj ET Q
q 0 0 0 rg BT 544.22 562.25 Td (with ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 65.65 550.25 Td (standards ) Tj ET Q
q 0 0 0 rg BT 106.86 550.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 118.63 550.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 134.28 550.25 Td (Public ) Tj ET Q
q 0 0 0 rg BT 163.27 550.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 204.84 550.25 Td (Accounting ) Tj ET Q
q 0 0 0 rg BT 254.93 550.25 Td (Oversight ) Tj ET Q
q 0 0 0 rg BT 297.80 550.25 Td (Board ) Tj ET Q
q 0 0 0 rg BT 325.68 550.25 Td (\(United ) Tj ET Q
q 0 0 0 rg BT 359.66 550.25 Td (States\). ) Tj ET Q
q 0 0 0 rg BT 392.57 550.25 Td (Those ) Tj ET Q
q 0 0 0 rg BT 420.44 550.25 Td (standards ) Tj ET Q
q 0 0 0 rg BT 461.65 550.25 Td (require ) Tj ET Q
q 0 0 0 rg BT 493.40 550.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 511.83 550.25 Td (we ) Tj ET Q
q 0 0 0 rg BT 526.93 550.25 Td (plan ) Tj ET Q
q 0 0 0 rg BT 547.58 550.25 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.25 Td (perform ) Tj ET Q
q 0 0 0 rg BT 85.11 538.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 100.24 538.25 Td (audits ) Tj ET Q
q 0 0 0 rg BT 127.03 538.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 137.72 538.25 Td (obtain ) Tj ET Q
q 0 0 0 rg BT 165.62 538.25 Td (reasonable ) Tj ET Q
q 0 0 0 rg BT 211.28 538.25 Td (assurance ) Tj ET Q
q 0 0 0 rg BT 253.06 538.25 Td (about ) Tj ET Q
q 0 0 0 rg BT 278.18 538.25 Td (whether ) Tj ET Q
q 0 0 0 rg BT 313.30 538.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 328.42 538.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 366.31 538.25 Td (statements ) Tj ET Q
q 0 0 0 rg BT 411.43 538.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 426.55 538.25 Td (free ) Tj ET Q
q 0 0 0 rg BT 444.99 538.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 456.23 538.25 Td (material ) Tj ET Q
q 0 0 0 rg BT 491.89 538.25 Td (misstatement ) Tj ET Q
q 0 0 0 rg BT 547.57 538.25 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.25 Td (whether ) Tj ET Q
q 0 0 0 rg BT 85.43 526.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 93.02 526.25 Td (fective ) Tj ET Q
q 0 0 0 rg BT 123.44 526.25 Td (internal ) Tj ET Q
q 0 0 0 rg BT 157.20 526.25 Td (control ) Tj ET Q
q 0 0 0 rg BT 188.75 526.25 Td (over ) Tj ET Q
q 0 0 0 rg BT 209.74 526.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 247.94 526.25 Td (reporting ) Tj ET Q
q 0 0 0 rg BT 287.82 526.25 Td (was ) Tj ET Q
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q 0 0 0 rg BT 365.24 526.25 Td (all ) Tj ET Q
q 0 0 0 rg BT 378.46 526.25 Td (material ) Tj ET Q
q 0 0 0 rg BT 414.44 526.25 Td (respects.Our ) Tj ET Q
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q 0 0 0 rg BT 511.58 526.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 527.02 526.25 Td (financial ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.25 Td (statements ) Tj ET Q
q 0 0 0 rg BT 95.76 514.25 Td (included ) Tj ET Q
q 0 0 0 rg BT 133.75 514.25 Td (examining, ) Tj ET Q
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q 0 0 0 rg BT 286.13 514.25 Td (supporting ) Tj ET Q
q 0 0 0 rg BT 332.46 514.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 348.23 514.25 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 385.67 514.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 403.66 514.25 Td (disclosures ) Tj ET Q
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q 0 0 0 rg BT 462.98 514.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 478.75 514.25 Td (financial ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.25 Td (assessing ) Tj ET Q
q 0 0 0 rg BT 90.61 502.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 106.21 502.25 Td (accounting ) Tj ET Q
q 0 0 0 rg BT 153.47 502.25 Td (principles ) Tj ET Q
q 0 0 0 rg BT 196.29 502.25 Td (used ) Tj ET Q
q 0 0 0 rg BT 218.00 502.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 235.82 502.25 Td (significant ) Tj ET Q
q 0 0 0 rg BT 281.42 502.25 Td (estimates ) Tj ET Q
q 0 0 0 rg BT 322.02 502.25 Td (made ) Tj ET Q
q 0 0 0 rg BT 347.06 502.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 360.44 502.25 Td (management, ) Tj ET Q
q 0 0 0 rg BT 417.42 502.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 435.24 502.25 Td (evaluating ) Tj ET Q
q 0 0 0 rg BT 480.28 502.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 495.88 502.25 Td (overall ) Tj ET Q
q 0 0 0 rg BT 527.03 502.25 Td (financial ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.25 Td (statement ) Tj ET Q
q 0 0 0 rg BT 89.86 490.25 Td (presentation. ) Tj ET Q
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q 0 0 0 rg BT 181.41 490.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 191.28 490.25 Td (internal ) Tj ET Q
q 0 0 0 rg BT 223.36 490.25 Td (control ) Tj ET Q
q 0 0 0 rg BT 253.23 490.25 Td (over ) Tj ET Q
q 0 0 0 rg BT 272.54 490.25 Td (financial ) Tj ET Q
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q 0 0 0 rg BT 383.24 490.25 Td (obtaining ) Tj ET Q
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q 0 0 0 rg BT 433.53 490.25 Td (understanding ) Tj ET Q
q 0 0 0 rg BT 491.73 490.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 501.60 490.25 Td (internal ) Tj ET Q
q 0 0 0 rg BT 533.69 490.25 Td (control ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.25 Td (over ) Tj ET Q
q 0 0 0 rg BT 70.67 478.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 108.54 478.25 Td (reporting, ) Tj ET Q
q 0 0 0 rg BT 150.60 478.25 Td (assessing ) Tj ET Q
q 0 0 0 rg BT 190.71 478.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 205.83 478.25 Td (risk ) Tj ET Q
q 0 0 0 rg BT 223.72 478.25 Td (that ) Tj ET Q
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q 0 0 0 rg BT 248.95 478.25 Td (material ) Tj ET Q
q 0 0 0 rg BT 284.61 478.25 Td (weakness ) Tj ET Q
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q 0 0 0 rg BT 354.00 478.25 Td (and ) Tj ET Q
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q 0 0 0 rg BT 524.24 478.25 Td (operating ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 57.59 466.25 Td (fectiveness ) Tj ET Q
q 0 0 0 rg BT 105.27 466.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 116.87 466.25 Td (internal ) Tj ET Q
q 0 0 0 rg BT 150.67 466.25 Td (control ) Tj ET Q
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q 0 0 0 rg BT 208.29 466.25 Td (on ) Tj ET Q
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q 0 0 0 rg BT 237.04 466.25 Td (assessed ) Tj ET Q
q 0 0 0 rg BT 274.18 466.25 Td (risk. ) Tj ET Q
q 0 0 0 rg BT 294.94 466.25 Td (Our ) Tj ET Q
q 0 0 0 rg BT 313.76 466.25 Td (audits ) Tj ET Q
q 0 0 0 rg BT 340.91 466.25 Td (also ) Tj ET Q
q 0 0 0 rg BT 360.28 466.25 Td (included ) Tj ET Q
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q 0 0 0 rg BT 467.82 466.25 Td (other ) Tj ET Q
q 0 0 0 rg BT 491.63 466.25 Td (procedures ) Tj ET Q
q 0 0 0 rg BT 538.76 466.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 550.35 466.25 Td (we ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 95.82 454.25 Td (necessary ) Tj ET Q
q 0 0 0 rg BT 137.18 454.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 147.46 454.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 162.18 454.25 Td (circumstances. ) Tj ET Q
q 0 0 0 rg BT 223.64 454.25 Td (W) Tj ET Q
q 0 0 0 rg BT 232.28 454.25 Td (e ) Tj ET Q
q 0 0 0 rg BT 239.21 454.25 Td (believe ) Tj ET Q
q 0 0 0 rg BT 270.59 454.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 288.08 454.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 303.91 454.25 Td (audits ) Tj ET Q
q 0 0 0 rg BT 330.30 454.25 Td (provide ) Tj ET Q
q 0 0 0 rg BT 363.34 454.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 370.28 454.25 Td (reasonable ) Tj ET Q
q 0 0 0 rg BT 415.54 454.25 Td (basis ) Tj ET Q
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q 0 0 0 rg BT 452.20 454.25 Td (our ) Tj ET Q
q 0 0 0 rg BT 468.03 454.25 Td (opinions.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.25 Td (A) Tj ET Q
q 0 0 0 rg BT 56.67 430.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 58.36 430.25 Td (company's ) Tj ET Q
q 0 0 0 rg BT 102.40 430.25 Td (internal ) Tj ET Q
q 0 0 0 rg BT 134.63 430.25 Td (control ) Tj ET Q
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q 0 0 0 rg BT 220.77 430.25 Td (reporting ) Tj ET Q
q 0 0 0 rg BT 259.12 430.25 Td (is ) Tj ET Q
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q 0 0 0 rg BT 273.60 430.25 Td (process ) Tj ET Q
q 0 0 0 rg BT 305.28 430.25 Td (designed ) Tj ET Q
q 0 0 0 rg BT 342.52 430.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 351.99 430.25 Td (provide ) Tj ET Q
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q 0 0 0 rg BT 509.23 430.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 523.13 430.25 Td (reliability ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 99.84 418.25 Td (reporting ) Tj ET Q
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q 0 0 0 rg BT 221.74 418.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 233.33 418.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 271.58 418.25 Td (statements ) Tj ET Q
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q 0 0 0 rg BT 331.98 418.25 Td (external ) Tj ET Q
q 0 0 0 rg BT 367.44 418.25 Td (purposes ) Tj ET Q
q 0 0 0 rg BT 406.26 418.25 Td (in ) Tj ET Q
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q 0 0 0 rg BT 527.04 418.25 Td (accepted ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 95.95 406.25 Td (principles. ) Tj ET Q
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q 0 0 0 rg BT 146.18 406.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 148.26 406.25 Td (company's ) Tj ET Q
q 0 0 0 rg BT 192.69 406.25 Td (internal ) Tj ET Q
q 0 0 0 rg BT 225.32 406.25 Td (control ) Tj ET Q
q 0 0 0 rg BT 255.73 406.25 Td (over ) Tj ET Q
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q 0 0 0 rg BT 351.38 406.25 Td (includes ) Tj ET Q
q 0 0 0 rg BT 386.79 406.25 Td (those ) Tj ET Q
q 0 0 0 rg BT 409.98 406.25 Td (policies ) Tj ET Q
q 0 0 0 rg BT 443.16 406.25 Td (and ) Tj ET Q
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q 0 0 0 rg BT 505.63 406.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 522.71 406.25 Td (\(i\) ) Tj ET Q
q 0 0 0 rg BT 534.23 406.25 Td (pertain ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 60.00 394.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 74.44 394.25 Td (maintenance ) Tj ET Q
q 0 0 0 rg BT 127.18 394.25 Td (of ) Tj ET Q
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q 0 0 0 rg BT 199.10 394.25 Td (reasonable ) Tj ET Q
q 0 0 0 rg BT 244.07 394.25 Td (detail, ) Tj ET Q
q 0 0 0 rg BT 271.01 394.25 Td (accurately ) Tj ET Q
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q 0 0 0 rg BT 354.84 394.25 Td (reflect ) Tj ET Q
q 0 0 0 rg BT 382.59 394.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 397.03 394.25 Td (transactions ) Tj ET Q
q 0 0 0 rg BT 447.02 394.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 463.68 394.25 Td (dispositions ) Tj ET Q
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q 0 0 0 rg BT 524.24 394.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 538.67 394.25 Td (assets ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 61.14 382.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 76.17 382.25 Td (company; ) Tj ET Q
q 0 0 0 rg BT 118.41 382.25 Td (\(ii\) ) Tj ET Q
q 0 0 0 rg BT 133.44 382.25 Td (provide ) Tj ET Q
q 0 0 0 rg BT 166.79 382.25 Td (reasonable ) Tj ET Q
q 0 0 0 rg BT 212.36 382.25 Td (assurance ) Tj ET Q
q 0 0 0 rg BT 254.04 382.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 271.84 382.25 Td (transactions ) Tj ET Q
q 0 0 0 rg BT 322.41 382.25 Td (are ) Tj ET Q
q 0 0 0 rg BT 337.43 382.25 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 375.22 382.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 386.36 382.25 Td (necessary ) Tj ET Q
q 0 0 0 rg BT 428.03 382.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 438.62 382.25 Td (permit ) Tj ET Q
q 0 0 0 rg BT 467.54 382.25 Td (preparation ) Tj ET Q
q 0 0 0 rg BT 515.88 382.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 527.02 382.25 Td (financial ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.25 Td (statements ) Tj ET Q
q 0 0 0 rg BT 95.08 370.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 105.72 370.25 Td (accordance ) Tj ET Q
q 0 0 0 rg BT 153.54 370.25 Td (with ) Tj ET Q
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q 0 0 0 rg BT 214.25 370.25 Td (accepted ) Tj ET Q
q 0 0 0 rg BT 252.08 370.25 Td (accounting ) Tj ET Q
q 0 0 0 rg BT 298.82 370.25 Td (principles, ) Tj ET Q
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q 0 0 0 rg BT 378.78 370.25 Td (receipts ) Tj ET Q
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q 0 0 0 rg BT 430.04 370.25 Td (expenditures ) Tj ET Q
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q 0 0 0 rg BT 510.27 370.25 Td (company ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 75.25 358.25 Td (made ) Tj ET Q
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q 0 0 0 rg BT 179.58 358.25 Td (with ) Tj ET Q
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q 0 0 0 rg BT 260.08 358.25 Td (of ) Tj ET Q
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q 0 0 0 rg BT 325.57 358.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 343.05 358.25 Td (directors ) Tj ET Q
q 0 0 0 rg BT 381.07 358.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 392.44 358.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 407.69 358.25 Td (company; ) Tj ET Q
q 0 0 0 rg BT 450.16 358.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 467.64 358.25 Td (\(iii\) ) Tj ET Q
q 0 0 0 rg BT 485.67 358.25 Td (provide ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 91.70 346.25 Td (regarding ) Tj ET Q
q 0 0 0 rg BT 132.85 346.25 Td (prevention ) Tj ET Q
q 0 0 0 rg BT 178.45 346.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 189.61 346.25 Td (timely ) Tj ET Q
q 0 0 0 rg BT 218.00 346.25 Td (detection ) Tj ET Q
q 0 0 0 rg BT 257.48 346.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 268.64 346.25 Td (unauthorized ) Tj ET Q
q 0 0 0 rg BT 323.68 346.25 Td (acquisition, ) Tj ET Q
q 0 0 0 rg BT 372.89 346.25 Td (use, ) Tj ET Q
q 0 0 0 rg BT 391.56 346.25 Td (or ) Tj ET Q
q 0 0 0 rg BT 402.72 346.25 Td (disposition ) Tj ET Q
q 0 0 0 rg BT 449.45 346.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 460.61 346.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 475.67 346.25 Td (company's ) Tj ET Q
q 0 0 0 rg BT 520.85 346.25 Td (assets ) Tj ET Q
q 0 0 0 rg BT 547.01 346.25 Td (that ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.25 Td (could ) Tj ET Q
q 0 0 0 rg BT 74.72 334.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 96.09 334.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 103.03 334.25 Td (material ) Tj ET Q
q 0 0 0 rg BT 138.29 334.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 145.88 334.25 Td (fect ) Tj ET Q
q 0 0 0 rg BT 163.36 334.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 175.86 334.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 190.58 334.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 228.06 334.25 Td (statements.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.25 Td (Because ) Tj ET Q
q 0 0 0 rg BT 87.24 310.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 99.49 310.25 Td (its ) Tj ET Q
q 0 0 0 rg BT 112.85 310.25 Td (inherent ) Tj ET Q
q 0 0 0 rg BT 149.54 310.25 Td (limitations, ) Tj ET Q
q 0 0 0 rg BT 198.74 310.25 Td (internal ) Tj ET Q
q 0 0 0 rg BT 233.20 310.25 Td (control ) Tj ET Q
q 0 0 0 rg BT 265.45 310.25 Td (over ) Tj ET Q
q 0 0 0 rg BT 287.13 310.25 Td (financial ) Tj ET Q
q 0 0 0 rg BT 326.04 310.25 Td (reporting ) Tj ET Q
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0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 452.75 m
493.5 452.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 452.75 m
497.5 452.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 452.75 m
562.5 452.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 437.75 m
359.5 437.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 437.75 m
424.5 437.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 437.75 m
428.5 437.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 437.75 m
493.5 437.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 437.75 m
497.5 437.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 437.75 m
562.5 437.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 257.75 m
359.5 257.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 257.75 m
424.5 257.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 257.75 m
428.5 257.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 257.75 m
493.5 257.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 257.75 m
497.5 257.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 257.75 m
562.5 257.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 242.75 m
359.5 242.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 242.75 m
424.5 242.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 242.75 m
428.5 242.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 242.75 m
493.5 242.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 242.75 m
497.5 242.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 242.75 m
562.5 242.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 212.75 m
359.5 212.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 212.75 m
424.5 212.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 212.75 m
428.5 212.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 212.75 m
493.5 212.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 212.75 m
497.5 212.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 212.75 m
562.5 212.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 182.75 m
359.5 182.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 182.75 m
424.5 182.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 182.75 m
428.5 182.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 182.75 m
493.5 182.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 182.75 m
497.5 182.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 182.75 m
562.5 182.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 168.75 m
359.5 168.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 166.75 m
359.5 166.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 168.75 m
424.5 168.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 166.75 m
424.5 166.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 168.75 m
428.5 168.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 166.75 m
428.5 166.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 168.75 m
493.5 168.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 166.75 m
493.5 166.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 168.75 m
497.5 168.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 166.75 m
497.5 166.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 168.75 m
562.5 168.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 166.75 m
562.5 166.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 78.75 m
359.5 78.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 76.75 m
359.5 76.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 78.75 m
424.5 78.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 76.75 m
424.5 76.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 78.75 m
428.5 78.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 76.75 m
428.5 76.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 78.75 m
493.5 78.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 76.75 m
493.5 76.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 78.75 m
497.5 78.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 76.75 m
497.5 76.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 78.75 m
562.5 78.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 76.75 m
562.5 76.75 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 697.42 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 401.00 697.43 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 470.35 697.42 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 539.00 697.42 Td (2010) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 682.43 Td (Operating revenues) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 362.00 682.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 431.00 682.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 500.00 682.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 667.42 Td (Time charter revenues) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 388.15 667.43 Td (156,060) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 667.42 Td (231,224) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 667.42 Td (365,159) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 652.42 Td (Bareboat charter revenues) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 393.15 652.43 Td (33,373) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 462.15 652.42 Td (47,101) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 652.42 Td (71,370) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 637.42 Td (Voyage charter revenues) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 388.15 637.43 Td (452,889) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 637.42 Td (510,808) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 637.42 Td (708,008) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 622.42 Td (Other income) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 393.15 622.43 Td (25,785) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 462.15 622.42 Td (20,969) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 622.42 Td (20,678) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 71.00 607.43 Td (Total operating revenues) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 388.15 607.43 Td (668,107) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 607.42 Td (810,102) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 518.65 607.42 Td (1,165,215) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 592.43 Td (Gain \(loss\) on sale of assets and amortization of deferr) Tj ET Q
q 0 0 0 rg BT 284.19 592.43 Td (ed gains) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 393.15 592.43 Td (16,813) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 453.80 592.47 Td (\(307,894) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 592.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 592.42 Td (30,935) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 577.43 Td (Operating expenses) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 421.00 577.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 490.00 577.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 559.00 577.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 562.42 Td (Voyage expenses and commission) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 388.15 562.43 Td (274,132) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 562.42 Td (295,787) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 562.42 Td (282,708) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 547.42 Td (Ship operating expenses) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 388.15 547.43 Td (130,685) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 547.42 Td (187,010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 547.42 Td (195,679) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 532.42 Td (Profit share expense) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 410.65 532.43 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 474.65 532.42 Td (482) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 532.42 Td (30,566) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 517.42 Td (Contingent rental expense) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 393.15 517.43 Td (54,612) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.65 517.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 517.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 502.42 Td (Charter hire expenses) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 393.15 502.43 Td (37,461) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 462.15 502.42 Td (65,601) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 502.42 Td (134,551) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 487.42 Td (Administrative expenses) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 393.15 487.43 Td (33,906) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 462.15 487.42 Td (35,886) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 487.42 Td (31,883) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 472.42 Td (Impairment loss) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 393.15 472.43 Td (32,042) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 472.42 Td (121,443) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 472.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 457.42 Td (Depreciation) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 388.15 457.43 Td (114,845) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 457.42 Td (195,597) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 457.42 Td (212,851) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 71.00 442.43 Td (Total operating expenses) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 388.15 442.43 Td (677,683) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 442.42 Td (901,806) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 442.42 Td (888,238) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 427.43 Td (Net operating income \(loss\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 398.15 427.43 Td (7,237) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 453.80 427.47 Td (\(399,598) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 427.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 427.42 Td (307,912) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 412.43 Td (Other income \(expenses\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 421.00 412.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 490.00 412.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 559.00 412.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 397.42 Td (Interest income) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 405.65 397.43 Td (130) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 467.15 397.42 Td (3,958) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 397.42 Td (13,432) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 382.42 Td (Interest expense) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 389.80 382.48 Td (\(94,962) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 420.65 382.43 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 453.80 382.47 Td (\(141,497) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 382.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 522.80 382.47 Td (\(149,918) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 382.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 367.42 Td (Equity losses of unconsolidated subsidiaries and associated companies) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 412.30 367.48 Td (\(4) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 420.65 367.43 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 471.30 367.47 Td (\(600) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 367.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 540.30 367.47 Td (\(515) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 367.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 352.42 Td (Foreign currency exchange gain ) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 410.65 352.43 Td (84) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 474.65 352.42 Td (106) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 352.42 Td (622) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 337.42 Td (Mark to market of derivatives) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 394.80 337.48 Td (\(1,725) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 420.65 337.43 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 474.65 337.42 Td (390) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 545.30 337.47 Td (\(19) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 337.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 322.42 Td (Impairment of securities) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 410.65 322.43 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.65 322.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 532.80 322.47 Td (\(9,425) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 322.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 307.42 Td (Loss on sale of securities) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 410.65 307.43 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 463.80 307.47 Td (\(3,355) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 307.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 307.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 292.42 Td (Gain on redemption of debt) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 398.15 292.43 Td (4,600) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.65 292.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 292.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 71.00 277.42 Td (Dividends received, net) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 405.65 277.43 Td (134) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 474.65 277.42 Td (113) Tj ET Q
BT /F3 10.00 Tf ET
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/Length 3854
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/Length 28444
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0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 622.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 622.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 622.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 622.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 622.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 592.75 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 592.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 592.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 592.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 592.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 592.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 562.75 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 562.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 562.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 562.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 562.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 562.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 532.75 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 532.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 532.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 532.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 532.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 532.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 502.75 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 502.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 502.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 502.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 502.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 502.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 472.75 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 472.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 472.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 472.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 472.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 472.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 442.75 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 442.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 442.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 442.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 442.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 442.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 412.75 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 412.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 412.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 412.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 412.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 412.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 382.75 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 382.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 382.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 382.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 382.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 382.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 352.75 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 352.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 352.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 352.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 352.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 352.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 322.75 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 322.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 322.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 322.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 322.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 322.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 292.75 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 292.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 292.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 292.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 292.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 292.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 262.75 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 262.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 262.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 262.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 262.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 262.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 232.75 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 232.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 232.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 232.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 232.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 232.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 202.75 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 202.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 202.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 202.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 202.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 202.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 172.75 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 172.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 172.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 172.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 172.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 172.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 142.75 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 142.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 142.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 142.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 142.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 142.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 112.75 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 112.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 112.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 112.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 112.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 112.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 82.75 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 82.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 82.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 82.75 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 82.75 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 82.75 65.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 337.75 m
359.5 337.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 337.75 m
424.5 337.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 337.75 m
428.5 337.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 337.75 m
493.5 337.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 337.75 m
497.5 337.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 337.75 m
562.5 337.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 322.75 m
359.5 322.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 322.75 m
424.5 322.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 322.75 m
428.5 322.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 322.75 m
493.5 322.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 322.75 m
497.5 322.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 322.75 m
562.5 322.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 172.75 m
359.5 172.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 172.75 m
424.5 172.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 172.75 m
428.5 172.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 172.75 m
493.5 172.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 172.75 m
497.5 172.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 172.75 m
562.5 172.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 157.75 m
359.5 157.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 157.75 m
424.5 157.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 157.75 m
428.5 157.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 157.75 m
493.5 157.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 157.75 m
497.5 157.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 157.75 m
562.5 157.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 67.75 m
359.5 67.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 52.75 m
359.5 52.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 67.75 m
424.5 67.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 52.75 m
424.5 52.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 67.75 m
428.5 67.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 52.75 m
428.5 52.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 67.75 m
493.5 67.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 52.75 m
493.5 52.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 67.75 m
497.5 67.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 52.75 m
497.5 52.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 67.75 m
562.5 67.75 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 52.75 m
562.5 52.75 l
s
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 401.00 697.43 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 470.35 697.42 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 539.00 697.42 Td (2010) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 682.43 Td (Net \(loss\) income) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 389.80 682.48 Td (\(83,775) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 420.65 682.43 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 453.80 682.47 Td (\(529,010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 682.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 682.42 Td (164,004) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 667.42 Td (Adjustments to reconcile net \(loss\) income to net cash provided by) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 657.42 Td (operating activities:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 59.00 642.42 Td (Depreciation) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 388.15 642.43 Td (114,845) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 642.42 Td (195,597) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 642.42 Td (212,851) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 59.00 627.42 Td (Amortization of deferred charges) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 405.65 627.43 Td (543) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 467.15 627.42 Td (6,922) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 536.15 627.42 Td (1,436) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 59.00 612.42 Td (\(Gain\) loss from sale of assets \(including securities\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 389.80 612.48 Td (\(16,813) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 420.65 612.43 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 401.00 685.43 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 470.35 685.42 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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q 0 0 0 rg BT 88.37 670.43 Td ( of shar) Tj ET Q
q 0 0 0 rg BT 120.41 670.43 Td (es outstanding) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 431.00 670.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 500.00 670.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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q 0 0 0 rg BT 73.38 625.43 Td (e capital) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 64.76 535.42 Td (ransfer to contributed surplus) Tj ET Q
BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 490.00 475.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 64.76 445.42 Td (ransfer from additional paid in capital) Tj ET Q
BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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q 0 0 0 rg BT 134.75 400.43 Td ( compr) Tj ET Q
q 0 0 0 rg BT 164.84 400.43 Td (ehensive loss) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 490.00 400.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 559.00 400.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 59.00 385.42 Td (Balance at beginning of year) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 394.80 385.48 Td (\(4,779) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 420.65 385.43 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 463.80 385.47 Td (\(3,836) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 385.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 59.00 370.42 Td (Other comprehensive income \(loss\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 405.65 370.43 Td (624) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 471.30 370.47 Td (\(943) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 370.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 532.80 370.47 Td (\(2,150) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 420.65 295.43 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 453.80 295.47 Td (\(529,601) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 295.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 295.42 Td (161,407) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 59.00 280.42 Td (Cash dividends) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 410.65 280.43 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 458.80 280.47 Td (\(17,129) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 280.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 522.80 280.47 Td (\(155,718) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 280.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 59.00 265.42 Td (Balance at end of year) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 384.80 265.48 Td (\(545,766) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 420.65 265.43 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 453.80 265.47 Td (\(463,012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 265.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 265.42 Td (83,718) Tj ET Q
BT /F2 10.00 Tf ET
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q 0 0 0 rg BT 58.75 235.43 Td (otal equity attributable to Fr) Tj ET Q
q 0 0 0 rg BT 181.33 235.43 Td (ontline Ltd.) Tj ET Q
BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 235.42 Td (200,984) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 235.42 Td (747,133) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 205.43 Td (Noncontr) Tj ET Q
q 0 0 0 rg BT 93.37 205.43 Td (olling inter) Tj ET Q
q 0 0 0 rg BT 140.13 205.43 Td (est) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 421.00 205.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 490.00 205.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 559.00 205.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 393.15 190.43 Td (12,495) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 462.15 190.42 Td (11,904) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 536.15 190.42 Td (9,408) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 59.00 175.42 Td (Net \(loss\) income) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 394.80 175.48 Td (\(1,021) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 420.65 175.43 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 474.65 175.42 Td (591) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 536.15 175.42 Td (2,597) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 59.00 160.42 Td (Net liabilities assumed on purchase of noncontrolling interest) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 410.65 160.43 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.65 160.42 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 540.30 160.47 Td (\(101) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 160.42 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 59.00 145.42 Td (Balance at end of year) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 393.15 145.43 Td (11,474) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 462.15 145.42 Td (12,495) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 145.42 Td (11,904) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 115.43 Td (T) Tj ET Q
q 0 0 0 rg BT 58.75 115.43 Td (otal equity) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 388.15 115.43 Td (131,149) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 115.42 Td (213,479) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 115.42 Td (759,037) Tj ET Q
BT /F3 10.00 Tf ET
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 118.15 87.25 Td (See accompanying Notes that ar) Tj ET Q
q 0 0 0 rg BT 247.20 87.25 Td (e an integral part of these Consolidated Financial Statements) Tj ET Q
endstream
endobj
238 0 obj
<<
/Length 39877
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 295.30 31.60 Td (F -10) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 742.25 Td (Fr) Tj ET Q
q 0 0 0 rg BT 60.37 742.25 Td (ontline Ltd.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 730.25 Td (Notes to the Consolidated Financial Statements) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 704.23 Td (1.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 77.00 704.23 Td (GENERAL) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 89.82 677.00 Td (Ltd. ) Tj ET Q
q 0 0 0 rg BT 109.37 677.00 Td (\(the ) Tj ET Q
q 0 0 0 rg BT 128.07 677.00 Td ("Company" ) Tj ET Q
q 0 0 0 rg BT 178.28 677.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 189.76 677.00 Td ("Frontline"\) ) Tj ET Q
q 0 0 0 rg BT 241.08 677.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 250.91 677.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 263.50 677.00 Td (international ) Tj ET Q
q 0 0 0 rg BT 317.19 677.00 Td (shipping ) Tj ET Q
q 0 0 0 rg BT 354.80 677.00 Td (company ) Tj ET Q
q 0 0 0 rg BT 394.61 677.00 Td (incorporated ) Tj ET Q
q 0 0 0 rg BT 448.30 677.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 459.24 677.00 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 499.05 677.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 510.53 677.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 523.13 677.00 Td (exempted ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 665.00 Td (company ) Tj ET Q
q 0 0 0 rg BT 88.33 665.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 112.77 665.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 126.67 665.00 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 165.00 665.00 Td (Companies ) Tj ET Q
q 0 0 0 rg BT 211.67 665.00 Td (Law ) Tj ET Q
q 0 0 0 rg BT 231.11 665.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 241.11 665.00 Td (1981 ) Tj ET Q
q 0 0 0 rg BT 262.79 665.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 274.46 665.00 Td (June ) Tj ET Q
q 0 0 0 rg BT 294.47 665.00 Td (12, ) Tj ET Q
q 0 0 0 rg BT 308.64 665.00 Td (1992. ) Tj ET Q
q 0 0 0 rg BT 332.82 665.00 Td (Up ) Tj ET Q
q 0 0 0 rg BT 346.71 665.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 356.17 665.00 Td (February ) Tj ET Q
q 0 0 0 rg BT 393.94 665.00 Td (2013, ) Tj ET Q
q 0 0 0 rg BT 418.12 665.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 432.01 665.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 472.57 665.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 489.79 665.00 Td (engaged ) Tj ET Q
q 0 0 0 rg BT 524.79 665.00 Td (primarily ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 60.00 653.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 74.44 653.00 Td (operation ) Tj ET Q
q 0 0 0 rg BT 114.43 653.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 124.98 653.00 Td (oil ) Tj ET Q
q 0 0 0 rg BT 137.76 653.00 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 168.86 653.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 185.52 653.00 Td (oil/bulk/ore, ) Tj ET Q
q 0 0 0 rg BT 236.91 653.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 247.46 653.00 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 270.80 653.00 Td (carriers, ) Tj ET Q
q 0 0 0 rg BT 305.49 653.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 332.16 653.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 346.59 653.00 Td (currently ) Tj ET Q
q 0 0 0 rg BT 384.90 653.00 Td (configured ) Tj ET Q
q 0 0 0 rg BT 430.44 653.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 440.44 653.00 Td (carry ) Tj ET Q
q 0 0 0 rg BT 463.20 653.00 Td (dry ) Tj ET Q
q 0 0 0 rg BT 478.76 653.00 Td (car) Tj ET Q
q 0 0 0 rg BT 490.78 653.00 Td (go. ) Tj ET Q
q 0 0 0 rg BT 505.35 653.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 523.12 653.00 Td (Company ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 73.92 641.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 91.17 641.00 Td (leases ) Tj ET Q
q 0 0 0 rg BT 117.86 641.00 Td (these ) Tj ET Q
q 0 0 0 rg BT 141.22 641.00 Td (vessels. ) Tj ET Q
q 0 0 0 rg BT 174.24 641.00 Td (As ) Tj ET Q
q 0 0 0 rg BT 188.16 641.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 199.30 641.00 Td (December ) Tj ET Q
q 0 0 0 rg BT 243.19 641.00 Td (31, ) Tj ET Q
q 0 0 0 rg BT 258.50 641.00 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 283.81 641.00 Td (all ) Tj ET Q
q 0 0 0 rg BT 296.62 641.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 307.76 641.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 322.79 641.00 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 370.18 641.00 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 394.10 641.00 Td (capital ) Tj ET Q
q 0 0 0 rg BT 423.56 641.00 Td (lease ) Tj ET Q
q 0 0 0 rg BT 446.35 641.00 Td (assets ) Tj ET Q
q 0 0 0 rg BT 472.50 641.00 Td (have ) Tj ET Q
q 0 0 0 rg BT 494.18 641.00 Td (been ) Tj ET Q
q 0 0 0 rg BT 515.87 641.00 Td (disposed ) Tj ET Q
q 0 0 0 rg BT 553.68 641.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 629.00 Td (except ) Tj ET Q
q 0 0 0 rg BT 79.14 629.00 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 93.85 629.00 Td (one) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 108.29 629.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 111.34 629.00 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 135.50 629.00 Td (capital ) Tj ET Q
q 0 0 0 rg BT 165.20 629.00 Td (lease ) Tj ET Q
q 0 0 0 rg BT 188.24 629.00 Td (asset ) Tj ET Q
q 0 0 0 rg BT 210.73 629.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 238.21 629.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 256.81 629.00 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 302.62 629.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 313.45 629.00 Td (March ) Tj ET Q
q 0 0 0 rg BT 342.60 629.00 Td (2013. ) Tj ET Q
q 0 0 0 rg BT 367.93 629.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 386.52 629.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 428.46 629.00 Td (operates ) Tj ET Q
q 0 0 0 rg BT 464.82 629.00 Td (oil ) Tj ET Q
q 0 0 0 rg BT 478.43 629.00 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 510.36 629.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 521.74 629.00 Td (two) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 536.74 629.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 539.78 629.00 Td (sizes: ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 617.00 Td (VLCCs, ) Tj ET Q
q 0 0 0 rg BT 86.11 617.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 113.60 617.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 128.85 617.00 Td (between ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 165.22 617.00 Td (200,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 197.72 617.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 200.77 617.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 218.26 617.00 Td (320,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 250.76 617.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 253.81 617.00 Td (dwt, ) Tj ET Q
q 0 0 0 rg BT 274.36 617.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 291.84 617.00 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 331.55 617.00 Td (tankers, ) Tj ET Q
q 0 0 0 rg BT 365.97 617.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 393.46 617.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 408.72 617.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 440.10 617.00 Td (between ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 476.46 617.00 Td (120,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 508.96 617.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 512.01 617.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 529.50 617.00 Td (170,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 562.00 617.00 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 605.00 Td (dwt. ) Tj ET Q
q 0 0 0 rg BT 69.74 605.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 87.71 605.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 129.01 605.00 Td (operates ) Tj ET Q
q 0 0 0 rg BT 164.75 605.00 Td (through ) Tj ET Q
q 0 0 0 rg BT 198.27 605.00 Td (subsidiaries ) Tj ET Q
q 0 0 0 rg BT 247.91 605.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 264.77 605.00 Td (partnerships ) Tj ET Q
q 0 0 0 rg BT 316.06 605.00 Td (located ) Tj ET Q
q 0 0 0 rg BT 347.35 605.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 357.55 605.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 372.19 605.00 Td (Bahamas, ) Tj ET Q
q 0 0 0 rg BT 413.76 605.00 Td (Bermuda, ) Tj ET Q
q 0 0 0 rg BT 455.33 605.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 469.97 605.00 Td (Cayman ) Tj ET Q
q 0 0 0 rg BT 505.71 605.00 Td (Islands, ) Tj ET Q
q 0 0 0 rg BT 538.96 605.00 Td (India, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 593.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.43 593.00 Td (Isle ) Tj ET Q
q 0 0 0 rg BT 81.07 593.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 91.61 593.00 Td (Man, ) Tj ET Q
q 0 0 0 rg BT 114.65 593.00 Td (Liberia, ) Tj ET Q
q 0 0 0 rg BT 148.23 593.00 Td (Norway) Tj ET Q
q 0 0 0 rg BT 179.80 593.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 184.51 593.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 198.93 593.00 Td (United ) Tj ET Q
q 0 0 0 rg BT 228.36 593.00 Td (Kingdom ) Tj ET Q
q 0 0 0 rg BT 268.35 593.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 285.00 593.00 Td (Singapore. ) Tj ET Q
q 0 0 0 rg BT 330.09 593.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 347.85 593.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 388.94 593.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 397.82 593.00 Td (also ) Tj ET Q
q 0 0 0 rg BT 416.14 593.00 Td (involved ) Tj ET Q
q 0 0 0 rg BT 453.35 593.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 463.33 593.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 477.76 593.00 Td (charter) Tj ET Q
q 0 0 0 rg BT 505.11 593.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 509.82 593.00 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 547.57 593.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 581.00 Td (sale ) Tj ET Q
q 0 0 0 rg BT 68.05 581.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 78.88 581.00 Td (vessels.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 557.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.52 557.00 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 116.07 557.00 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 155.14 557.00 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 184.78 557.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 199.96 557.00 Td (listed ) Tj ET Q
q 0 0 0 rg BT 224.59 557.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 237.57 557.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 252.76 557.00 Td (New ) Tj ET Q
q 0 0 0 rg BT 274.17 557.00 Td (Y) Tj ET Q
q 0 0 0 rg BT 280.39 557.00 Td (ork ) Tj ET Q
q 0 0 0 rg BT 296.69 557.00 Td (Stock ) Tj ET Q
q 0 0 0 rg BT 322.44 557.00 Td (Exchange, ) Tj ET Q
q 0 0 0 rg BT 367.34 557.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 382.53 557.00 Td (Oslo ) Tj ET Q
q 0 0 0 rg BT 404.39 557.00 Td (Stock ) Tj ET Q
q 0 0 0 rg BT 430.14 557.00 Td (Exchange ) Tj ET Q
q 0 0 0 rg BT 472.54 557.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 489.95 557.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 505.14 557.00 Td (London ) Tj ET Q
q 0 0 0 rg BT 539.22 557.00 Td (Stock ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 545.00 Td (Exchange ) Tj ET Q
q 0 0 0 rg BT 91.92 545.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 117.19 545.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 131.91 545.00 Td (symbol ) Tj ET Q
q 0 0 0 rg BT 163.86 545.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 174.69 545.00 Td ("FRO".) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 521.00 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.07 521.00 Td (October ) Tj ET Q
q 0 0 0 rg BT 94.02 521.00 Td (2003, ) Tj ET Q
q 0 0 0 rg BT 118.27 521.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 132.23 521.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 172.86 521.00 Td (established ) Tj ET Q
q 0 0 0 rg BT 219.03 521.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 239.12 521.00 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 272.51 521.00 Td (International ) Tj ET Q
q 0 0 0 rg BT 325.35 521.00 Td (Limited ) Tj ET Q
q 0 0 0 rg BT 358.75 521.00 Td (\("Ship ) Tj ET Q
q 0 0 0 rg BT 386.25 521.00 Td (Finance"\) ) Tj ET Q
q 0 0 0 rg BT 427.06 521.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 436.58 521.00 Td (Bermuda.) Tj ET Q
q 0 0 0 rg BT 478.05 521.00 Td (Through ) Tj ET Q
q 0 0 0 rg BT 514.23 521.00 Td (transactions ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 509.00 Td (executed ) Tj ET Q
q 0 0 0 rg BT 88.68 509.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 99.61 509.00 Td (January ) Tj ET Q
q 0 0 0 rg BT 133.85 509.00 Td (2004, ) Tj ET Q
q 0 0 0 rg BT 159.50 509.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 174.87 509.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 216.90 509.00 Td (transferred ) Tj ET Q
q 0 0 0 rg BT 263.36 509.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 274.28 509.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 295.77 509.00 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 330.58 509.00 Td (ownership ) Tj ET Q
q 0 0 0 rg BT 375.38 509.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 386.86 509.00 Td (46) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 396.86 509.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 400.01 509.00 Td (vessel-owning ) Tj ET Q
q 0 0 0 rg BT 460.93 509.00 Td (entities ) Tj ET Q
q 0 0 0 rg BT 492.96 509.00 Td (each ) Tj ET Q
q 0 0 0 rg BT 514.42 509.00 Td (owning ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 547.57 509.00 Td (one) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 562.01 509.00 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 497.00 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 77.70 497.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 95.41 497.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 108.12 497.00 Td (corresponding ) Tj ET Q
q 0 0 0 rg BT 168.59 497.00 Td (financing, ) Tj ET Q
q 0 0 0 rg BT 212.12 497.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 229.83 497.00 Td (one) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 244.27 497.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 247.53 497.00 Td (entity ) Tj ET Q
q 0 0 0 rg BT 273.57 497.00 Td (owning ) Tj ET Q
q 0 0 0 rg BT 306.84 497.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 319.54 497.00 Td (option ) Tj ET Q
q 0 0 0 rg BT 348.36 497.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 359.41 497.00 Td (acquire ) Tj ET Q
q 0 0 0 rg BT 392.10 497.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 399.56 497.00 Td (VLCC. ) Tj ET Q
q 0 0 0 rg BT 431.76 497.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 450.58 497.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 492.73 497.00 Td (then ) Tj ET Q
q 0 0 0 rg BT 513.21 497.00 Td (leased ) Tj ET Q
q 0 0 0 rg BT 541.46 497.00 Td (these ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 485.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 80.72 485.00 Td (back ) Tj ET Q
q 0 0 0 rg BT 101.99 485.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 114.38 485.00 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 156.21 485.00 Td (charters. ) Tj ET Q
q 0 0 0 rg BT 192.74 485.00 Td (Between ) Tj ET Q
q 0 0 0 rg BT 230.12 485.00 Td (May ) Tj ET Q
q 0 0 0 rg BT 250.84 485.00 Td (2004 ) Tj ET Q
q 0 0 0 rg BT 273.23 485.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 290.06 485.00 Td (March ) Tj ET Q
q 0 0 0 rg BT 318.55 485.00 Td (2007, ) Tj ET Q
q 0 0 0 rg BT 343.45 485.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 358.05 485.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 399.33 485.00 Td (distributed ) Tj ET Q
q 0 0 0 rg BT 444.50 485.00 Td (all ) Tj ET Q
q 0 0 0 rg BT 456.88 485.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 467.61 485.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 479.45 485.00 Td (shareholding ) Tj ET Q
q 0 0 0 rg BT 533.49 485.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 543.66 485.00 Td (Ship ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 473.00 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 84.16 473.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 94.43 473.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 106.38 473.00 Td (shareholders ) Tj ET Q
q 0 0 0 rg BT 159.42 473.00 Td (except ) Tj ET Q
q 0 0 0 rg BT 188.01 473.00 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 202.17 473.00 Td (73,383) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 229.67 473.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 232.17 473.00 Td (shares, ) Tj ET Q
q 0 0 0 rg BT 262.16 473.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 289.10 473.00 Td (represents ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 332.14 473.00 Td (0.01%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 357.97 473.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 360.47 473.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 371.30 473.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 392.14 473.00 Td (Finance's ) Tj ET Q
q 0 0 0 rg BT 431.99 473.00 Td (total ) Tj ET Q
q 0 0 0 rg BT 452.26 473.00 Td (shares.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 449.00 Td (In ) Tj ET Q
q 0 0 0 rg BT 59.90 449.00 Td (February ) Tj ET Q
q 0 0 0 rg BT 97.57 449.00 Td (2008, ) Tj ET Q
q 0 0 0 rg BT 121.64 449.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 135.42 449.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 175.88 449.00 Td (spun ) Tj ET Q
q 0 0 0 rg BT 196.34 449.00 Td (of) Tj ET Q
q 0 0 0 rg BT 204.49 449.00 Td (f ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 209.39 449.00 Td (17.53%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 240.22 449.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 241.79 449.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 251.69 449.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 262.71 449.00 Td (holding ) Tj ET Q
q 0 0 0 rg BT 294.84 449.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 304.18 449.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 315.20 449.00 Td (subsidiary ) Tj ET Q
q 0 0 0 rg BT 357.88 449.00 Td (Independent ) Tj ET Q
q 0 0 0 rg BT 408.76 449.00 Td (T) Tj ET Q
q 0 0 0 rg BT 414.17 449.00 Td (ankers ) Tj ET Q
q 0 0 0 rg BT 441.84 449.00 Td (Corporation ) Tj ET Q
q 0 0 0 rg BT 491.73 449.00 Td (Limited ) Tj ET Q
q 0 0 0 rg BT 524.96 449.00 Td (\("ITCL"\) ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 437.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 59.82 437.00 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 98.53 437.00 Td (shareholders ) Tj ET Q
q 0 0 0 rg BT 151.10 437.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 160.92 437.00 Td (conjunction ) Tj ET Q
q 0 0 0 rg BT 210.18 437.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 230.00 437.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 244.25 437.00 Td (listing ) Tj ET Q
q 0 0 0 rg BT 271.30 437.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 281.67 437.00 Td (ITCL) Tj ET Q
q 0 0 0 rg BT 303.52 437.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 305.56 437.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 317.60 437.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 331.86 437.00 Td (Norwegian ) Tj ET Q
q 0 0 0 rg BT 378.33 437.00 Td (over) Tj ET Q
q 0 0 0 rg BT 395.89 437.00 Td (-the-counter ) Tj ET Q
q 0 0 0 rg BT 446.80 437.00 Td (\("NOTC"\) ) Tj ET Q
q 0 0 0 rg BT 490.88 437.00 Td (market. ) Tj ET Q
q 0 0 0 rg BT 523.19 437.00 Td (In ) Tj ET Q
q 0 0 0 rg BT 533.11 437.00 Td (August ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 425.00 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 74.76 425.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 89.24 425.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 130.39 425.00 Td (sold ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 149.32 425.00 Td (25%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 167.65 425.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 169.91 425.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 180.50 425.00 Td (SeaT) Tj ET Q
q 0 0 0 rg BT 200.35 425.00 Td (eam ) Tj ET Q
q 0 0 0 rg BT 219.26 425.00 Td (Singapore ) Tj ET Q
q 0 0 0 rg BT 262.07 425.00 Td (Pte ) Tj ET Q
q 0 0 0 rg BT 277.11 425.00 Td (Limited ) Tj ET Q
q 0 0 0 rg BT 311.03 425.00 Td (\("SeaT) Tj ET Q
q 0 0 0 rg BT 338.29 425.00 Td (eam ) Tj ET Q
q 0 0 0 rg BT 357.21 425.00 Td (Management"\) ) Tj ET Q
q 0 0 0 rg BT 419.08 425.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 429.12 425.00 Td (Golden ) Tj ET Q
q 0 0 0 rg BT 460.82 425.00 Td (Ocean ) Tj ET Q
q 0 0 0 rg BT 488.62 425.00 Td (Group ) Tj ET Q
q 0 0 0 rg BT 516.43 425.00 Td (Limited ) Tj ET Q
q 0 0 0 rg BT 550.35 425.00 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 413.00 Td ($0.1 ) Tj ET Q
q 0 0 0 rg BT 70.00 413.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 98.89 413.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 101.39 413.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 118.33 413.00 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 164.69 413.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 171.63 413.00 Td (gain ) Tj ET Q
q 0 0 0 rg BT 191.35 413.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 203.85 413.00 Td (sale ) Tj ET Q
q 0 0 0 rg BT 221.89 413.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 232.72 413.00 Td ($0.2 ) Tj ET Q
q 0 0 0 rg BT 252.72 413.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 281.62 413.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 284.12 413.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 294.39 413.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 309.11 413.00 Td (statement ) Tj ET Q
q 0 0 0 rg BT 349.93 413.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 360.76 413.00 Td (equity) Tj ET Q
q 0 0 0 rg BT 385.11 413.00 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 389.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.38 389.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 108.09 389.00 Td (completed ) Tj ET Q
q 0 0 0 rg BT 151.57 389.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 157.84 389.00 Td (restructuring ) Tj ET Q
q 0 0 0 rg BT 210.76 389.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 220.92 389.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 232.19 389.00 Td (business ) Tj ET Q
q 0 0 0 rg BT 267.92 389.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 277.52 389.00 Td (December ) Tj ET Q
q 0 0 0 rg BT 320.43 389.00 Td (201) Tj ET Q
q 0 0 0 rg BT 335.06 389.00 Td (1. ) Tj ET Q
q 0 0 0 rg BT 344.26 389.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 361.64 389.00 Td (restructuring ) Tj ET Q
q 0 0 0 rg BT 414.56 389.00 Td (included ) Tj ET Q
q 0 0 0 rg BT 450.82 389.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 464.87 389.00 Td (sale ) Tj ET Q
q 0 0 0 rg BT 482.24 389.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 492.40 389.00 Td (15) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 502.40 389.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 504.23 389.00 Td (wholly-owned ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 377.00 Td (special ) Tj ET Q
q 0 0 0 rg BT 79.75 377.00 Td (purpose ) Tj ET Q
q 0 0 0 rg BT 113.39 377.00 Td (companies ) Tj ET Q
q 0 0 0 rg BT 158.13 377.00 Td (\("SPCs"\), ) Tj ET Q
q 0 0 0 rg BT 199.13 377.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 225.55 377.00 Td (together ) Tj ET Q
q 0 0 0 rg BT 260.29 377.00 Td (owned ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 288.94 377.00 Td (five) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 304.48 377.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 306.32 377.00 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 334.97 377.00 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 386.95 377.00 Td (contracts, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 427.53 377.00 Td (six) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 439.20 377.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 441.04 377.00 Td (VLCCs, ) Tj ET Q
q 0 0 0 rg BT 476.08 377.00 Td (including ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 515.84 377.00 Td (one) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 530.28 377.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 532.26 377.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 544.24 377.00 Td (time ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 365.00 Td (charter) Tj ET Q
q 0 0 0 rg BT 77.35 365.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 81.69 365.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 97.97 365.00 Td (four) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 114.63 365.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 116.47 365.00 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 154.97 365.00 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 185.68 365.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 195.30 365.00 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 233.81 365.00 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 255.65 365.00 Td (Limited ) Tj ET Q
q 0 0 0 rg BT 289.15 365.00 Td (\("Frontline ) Tj ET Q
q 0 0 0 rg BT 335.06 365.00 Td (2012"\). ) Tj ET Q
q 0 0 0 rg BT 366.68 365.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 384.07 365.00 Td (sale ) Tj ET Q
q 0 0 0 rg BT 401.46 365.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 411.63 365.00 Td (these ) Tj ET Q
q 0 0 0 rg BT 434.01 365.00 Td (SPCs ) Tj ET Q
q 0 0 0 rg BT 457.54 365.00 Td (resulted ) Tj ET Q
q 0 0 0 rg BT 491.03 365.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 500.65 365.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 506.93 365.00 Td (loss ) Tj ET Q
q 0 0 0 rg BT 524.33 365.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 534.50 365.00 Td ($307.0 ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 353.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 78.89 353.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 84.57 353.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 112.19 353.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 130.92 353.00 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 169.07 353.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 180.03 353.00 Td (201) Tj ET Q
q 0 0 0 rg BT 194.66 353.00 Td (1 ) Tj ET Q
q 0 0 0 rg BT 202.84 353.00 Td (\(see ) Tj ET Q
q 0 0 0 rg BT 222.11 353.00 Td (Note ) Tj ET Q
q 0 0 0 rg BT 244.73 353.00 Td (4\). ) Tj ET Q
q 0 0 0 rg BT 258.74 353.00 Td (In ) Tj ET Q
q 0 0 0 rg BT 270.25 353.00 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 308.70 353.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 324.10 353.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 366.16 353.00 Td (obtained ) Tj ET Q
q 0 0 0 rg BT 403.77 353.00 Td (agreements ) Tj ET Q
q 0 0 0 rg BT 452.49 353.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 473.44 353.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 486.07 353.00 Td (major ) Tj ET Q
q 0 0 0 rg BT 512.57 353.00 Td (counterparts ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 341.00 Td (whereby ) Tj ET Q
q 0 0 0 rg BT 86.53 341.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 100.86 341.00 Td (gross ) Tj ET Q
q 0 0 0 rg BT 124.08 341.00 Td (charter ) Tj ET Q
q 0 0 0 rg BT 153.94 341.00 Td (payment ) Tj ET Q
q 0 0 0 rg BT 190.48 341.00 Td (commitment ) Tj ET Q
q 0 0 0 rg BT 243.13 341.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 268.00 341.00 Td (existing ) Tj ET Q
q 0 0 0 rg BT 301.77 341.00 Td (chartering ) Tj ET Q
q 0 0 0 rg BT 344.41 341.00 Td (arrangements ) Tj ET Q
q 0 0 0 rg BT 400.38 341.00 Td (on ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 412.49 341.00 Td (32) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 422.49 341.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 424.59 341.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 455.03 341.00 Td (\(see ) Tj ET Q
q 0 0 0 rg BT 473.23 341.00 Td (Note ) Tj ET Q
q 0 0 0 rg BT 494.78 341.00 Td (17\) ) Tj ET Q
q 0 0 0 rg BT 510.21 341.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 527.87 341.00 Td (reduced.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 315.23 Td (2.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 77.00 315.23 Td (ACCOUNTING ) Tj ET Q
q 0 0 0 rg BT 148.95 315.23 Td (POLICIES) Tj ET Q
BT /F3 10.00 Tf ET
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 300.00 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 288.00 Td (Basis of accounting) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 276.00 Td (The ) Tj ET Q
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q 0 0 0 rg BT 122.53 276.00 Td (financial ) Tj ET Q
q 0 0 0 rg BT 160.74 276.00 Td (statements ) Tj ET Q
q 0 0 0 rg BT 206.17 276.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 221.60 276.00 Td (prepared ) Tj ET Q
q 0 0 0 rg BT 259.80 276.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 270.80 276.00 Td (accordance ) Tj ET Q
q 0 0 0 rg BT 318.98 276.00 Td (with ) Tj ET Q
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q 0 0 0 rg BT 387.08 276.00 Td (principles ) Tj ET Q
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q 0 0 0 rg BT 519.36 276.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 534.79 276.00 Td (United ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 264.00 Td (States. ) Tj ET Q
q 0 0 0 rg BT 79.32 264.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 98.03 264.00 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 151.73 264.00 Td (financial ) Tj ET Q
q 0 0 0 rg BT 189.87 264.00 Td (statements ) Tj ET Q
q 0 0 0 rg BT 235.25 264.00 Td (include ) Tj ET Q
q 0 0 0 rg BT 267.84 264.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 283.22 264.00 Td (assets ) Tj ET Q
q 0 0 0 rg BT 309.71 264.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 327.31 264.00 Td (liabilities ) Tj ET Q
q 0 0 0 rg BT 367.69 264.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 379.18 264.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 394.56 264.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 436.61 264.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 454.21 264.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 466.82 264.00 Td (subsidiaries ) Tj ET Q
q 0 0 0 rg BT 517.20 264.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 534.80 264.00 Td (certain ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 252.00 Td (variable ) Tj ET Q
q 0 0 0 rg BT 83.78 252.00 Td (interest ) Tj ET Q
q 0 0 0 rg BT 114.80 252.00 Td (entities ) Tj ET Q
q 0 0 0 rg BT 145.26 252.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 154.62 252.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 180.64 252.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 194.44 252.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 234.91 252.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 243.16 252.00 Td (deemed ) Tj ET Q
q 0 0 0 rg BT 275.83 252.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 285.19 252.00 Td (be ) Tj ET Q
q 0 0 0 rg BT 296.21 252.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 310.01 252.00 Td (primary ) Tj ET Q
q 0 0 0 rg BT 343.24 252.00 Td (beneficiary) Tj ET Q
q 0 0 0 rg BT 387.57 252.00 Td (. ) Tj ET Q
q 0 0 0 rg BT 391.30 252.00 Td (All ) Tj ET Q
q 0 0 0 rg BT 405.66 252.00 Td (intercompany ) Tj ET Q
q 0 0 0 rg BT 462.22 252.00 Td (balances ) Tj ET Q
q 0 0 0 rg BT 498.22 252.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 514.24 252.00 Td (transactions ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 240.00 Td (have ) Tj ET Q
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q 0 0 0 rg BT 92.75 240.00 Td (eliminated ) Tj ET Q
q 0 0 0 rg BT 137.46 240.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 149.96 240.00 Td (consolidation.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 216.00 Td (A) Tj ET Q
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q 0 0 0 rg BT 59.82 216.00 Td (variable ) Tj ET Q
q 0 0 0 rg BT 95.18 216.00 Td (interest ) Tj ET Q
q 0 0 0 rg BT 127.77 216.00 Td (entity ) Tj ET Q
q 0 0 0 rg BT 153.70 216.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 163.52 216.00 Td (defined ) Tj ET Q
q 0 0 0 rg BT 196.66 216.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 209.81 216.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 225.19 216.00 Td (accounting ) Tj ET Q
q 0 0 0 rg BT 272.21 216.00 Td (standard ) Tj ET Q
q 0 0 0 rg BT 309.24 216.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 320.73 216.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 328.32 216.00 Td (legal ) Tj ET Q
q 0 0 0 rg BT 350.91 216.00 Td (entity ) Tj ET Q
q 0 0 0 rg BT 376.84 216.00 Td (where ) Tj ET Q
q 0 0 0 rg BT 404.42 216.00 Td (either ) Tj ET Q
q 0 0 0 rg BT 430.34 216.00 Td (\(a\) ) Tj ET Q
q 0 0 0 rg BT 444.59 216.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 459.96 216.00 Td (totalequity ) Tj ET Q
q 0 0 0 rg BT 510.88 216.00 Td (at ) Tj ET Q
q 0 0 0 rg BT 521.25 216.00 Td (risk ) Tj ET Q
q 0 0 0 rg BT 539.41 216.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 549.23 216.00 Td (not ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 204.00 Td (suf) Tj ET Q
q 0 0 0 rg BT 62.04 204.00 Td (ficient ) Tj ET Q
q 0 0 0 rg BT 89.49 204.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 99.17 204.00 Td (permit ) Tj ET Q
q 0 0 0 rg BT 127.18 204.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 141.30 204.00 Td (entity ) Tj ET Q
q 0 0 0 rg BT 165.98 204.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 175.67 204.00 Td (finance ) Tj ET Q
q 0 0 0 rg BT 207.00 204.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 218.35 204.00 Td (activities ) Tj ET Q
q 0 0 0 rg BT 256.36 204.00 Td (without ) Tj ET Q
q 0 0 0 rg BT 288.82 204.00 Td (additional ) Tj ET Q
q 0 0 0 rg BT 330.71 204.00 Td (subordinated ) Tj ET Q
q 0 0 0 rg BT 384.28 204.00 Td (support; ) Tj ET Q
q 0 0 0 rg BT 418.96 204.00 Td (\(b\) ) Tj ET Q
q 0 0 0 rg BT 432.53 204.00 Td (equity ) Tj ET Q
q 0 0 0 rg BT 459.43 204.00 Td (interest ) Tj ET Q
q 0 0 0 rg BT 490.77 204.00 Td (holders ) Tj ET Q
q 0 0 0 rg BT 522.11 204.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 532.35 204.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 538.69 204.00 Td (group ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 192.00 Td (lack ) Tj ET Q
q 0 0 0 rg BT 68.61 192.00 Td (either ) Tj ET Q
q 0 0 0 rg BT 93.33 192.00 Td (i\) ) Tj ET Q
q 0 0 0 rg BT 101.39 192.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 115.56 192.00 Td (power ) Tj ET Q
q 0 0 0 rg BT 142.51 192.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 152.24 192.00 Td (direct ) Tj ET Q
q 0 0 0 rg BT 176.96 192.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 191.13 192.00 Td (activities ) Tj ET Q
q 0 0 0 rg BT 229.18 192.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 239.47 192.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 253.64 192.00 Td (entity ) Tj ET Q
q 0 0 0 rg BT 278.37 192.00 Td (that ) Tj ET Q
q 0 0 0 rg BT 295.32 192.00 Td (most ) Tj ET Q
q 0 0 0 rg BT 316.72 192.00 Td (significantly ) Tj ET Q
q 0 0 0 rg BT 368.66 192.00 Td (impact ) Tj ET Q
q 0 0 0 rg BT 397.83 192.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 409.79 192.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 421.19 192.00 Td (economic ) Tj ET Q
q 0 0 0 rg BT 462.02 192.00 Td (success, ) Tj ET Q
q 0 0 0 rg BT 496.46 192.00 Td (ii\) ) Tj ET Q
q 0 0 0 rg BT 507.30 192.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 521.47 192.00 Td (obligation ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 180.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.38 180.00 Td (absorb ) Tj ET Q
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q 0 0 0 rg BT 104.47 180.00 Td (expected ) Tj ET Q
q 0 0 0 rg BT 142.61 180.00 Td (losses ) Tj ET Q
q 0 0 0 rg BT 169.11 180.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 180.05 180.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 194.87 180.00 Td (entity) Tj ET Q
q 0 0 0 rg BT 217.00 180.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 222.10 180.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 233.04 180.00 Td (iii\) ) Tj ET Q
q 0 0 0 rg BT 247.31 180.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 262.13 180.00 Td (right ) Tj ET Q
q 0 0 0 rg BT 283.63 180.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 294.01 180.00 Td (receive ) Tj ET Q
q 0 0 0 rg BT 325.48 180.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 340.30 180.00 Td (expected ) Tj ET Q
q 0 0 0 rg BT 378.44 180.00 Td (residual ) Tj ET Q
q 0 0 0 rg BT 412.70 180.00 Td (returns ) Tj ET Q
q 0 0 0 rg BT 443.08 180.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 454.01 180.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 468.84 180.00 Td (entity; ) Tj ET Q
q 0 0 0 rg BT 497.00 180.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 507.93 180.00 Td (\(c\) ) Tj ET Q
q 0 0 0 rg BT 521.64 180.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 536.46 180.00 Td (voting ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 168.00 Td (rights ) Tj ET Q
q 0 0 0 rg BT 75.12 168.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 85.80 168.00 Td (some ) Tj ET Q
q 0 0 0 rg BT 109.25 168.00 Td (investors ) Tj ET Q
q 0 0 0 rg BT 147.71 168.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 157.83 168.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 172.39 168.00 Td (entity ) Tj ET Q
q 0 0 0 rg BT 197.51 168.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 212.06 168.00 Td (not ) Tj ET Q
q 0 0 0 rg BT 227.19 168.00 Td (proportional ) Tj ET Q
q 0 0 0 rg BT 278.96 168.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 289.09 168.00 Td (their ) Tj ET Q
q 0 0 0 rg BT 309.76 168.00 Td (economic ) Tj ET Q
q 0 0 0 rg BT 350.98 168.00 Td (interests ) Tj ET Q
q 0 0 0 rg BT 386.65 168.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 403.43 168.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 417.99 168.00 Td (activities ) Tj ET Q
q 0 0 0 rg BT 456.44 168.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 467.11 168.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 481.67 168.00 Td (entity ) Tj ET Q
q 0 0 0 rg BT 506.79 168.00 Td (involve ) Tj ET Q
q 0 0 0 rg BT 539.13 168.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 549.81 168.00 Td (are ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 156.00 Td (conducted ) Tj ET Q
q 0 0 0 rg BT 93.59 156.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 106.09 156.00 Td (behalf ) Tj ET Q
q 0 0 0 rg BT 133.58 156.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 144.41 156.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 156.35 156.00 Td (investor ) Tj ET Q
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q 0 0 0 rg BT 211.34 156.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 218.28 156.00 Td (disproportionately ) Tj ET Q
q 0 0 0 rg BT 294.10 156.00 Td (small ) Tj ET Q
q 0 0 0 rg BT 318.27 156.00 Td (voting ) Tj ET Q
q 0 0 0 rg BT 346.32 156.00 Td (interest.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 132.00 Td (The ) Tj ET Q
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q 0 0 0 rg BT 225.63 132.00 Td (interest ) Tj ET Q
q 0 0 0 rg BT 257.31 132.00 Td (entity ) Tj ET Q
q 0 0 0 rg BT 282.33 132.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 292.36 132.00 Td (be ) Tj ET Q
q 0 0 0 rg BT 304.04 132.00 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 356.83 132.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 369.08 132.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 380.78 132.00 Td (primary ) Tj ET Q
q 0 0 0 rg BT 414.68 132.00 Td (beneficiary) Tj ET Q
q 0 0 0 rg BT 459.00 132.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 463.75 132.00 Td (being ) Tj ET Q
q 0 0 0 rg BT 488.21 132.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 502.68 132.00 Td (interest ) Tj ET Q
q 0 0 0 rg BT 534.36 132.00 Td (holder) Tj ET Q
q 0 0 0 rg BT 559.50 132.00 Td (, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 120.00 Td (if ) Tj ET Q
q 0 0 0 rg BT 58.60 120.00 Td (any) Tj ET Q
q 0 0 0 rg BT 72.39 120.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 77.39 120.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 104.32 120.00 Td (has ) Tj ET Q
q 0 0 0 rg BT 120.14 120.00 Td (both ) Tj ET Q
q 0 0 0 rg BT 140.42 120.00 Td (\(1\)the ) Tj ET Q
q 0 0 0 rg BT 166.79 120.00 Td (power ) Tj ET Q
q 0 0 0 rg BT 194.27 120.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 204.54 120.00 Td (direct ) Tj ET Q
q 0 0 0 rg BT 229.80 120.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 244.51 120.00 Td (activities ) Tj ET Q
q 0 0 0 rg BT 283.10 120.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 293.93 120.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 308.64 120.00 Td (entity ) Tj ET Q
q 0 0 0 rg BT 333.91 120.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 360.84 120.00 Td (most ) Tj ET Q
q 0 0 0 rg BT 382.78 120.00 Td (significantly ) Tj ET Q
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q 0 0 0 rg BT 477.47 120.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 492.18 120.00 Td (entity's ) Tj ET Q
q 0 0 0 rg BT 523.14 120.00 Td (economic ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 108.00 Td (performance, ) Tj ET Q
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q 0 0 0 rg BT 123.86 108.00 Td (\(2\)the ) Tj ET Q
q 0 0 0 rg BT 150.93 108.00 Td (right ) Tj ET Q
q 0 0 0 rg BT 173.02 108.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 183.99 108.00 Td (receive ) Tj ET Q
q 0 0 0 rg BT 216.05 108.00 Td (benefits ) Tj ET Q
q 0 0 0 rg BT 250.91 108.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 262.44 108.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 277.85 108.00 Td (obligation ) Tj ET Q
q 0 0 0 rg BT 321.60 108.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 332.58 108.00 Td (absorb ) Tj ET Q
q 0 0 0 rg BT 362.44 108.00 Td (losses ) Tj ET Q
q 0 0 0 rg BT 389.53 108.00 Td (from ) Tj ET Q
q 0 0 0 rg BT 412.16 108.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 427.58 108.00 Td (entity ) Tj ET Q
q 0 0 0 rg BT 453.55 108.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 481.19 108.00 Td (could ) Tj ET Q
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239 0 obj
<<
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>>
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q 0 0 0 rg BT 397.71 538.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 417.87 538.10 Td (flows ) Tj ET Q
q 0 0 0 rg BT 442.49 538.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 456.55 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 471.16 538.10 Td (years ) Tj ET Q
q 0 0 0 rg BT 494.65 538.10 Td (ended ) Tj ET Q
q 0 0 0 rg BT 520.92 538.10 Td (December ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 65.79 526.10 Td (201) Tj ET Q
q 0 0 0 rg BT 80.42 526.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 88.72 526.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 106.45 526.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 150.83 526.10 Td (31, ) Tj ET Q
q 0 0 0 rg BT 166.63 526.10 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 189.92 526.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 206.55 526.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 228.72 526.10 Td (expanded ) Tj ET Q
q 0 0 0 rg BT 270.33 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 281.40 526.10 Td (present ) Tj ET Q
q 0 0 0 rg BT 313.57 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 329.08 526.10 Td (change ) Tj ET Q
q 0 0 0 rg BT 360.70 526.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 371.77 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 387.28 526.10 Td (provision ) Tj ET Q
q 0 0 0 rg BT 428.35 526.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 443.31 526.10 Td (doubtful ) Tj ET Q
q 0 0 0 rg BT 480.49 526.10 Td (accounts ) Tj ET Q
q 0 0 0 rg BT 518.77 526.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 529.84 526.10 Td (order ) Tj ET Q
q 0 0 0 rg BT 554.24 526.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (conform ) Tj ET Q
q 0 0 0 rg BT 86.38 514.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 96.66 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 111.37 514.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 133.87 514.10 Td (presentation.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (Discontinued ) Tj ET Q
q 0 0 0 rg BT 108.62 490.10 Td (operations) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.10 478.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 107.54 478.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 122.42 478.10 Td (determined ) Tj ET Q
q 0 0 0 rg BT 168.95 478.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 185.50 478.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 196.49 478.10 Td (individual ) Tj ET Q
q 0 0 0 rg BT 238.59 478.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 264.58 478.10 Td (within ) Tj ET Q
q 0 0 0 rg BT 291.69 478.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 297.68 478.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 323.67 478.10 Td (class ) Tj ET Q
q 0 0 0 rg BT 344.66 478.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 352.88 478.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 367.21 478.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 373.20 478.10 Td (component ) Tj ET Q
q 0 0 0 rg BT 419.19 478.10 Td (\(as ) Tj ET Q
q 0 0 0 rg BT 432.40 478.10 Td (defined ) Tj ET Q
q 0 0 0 rg BT 463.94 478.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 475.49 478.10 Td (accounting ) Tj ET Q
q 0 0 0 rg BT 520.91 478.10 Td (standards\) ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 60.55 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 74.99 466.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 116.10 466.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 136.66 466.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 151.66 466.10 Td (believe ) Tj ET Q
q 0 0 0 rg BT 182.75 466.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 199.97 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 214.41 466.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 258.29 466.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 268.84 466.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 280.50 466.10 Td (individual ) Tj ET Q
q 0 0 0 rg BT 323.28 466.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 349.94 466.10 Td (can ) Tj ET Q
q 0 0 0 rg BT 366.04 466.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 377.70 466.10 Td (clearly ) Tj ET Q
q 0 0 0 rg BT 407.13 466.10 Td (distinguished. ) Tj ET Q
q 0 0 0 rg BT 465.19 466.10 Td (Generally) Tj ET Q
q 0 0 0 rg BT 503.96 466.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 508.68 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 523.12 466.10 Td (Company ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (believes ) Tj ET Q
q 0 0 0 rg BT 85.35 454.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 102.94 454.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 115.52 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 126.45 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 141.25 454.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 172.17 454.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 182.54 454.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 189.57 454.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 216.60 454.10 Td (class ) Tj ET Q
q 0 0 0 rg BT 238.63 454.10 Td (represent ) Tj ET Q
q 0 0 0 rg BT 277.86 454.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 284.89 454.10 Td (component ) Tj ET Q
q 0 0 0 rg BT 331.92 454.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 342.84 454.10 Td (defined ) Tj ET Q
q 0 0 0 rg BT 375.41 454.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 389.66 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 404.47 454.10 Td (purpose ) Tj ET Q
q 0 0 0 rg BT 438.72 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 449.64 454.10 Td (discontinued ) Tj ET Q
q 0 0 0 rg BT 503.33 454.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 547.58 454.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 68.21 442.10 Td (present ) Tj ET Q
q 0 0 0 rg BT 99.74 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 114.62 442.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 158.93 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 169.91 442.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 177.01 442.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 204.10 442.10 Td (class ) Tj ET Q
q 0 0 0 rg BT 226.19 442.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 237.18 442.10 Td (discontinued ) Tj ET Q
q 0 0 0 rg BT 290.94 442.10 Td (when ) Tj ET Q
q 0 0 0 rg BT 315.25 442.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 327.90 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 338.89 442.10 Td (those ) Tj ET Q
q 0 0 0 rg BT 362.65 442.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 393.64 442.10 Td (either ) Tj ET Q
q 0 0 0 rg BT 419.06 442.10 Td (meet ) Tj ET Q
q 0 0 0 rg BT 441.15 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 456.02 442.10 Td (criteria ) Tj ET Q
q 0 0 0 rg BT 486.98 442.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 501.30 442.10 Td (held ) Tj ET Q
q 0 0 0 rg BT 521.17 442.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 535.49 442.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 553.69 442.10 Td (or ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 64.71 430.10 Td (sold.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (Contingent ) Tj ET Q
q 0 0 0 rg BT 100.28 406.10 Td (r) Tj ET Q
q 0 0 0 rg BT 104.54 406.10 Td (ental ) Tj ET Q
q 0 0 0 rg BT 128.15 406.10 Td (expense) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.49 394.10 Td (contingent ) Tj ET Q
q 0 0 0 rg BT 113.64 394.10 Td (rental ) Tj ET Q
q 0 0 0 rg BT 139.34 394.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 174.49 394.10 Td (represents ) Tj ET Q
q 0 0 0 rg BT 217.96 394.10 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 254.79 394.10 Td (accrued ) Tj ET Q
q 0 0 0 rg BT 288.81 394.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 330.64 394.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 365.79 394.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 376.50 394.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 406.65 394.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 437.34 394.10 Td (parties. ) Tj ET Q
q 0 0 0 rg BT 469.43 394.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 480.70 394.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 524.73 394.10 Td (201) Tj ET Q
q 0 0 0 rg BT 539.36 394.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 549.79 394.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 91.15 382.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 107.84 382.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 128.44 382.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 162.35 382.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 191.26 382.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 201.29 382.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 207.99 382.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 225.23 382.10 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 265.26 382.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 275.84 382.10 Td ($6,500) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 303.34 382.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 305.60 382.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 320.63 382.10 Td (day ) Tj ET Q
q 0 0 0 rg BT 337.33 382.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 351.25 382.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 363.50 382.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 394.09 382.10 Td (leased ) Tj ET Q
q 0 0 0 rg BT 421.33 382.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 443.03 382.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 463.63 382.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 497.54 382.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 522.57 382.10 Td (long-term ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (leases ) Tj ET Q
q 0 0 0 rg BT 76.13 370.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 90.04 370.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 96.74 370.10 Td (four) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 113.40 370.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 115.65 370.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 135.11 370.10 Td (period ) Tj ET Q
q 0 0 0 rg BT 162.91 370.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 180.16 370.10 Td (commenced ) Tj ET Q
q 0 0 0 rg BT 230.72 370.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 242.98 370.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 276.33 370.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 286.08 370.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 310.67 370.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 328.47 370.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 369.61 370.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 387.42 370.10 Td (compensate ) Tj ET Q
q 0 0 0 rg BT 436.88 370.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 457.47 370.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 491.38 370.10 Td (with ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 511.41 370.10 Td (100%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 534.74 370.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 537.00 370.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 547.58 370.10 Td (any ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (dif) Tj ET Q
q 0 0 0 rg BT 60.93 358.10 Td (ference ) Tj ET Q
q 0 0 0 rg BT 92.62 358.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 128.22 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 142.72 358.10 Td (renegotiated ) Tj ET Q
q 0 0 0 rg BT 194.42 358.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 215.58 358.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 232.30 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 246.80 358.10 Td (average ) Tj ET Q
q 0 0 0 rg BT 280.16 358.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 306.88 358.10 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 343.04 358.10 Td (up ) Tj ET Q
q 0 0 0 rg BT 355.32 358.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 365.38 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 379.88 358.10 Td (original ) Tj ET Q
q 0 0 0 rg BT 413.27 358.10 Td (contract ) Tj ET Q
q 0 0 0 rg BT 447.75 358.10 Td (rates. ) Tj ET Q
q 0 0 0 rg BT 471.41 358.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 482.02 358.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 525.39 358.10 Td (201) Tj ET Q
q 0 0 0 rg BT 540.02 358.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 549.80 358.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 91.27 346.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 109.75 346.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 138.78 346.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 148.94 346.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 155.75 346.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 173.12 346.10 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 213.26 346.10 Td (on ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.64 346.10 Td (four) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 242.30 346.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 244.68 346.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 275.39 346.10 Td (whereby ) Tj ET Q
q 0 0 0 rg BT 312.20 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 326.79 346.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 368.06 346.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 386.00 346.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 402.81 346.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 409.63 346.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 443.66 346.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 461.02 346.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 477.84 346.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 489.66 346.10 Td (additional ) Tj ET Q
q 0 0 0 rg BT 532.03 346.10 Td (amount ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (dependent ) Tj ET Q
q 0 0 0 rg BT 93.49 334.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 105.88 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 120.49 334.10 Td (actual ) Tj ET Q
q 0 0 0 rg BT 146.75 334.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 176.90 334.10 Td (rate. ) Tj ET Q
q 0 0 0 rg BT 196.61 334.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 214.55 334.10 Td (contingent ) Tj ET Q
q 0 0 0 rg BT 259.15 334.10 Td (rental ) Tj ET Q
q 0 0 0 rg BT 284.31 334.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 318.90 334.10 Td (represents ) Tj ET Q
q 0 0 0 rg BT 361.83 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 376.44 334.10 Td (additional ) Tj ET Q
q 0 0 0 rg BT 418.82 334.10 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 455.10 334.10 Td (accrued ) Tj ET Q
q 0 0 0 rg BT 488.58 334.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 499.30 334.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 506.13 334.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 530.74 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 541.46 334.10 Td (these ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 80.25 322.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 103.30 322.10 Td (amendments. ) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td (Cash ) Tj ET Q
q 0 0 0 rg BT 74.17 298.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 92.80 298.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 114.19 298.10 Td (equivalents) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (For ) Tj ET Q
q 0 0 0 rg BT 65.69 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 79.71 286.10 Td (purposes ) Tj ET Q
q 0 0 0 rg BT 117.06 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 127.19 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 141.20 286.10 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 193.54 286.10 Td (statements ) Tj ET Q
q 0 0 0 rg BT 237.56 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 247.69 286.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 267.25 286.10 Td (flows, ) Tj ET Q
q 0 0 0 rg BT 293.77 286.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 305.57 286.10 Td (demand ) Tj ET Q
q 0 0 0 rg BT 339.02 286.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 355.26 286.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 374.83 286.10 Td (deposits ) Tj ET Q
q 0 0 0 rg BT 409.41 286.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 425.65 286.10 Td (highly ) Tj ET Q
q 0 0 0 rg BT 453.01 286.10 Td (liquid, ) Tj ET Q
q 0 0 0 rg BT 480.64 286.10 Td (low ) Tj ET Q
q 0 0 0 rg BT 497.44 286.10 Td (risk ) Tj ET Q
q 0 0 0 rg BT 514.24 286.10 Td (investments ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 70.28 274.10 Td (original ) Tj ET Q
q 0 0 0 rg BT 103.88 274.10 Td (maturities ) Tj ET Q
q 0 0 0 rg BT 146.37 274.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 157.20 274.10 Td (three ) Tj ET Q
q 0 0 0 rg BT 179.69 274.10 Td (months ) Tj ET Q
q 0 0 0 rg BT 211.64 274.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 222.47 274.10 Td (less ) Tj ET Q
q 0 0 0 rg BT 239.97 274.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 254.67 274.10 Td (considered ) Tj ET Q
q 0 0 0 rg BT 300.49 274.10 Td (equivalent ) Tj ET Q
q 0 0 0 rg BT 344.64 274.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 354.92 274.10 Td (cash.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (Restricted ) Tj ET Q
q 0 0 0 rg BT 96.37 250.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 117.76 250.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 136.38 250.10 Td (investments) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (Restricted ) Tj ET Q
q 0 0 0 rg BT 92.58 238.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 112.39 238.10 Td (consists ) Tj ET Q
q 0 0 0 rg BT 146.10 238.10 Td (mainly ) Tj ET Q
q 0 0 0 rg BT 175.91 238.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 186.28 238.10 Td (bank ) Tj ET Q
q 0 0 0 rg BT 207.75 238.10 Td (deposits ) Tj ET Q
q 0 0 0 rg BT 242.57 238.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 252.39 238.10 Td (ITCL, ) Tj ET Q
q 0 0 0 rg BT 279.14 238.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 305.62 238.10 Td (must ) Tj ET Q
q 0 0 0 rg BT 327.11 238.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 338.58 238.10 Td (maintained ) Tj ET Q
q 0 0 0 rg BT 385.05 238.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 394.87 238.10 Td (accordance ) Tj ET Q
q 0 0 0 rg BT 441.87 238.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 461.68 238.10 Td (contractual ) Tj ET Q
q 0 0 0 rg BT 508.14 238.10 Td (arrangements ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.37 226.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 92.73 226.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 111.88 226.10 Td (only ) Tj ET Q
q 0 0 0 rg BT 131.58 226.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 142.95 226.10 Td (used ) Tj ET Q
q 0 0 0 rg BT 163.21 226.10 Td (to ) Tj ET Q
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q 0 0 0 rg BT 350.48 586.10 Td (non-operating ) Tj ET Q
q 0 0 0 rg BT 409.41 586.10 Td (items, ) Tj ET Q
q 0 0 0 rg BT 436.41 586.10 Td (net". ) Tj ET Q
q 0 0 0 rg BT 457.42 586.10 Td (At ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 470.25 586.10 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 529.17 586.10 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 549.17 586.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 552.00 586.10 Td (no ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (GICs ) Tj ET Q
q 0 0 0 rg BT 73.61 574.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 95.54 574.10 Td (held.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (Marketable ) Tj ET Q
q 0 0 0 rg BT 102.49 550.10 Td (securities) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (Marketable ) Tj ET Q
q 0 0 0 rg BT 97.79 538.10 Td (equity ) Tj ET Q
q 0 0 0 rg BT 125.05 538.10 Td (securities ) Tj ET Q
q 0 0 0 rg BT 165.08 538.10 Td (held ) Tj ET Q
q 0 0 0 rg BT 184.56 538.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 196.82 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 211.30 538.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 252.45 538.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 266.92 538.10 Td (considered ) Tj ET Q
q 0 0 0 rg BT 312.49 538.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 322.53 538.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 334.23 538.10 Td (available-for) Tj ET Q
q 0 0 0 rg BT 385.11 538.10 Td (-sale ) Tj ET Q
q 0 0 0 rg BT 406.25 538.10 Td (securities ) Tj ET Q
q 0 0 0 rg BT 446.28 538.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 462.98 538.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 473.57 538.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 494.16 538.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 508.63 538.10 Td (carried ) Tj ET Q
q 0 0 0 rg BT 538.65 538.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 548.13 538.10 Td (fair ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (value. ) Tj ET Q
q 0 0 0 rg BT 76.88 526.10 Td (Any ) Tj ET Q
q 0 0 0 rg BT 97.61 526.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 136.10 526.10 Td (unrealized ) Tj ET Q
q 0 0 0 rg BT 181.24 526.10 Td (gains ) Tj ET Q
q 0 0 0 rg BT 205.85 526.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 223.79 526.10 Td (losses, ) Tj ET Q
q 0 0 0 rg BT 253.69 526.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 269.40 526.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 281.23 526.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 318.04 526.10 Td (taxes ) Tj ET Q
q 0 0 0 rg BT 342.09 526.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 351.70 526.10 Td (any) Tj ET Q
q 0 0 0 rg BT 365.49 526.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 371.49 526.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 387.20 526.10 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 425.67 526.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 437.50 526.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 445.44 526.10 Td (separate ) Tj ET Q
q 0 0 0 rg BT 481.70 526.10 Td (component ) Tj ET Q
q 0 0 0 rg BT 529.63 526.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 541.46 526.10 Td (other ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (comprehensive ) Tj ET Q
q 0 0 0 rg BT 112.09 514.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 143.08 514.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 152.41 514.10 Td (equity ) Tj ET Q
q 0 0 0 rg BT 178.97 514.10 Td (unless ) Tj ET Q
q 0 0 0 rg BT 205.52 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 219.30 514.10 Td (securities ) Tj ET Q
q 0 0 0 rg BT 258.62 514.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 272.38 514.10 Td (considered ) Tj ET Q
q 0 0 0 rg BT 317.25 514.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 326.59 514.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 337.58 514.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 359.69 514.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 378.46 514.10 Td (temporarily ) Tj ET Q
q 0 0 0 rg BT 426.67 514.10 Td (impaired, ) Tj ET Q
q 0 0 0 rg BT 466.26 514.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 475.60 514.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 501.59 514.10 Td (case ) Tj ET Q
q 0 0 0 rg BT 520.36 514.10 Td (unrealized ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (losses ) Tj ET Q
q 0 0 0 rg BT 76.39 502.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 91.10 502.10 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 128.57 502.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 138.85 502.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 153.57 502.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 185.50 502.10 Td (statement.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (Inventories) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (Inventories ) Tj ET Q
q 0 0 0 rg BT 96.79 466.10 Td (comprise ) Tj ET Q
q 0 0 0 rg BT 135.26 466.10 Td (principally ) Tj ET Q
q 0 0 0 rg BT 180.39 466.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 190.53 466.10 Td (fuel ) Tj ET Q
q 0 0 0 rg BT 207.88 466.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 224.13 466.10 Td (lubricating ) Tj ET Q
q 0 0 0 rg BT 269.26 466.10 Td (oils ) Tj ET Q
q 0 0 0 rg BT 285.52 466.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 301.77 466.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 315.78 466.10 Td (stated ) Tj ET Q
q 0 0 0 rg BT 340.92 466.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 349.94 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 363.97 466.10 Td (lower ) Tj ET Q
q 0 0 0 rg BT 388.54 466.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 398.68 466.10 Td (cost ) Tj ET Q
q 0 0 0 rg BT 416.60 466.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 432.85 466.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 462.42 466.10 Td (value. ) Tj ET Q
q 0 0 0 rg BT 488.39 466.10 Td (Cost ) Tj ET Q
q 0 0 0 rg BT 508.54 466.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 517.01 466.10 Td (determined ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 62.50 454.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 69.44 454.10 Td (first-in, ) Tj ET Q
q 0 0 0 rg BT 101.66 454.10 Td (first-out ) Tj ET Q
q 0 0 0 rg BT 136.37 454.10 Td (basis.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 430.10 Td (V) Tj ET Q
q 0 0 0 rg BT 56.30 430.10 Td (essels ) Tj ET Q
q 0 0 0 rg BT 82.13 430.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 100.76 430.10 Td (equipment) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.20 418.10 Td (cost ) Tj ET Q
q 0 0 0 rg BT 86.96 418.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 97.94 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 112.80 418.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 143.78 418.10 Td (less ) Tj ET Q
q 0 0 0 rg BT 161.43 418.10 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 202.41 418.10 Td (residual ) Tj ET Q
q 0 0 0 rg BT 236.71 418.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 261.02 418.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 270.34 418.10 Td (depreciated ) Tj ET Q
q 0 0 0 rg BT 319.07 418.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 331.72 418.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 338.81 418.10 Td (straight-line ) Tj ET Q
q 0 0 0 rg BT 389.78 418.10 Td (basis ) Tj ET Q
q 0 0 0 rg BT 412.43 418.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 432.85 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 447.71 418.10 Td (vessels' ) Tj ET Q
q 0 0 0 rg BT 480.50 418.10 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 521.47 418.10 Td (remaining ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 91.40 406.10 Td (useful ) Tj ET Q
q 0 0 0 rg BT 118.37 406.10 Td (lives. ) Tj ET Q
q 0 0 0 rg BT 142.10 406.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 160.18 406.10 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 201.03 406.10 Td (economic ) Tj ET Q
q 0 0 0 rg BT 242.43 406.10 Td (useful ) Tj ET Q
q 0 0 0 rg BT 269.40 406.10 Td (life ) Tj ET Q
q 0 0 0 rg BT 285.25 406.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 296.11 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 310.86 406.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 357.97 406.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 388.83 406.10 Td (is ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 398.03 406.10 Td (25) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 408.03 406.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 410.55 406.10 Td (years. ) Tj ET Q
q 0 0 0 rg BT 436.68 406.10 Td (Other ) Tj ET Q
q 0 0 0 rg BT 461.98 406.10 Td (equipment ) Tj ET Q
q 0 0 0 rg BT 506.72 406.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 515.92 406.10 Td (depreciated ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 70.86 394.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 83.41 394.10 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 124.82 394.10 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 168.46 394.10 Td (useful ) Tj ET Q
q 0 0 0 rg BT 196.00 394.10 Td (life, ) Tj ET Q
q 0 0 0 rg BT 214.92 394.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 242.45 394.10 Td (approximates ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 299.42 394.10 Td (five) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 314.97 394.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 318.06 394.10 Td (years. ) Tj ET Q
q 0 0 0 rg BT 344.53 394.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 363.17 394.10 Td (residual ) Tj ET Q
q 0 0 0 rg BT 397.93 394.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 422.68 394.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 437.43 394.10 Td (owned ) Tj ET Q
q 0 0 0 rg BT 467.19 394.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 498.61 394.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 508.38 394.10 Td (calculated ) Tj ET Q
q 0 0 0 rg BT 552.00 394.10 Td (by ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (multiplying ) Tj ET Q
q 0 0 0 rg BT 99.39 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 114.33 382.10 Td (lightweight ) Tj ET Q
q 0 0 0 rg BT 162.60 382.10 Td (tonnage ) Tj ET Q
q 0 0 0 rg BT 196.98 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 208.03 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 222.97 382.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 250.13 382.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 262.85 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 277.79 382.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 308.27 382.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 330.98 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 342.03 382.10 Td (scrap ) Tj ET Q
q 0 0 0 rg BT 365.85 382.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 381.34 382.10 Td (tonne. ) Tj ET Q
q 0 0 0 rg BT 408.58 382.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 426.85 382.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 457.33 382.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 480.04 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 491.09 382.10 Td (scrap ) Tj ET Q
q 0 0 0 rg BT 514.91 382.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 530.40 382.10 Td (tonne ) Tj ET Q
q 0 0 0 rg BT 555.34 382.10 Td (is ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (calculated ) Tj ET Q
q 0 0 0 rg BT 92.47 370.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 102.75 370.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 116.91 370.10 Td (ten) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 129.13 370.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 131.07 370.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 150.22 370.10 Td (average, ) Tj ET Q
q 0 0 0 rg BT 185.75 370.10 Td (up ) Tj ET Q
q 0 0 0 rg BT 197.70 370.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 207.42 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 221.58 370.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 240.18 370.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 250.46 370.10 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 285.16 370.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 295.44 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 309.60 370.10 Td (vessel, ) Tj ET Q
q 0 0 0 rg BT 338.48 370.10 Td (across ) Tj ET Q
q 0 0 0 rg BT 365.42 370.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 379.58 370.10 Td (three) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 399.57 370.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 401.51 370.10 Td (main ) Tj ET Q
q 0 0 0 rg BT 423.45 370.10 Td (recycling ) Tj ET Q
q 0 0 0 rg BT 462.60 370.10 Td (markets ) Tj ET Q
q 0 0 0 rg BT 496.20 370.10 Td (\(Far ) Tj ET Q
q 0 0 0 rg BT 514.80 370.10 Td (East, ) Tj ET Q
q 0 0 0 rg BT 536.46 370.10 Td (Indian ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (sub ) Tj ET Q
q 0 0 0 rg BT 66.39 358.10 Td (continent ) Tj ET Q
q 0 0 0 rg BT 106.10 358.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 123.04 358.10 Td (Bangladesh\). ) Tj ET Q
q 0 0 0 rg BT 178.03 358.10 Td (Residual ) Tj ET Q
q 0 0 0 rg BT 215.52 358.10 Td (values ) Tj ET Q
q 0 0 0 rg BT 243.57 358.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 258.28 358.10 Td (reviewed ) Tj ET Q
q 0 0 0 rg BT 297.42 358.10 Td (annually) Tj ET Q
q 0 0 0 rg BT 331.21 358.10 Td (.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (V) Tj ET Q
q 0 0 0 rg BT 56.30 334.10 Td (essels ) Tj ET Q
q 0 0 0 rg BT 82.13 334.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 100.76 334.10 Td (equipment ) Tj ET Q
q 0 0 0 rg BT 148.82 334.10 Td (under) Tj ET Q
q 0 0 0 rg BT 174.20 334.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 176.70 334.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 208.09 334.10 Td (lease) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.32 322.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 109.98 322.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 144.40 322.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 154.96 322.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 184.93 322.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 216.04 322.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 233.25 322.10 Td (equipment ) Tj ET Q
q 0 0 0 rg BT 278.24 322.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 303.78 322.10 Td (leasing ) Tj ET Q
q 0 0 0 rg BT 334.88 322.10 Td (agreements. ) Tj ET Q
q 0 0 0 rg BT 385.69 322.10 Td (Leases ) Tj ET Q
q 0 0 0 rg BT 415.67 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 426.78 322.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 457.88 322.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 475.10 322.10 Td (equipment, ) Tj ET Q
q 0 0 0 rg BT 522.58 322.10 Td (where ) Tj ET Q
q 0 0 0 rg BT 549.79 322.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 91.14 310.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 106.72 310.10 Td (substantially ) Tj ET Q
q 0 0 0 rg BT 159.52 310.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 171.76 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 186.23 310.10 Td (risks ) Tj ET Q
q 0 0 0 rg BT 207.37 310.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 224.06 310.10 Td (rewards ) Tj ET Q
q 0 0 0 rg BT 257.96 310.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 268.54 310.10 Td (ownership, ) Tj ET Q
q 0 0 0 rg BT 314.95 310.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 329.41 310.10 Td (classified ) Tj ET Q
q 0 0 0 rg BT 369.42 310.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 380.00 310.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 408.90 310.10 Td (leases. ) Tj ET Q
q 0 0 0 rg BT 437.53 310.10 Td (Capital ) Tj ET Q
q 0 0 0 rg BT 468.66 310.10 Td (leases ) Tj ET Q
q 0 0 0 rg BT 494.79 310.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 509.25 310.10 Td (capitalized ) Tj ET Q
q 0 0 0 rg BT 554.80 310.10 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.61 298.10 Td (inception ) Tj ET Q
q 0 0 0 rg BT 104.22 298.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 114.94 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 129.56 298.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 151.94 298.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 161.55 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 176.16 298.10 Td (lower ) Tj ET Q
q 0 0 0 rg BT 201.32 298.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 212.05 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 226.66 298.10 Td (fair ) Tj ET Q
q 0 0 0 rg BT 242.93 298.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 266.98 298.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 277.71 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 292.32 298.10 Td (leased ) Tj ET Q
q 0 0 0 rg BT 319.70 298.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 345.42 298.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 362.26 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 376.87 298.10 Td (present ) Tj ET Q
q 0 0 0 rg BT 408.14 298.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 432.19 298.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 442.92 298.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 457.53 298.10 Td (minimum ) Tj ET Q
q 0 0 0 rg BT 498.82 298.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 521.20 298.10 Td (payments.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (Each ) Tj ET Q
q 0 0 0 rg BT 71.91 274.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 93.82 274.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 130.18 274.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 138.78 274.10 Td (allocated ) Tj ET Q
q 0 0 0 rg BT 176.79 274.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 212.03 274.10 Td (liability ) Tj ET Q
q 0 0 0 rg BT 245.06 274.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 261.43 274.10 Td (finance ) Tj ET Q
q 0 0 0 rg BT 292.78 274.10 Td (char) Tj ET Q
q 0 0 0 rg BT 309.80 274.10 Td (ges ) Tj ET Q
q 0 0 0 rg BT 325.06 274.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 334.76 274.10 Td (achieve ) Tj ET Q
q 0 0 0 rg BT 367.22 274.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 373.58 274.10 Td (constant ) Tj ET Q
q 0 0 0 rg BT 408.83 274.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 425.74 274.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 437.67 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 451.81 274.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 480.39 274.10 Td (balance ) Tj ET Q
q 0 0 0 rg BT 512.85 274.10 Td (outstanding. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.05 262.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 99.98 262.10 Td (element ) Tj ET Q
q 0 0 0 rg BT 134.13 262.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 144.96 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 159.68 262.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 188.83 262.10 Td (cost ) Tj ET Q
q 0 0 0 rg BT 207.44 262.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 216.61 262.10 Td (char) Tj ET Q
q 0 0 0 rg BT 233.63 262.10 Td (ged ) Tj ET Q
q 0 0 0 rg BT 250.57 262.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 260.85 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 275.57 262.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 307.50 262.10 Td (statement ) Tj ET Q
q 0 0 0 rg BT 348.32 262.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 368.59 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 383.31 262.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 405.79 262.10 Td (period.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (When ) Tj ET Q
q 0 0 0 rg BT 76.70 238.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 91.74 238.10 Td (terms ) Tj ET Q
q 0 0 0 rg BT 116.78 238.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 127.93 238.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 135.19 238.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 158.00 238.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 173.03 238.10 Td (modified, ) Tj ET Q
q 0 0 0 rg BT 214.45 238.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 237.82 238.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 257.86 238.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 270.68 238.10 Td (renewing ) Tj ET Q
q 0 0 0 rg BT 310.71 238.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 325.75 238.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 348.56 238.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 359.71 238.10 Td (extending ) Tj ET Q
q 0 0 0 rg BT 401.97 238.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 414.24 238.10 Td (term, ) Tj ET Q
q 0 0 0 rg BT 437.89 238.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 452.92 238.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 475.73 238.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 485.22 238.10 Td (reassessed ) Tj ET Q
q 0 0 0 rg BT 529.70 238.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 540.85 238.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 549.78 238.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 69.19 226.10 Td (terms ) Tj ET Q
q 0 0 0 rg BT 93.94 226.10 Td (where ) Tj ET Q
q 0 0 0 rg BT 120.90 226.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 131.21 226.10 Td (place ) Tj ET Q
q 0 0 0 rg BT 154.83 226.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 164.58 226.10 Td (inception ) Tj ET Q
q 0 0 0 rg BT 204.32 226.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 215.18 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 229.93 226.10 Td (lease. ) Tj ET Q
q 0 0 0 rg BT 254.95 226.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 264.14 226.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 281.12 226.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 309.76 226.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 320.06 226.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 327.03 226.10 Td (dif) Tj ET Q
q 0 0 0 rg BT 337.96 226.10 Td (ferent ) Tj ET Q
q 0 0 0 rg BT 363.81 226.10 Td (classification ) Tj ET Q
q 0 0 0 rg BT 419.10 226.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 429.96 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 444.71 226.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 467.22 226.10 Td (then ) Tj ET Q
q 0 0 0 rg BT 486.97 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 501.72 226.10 Td (modification ) Tj ET Q
q 0 0 0 rg BT 555.35 226.10 Td (is ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td (considered ) Tj ET Q
q 0 0 0 rg BT 96.46 214.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 104.04 214.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 123.84 214.10 Td (agreement ) Tj ET Q
q 0 0 0 rg BT 168.62 214.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 186.20 214.10 Td (accounted ) Tj ET Q
q 0 0 0 rg BT 229.88 214.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 244.68 214.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 256.15 214.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 277.62 214.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 300.21 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 315.56 214.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 335.36 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 350.72 214.10 Td (modification ) Tj ET Q
q 0 0 0 rg BT 404.96 214.10 Td (came ) Tj ET Q
q 0 0 0 rg BT 429.20 214.10 Td (into ) Tj ET Q
q 0 0 0 rg BT 447.90 214.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 455.48 214.10 Td (fect. ) Tj ET Q
q 0 0 0 rg BT 476.11 214.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 485.91 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 501.27 214.10 Td (provisions ) Tj ET Q
q 0 0 0 rg BT 546.08 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 557.56 214.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 79.50 202.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 102.33 202.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 117.38 202.10 Td (changed ) Tj ET Q
q 0 0 0 rg BT 153.54 202.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 164.17 202.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 171.45 202.10 Td (way ) Tj ET Q
q 0 0 0 rg BT 190.96 202.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 208.80 202.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 243.85 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 258.91 202.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 291.75 202.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 302.93 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 317.99 202.10 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 361.38 202.10 Td (minimum ) Tj ET Q
q 0 0 0 rg BT 403.12 202.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 425.95 202.10 Td (payments, ) Tj ET Q
q 0 0 0 rg BT 469.62 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 484.68 202.10 Td (present ) Tj ET Q
q 0 0 0 rg BT 516.40 202.10 Td (balances ) Tj ET Q
q 0 0 0 rg BT 553.67 202.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.92 190.10 Td (asset ) Tj ET Q
q 0 0 0 rg BT 87.07 190.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 104.21 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 119.13 190.10 Td (obligation ) Tj ET Q
q 0 0 0 rg BT 162.39 190.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 177.30 190.10 Td (adjusted ) Tj ET Q
q 0 0 0 rg BT 213.33 190.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 226.04 190.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 238.18 190.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 270.88 190.10 Td (equal ) Tj ET Q
q 0 0 0 rg BT 295.24 190.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 305.72 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 320.64 190.10 Td (dif) Tj ET Q
q 0 0 0 rg BT 331.57 190.10 Td (ference ) Tj ET Q
q 0 0 0 rg BT 363.69 190.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 399.71 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 414.63 190.10 Td (present ) Tj ET Q
q 0 0 0 rg BT 446.22 190.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 470.58 190.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 481.61 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 496.53 190.10 Td (future ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.10 Td (lease ) Tj ET Q
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q 0 0 0 rg BT 152.07 178.10 Td (revised ) Tj ET Q
q 0 0 0 rg BT 183.14 178.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 193.67 178.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 212.52 178.10 Td (agreement ) Tj ET Q
q 0 0 0 rg BT 256.35 178.10 Td (\(computed ) Tj ET Q
q 0 0 0 rg BT 301.31 178.10 Td (using ) Tj ET Q
q 0 0 0 rg BT 325.18 178.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 339.59 178.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 371.21 178.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 388.39 178.10 Td (used ) Tj ET Q
q 0 0 0 rg BT 408.92 178.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 418.89 178.10 Td (recognize ) Tj ET Q
q 0 0 0 rg BT 459.95 178.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 474.36 178.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 496.54 178.10 Td (initially\) ) Tj ET Q
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q 0 0 0 rg BT 549.80 178.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 94.77 142.10 Td (provisions ) Tj ET Q
q 0 0 0 rg BT 139.39 142.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 150.67 142.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 158.07 142.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 187.67 142.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 210.61 142.10 Td (contain ) Tj ET Q
q 0 0 0 rg BT 243.00 142.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 250.39 142.10 Td (floating ) Tj ET Q
q 0 0 0 rg BT 284.44 142.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 302.38 142.10 Td (element, ) Tj ET Q
q 0 0 0 rg BT 339.49 142.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 360.77 142.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 372.05 142.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 384.44 142.10 Td (index ) Tj ET Q
q 0 0 0 rg BT 409.61 142.10 Td (linked ) Tj ET Q
q 0 0 0 rg BT 437.56 142.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 455.50 142.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 466.78 142.10 Td (hire, ) Tj ET Q
q 0 0 0 rg BT 487.78 142.10 Td (then ) Tj ET Q
q 0 0 0 rg BT 507.95 142.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 523.12 142.10 Td (minimum ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 130.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 72.55 130.10 Td (payments ) Tj ET Q
q 0 0 0 rg BT 113.44 130.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 128.21 130.10 Td (assumed ) Tj ET Q
q 0 0 0 rg BT 165.22 130.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 175.56 130.10 Td (equal ) Tj ET Q
q 0 0 0 rg BT 199.78 130.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 214.56 130.10 Td (index ) Tj ET Q
q 0 0 0 rg BT 239.34 130.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 249.12 130.10 Td (inception ) Tj ET Q
q 0 0 0 rg BT 288.90 130.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 299.80 130.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 314.58 130.10 Td (lease. ) Tj ET Q
q 0 0 0 rg BT 339.06 130.10 Td (Any ) Tj ET Q
q 0 0 0 rg BT 358.85 130.10 Td (variations ) Tj ET Q
q 0 0 0 rg BT 400.85 130.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 411.19 130.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 425.97 130.10 Td (index, ) Tj ET Q
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q 0 0 0 rg BT 470.26 130.10 Td (therefore ) Tj ET Q
q 0 0 0 rg BT 508.91 130.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 523.69 130.10 Td (payments ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 92.42 118.10 Td (accounted ) Tj ET Q
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q 0 0 0 rg BT 150.66 118.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 162.02 118.10 Td (contingent ) Tj ET Q
q 0 0 0 rg BT 207.26 118.10 Td (rentals ) Tj ET Q
q 0 0 0 rg BT 236.94 118.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 254.41 118.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 269.64 118.10 Td (taken ) Tj ET Q
q 0 0 0 rg BT 294.33 118.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 305.13 118.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 320.38 118.10 Td (statement ) Tj ET Q
q 0 0 0 rg BT 361.72 118.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 373.08 118.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 417.76 118.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 428.57 118.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 443.81 118.10 Td (period ) Tj ET Q
q 0 0 0 rg BT 472.39 118.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 483.19 118.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 510.66 118.10 Td (they ) Tj ET Q
q 0 0 0 rg BT 530.90 118.10 Td (become ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 238.81 82.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 268.97 82.10 Td (lease ) Tj ET Q
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q 0 0 0 rg BT 302.66 82.10 Td (included ) Tj ET Q
q 0 0 0 rg BT 340.61 82.10 Td (within ) Tj ET Q
q 0 0 0 rg BT 369.68 82.10 Td ("depreciation ) Tj ET Q
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q 0 0 0 rg BT 549.79 82.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 155.01 70.10 Td (operations. ) Tj ET Q
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q 0 0 0 rg BT 207.70 70.10 Td (essels ) Tj ET Q
q 0 0 0 rg BT 233.64 70.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 250.69 70.10 Td (equipment ) Tj ET Q
q 0 0 0 rg BT 295.50 70.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 320.88 70.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 350.14 70.10 Td (lease ) Tj ET Q
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q 0 0 0 rg BT 387.55 70.10 Td (depreciated ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
241 0 obj
<<
/Length 42240
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 433.74 706.10 Td (together ) Tj ET Q
q 0 0 0 rg BT 468.17 706.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 487.61 706.10 Td (capitalized ) Tj ET Q
q 0 0 0 rg BT 532.58 706.10 Td (interest ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 694.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.94 694.10 Td (associated ) Tj ET Q
q 0 0 0 rg BT 110.53 694.10 Td (finance ) Tj ET Q
q 0 0 0 rg BT 142.46 694.10 Td (costs. ) Tj ET Q
q 0 0 0 rg BT 167.46 694.10 Td (No ) Tj ET Q
q 0 0 0 rg BT 182.18 694.10 Td (char) Tj ET Q
q 0 0 0 rg BT 199.20 694.10 Td (ge ) Tj ET Q
q 0 0 0 rg BT 211.14 694.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 225.30 694.10 Td (depreciation ) Tj ET Q
q 0 0 0 rg BT 277.22 694.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 286.39 694.10 Td (made ) Tj ET Q
q 0 0 0 rg BT 310.55 694.10 Td (until ) Tj ET Q
q 0 0 0 rg BT 331.38 694.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 346.10 694.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 373.04 694.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 382.21 694.10 Td (available ) Tj ET Q
q 0 0 0 rg BT 420.80 694.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 434.96 694.10 Td (use.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 670.10 Td (Inter) Tj ET Q
q 0 0 0 rg BT 71.48 670.10 Td (est ) Tj ET Q
q 0 0 0 rg BT 85.64 670.10 Td (expense) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 658.10 Td (Interest ) Tj ET Q
q 0 0 0 rg BT 82.43 658.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 104.87 658.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 119.52 658.10 Td (expensed ) Tj ET Q
q 0 0 0 rg BT 159.17 658.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 169.94 658.10 Td (incurred ) Tj ET Q
q 0 0 0 rg BT 205.69 658.10 Td (except ) Tj ET Q
q 0 0 0 rg BT 234.23 658.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 248.33 658.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 280.21 658.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 302.65 658.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 320.08 658.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 334.73 658.10 Td (capitalized. ) Tj ET Q
q 0 0 0 rg BT 382.98 658.10 Td (Interest ) Tj ET Q
q 0 0 0 rg BT 415.41 658.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 424.52 658.10 Td (capitalized ) Tj ET Q
q 0 0 0 rg BT 470.26 658.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 482.71 658.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 495.14 658.10 Td (qualifying ) Tj ET Q
q 0 0 0 rg BT 538.69 658.10 Td (assets ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 646.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 68.29 646.10 Td (require ) Tj ET Q
q 0 0 0 rg BT 99.89 646.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 107.62 646.10 Td (period ) Tj ET Q
q 0 0 0 rg BT 136.46 646.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 148.08 646.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 169.14 646.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 180.21 646.10 Td (get ) Tj ET Q
q 0 0 0 rg BT 195.71 646.10 Td (them ) Tj ET Q
q 0 0 0 rg BT 219.00 646.10 Td (ready ) Tj ET Q
q 0 0 0 rg BT 244.50 646.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 259.45 646.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 281.06 646.10 Td (intended ) Tj ET Q
q 0 0 0 rg BT 318.79 646.10 Td (use. ) Tj ET Q
q 0 0 0 rg BT 337.91 646.10 Td (Qualifying ) Tj ET Q
q 0 0 0 rg BT 384.52 646.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 411.14 646.10 Td (consist ) Tj ET Q
q 0 0 0 rg BT 442.21 646.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 453.83 646.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 485.45 646.10 Td (constructed ) Tj ET Q
q 0 0 0 rg BT 534.83 646.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 549.78 646.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 97.08 634.10 Td (own ) Tj ET Q
q 0 0 0 rg BT 116.80 634.10 Td (use.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td (Impairment ) Tj ET Q
q 0 0 0 rg BT 104.16 610.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 114.99 610.10 Td (long-lived ) Tj ET Q
q 0 0 0 rg BT 159.72 610.10 Td (assets) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.91 598.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 103.59 598.10 Td (values ) Tj ET Q
q 0 0 0 rg BT 131.51 598.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 142.20 598.10 Td (long-lived ) Tj ET Q
q 0 0 0 rg BT 185.67 598.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 211.37 598.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 228.17 598.10 Td (newbuildings ) Tj ET Q
q 0 0 0 rg BT 284.42 598.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 301.78 598.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 316.36 598.10 Td (held ) Tj ET Q
q 0 0 0 rg BT 335.94 598.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 352.74 598.10 Td (used ) Tj ET Q
q 0 0 0 rg BT 373.44 598.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 385.81 598.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 400.39 598.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 441.64 598.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 456.21 598.10 Td (reviewed ) Tj ET Q
q 0 0 0 rg BT 495.22 598.10 Td (whenever ) Tj ET Q
q 0 0 0 rg BT 536.46 598.10 Td (events ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 61.47 586.10 Td (changes ) Tj ET Q
q 0 0 0 rg BT 96.82 586.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 107.74 586.10 Td (circumstances ) Tj ET Q
q 0 0 0 rg BT 167.52 586.10 Td (indicate ) Tj ET Q
q 0 0 0 rg BT 202.31 586.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 220.45 586.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 235.81 586.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 272.26 586.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 305.40 586.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 316.87 586.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 329.45 586.10 Td (asset ) Tj ET Q
q 0 0 0 rg BT 352.03 586.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 372.39 586.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 385.53 586.10 Td (longer ) Tj ET Q
q 0 0 0 rg BT 414.22 586.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 426.80 586.10 Td (recoverable. ) Tj ET Q
q 0 0 0 rg BT 479.07 586.10 Td (Such ) Tj ET Q
q 0 0 0 rg BT 502.21 586.10 Td (indicators ) Tj ET Q
q 0 0 0 rg BT 544.78 586.10 Td (may ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (include ) Tj ET Q
q 0 0 0 rg BT 81.52 574.10 Td (depressed ) Tj ET Q
q 0 0 0 rg BT 123.03 574.10 Td (spot ) Tj ET Q
q 0 0 0 rg BT 141.78 574.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 162.74 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 179.26 574.10 Td (depressed ) Tj ET Q
q 0 0 0 rg BT 220.77 574.10 Td (second ) Tj ET Q
q 0 0 0 rg BT 250.62 574.10 Td (hand ) Tj ET Q
q 0 0 0 rg BT 272.14 574.10 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 299.20 574.10 Td (values. ) Tj ET Q
q 0 0 0 rg BT 329.18 574.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 346.81 574.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 387.78 574.10 Td (assesses ) Tj ET Q
q 0 0 0 rg BT 422.63 574.10 Td (recoverability ) Tj ET Q
q 0 0 0 rg BT 480.24 574.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 490.65 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 504.95 574.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 540.35 574.10 Td (value ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 61.59 562.10 Td (each ) Tj ET Q
q 0 0 0 rg BT 83.17 562.10 Td (asset ) Tj ET Q
q 0 0 0 rg BT 105.87 562.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 117.47 562.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 170.73 562.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 183.99 562.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 196.69 562.10 Td (individual ) Tj ET Q
q 0 0 0 rg BT 240.50 562.10 Td (basis ) Tj ET Q
q 0 0 0 rg BT 263.77 562.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 277.03 562.10 Td (estimating ) Tj ET Q
q 0 0 0 rg BT 321.95 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 337.43 562.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 364.57 562.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 380.05 562.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 401.09 562.10 Td (flows ) Tj ET Q
q 0 0 0 rg BT 426.57 562.10 Td (expected ) Tj ET Q
q 0 0 0 rg BT 465.37 562.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 476.41 562.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 501.89 562.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 524.59 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 540.07 562.10 Td (asset, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 90.34 550.10 Td (eventual ) Tj ET Q
q 0 0 0 rg BT 126.77 550.10 Td (disposal. ) Tj ET Q
q 0 0 0 rg BT 164.61 550.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 173.84 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 188.62 550.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 215.06 550.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 229.84 550.10 Td (undiscounted ) Tj ET Q
q 0 0 0 rg BT 285.73 550.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 306.06 550.10 Td (flows ) Tj ET Q
q 0 0 0 rg BT 330.84 550.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 345.62 550.10 Td (less ) Tj ET Q
q 0 0 0 rg BT 363.18 550.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 382.96 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 397.74 550.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 433.62 550.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 457.84 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 468.73 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 483.51 550.10 Td (asset, ) Tj ET Q
q 0 0 0 rg BT 508.01 550.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 518.91 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 533.69 550.10 Td (current ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 85.91 538.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 110.17 538.10 Td (plus ) Tj ET Q
q 0 0 0 rg BT 129.43 538.10 Td (future ) Tj ET Q
q 0 0 0 rg BT 155.91 538.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 208.50 538.10 Td (commitments, ) Tj ET Q
q 0 0 0 rg BT 268.04 538.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 280.07 538.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 328.77 538.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 346.93 538.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 356.20 538.10 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 393.77 538.10 Td (equal ) Tj ET Q
q 0 0 0 rg BT 418.02 538.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 428.40 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 443.21 538.10 Td (dif) Tj ET Q
q 0 0 0 rg BT 454.14 538.10 Td (ference ) Tj ET Q
q 0 0 0 rg BT 486.15 538.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 522.07 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 536.88 538.10 Td (asset's ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 60.44 526.10 Td (newbuildings ) Tj ET Q
q 0 0 0 rg BT 116.45 526.10 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 151.88 526.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 175.64 526.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 192.20 526.10 Td (fair ) Tj ET Q
q 0 0 0 rg BT 208.19 526.10 Td (value. ) Tj ET Q
q 0 0 0 rg BT 234.46 526.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 244.90 526.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 282.29 526.10 Td (long-lived ) Tj ET Q
q 0 0 0 rg BT 325.51 526.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 350.95 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 360.84 526.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 372.40 526.10 Td (disposed ) Tj ET Q
q 0 0 0 rg BT 409.51 526.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 419.96 526.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 434.28 526.10 Td (reported ) Tj ET Q
q 0 0 0 rg BT 469.71 526.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 479.04 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 493.37 526.10 Td (lower ) Tj ET Q
q 0 0 0 rg BT 518.25 526.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 528.70 526.10 Td (carrying ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 82.50 514.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 99.43 514.10 Td (fair ) Tj ET Q
q 0 0 0 rg BT 115.81 514.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 139.97 514.10 Td (less ) Tj ET Q
q 0 0 0 rg BT 157.47 514.10 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 198.29 514.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 220.79 514.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 231.06 514.10 Td (sell.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (Deferr) Tj ET Q
q 0 0 0 rg BT 78.13 490.10 Td (ed ) Tj ET Q
q 0 0 0 rg BT 90.63 490.10 Td (charges) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (Loan ) Tj ET Q
q 0 0 0 rg BT 73.27 478.10 Td (costs, ) Tj ET Q
q 0 0 0 rg BT 98.48 478.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 138.98 478.10 Td (debt ) Tj ET Q
q 0 0 0 rg BT 158.91 478.10 Td (arrangement ) Tj ET Q
q 0 0 0 rg BT 211.60 478.10 Td (fees, ) Tj ET Q
q 0 0 0 rg BT 232.92 478.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 247.84 478.10 Td (capitalized ) Tj ET Q
q 0 0 0 rg BT 293.87 478.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 311.03 478.10 Td (amortized ) Tj ET Q
q 0 0 0 rg BT 353.73 478.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 366.44 478.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 373.60 478.10 Td (straight-line ) Tj ET Q
q 0 0 0 rg BT 424.64 478.10 Td (basis ) Tj ET Q
q 0 0 0 rg BT 447.36 478.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 467.85 478.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 482.78 478.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 503.83 478.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 514.88 478.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 529.81 478.10 Td (relevant ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (loan. ) Tj ET Q
q 0 0 0 rg BT 72.00 466.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 90.00 466.10 Td (straight ) Tj ET Q
q 0 0 0 rg BT 122.45 466.10 Td (line ) Tj ET Q
q 0 0 0 rg BT 139.91 466.10 Td (basis ) Tj ET Q
q 0 0 0 rg BT 162.36 466.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 173.15 466.10 Td (amortization ) Tj ET Q
q 0 0 0 rg BT 226.15 466.10 Td (approximates ) Tj ET Q
q 0 0 0 rg BT 282.48 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 297.15 466.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 304.74 466.10 Td (fective ) Tj ET Q
q 0 0 0 rg BT 334.40 466.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 366.29 466.10 Td (method ) Tj ET Q
q 0 0 0 rg BT 398.74 466.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 408.98 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 423.65 466.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 470.69 466.10 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 523.69 466.10 Td (statement ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.70 454.10 Td (operations. ) Tj ET Q
q 0 0 0 rg BT 106.71 454.10 Td (Amortization ) Tj ET Q
q 0 0 0 rg BT 162.40 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 173.11 454.10 Td (loan ) Tj ET Q
q 0 0 0 rg BT 192.70 454.10 Td (costs ) Tj ET Q
q 0 0 0 rg BT 215.08 454.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 224.12 454.10 Td (included ) Tj ET Q
q 0 0 0 rg BT 260.93 454.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 271.08 454.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 302.89 454.10 Td (expense.If ) Tj ET Q
q 0 0 0 rg BT 351.63 454.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 358.44 454.10 Td (loan ) Tj ET Q
q 0 0 0 rg BT 378.03 454.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 387.08 454.10 Td (repaid ) Tj ET Q
q 0 0 0 rg BT 414.44 454.10 Td (early) Tj ET Q
q 0 0 0 rg BT 433.77 454.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 438.65 454.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 455.46 454.10 Td (unamortized ) Tj ET Q
q 0 0 0 rg BT 507.82 454.10 Td (portion ) Tj ET Q
q 0 0 0 rg BT 539.08 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 549.78 454.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (related ) Tj ET Q
q 0 0 0 rg BT 79.70 442.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 115.51 442.10 Td (char) Tj ET Q
q 0 0 0 rg BT 132.53 442.10 Td (ges ) Tj ET Q
q 0 0 0 rg BT 148.36 442.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 157.53 442.10 Td (char) Tj ET Q
q 0 0 0 rg BT 174.56 442.10 Td (ged ) Tj ET Q
q 0 0 0 rg BT 191.50 442.10 Td (against ) Tj ET Q
q 0 0 0 rg BT 222.32 442.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 254.26 442.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 264.54 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 279.25 442.10 Td (period ) Tj ET Q
q 0 0 0 rg BT 307.30 442.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 317.58 442.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 344.52 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 359.23 442.10 Td (loan ) Tj ET Q
q 0 0 0 rg BT 378.95 442.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 388.12 442.10 Td (repaid.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (T) Tj ET Q
q 0 0 0 rg BT 55.93 418.10 Td (rade ) Tj ET Q
q 0 0 0 rg BT 77.87 418.10 Td (accounts ) Tj ET Q
q 0 0 0 rg BT 117.59 418.10 Td (r) Tj ET Q
q 0 0 0 rg BT 121.85 418.10 Td (eceivable) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (T) Tj ET Q
q 0 0 0 rg BT 55.76 406.10 Td (rade ) Tj ET Q
q 0 0 0 rg BT 76.25 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 93.98 406.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 117.81 406.10 Td (receivables ) Tj ET Q
q 0 0 0 rg BT 166.07 406.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 181.57 406.10 Td (presented ) Tj ET Q
q 0 0 0 rg BT 223.17 406.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 238.68 406.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 250.30 406.10 Td (allowances ) Tj ET Q
q 0 0 0 rg BT 298.01 406.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 312.96 406.10 Td (doubtful ) Tj ET Q
q 0 0 0 rg BT 350.13 406.10 Td (balances. ) Tj ET Q
q 0 0 0 rg BT 390.35 406.10 Td (If ) Tj ET Q
q 0 0 0 rg BT 400.30 406.10 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 437.47 406.10 Td (become ) Tj ET Q
q 0 0 0 rg BT 471.85 406.10 Td (uncollectible, ) Tj ET Q
q 0 0 0 rg BT 529.29 406.10 Td (they ) Tj ET Q
q 0 0 0 rg BT 549.79 406.10 Td (are ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (char) Tj ET Q
q 0 0 0 rg BT 67.03 394.10 Td (ged ) Tj ET Q
q 0 0 0 rg BT 83.96 394.10 Td (against ) Tj ET Q
q 0 0 0 rg BT 114.79 394.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 146.72 394.10 Td (when ) Tj ET Q
q 0 0 0 rg BT 170.88 394.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 188.38 394.10 Td (determination ) Tj ET Q
q 0 0 0 rg BT 246.42 394.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 255.59 394.10 Td (made.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (Revenue ) Tj ET Q
q 0 0 0 rg BT 89.16 370.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 107.78 370.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 143.61 370.10 Td (r) Tj ET Q
q 0 0 0 rg BT 147.87 370.10 Td (ecognition) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (Revenues ) Tj ET Q
q 0 0 0 rg BT 90.33 358.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 106.22 358.10 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 143.77 358.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 157.43 358.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 202.74 358.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 214.19 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 227.86 358.10 Td (accruals ) Tj ET Q
q 0 0 0 rg BT 262.07 358.10 Td (basis. ) Tj ET Q
q 0 0 0 rg BT 286.02 358.10 Td (Revenues ) Tj ET Q
q 0 0 0 rg BT 326.35 358.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 340.01 358.10 Td (generated ) Tj ET Q
q 0 0 0 rg BT 380.32 358.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 401.21 358.10 Td (freight ) Tj ET Q
q 0 0 0 rg BT 429.32 358.10 Td (billings, ) Tj ET Q
q 0 0 0 rg BT 463.27 358.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 482.50 358.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 511.70 358.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 527.59 358.10 Td (bareboat ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 79.27 346.10 Td (hires. ) Tj ET Q
q 0 0 0 rg BT 102.62 346.10 Td (V) Tj ET Q
q 0 0 0 rg BT 108.55 346.10 Td (oyage ) Tj ET Q
q 0 0 0 rg BT 133.94 346.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 170.99 346.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 184.72 346.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 230.10 346.10 Td (ratably ) Tj ET Q
q 0 0 0 rg BT 259.38 346.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 278.66 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 292.39 346.10 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 332.23 346.10 Td (length ) Tj ET Q
q 0 0 0 rg BT 358.74 346.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 368.59 346.10 Td (each ) Tj ET Q
q 0 0 0 rg BT 388.42 346.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 418.81 346.10 Td (and, ) Tj ET Q
q 0 0 0 rg BT 437.27 346.10 Td (therefore, ) Tj ET Q
q 0 0 0 rg BT 477.37 346.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 491.09 346.10 Td (allocated ) Tj ET Q
q 0 0 0 rg BT 528.69 346.10 Td (between ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (reporting ) Tj ET Q
q 0 0 0 rg BT 89.39 334.10 Td (periods ) Tj ET Q
q 0 0 0 rg BT 121.56 334.10 Td (based ) Tj ET Q
q 0 0 0 rg BT 147.07 334.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 159.80 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 174.75 334.10 Td (relative ) Tj ET Q
q 0 0 0 rg BT 207.47 334.10 Td (transit ) Tj ET Q
q 0 0 0 rg BT 235.20 334.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 255.70 334.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 266.22 334.10 Td (each ) Tj ET Q
q 0 0 0 rg BT 287.27 334.10 Td (period. ) Tj ET Q
q 0 0 0 rg BT 317.85 334.10 Td (V) Tj ET Q
q 0 0 0 rg BT 323.78 334.10 Td (oyage ) Tj ET Q
q 0 0 0 rg BT 350.39 334.10 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 389.23 334.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 404.17 334.10 Td (recognised ) Tj ET Q
q 0 0 0 rg BT 450.22 334.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 461.28 334.10 Td (incurred. ) Tj ET Q
q 0 0 0 rg BT 499.83 334.10 Td (Probable ) Tj ET Q
q 0 0 0 rg BT 538.11 334.10 Td (losses ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 61.68 322.10 Td (voyages ) Tj ET Q
q 0 0 0 rg BT 96.12 322.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 110.00 322.10 Td (provided ) Tj ET Q
q 0 0 0 rg BT 147.23 322.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 160.56 322.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 170.02 322.10 Td (full ) Tj ET Q
q 0 0 0 rg BT 185.58 322.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 194.47 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 208.37 322.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 227.82 322.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 247.82 322.10 Td (losses ) Tj ET Q
q 0 0 0 rg BT 273.39 322.10 Td (can ) Tj ET Q
q 0 0 0 rg BT 288.94 322.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 300.06 322.10 Td (estimated. ) Tj ET Q
q 0 0 0 rg BT 342.43 322.10 Td (T) Tj ET Q
q 0 0 0 rg BT 348.19 322.10 Td (ime ) Tj ET Q
q 0 0 0 rg BT 364.86 322.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 394.29 322.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 410.41 322.10 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 446.51 322.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 475.94 322.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 513.15 322.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 527.03 322.10 Td (recorded ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 70.06 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 84.57 310.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 105.19 310.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 115.81 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 130.32 310.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 160.37 310.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 170.99 310.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 177.72 310.10 Td (service ) Tj ET Q
q 0 0 0 rg BT 208.33 310.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 217.29 310.10 Td (provided. ) Tj ET Q
q 0 0 0 rg BT 257.46 310.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 275.30 310.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 316.48 310.10 Td (uses ) Tj ET Q
q 0 0 0 rg BT 336.00 310.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 342.73 310.10 Td (dischar) Tj ET Q
q 0 0 0 rg BT 371.42 310.10 Td (ge-to-dischar) Tj ET Q
q 0 0 0 rg BT 424.00 310.10 Td (ge ) Tj ET Q
q 0 0 0 rg BT 435.73 310.10 Td (basis ) Tj ET Q
q 0 0 0 rg BT 458.02 310.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 468.09 310.10 Td (determining ) Tj ET Q
q 0 0 0 rg BT 518.70 310.10 Td (percentage ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.89 298.10 Td (completion ) Tj ET Q
q 0 0 0 rg BT 108.44 298.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 122.65 298.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 135.21 298.10 Td (spot ) Tj ET Q
q 0 0 0 rg BT 154.43 298.10 Td (voyages ) Tj ET Q
q 0 0 0 rg BT 189.76 298.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 206.76 298.10 Td (voyages ) Tj ET Q
q 0 0 0 rg BT 242.08 298.10 Td (servicing ) Tj ET Q
q 0 0 0 rg BT 281.29 298.10 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 319.95 298.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 330.83 298.10 Td (af) Tj ET Q
q 0 0 0 rg BT 338.42 298.10 Td (freightment ) Tj ET Q
q 0 0 0 rg BT 387.63 298.10 Td (whereby ) Tj ET Q
q 0 0 0 rg BT 424.62 298.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 432.73 298.10 Td (recognizes ) Tj ET Q
q 0 0 0 rg BT 478.04 298.10 Td (revenue ) Tj ET Q
q 0 0 0 rg BT 512.25 298.10 Td (ratably ) Tj ET Q
q 0 0 0 rg BT 542.57 298.10 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (when ) Tj ET Q
q 0 0 0 rg BT 74.82 286.10 Td (product ) Tj ET Q
q 0 0 0 rg BT 108.52 286.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 118.34 286.10 Td (dischar) Tj ET Q
q 0 0 0 rg BT 147.04 286.10 Td (ged ) Tj ET Q
q 0 0 0 rg BT 164.63 286.10 Td (\(unloaded\) ) Tj ET Q
q 0 0 0 rg BT 211.11 286.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 221.48 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 236.85 286.10 Td (end ) Tj ET Q
q 0 0 0 rg BT 254.45 286.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 265.93 286.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 283.53 286.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 315.56 286.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 326.49 286.10 Td (when ) Tj ET Q
q 0 0 0 rg BT 351.31 286.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 360.02 286.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 369.85 286.10 Td (dischar) Tj ET Q
q 0 0 0 rg BT 398.54 286.10 Td (ged ) Tj ET Q
q 0 0 0 rg BT 416.14 286.10 Td (after ) Tj ET Q
q 0 0 0 rg BT 437.61 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 452.98 286.10 Td (next ) Tj ET Q
q 0 0 0 rg BT 473.35 286.10 Td (voyage. ) Tj ET Q
q 0 0 0 rg BT 507.89 286.10 Td (However) Tj ET Q
q 0 0 0 rg BT 544.14 286.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 549.79 286.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 91.29 274.10 Td (does ) Tj ET Q
q 0 0 0 rg BT 112.03 274.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 127.21 274.10 Td (recognize ) Tj ET Q
q 0 0 0 rg BT 168.48 274.10 Td (revenue ) Tj ET Q
q 0 0 0 rg BT 202.53 274.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 211.05 274.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 217.89 274.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 248.05 274.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 263.79 274.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 278.97 274.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 300.26 274.10 Td (contractually ) Tj ET Q
q 0 0 0 rg BT 354.86 274.10 Td (committed ) Tj ET Q
q 0 0 0 rg BT 400.04 274.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 410.22 274.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 422.63 274.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 429.47 274.10 Td (customer ) Tj ET Q
q 0 0 0 rg BT 468.53 274.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 485.38 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 500.00 274.10 Td (Company) Tj ET Q
q 0 0 0 rg BT 538.24 274.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 543.14 274.10 Td (even ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (if ) Tj ET Q
q 0 0 0 rg BT 58.61 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 73.33 262.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 100.26 262.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 116.09 262.10 Td (dischar) Tj ET Q
q 0 0 0 rg BT 144.79 262.10 Td (ged ) Tj ET Q
q 0 0 0 rg BT 161.73 262.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 173.68 262.10 Td (car) Tj ET Q
q 0 0 0 rg BT 185.70 262.10 Td (go ) Tj ET Q
q 0 0 0 rg BT 198.20 262.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 215.14 262.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 224.31 262.10 Td (sailing ) Tj ET Q
q 0 0 0 rg BT 253.48 262.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 263.75 262.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 278.47 262.10 Td (anticipated ) Tj ET Q
q 0 0 0 rg BT 324.84 262.10 Td (load ) Tj ET Q
q 0 0 0 rg BT 344.56 262.10 Td (port ) Tj ET Q
q 0 0 0 rg BT 363.16 262.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 375.66 262.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 387.61 262.10 Td (next ) Tj ET Q
q 0 0 0 rg BT 407.33 262.10 Td (voyage.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (Amounts ) Tj ET Q
q 0 0 0 rg BT 88.92 238.10 Td (receivable ) Tj ET Q
q 0 0 0 rg BT 132.25 238.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 142.84 238.10 Td (payable ) Tj ET Q
q 0 0 0 rg BT 176.18 238.10 Td (arising ) Tj ET Q
q 0 0 0 rg BT 205.65 238.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 227.34 238.10 Td (profit ) Tj ET Q
q 0 0 0 rg BT 251.81 238.10 Td (sharing ) Tj ET Q
q 0 0 0 rg BT 283.50 238.10 Td (arrangements ) Tj ET Q
q 0 0 0 rg BT 339.62 238.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 354.08 238.10 Td (accrued ) Tj ET Q
q 0 0 0 rg BT 387.41 238.10 Td (based ) Tj ET Q
q 0 0 0 rg BT 412.43 238.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 424.69 238.10 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 460.83 238.10 Td (earned ) Tj ET Q
q 0 0 0 rg BT 489.72 238.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 500.31 238.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 510.89 238.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 525.36 238.10 Td (reporting ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (date. ) Tj ET Q
q 0 0 0 rg BT 72.02 226.10 Td (Profit ) Tj ET Q
q 0 0 0 rg BT 97.65 226.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 121.61 226.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 153.91 226.10 Td (represents ) Tj ET Q
q 0 0 0 rg BT 197.30 226.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 224.60 226.10 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 261.34 226.10 Td (earned ) Tj ET Q
q 0 0 0 rg BT 290.85 226.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 303.71 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 318.78 226.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 366.22 226.10 Td (customers ) Tj ET Q
q 0 0 0 rg BT 409.63 226.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 420.27 226.10 Td (excess ) Tj ET Q
q 0 0 0 rg BT 449.23 226.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 460.42 226.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 491.04 226.10 Td (rates. ) Tj ET Q
q 0 0 0 rg BT 515.28 226.10 Td (Profit ) Tj ET Q
q 0 0 0 rg BT 540.92 226.10 Td (share ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 84.42 214.10 Td (represents ) Tj ET Q
q 0 0 0 rg BT 127.17 214.10 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 163.27 214.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 179.93 214.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 189.92 214.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 210.47 214.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 244.34 214.10 Td (based ) Tj ET Q
q 0 0 0 rg BT 269.33 214.10 Td (on ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 281.54 214.10 Td (20%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 299.87 214.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 302.08 214.10 Td (\(increased ) Tj ET Q
q 0 0 0 rg BT 345.38 214.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 355.38 214.10 Td (25%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 373.71 214.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 375.92 214.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 395.91 214.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 403.50 214.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 420.70 214.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 442.35 214.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 475.67 214.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 485.38 214.10 Td (2012\) ) Tj ET Q
q 0 0 0 rg BT 510.93 214.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 521.47 214.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 535.90 214.10 Td (excess ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.83 202.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 87.77 202.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 125.81 202.10 Td (earned ) Tj ET Q
q 0 0 0 rg BT 154.95 202.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 167.45 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 182.17 202.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 223.55 202.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 243.82 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 258.54 202.10 Td (base ) Tj ET Q
q 0 0 0 rg BT 278.81 202.10 Td (hire ) Tj ET Q
q 0 0 0 rg BT 296.86 202.10 Td (paid ) Tj ET Q
q 0 0 0 rg BT 316.57 202.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 326.85 202.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 347.69 202.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 381.85 202.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 396.01 202.10 Td (chartering ) Tj ET Q
q 0 0 0 rg BT 439.04 202.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 449.32 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 464.03 202.10 Td (vessels.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.10 Td (Revenues ) Tj ET Q
q 0 0 0 rg BT 92.13 178.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 109.82 178.10 Td (voyage ) Tj ET Q
q 0 0 0 rg BT 141.95 178.10 Td (expenses ) Tj ET Q
q 0 0 0 rg BT 181.30 178.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 192.89 178.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 208.36 178.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 239.94 178.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 280.96 178.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 291.99 178.10 Td (pool ) Tj ET Q
q 0 0 0 rg BT 313.02 178.10 Td (arrangements ) Tj ET Q
q 0 0 0 rg BT 370.14 178.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 385.60 178.10 Td (pooled ) Tj ET Q
q 0 0 0 rg BT 416.07 178.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 433.76 178.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 449.23 178.10 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 487.48 178.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 502.95 178.10 Td (pool ) Tj ET Q
q 0 0 0 rg BT 523.98 178.10 Td (revenues, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.10 Td (calculated ) Tj ET Q
q 0 0 0 rg BT 92.87 166.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 105.21 166.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 111.99 166.10 Td (time ) Tj ET Q
q 0 0 0 rg BT 132.10 166.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 162.20 166.10 Td (equivalent ) Tj ET Q
q 0 0 0 rg BT 206.19 166.10 Td (basis, ) Tj ET Q
q 0 0 0 rg BT 231.03 166.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 245.58 166.10 Td (allocated ) Tj ET Q
q 0 0 0 rg BT 284.01 166.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 294.13 166.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 308.69 166.10 Td (pool ) Tj ET Q
q 0 0 0 rg BT 328.81 166.10 Td (participants ) Tj ET Q
q 0 0 0 rg BT 377.80 166.10 Td (according ) Tj ET Q
q 0 0 0 rg BT 419.57 166.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 429.69 166.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 441.46 166.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 470.45 166.10 Td (formula ) Tj ET Q
q 0 0 0 rg BT 504.45 166.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 516.79 166.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 531.35 166.10 Td (basis ) Tj ET Q
q 0 0 0 rg BT 553.69 166.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 154.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 65.04 154.10 Td (number ) Tj ET Q
q 0 0 0 rg BT 98.41 154.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 109.56 154.10 Td (days ) Tj ET Q
q 0 0 0 rg BT 130.72 154.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 137.98 154.10 Td (vessel ) Tj ET Q
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endstream
endobj
242 0 obj
<<
/Length 38726
>>
stream
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 63.45 562.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 94.67 562.10 Td (conditions ) Tj ET Q
q 0 0 0 rg BT 139.78 562.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 157.67 562.10 Td (risks ) Tj ET Q
q 0 0 0 rg BT 180.01 562.10 Td (existing ) Tj ET Q
q 0 0 0 rg BT 215.13 562.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 225.80 562.10 Td (each ) Tj ET Q
q 0 0 0 rg BT 247.57 562.10 Td (balance ) Tj ET Q
q 0 0 0 rg BT 281.55 562.10 Td (sheet ) Tj ET Q
q 0 0 0 rg BT 305.55 562.10 Td (date. ) Tj ET Q
q 0 0 0 rg BT 328.15 562.10 Td (For ) Tj ET Q
q 0 0 0 rg BT 345.50 562.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 361.16 562.10 Td (majority ) Tj ET Q
q 0 0 0 rg BT 398.50 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 410.28 562.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 448.71 562.10 Td (instruments, ) Tj ET Q
q 0 0 0 rg BT 501.33 562.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 542.55 562.10 Td (most ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (derivatives ) Tj ET Q
q 0 0 0 rg BT 95.98 550.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 112.52 550.10 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 154.05 550.10 Td (debt, ) Tj ET Q
q 0 0 0 rg BT 175.88 550.10 Td (standard ) Tj ET Q
q 0 0 0 rg BT 211.86 550.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 241.72 550.10 Td (conventions ) Tj ET Q
q 0 0 0 rg BT 292.15 550.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 308.69 550.10 Td (techniques ) Tj ET Q
q 0 0 0 rg BT 353.56 550.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 373.99 550.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 384.43 550.10 Td (options ) Tj ET Q
q 0 0 0 rg BT 415.98 550.10 Td (pricing ) Tj ET Q
q 0 0 0 rg BT 446.41 550.10 Td (models ) Tj ET Q
q 0 0 0 rg BT 477.40 550.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 491.71 550.10 Td (used ) Tj ET Q
q 0 0 0 rg BT 512.14 550.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 522.02 550.10 Td (determine ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (fair ) Tj ET Q
q 0 0 0 rg BT 66.60 538.10 Td (value. ) Tj ET Q
q 0 0 0 rg BT 92.88 538.10 Td (All ) Tj ET Q
q 0 0 0 rg BT 108.38 538.10 Td (methods ) Tj ET Q
q 0 0 0 rg BT 144.99 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 156.05 538.10 Td (assessing ) Tj ET Q
q 0 0 0 rg BT 196.00 538.10 Td (fair ) Tj ET Q
q 0 0 0 rg BT 212.60 538.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 236.98 538.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 261.92 538.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 272.42 538.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 279.58 538.10 Td (general ) Tj ET Q
q 0 0 0 rg BT 311.73 538.10 Td (approximation ) Tj ET Q
q 0 0 0 rg BT 372.78 538.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 383.83 538.10 Td (value, ) Tj ET Q
q 0 0 0 rg BT 410.71 538.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 427.88 538.10 Td (such ) Tj ET Q
q 0 0 0 rg BT 448.93 538.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 473.31 538.10 Td (may ) Tj ET Q
q 0 0 0 rg BT 493.25 538.10 Td (never ) Tj ET Q
q 0 0 0 rg BT 518.18 538.10 Td (actually ) Tj ET Q
q 0 0 0 rg BT 552.56 538.10 Td (be ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (realized.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (For) Tj ET Q
q 0 0 0 rg BT 65.37 502.10 Td (eign ) Tj ET Q
q 0 0 0 rg BT 85.64 502.10 Td (curr) Tj ET Q
q 0 0 0 rg BT 104.34 502.10 Td (encies) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.56 490.10 Td (functional ) Tj ET Q
q 0 0 0 rg BT 112.11 490.10 Td (currency ) Tj ET Q
q 0 0 0 rg BT 150.10 490.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 161.44 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 176.67 490.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 218.57 490.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 236.02 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 251.25 490.10 Td (majority ) Tj ET Q
q 0 0 0 rg BT 288.14 490.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 299.48 490.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 311.94 490.10 Td (subsidiaries ) Tj ET Q
q 0 0 0 rg BT 362.17 490.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 371.85 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 387.08 490.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 407.88 490.10 Td (dollar ) Tj ET Q
q 0 0 0 rg BT 434.21 490.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 445.55 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 460.78 490.10 Td (majority ) Tj ET Q
q 0 0 0 rg BT 497.68 490.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 509.02 490.10 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 547.57 490.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (expenditures ) Tj ET Q
q 0 0 0 rg BT 102.79 478.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 116.68 478.10 Td (denominated ) Tj ET Q
q 0 0 0 rg BT 170.03 478.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 179.50 478.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 198.97 478.10 Td (dollars. ) Tj ET Q
q 0 0 0 rg BT 230.26 478.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 247.50 478.10 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 293.77 478.10 Td (reporting ) Tj ET Q
q 0 0 0 rg BT 332.12 478.10 Td (currency ) Tj ET Q
q 0 0 0 rg BT 368.78 478.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 377.15 478.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 394.95 478.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 414.42 478.10 Td (dollars. ) Tj ET Q
q 0 0 0 rg BT 445.83 478.10 Td (For ) Tj ET Q
q 0 0 0 rg BT 461.41 478.10 Td (subsidiaries ) Tj ET Q
q 0 0 0 rg BT 510.32 478.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 527.01 478.10 Td (maintain ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (their ) Tj ET Q
q 0 0 0 rg BT 70.90 466.10 Td (accounts ) Tj ET Q
q 0 0 0 rg BT 108.46 466.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 118.81 466.10 Td (currencies ) Tj ET Q
q 0 0 0 rg BT 162.47 466.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 185.59 466.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 205.38 466.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 225.73 466.10 Td (dollars, ) Tj ET Q
q 0 0 0 rg BT 258.02 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 272.81 466.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 314.27 466.10 Td (uses ) Tj ET Q
q 0 0 0 rg BT 334.07 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 348.86 466.10 Td (current ) Tj ET Q
q 0 0 0 rg BT 379.75 466.10 Td (method ) Tj ET Q
q 0 0 0 rg BT 412.31 466.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 423.22 466.10 Td (translation ) Tj ET Q
q 0 0 0 rg BT 468.00 466.10 Td (whereby ) Tj ET Q
q 0 0 0 rg BT 505.00 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 519.79 466.10 Td (statements ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.19 454.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 103.71 454.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 117.78 454.10 Td (translated ) Tj ET Q
q 0 0 0 rg BT 158.51 454.10 Td (using ) Tj ET Q
q 0 0 0 rg BT 182.04 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 196.12 454.10 Td (average ) Tj ET Q
q 0 0 0 rg BT 229.07 454.10 Td (exchange ) Tj ET Q
q 0 0 0 rg BT 268.68 454.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 285.53 454.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 301.83 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 315.91 454.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 341.10 454.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 357.40 454.10 Td (liabilities ) Tj ET Q
q 0 0 0 rg BT 396.48 454.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 410.55 454.10 Td (translated ) Tj ET Q
q 0 0 0 rg BT 451.28 454.10 Td (using ) Tj ET Q
q 0 0 0 rg BT 474.81 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 488.89 454.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 507.96 454.10 Td (end ) Tj ET Q
q 0 0 0 rg BT 524.26 454.10 Td (exchange ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (rate. ) Tj ET Q
q 0 0 0 rg BT 69.84 442.10 Td (Foreign ) Tj ET Q
q 0 0 0 rg BT 103.29 442.10 Td (currency ) Tj ET Q
q 0 0 0 rg BT 140.62 442.10 Td (translation ) Tj ET Q
q 0 0 0 rg BT 185.18 442.10 Td (gains ) Tj ET Q
q 0 0 0 rg BT 208.64 442.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 219.32 442.10 Td (losses ) Tj ET Q
q 0 0 0 rg BT 245.56 442.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 260.12 442.10 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 297.44 442.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 308.13 442.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 314.91 442.10 Td (separate ) Tj ET Q
q 0 0 0 rg BT 350.02 442.10 Td (component ) Tj ET Q
q 0 0 0 rg BT 396.80 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 407.48 442.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 430.38 442.10 Td (comprehensive ) Tj ET Q
q 0 0 0 rg BT 493.26 442.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 525.04 442.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 535.17 442.10 Td (equity) Tj ET Q
q 0 0 0 rg BT 559.52 442.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (T) Tj ET Q
q 0 0 0 rg BT 55.76 418.10 Td (ransactions ) Tj ET Q
q 0 0 0 rg BT 103.34 418.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 113.72 418.10 Td (foreign ) Tj ET Q
q 0 0 0 rg BT 145.20 418.10 Td (currencies ) Tj ET Q
q 0 0 0 rg BT 188.88 418.10 Td (during ) Tj ET Q
q 0 0 0 rg BT 217.59 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 232.41 418.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 252.21 418.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 267.02 418.10 Td (translated ) Tj ET Q
q 0 0 0 rg BT 308.49 418.10 Td (into ) Tj ET Q
q 0 0 0 rg BT 326.65 418.10 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 347.03 418.10 Td (dollars ) Tj ET Q
q 0 0 0 rg BT 376.85 418.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 386.67 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 401.48 418.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 422.96 418.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 433.89 418.10 Td (exchange ) Tj ET Q
q 0 0 0 rg BT 474.25 418.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 484.62 418.10 Td (ef) Tj ET Q
q 0 0 0 rg BT 492.21 418.10 Td (fect ) Tj ET Q
q 0 0 0 rg BT 509.80 418.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 519.61 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 534.43 418.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 553.69 418.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.84 406.10 Td (transaction. ) Tj ET Q
q 0 0 0 rg BT 113.83 406.10 Td (Foreign ) Tj ET Q
q 0 0 0 rg BT 147.56 406.10 Td (currency ) Tj ET Q
q 0 0 0 rg BT 185.16 406.10 Td (monetary ) Tj ET Q
q 0 0 0 rg BT 225.55 406.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 251.50 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 268.56 406.10 Td (liabilities ) Tj ET Q
q 0 0 0 rg BT 308.40 406.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 323.23 406.10 Td (translated ) Tj ET Q
q 0 0 0 rg BT 364.72 406.10 Td (using ) Tj ET Q
q 0 0 0 rg BT 389.01 406.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 410.51 406.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 421.46 406.10 Td (exchange ) Tj ET Q
q 0 0 0 rg BT 461.84 406.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 471.68 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 486.52 406.10 Td (balance ) Tj ET Q
q 0 0 0 rg BT 519.67 406.10 Td (sheet ) Tj ET Q
q 0 0 0 rg BT 542.84 406.10 Td (date. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (Foreign ) Tj ET Q
q 0 0 0 rg BT 82.94 394.10 Td (currency ) Tj ET Q
q 0 0 0 rg BT 119.75 394.10 Td (non-monetary ) Tj ET Q
q 0 0 0 rg BT 177.67 394.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 202.83 394.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 219.10 394.10 Td (liabilities ) Tj ET Q
q 0 0 0 rg BT 258.15 394.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 272.19 394.10 Td (translated ) Tj ET Q
q 0 0 0 rg BT 312.89 394.10 Td (using ) Tj ET Q
q 0 0 0 rg BT 336.39 394.10 Td (historical ) Tj ET Q
q 0 0 0 rg BT 375.43 394.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 396.14 394.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 406.30 394.10 Td (exchange. ) Tj ET Q
q 0 0 0 rg BT 448.39 394.10 Td (Foreign ) Tj ET Q
q 0 0 0 rg BT 481.33 394.10 Td (currency ) Tj ET Q
q 0 0 0 rg BT 518.13 394.10 Td (transaction ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 382.10 Td (gains ) Tj ET Q
q 0 0 0 rg BT 73.61 382.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 84.44 382.10 Td (losses ) Tj ET Q
q 0 0 0 rg BT 110.83 382.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 125.54 382.10 Td (included ) Tj ET Q
q 0 0 0 rg BT 162.47 382.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 172.75 382.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 187.47 382.10 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 240.51 382.10 Td (statements ) Tj ET Q
q 0 0 0 rg BT 285.22 382.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 296.05 382.10 Td (operations.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (Shar) Tj ET Q
q 0 0 0 rg BT 70.38 358.10 Td (e-based ) Tj ET Q
q 0 0 0 rg BT 105.10 358.10 Td (payments) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.06 346.10 Td (accordance ) Tj ET Q
q 0 0 0 rg BT 108.75 346.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 129.25 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 144.19 346.10 Td (guidance ) Tj ET Q
q 0 0 0 rg BT 183.02 346.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 195.74 346.10 Td ("Share ) Tj ET Q
q 0 0 0 rg BT 225.32 346.10 Td (Based ) Tj ET Q
q 0 0 0 rg BT 252.49 346.10 Td (Payment" ) Tj ET Q
q 0 0 0 rg BT 294.29 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 309.23 346.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 350.85 346.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 360.24 346.10 Td (required ) Tj ET Q
q 0 0 0 rg BT 396.29 346.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 406.79 346.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 441.73 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 456.67 346.10 Td (fair ) Tj ET Q
q 0 0 0 rg BT 473.27 346.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 497.66 346.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 508.71 346.10 Td (stock ) Tj ET Q
q 0 0 0 rg BT 532.55 346.10 Td (options ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (issued ) Tj ET Q
q 0 0 0 rg BT 76.84 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 86.46 334.10 Td (employees ) Tj ET Q
q 0 0 0 rg BT 131.06 334.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 150.66 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 164.72 334.10 Td (period ) Tj ET Q
q 0 0 0 rg BT 192.10 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 206.16 334.10 Td (options ) Tj ET Q
q 0 0 0 rg BT 237.45 334.10 Td (vests. ) Tj ET Q
q 0 0 0 rg BT 261.65 334.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 279.04 334.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 319.76 334.10 Td (amortizes ) Tj ET Q
q 0 0 0 rg BT 360.47 334.10 Td (stock-based ) Tj ET Q
q 0 0 0 rg BT 409.52 334.10 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 466.90 334.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 480.40 334.10 Td (awards ) Tj ET Q
q 0 0 0 rg BT 510.56 334.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 522.39 334.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 528.67 334.10 Td (straight-) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (line ) Tj ET Q
q 0 0 0 rg BT 66.81 322.10 Td (basis ) Tj ET Q
q 0 0 0 rg BT 88.62 322.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 108.20 322.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 134.45 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 148.48 322.10 Td (employee ) Tj ET Q
q 0 0 0 rg BT 189.16 322.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 197.64 322.10 Td (required ) Tj ET Q
q 0 0 0 rg BT 232.77 322.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 242.36 322.10 Td (provide ) Tj ET Q
q 0 0 0 rg BT 274.72 322.10 Td (service ) Tj ET Q
q 0 0 0 rg BT 304.84 322.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 314.43 322.10 Td (exchange ) Tj ET Q
q 0 0 0 rg BT 354.00 322.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 367.47 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 381.50 322.10 Td (reward ) Tj ET Q
q 0 0 0 rg BT 411.07 322.10 Td (- ) Tj ET Q
q 0 0 0 rg BT 416.21 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 430.24 322.10 Td (requisite ) Tj ET Q
q 0 0 0 rg BT 466.48 322.10 Td (service ) Tj ET Q
q 0 0 0 rg BT 496.61 322.10 Td (\(vesting\) ) Tj ET Q
q 0 0 0 rg BT 533.97 322.10 Td (period. ) Tj ET Q
q 0 0 0 rg BT 564.52 322.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 567.02 322.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (No ) Tj ET Q
q 0 0 0 rg BT 64.72 310.10 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 122.76 310.10 Td (cost ) Tj ET Q
q 0 0 0 rg BT 141.37 310.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 150.54 310.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 196.90 310.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 211.06 310.10 Td (stock ) Tj ET Q
q 0 0 0 rg BT 234.67 310.10 Td (options ) Tj ET Q
q 0 0 0 rg BT 266.62 310.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 280.78 310.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 307.72 310.10 Td (employees ) Tj ET Q
q 0 0 0 rg BT 352.98 310.10 Td (do ) Tj ET Q
q 0 0 0 rg BT 365.48 310.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 380.76 310.10 Td (render ) Tj ET Q
q 0 0 0 rg BT 408.80 310.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 423.52 310.10 Td (requisite ) Tj ET Q
q 0 0 0 rg BT 460.45 310.10 Td (service. ) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (Earnings ) Tj ET Q
q 0 0 0 rg BT 91.40 286.10 Td (per) Tj ET Q
q 0 0 0 rg BT 105.66 286.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 108.16 286.10 Td (shar) Tj ET Q
q 0 0 0 rg BT 126.87 286.10 Td (e) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (Basic ) Tj ET Q
q 0 0 0 rg BT 75.79 274.10 Td (EPS ) Tj ET Q
q 0 0 0 rg BT 96.60 274.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 106.85 274.10 Td (computed ) Tj ET Q
q 0 0 0 rg BT 149.85 274.10 Td (based ) Tj ET Q
q 0 0 0 rg BT 176.20 274.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 189.77 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 205.57 274.10 Td (income ) Tj ET Q
q 0 0 0 rg BT 238.58 274.10 Td (available ) Tj ET Q
q 0 0 0 rg BT 278.24 274.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 289.59 274.10 Td (common ) Tj ET Q
q 0 0 0 rg BT 328.17 274.10 Td (stockholders ) Tj ET Q
q 0 0 0 rg BT 382.29 274.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 400.30 274.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 416.09 274.10 Td (weighted ) Tj ET Q
q 0 0 0 rg BT 456.33 274.10 Td (average ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
243 0 obj
<<
/Length 33337
>>
stream
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 128.48 641.00 Td (V) Tj ET Q
q 0 0 0 rg BT 134.60 641.00 Td (alue ) Tj ET Q
q 0 0 0 rg BT 153.61 641.00 Td (Measurement ) Tj ET Q
q 0 0 0 rg BT 210.40 641.00 Td (\(T) Tj ET Q
q 0 0 0 rg BT 219.14 641.00 Td (opic ) Tj ET Q
q 0 0 0 rg BT 238.72 641.00 Td (820\): ) Tj ET Q
q 0 0 0 rg BT 261.66 641.00 Td (Amendments ) Tj ET Q
q 0 0 0 rg BT 317.35 641.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 326.97 641.00 Td (Achieve ) Tj ET Q
q 0 0 0 rg BT 362.65 641.00 Td (Common ) Tj ET Q
q 0 0 0 rg BT 402.23 641.00 Td (Fair ) Tj ET Q
q 0 0 0 rg BT 420.53 641.00 Td (V) Tj ET Q
q 0 0 0 rg BT 426.64 641.00 Td (alue ) Tj ET Q
q 0 0 0 rg BT 445.66 641.00 Td (Measurement ) Tj ET Q
q 0 0 0 rg BT 502.45 641.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 519.24 641.00 Td (Disclosure ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 629.00 Td (Requirements ) Tj ET Q
q 0 0 0 rg BT 108.00 629.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 118.23 629.00 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 138.47 629.00 Td (GAAP) Tj ET Q
q 0 0 0 rg BT 165.33 629.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 167.78 629.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 184.68 629.00 Td (IFRSs. ) Tj ET Q
q 0 0 0 rg BT 214.65 629.00 Td (Many ) Tj ET Q
q 0 0 0 rg BT 240.43 629.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 251.22 629.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 265.89 629.00 Td (changes ) Tj ET Q
q 0 0 0 rg BT 300.56 629.00 Td (here ) Tj ET Q
q 0 0 0 rg BT 320.22 629.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 334.88 629.00 Td (clarifications ) Tj ET Q
q 0 0 0 rg BT 389.54 629.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 400.32 629.00 Td (existing ) Tj ET Q
q 0 0 0 rg BT 434.44 629.00 Td (guidance ) Tj ET Q
q 0 0 0 rg BT 472.99 629.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 483.78 629.00 Td (wording ) Tj ET Q
q 0 0 0 rg BT 519.57 629.00 Td (changes ) Tj ET Q
q 0 0 0 rg BT 554.23 629.00 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 617.00 Td (align ) Tj ET Q
q 0 0 0 rg BT 72.41 617.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 92.61 617.00 Td (IFRS ) Tj ET Q
q 0 0 0 rg BT 116.15 617.00 Td (13. ) Tj ET Q
q 0 0 0 rg BT 130.90 617.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 148.87 617.00 Td (new ) Tj ET Q
q 0 0 0 rg BT 167.95 617.00 Td (measurement ) Tj ET Q
q 0 0 0 rg BT 223.68 617.00 Td (guidance ) Tj ET Q
q 0 0 0 rg BT 262.19 617.00 Td (did ) Tj ET Q
q 0 0 0 rg BT 277.39 617.00 Td (not ) Tj ET Q
q 0 0 0 rg BT 292.58 617.00 Td (have ) Tj ET Q
q 0 0 0 rg BT 313.88 617.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 325.74 617.00 Td (impact ) Tj ET Q
q 0 0 0 rg BT 355.37 617.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 367.79 617.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 382.43 617.00 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 429.42 617.00 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 482.39 617.00 Td (financial ) Tj ET Q
q 0 0 0 rg BT 519.79 617.00 Td (statements ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 605.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.94 605.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 81.66 605.00 Td (new ) Tj ET Q
q 0 0 0 rg BT 100.82 605.00 Td (disclosure ) Tj ET Q
q 0 0 0 rg BT 143.86 605.00 Td (requirements ) Tj ET Q
q 0 0 0 rg BT 198.56 605.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 213.27 605.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 223.55 605.00 Td (Note ) Tj ET Q
q 0 0 0 rg BT 245.49 605.00 Td (16 ) Tj ET Q
q 0 0 0 rg BT 257.99 605.00 Td ("Financial ) Tj ET Q
q 0 0 0 rg BT 301.78 605.00 Td (Instruments". ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 581.00 Td (ASU ) Tj ET Q
q 0 0 0 rg BT 73.06 581.00 Td (201) Tj ET Q
q 0 0 0 rg BT 87.69 581.00 Td (1-08, ) Tj ET Q
q 0 0 0 rg BT 111.57 581.00 Td (Intangibles ) Tj ET Q
q 0 0 0 rg BT 159.06 581.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 167.11 581.00 Td (Goodwill ) Tj ET Q
q 0 0 0 rg BT 207.95 581.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 225.44 581.00 Td (Other ) Tj ET Q
q 0 0 0 rg BT 251.26 581.00 Td (\(T) Tj ET Q
q 0 0 0 rg BT 260.00 581.00 Td (opic ) Tj ET Q
q 0 0 0 rg BT 280.27 581.00 Td (350\): ) Tj ET Q
q 0 0 0 rg BT 304.22 581.00 Td (T) Tj ET Q
q 0 0 0 rg BT 309.63 581.00 Td (esting ) Tj ET Q
q 0 0 0 rg BT 336.57 581.00 Td (Goodwill ) Tj ET Q
q 0 0 0 rg BT 377.40 581.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 392.11 581.00 Td (Impairment. ) Tj ET Q
q 0 0 0 rg BT 444.10 581.00 Td (This ) Tj ET Q
q 0 0 0 rg BT 464.26 581.00 Td (ASU ) Tj ET Q
q 0 0 0 rg BT 487.31 581.00 Td (gives ) Tj ET Q
q 0 0 0 rg BT 511.48 581.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 523.97 581.00 Td (entity ) Tj ET Q
q 0 0 0 rg BT 549.80 581.00 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 569.00 Td (option ) Tj ET Q
q 0 0 0 rg BT 77.94 569.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 88.10 569.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 99.94 569.00 Td (annual ) Tj ET Q
q 0 0 0 rg BT 128.98 569.00 Td (goodwill ) Tj ET Q
q 0 0 0 rg BT 166.92 569.00 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 215.40 569.00 Td (test ) Tj ET Q
q 0 0 0 rg BT 231.67 569.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 241.83 569.00 Td (first ) Tj ET Q
q 0 0 0 rg BT 260.33 569.00 Td (assess ) Tj ET Q
q 0 0 0 rg BT 287.15 569.00 Td (revised ) Tj ET Q
q 0 0 0 rg BT 318.41 569.00 Td (qualitative ) Tj ET Q
q 0 0 0 rg BT 363.01 569.00 Td (factors ) Tj ET Q
q 0 0 0 rg BT 392.60 569.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 402.76 569.00 Td (determine ) Tj ET Q
q 0 0 0 rg BT 445.12 569.00 Td (whether ) Tj ET Q
q 0 0 0 rg BT 479.72 569.00 Td (it ) Tj ET Q
q 0 0 0 rg BT 487.66 569.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 496.71 569.00 Td (more ) Tj ET Q
q 0 0 0 rg BT 519.64 569.00 Td (likely ) Tj ET Q
q 0 0 0 rg BT 544.80 569.00 Td (than ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 557.00 Td (not ) Tj ET Q
q 0 0 0 rg BT 65.53 557.00 Td (that ) Tj ET Q
q 0 0 0 rg BT 83.27 557.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 98.24 557.00 Td (fair ) Tj ET Q
q 0 0 0 rg BT 114.87 557.00 Td (value ) Tj ET Q
q 0 0 0 rg BT 139.27 557.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 150.36 557.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 157.54 557.00 Td (reporting ) Tj ET Q
q 0 0 0 rg BT 196.95 557.00 Td (unit ) Tj ET Q
q 0 0 0 rg BT 215.26 557.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 224.68 557.00 Td (less ) Tj ET Q
q 0 0 0 rg BT 242.43 557.00 Td (than ) Tj ET Q
q 0 0 0 rg BT 262.40 557.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 274.59 557.00 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 310.66 557.00 Td (amount. ) Tj ET Q
q 0 0 0 rg BT 345.71 557.00 Td (There ) Tj ET Q
q 0 0 0 rg BT 371.77 557.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 381.19 557.00 Td (no ) Tj ET Q
q 0 0 0 rg BT 393.94 557.00 Td (impact ) Tj ET Q
q 0 0 0 rg BT 423.91 557.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 436.66 557.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 451.62 557.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 493.26 557.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 504.34 557.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 511.53 557.00 Td (result ) Tj ET Q
q 0 0 0 rg BT 536.50 557.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 547.58 557.00 Td (this ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 545.00 Td (guidance. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 521.00 Td (ASU ) Tj ET Q
q 0 0 0 rg BT 72.31 521.00 Td (2013-01, ) Tj ET Q
q 0 0 0 rg BT 110.44 521.00 Td (Balance ) Tj ET Q
q 0 0 0 rg BT 144.95 521.00 Td (Sheet ) Tj ET Q
q 0 0 0 rg BT 169.47 521.00 Td (\(T) Tj ET Q
q 0 0 0 rg BT 178.21 521.00 Td (opic ) Tj ET Q
q 0 0 0 rg BT 197.73 521.00 Td (210\): ) Tj ET Q
q 0 0 0 rg BT 221.14 521.00 Td (Clarifying ) Tj ET Q
q 0 0 0 rg BT 264.55 521.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 279.07 521.00 Td (Scope ) Tj ET Q
q 0 0 0 rg BT 305.81 521.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 316.45 521.00 Td (Disclosures ) Tj ET Q
q 0 0 0 rg BT 365.41 521.00 Td (about ) Tj ET Q
q 0 0 0 rg BT 389.93 521.00 Td (Of) Tj ET Q
q 0 0 0 rg BT 400.30 521.00 Td (fsetting ) Tj ET Q
q 0 0 0 rg BT 432.09 521.00 Td (Assets ) Tj ET Q
q 0 0 0 rg BT 460.51 521.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 477.25 521.00 Td (Liabilities. ) Tj ET Q
q 0 0 0 rg BT 522.43 521.00 Td (This ) Tj ET Q
q 0 0 0 rg BT 542.01 521.00 Td (ASU ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 509.00 Td (addresses ) Tj ET Q
q 0 0 0 rg BT 90.22 509.00 Td (implementation ) Tj ET Q
q 0 0 0 rg BT 154.89 509.00 Td (issues ) Tj ET Q
q 0 0 0 rg BT 180.68 509.00 Td (about ) Tj ET Q
q 0 0 0 rg BT 204.80 509.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 218.91 509.00 Td (scope ) Tj ET Q
q 0 0 0 rg BT 243.58 509.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 253.39 509.00 Td (ASU ) Tj ET Q
q 0 0 0 rg BT 275.30 509.00 Td (201) Tj ET Q
q 0 0 0 rg BT 289.93 509.00 Td (1-1) Tj ET Q
q 0 0 0 rg BT 302.89 509.00 Td (1, ) Tj ET Q
q 0 0 0 rg BT 312.29 509.00 Td (Balance ) Tj ET Q
q 0 0 0 rg BT 346.39 509.00 Td (Sheet ) Tj ET Q
q 0 0 0 rg BT 370.51 509.00 Td (\(T) Tj ET Q
q 0 0 0 rg BT 379.25 509.00 Td (opic ) Tj ET Q
q 0 0 0 rg BT 398.37 509.00 Td (210\): ) Tj ET Q
q 0 0 0 rg BT 421.38 509.00 Td (Disclosures ) Tj ET Q
q 0 0 0 rg BT 469.94 509.00 Td (about ) Tj ET Q
q 0 0 0 rg BT 494.06 509.00 Td (Of) Tj ET Q
q 0 0 0 rg BT 504.43 509.00 Td (fsetting ) Tj ET Q
q 0 0 0 rg BT 535.90 509.00 Td (Assets ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 497.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.68 497.00 Td (Liabilities. ) Tj ET Q
q 0 0 0 rg BT 111.47 497.00 Td (ASU ) Tj ET Q
q 0 0 0 rg BT 133.71 497.00 Td (2013-01 ) Tj ET Q
q 0 0 0 rg BT 169.28 497.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 178.19 497.00 Td (ef) Tj ET Q
q 0 0 0 rg BT 185.77 497.00 Td (fective ) Tj ET Q
q 0 0 0 rg BT 215.21 497.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 229.11 497.00 Td (reporting ) Tj ET Q
q 0 0 0 rg BT 268.00 497.00 Td (periods ) Tj ET Q
q 0 0 0 rg BT 299.68 497.00 Td (beginning ) Tj ET Q
q 0 0 0 rg BT 341.91 497.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 354.15 497.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 364.72 497.00 Td (after ) Tj ET Q
q 0 0 0 rg BT 385.27 497.00 Td (January ) Tj ET Q
q 0 0 0 rg BT 418.61 497.00 Td (1, ) Tj ET Q
q 0 0 0 rg BT 428.35 497.00 Td (2013. ) Tj ET Q
q 0 0 0 rg BT 453.08 497.00 Td (Its ) Tj ET Q
q 0 0 0 rg BT 465.32 497.00 Td (adoption ) Tj ET Q
q 0 0 0 rg BT 502.55 497.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 511.46 497.00 Td (not ) Tj ET Q
q 0 0 0 rg BT 526.48 497.00 Td (expected ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 485.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 60.28 485.00 Td (have ) Tj ET Q
q 0 0 0 rg BT 81.66 485.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 88.59 485.00 Td (material ) Tj ET Q
q 0 0 0 rg BT 123.85 485.00 Td (impact ) Tj ET Q
q 0 0 0 rg BT 153.56 485.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 166.06 485.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 180.78 485.00 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 227.86 485.00 Td (disclosures.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 461.00 Td (ASU ) Tj ET Q
q 0 0 0 rg BT 71.50 461.00 Td (2013-02, ) Tj ET Q
q 0 0 0 rg BT 108.83 461.00 Td (Comprehensive ) Tj ET Q
q 0 0 0 rg BT 173.09 461.00 Td (Income ) Tj ET Q
q 0 0 0 rg BT 204.58 461.00 Td (\(T) Tj ET Q
q 0 0 0 rg BT 213.32 461.00 Td (opic ) Tj ET Q
q 0 0 0 rg BT 232.03 461.00 Td (220\): ) Tj ET Q
q 0 0 0 rg BT 254.64 461.00 Td (Reporting ) Tj ET Q
q 0 0 0 rg BT 296.13 461.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 305.63 461.00 Td (Amounts ) Tj ET Q
q 0 0 0 rg BT 343.80 461.00 Td (Reclassified ) Tj ET Q
q 0 0 0 rg BT 394.17 461.00 Td (Out ) Tj ET Q
q 0 0 0 rg BT 410.66 461.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 420.16 461.00 Td (Accumulated ) Tj ET Q
q 0 0 0 rg BT 474.97 461.00 Td (Other ) Tj ET Q
q 0 0 0 rg BT 499.24 461.00 Td (Comprehensive ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 449.00 Td (Income. ) Tj ET Q
q 0 0 0 rg BT 84.61 449.00 Td (This ) Tj ET Q
q 0 0 0 rg BT 104.17 449.00 Td (ASU ) Tj ET Q
q 0 0 0 rg BT 126.46 449.00 Td (seeks ) Tj ET Q
q 0 0 0 rg BT 150.41 449.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 160.47 449.00 Td (improve ) Tj ET Q
q 0 0 0 rg BT 196.09 449.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 210.59 449.00 Td (reporting ) Tj ET Q
q 0 0 0 rg BT 249.53 449.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 260.15 449.00 Td (reclassifications ) Tj ET Q
q 0 0 0 rg BT 326.86 449.00 Td (out ) Tj ET Q
q 0 0 0 rg BT 341.92 449.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 352.54 449.00 Td (accumulated ) Tj ET Q
q 0 0 0 rg BT 405.36 449.00 Td (other ) Tj ET Q
q 0 0 0 rg BT 428.19 449.00 Td (comprehensive ) Tj ET Q
q 0 0 0 rg BT 491.01 449.00 Td (income. ) Tj ET Q
q 0 0 0 rg BT 524.73 449.00 Td (An ) Tj ET Q
q 0 0 0 rg BT 539.24 449.00 Td (entity ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 437.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 59.36 437.00 Td (required ) Tj ET Q
q 0 0 0 rg BT 95.36 437.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 105.83 437.00 Td (report ) Tj ET Q
q 0 0 0 rg BT 132.40 437.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 147.30 437.00 Td (ef) Tj ET Q
q 0 0 0 rg BT 154.89 437.00 Td (fect ) Tj ET Q
q 0 0 0 rg BT 172.57 437.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 183.59 437.00 Td (significant ) Tj ET Q
q 0 0 0 rg BT 228.49 437.00 Td (reclassifications ) Tj ET Q
q 0 0 0 rg BT 295.60 437.00 Td (out ) Tj ET Q
q 0 0 0 rg BT 311.06 437.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 322.08 437.00 Td (accumulated ) Tj ET Q
q 0 0 0 rg BT 375.30 437.00 Td (other ) Tj ET Q
q 0 0 0 rg BT 398.54 437.00 Td (comprehensive ) Tj ET Q
q 0 0 0 rg BT 461.76 437.00 Td (income ) Tj ET Q
q 0 0 0 rg BT 493.88 437.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 506.57 437.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 521.48 437.00 Td (respective ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 425.00 Td (line ) Tj ET Q
q 0 0 0 rg BT 66.73 425.00 Td (items ) Tj ET Q
q 0 0 0 rg BT 90.14 425.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 99.66 425.00 Td (net ) Tj ET Q
q 0 0 0 rg BT 113.61 425.00 Td (income ) Tj ET Q
q 0 0 0 rg BT 144.79 425.00 Td (if ) Tj ET Q
q 0 0 0 rg BT 152.64 425.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 166.59 425.00 Td (amount ) Tj ET Q
q 0 0 0 rg BT 198.33 425.00 Td (being ) Tj ET Q
q 0 0 0 rg BT 222.28 425.00 Td (reclassified ) Tj ET Q
q 0 0 0 rg BT 269.56 425.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 277.97 425.00 Td (required ) Tj ET Q
q 0 0 0 rg BT 313.02 425.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 337.53 425.00 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 357.05 425.00 Td (GAAP) Tj ET Q
q 0 0 0 rg BT 383.91 425.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 385.65 425.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 395.17 425.00 Td (be ) Tj ET Q
q 0 0 0 rg BT 406.34 425.00 Td (reclassified ) Tj ET Q
q 0 0 0 rg BT 453.62 425.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 463.13 425.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 474.32 425.00 Td (entirety ) Tj ET Q
q 0 0 0 rg BT 506.60 425.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 516.12 425.00 Td (net ) Tj ET Q
q 0 0 0 rg BT 530.08 425.00 Td (income. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 413.00 Td (For ) Tj ET Q
q 0 0 0 rg BT 66.48 413.00 Td (other ) Tj ET Q
q 0 0 0 rg BT 89.62 413.00 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 126.09 413.00 Td (that ) Tj ET Q
q 0 0 0 rg BT 143.68 413.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 158.47 413.00 Td (not ) Tj ET Q
q 0 0 0 rg BT 173.84 413.00 Td (required ) Tj ET Q
q 0 0 0 rg BT 209.75 413.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 235.10 413.00 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 255.48 413.00 Td (GAAP) Tj ET Q
q 0 0 0 rg BT 282.33 413.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 284.92 413.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 295.29 413.00 Td (be ) Tj ET Q
q 0 0 0 rg BT 307.32 413.00 Td (reclassified ) Tj ET Q
q 0 0 0 rg BT 355.44 413.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 365.81 413.00 Td (their ) Tj ET Q
q 0 0 0 rg BT 386.72 413.00 Td (entirety ) Tj ET Q
q 0 0 0 rg BT 419.85 413.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 430.22 413.00 Td (net ) Tj ET Q
q 0 0 0 rg BT 445.03 413.00 Td (income ) Tj ET Q
q 0 0 0 rg BT 477.05 413.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 487.42 413.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 502.22 413.00 Td (same ) Tj ET Q
q 0 0 0 rg BT 525.36 413.00 Td (reporting ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 401.00 Td (period, ) Tj ET Q
q 0 0 0 rg BT 80.97 401.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 93.34 401.00 Td (entity ) Tj ET Q
q 0 0 0 rg BT 119.04 401.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 128.63 401.00 Td (required ) Tj ET Q
q 0 0 0 rg BT 164.88 401.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 175.58 401.00 Td (cross-reference ) Tj ET Q
q 0 0 0 rg BT 239.57 401.00 Td (other ) Tj ET Q
q 0 0 0 rg BT 263.04 401.00 Td (disclosures ) Tj ET Q
q 0 0 0 rg BT 310.41 401.00 Td (required ) Tj ET Q
q 0 0 0 rg BT 346.65 401.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 372.35 401.00 Td (U.S ) Tj ET Q
q 0 0 0 rg BT 390.55 401.00 Td (GAAP) Tj ET Q
q 0 0 0 rg BT 417.41 401.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 420.34 401.00 Td (that ) Tj ET Q
q 0 0 0 rg BT 438.26 401.00 Td (provide ) Tj ET Q
q 0 0 0 rg BT 471.73 401.00 Td (additional ) Tj ET Q
q 0 0 0 rg BT 514.65 401.00 Td (detail ) Tj ET Q
q 0 0 0 rg BT 539.79 401.00 Td (about ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 389.00 Td (those ) Tj ET Q
q 0 0 0 rg BT 73.53 389.00 Td (amounts. ) Tj ET Q
q 0 0 0 rg BT 112.16 389.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 130.13 389.00 Td (requirement ) Tj ET Q
q 0 0 0 rg BT 180.86 389.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 191.61 389.00 Td (this ) Tj ET Q
q 0 0 0 rg BT 208.48 389.00 Td (update ) Tj ET Q
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q 0 0 0 rg BT 256.85 389.00 Td (ensure ) Tj ET Q
q 0 0 0 rg BT 285.37 389.00 Td (that ) Tj ET Q
q 0 0 0 rg BT 302.78 389.00 Td (this ) Tj ET Q
q 0 0 0 rg BT 319.65 389.00 Td (information ) Tj ET Q
q 0 0 0 rg BT 369.28 389.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 378.38 389.00 Td (presented ) Tj ET Q
q 0 0 0 rg BT 419.11 389.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 429.31 389.00 Td (one ) Tj ET Q
q 0 0 0 rg BT 446.17 389.00 Td (place, ) Tj ET Q
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q 0 0 0 rg BT 497.92 389.00 Td (than ) Tj ET Q
q 0 0 0 rg BT 517.56 389.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 527.76 389.00 Td (dif) Tj ET Q
q 0 0 0 rg BT 538.69 389.00 Td (ferent ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 76.79 377.00 Td (throughout ) Tj ET Q
q 0 0 0 rg BT 122.48 377.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 136.49 377.00 Td (financial ) Tj ET Q
q 0 0 0 rg BT 173.28 377.00 Td (statements ) Tj ET Q
q 0 0 0 rg BT 217.29 377.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 227.42 377.00 Td (it ) Tj ET Q
q 0 0 0 rg BT 234.78 377.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 243.25 377.00 Td (currently) Tj ET Q
q 0 0 0 rg BT 278.70 377.00 Td (. ) Tj ET Q
q 0 0 0 rg BT 282.87 377.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 300.22 377.00 Td (guidance ) Tj ET Q
q 0 0 0 rg BT 338.11 377.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 346.58 377.00 Td (ef) Tj ET Q
q 0 0 0 rg BT 354.17 377.00 Td (fective ) Tj ET Q
q 0 0 0 rg BT 383.18 377.00 Td (prospectively ) Tj ET Q
q 0 0 0 rg BT 438.85 377.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 452.31 377.00 Td (reporting ) Tj ET Q
q 0 0 0 rg BT 490.77 377.00 Td (periods ) Tj ET Q
q 0 0 0 rg BT 522.01 377.00 Td (beginning ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 114.37 365.00 Td (15, ) Tj ET Q
q 0 0 0 rg BT 129.36 365.00 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 154.16 365.00 Td (This ) Tj ET Q
q 0 0 0 rg BT 174.42 365.00 Td (guidance ) Tj ET Q
q 0 0 0 rg BT 213.00 365.00 Td (does ) Tj ET Q
q 0 0 0 rg BT 233.82 365.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 242.97 365.00 Td (not ) Tj ET Q
q 0 0 0 rg BT 258.24 365.00 Td (expected ) Tj ET Q
q 0 0 0 rg BT 296.26 365.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 306.52 365.00 Td (have ) Tj ET Q
q 0 0 0 rg BT 327.88 365.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 334.81 365.00 Td (material ) Tj ET Q
q 0 0 0 rg BT 370.05 365.00 Td (impact ) Tj ET Q
q 0 0 0 rg BT 399.75 365.00 Td (on ) Tj ET Q
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q 0 0 0 rg BT 426.93 365.00 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 474.00 365.00 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 527.03 365.00 Td (financial ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 353.00 Td (statements.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 327.23 Td (4.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 77.00 327.23 Td (RESTRUCTURING) Tj ET Q
BT /F3 10.00 Tf ET
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 312.00 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 300.00 Td (On ) Tj ET Q
q 0 0 0 rg BT 64.35 300.00 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 122.57 300.00 Td (201) Tj ET Q
q 0 0 0 rg BT 137.20 300.00 Td (1 ) Tj ET Q
q 0 0 0 rg BT 144.33 300.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 154.23 300.00 Td (conjunction ) Tj ET Q
q 0 0 0 rg BT 203.58 300.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 223.49 300.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 237.83 300.00 Td (board ) Tj ET Q
q 0 0 0 rg BT 262.73 300.00 Td (approved ) Tj ET Q
q 0 0 0 rg BT 302.07 300.00 Td (restructuring ) Tj ET Q
q 0 0 0 rg BT 355.29 300.00 Td (plan, ) Tj ET Q
q 0 0 0 rg BT 377.14 300.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 391.49 300.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 432.50 300.00 Td (completed ) Tj ET Q
q 0 0 0 rg BT 476.29 300.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 490.63 300.00 Td (sale ) Tj ET Q
q 0 0 0 rg BT 508.31 300.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 518.77 300.00 Td (15) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 528.77 300.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 530.90 300.00 Td (wholly-) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 101.98 288.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 111.58 288.00 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 150.06 288.00 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 174.25 288.00 Td (These ) Tj ET Q
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q 0 0 0 rg BT 223.44 288.00 Td (held ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 254.15 288.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 255.83 288.00 Td (VLCCs ) Tj ET Q
q 0 0 0 rg BT 288.21 288.00 Td (\(including ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 347.39 288.00 Td (on ) Tj ET Q
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q 0 0 0 rg BT 378.80 288.00 Td (charter\), ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 414.20 288.00 Td (four) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 430.86 288.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 432.68 288.00 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 471.15 288.00 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 501.85 288.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 518.10 288.00 Td (five) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 533.65 288.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 535.34 288.00 Td (VLCC ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 276.00 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 102.34 276.00 Td (contracts. ) Tj ET Q
q 0 0 0 rg BT 143.11 276.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 161.00 276.00 Td (SPCs ) Tj ET Q
q 0 0 0 rg BT 185.03 276.00 Td (were ) Tj ET Q
q 0 0 0 rg BT 206.81 276.00 Td (sold ) Tj ET Q
q 0 0 0 rg BT 225.82 276.00 Td (at ) Tj ET Q
q 0 0 0 rg BT 235.38 276.00 Td (fair ) Tj ET Q
q 0 0 0 rg BT 251.60 276.00 Td (market ) Tj ET Q
q 0 0 0 rg BT 281.71 276.00 Td (value ) Tj ET Q
q 0 0 0 rg BT 305.71 276.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 316.39 276.00 Td ($1,120.7 ) Tj ET Q
q 0 0 0 rg BT 353.73 276.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 382.63 276.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 387.47 276.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 414.25 276.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 432.15 276.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 446.71 276.00 Td (average ) Tj ET Q
q 0 0 0 rg BT 480.14 276.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 510.80 276.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 513.15 276.00 Td (independent ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 78.47 264.00 Td (valuations. ) Tj ET Q
q 0 0 0 rg BT 123.92 264.00 Td (As ) Tj ET Q
q 0 0 0 rg BT 137.40 264.00 Td (part ) Tj ET Q
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q 0 0 0 rg BT 290.74 264.00 Td (assumed ) Tj ET Q
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q 0 0 0 rg BT 395.20 264.00 Td (pay ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 412.00 264.00 Td ($666.3 ) Tj ET Q
q 0 0 0 rg BT 441.87 264.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 505.08 264.00 Td (debt ) Tj ET Q
q 0 0 0 rg BT 524.67 264.00 Td (related ) Tj ET Q
q 0 0 0 rg BT 554.24 264.00 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 252.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 66.38 252.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 98.87 252.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 117.47 252.00 Td ($325.5 ) Tj ET Q
q 0 0 0 rg BT 149.13 252.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 238.83 252.00 Td (commitments ) Tj ET Q
q 0 0 0 rg BT 297.42 252.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 309.36 252.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 325.74 252.00 Td (yard ) Tj ET Q
q 0 0 0 rg BT 347.67 252.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 374.60 252.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 390.98 252.00 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 445.14 252.00 Td (contracts. ) Tj ET Q
q 0 0 0 rg BT 487.59 252.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 507.30 252.00 Td (transaction ) Tj ET Q
q 0 0 0 rg BT 555.33 252.00 Td (is ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 101.37 240.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 112.20 240.00 Td (follows:) Tj ET Q
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/GS0 gs
50.50 214.50 447.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 214.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 184.50 447.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 184.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 155.50 447.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 155.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 125.50 447.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 125.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 95.50 447.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 95.50 65.00 -14.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 214.5 m
497.5 214.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 214.5 m
562.5 214.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 169.5 m
497.5 169.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 169.5 m
562.5 169.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 155.5 m
497.5 155.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 155.5 m
562.5 155.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 95.5 m
497.5 95.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 95.5 m
562.5 95.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 81.5 m
497.5 81.5 l
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1.00 w
0 i
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3 M
497.5 81.5 m
562.5 81.5 l
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BT /F4 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 500.00 219.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 204.17 Td (Proceeds from sale of shares in subsidiaries) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 204.17 Td (128,882) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 189.17 Td (Outstanding newbuilding installments transferred) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 189.17 Td (325,500) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 174.17 Td (Debt transferred) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 174.17 Td (666,318) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 160.07 Td (Fair market value ofassets sold to Frontline 2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 518.65 160.07 Td (1,120,700) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 145.17 Td (Net book value of vessels sold) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 522.80 145.22 Td (\(864,865) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 145.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 130.17 Td (Net book value of newbuilding contracts sold) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 522.80 130.22 Td (\(237,057) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 130.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 115.17 Td (Outstanding newbuilding installments transferred) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 522.80 115.22 Td (\(325,500) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 115.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 100.17 Td (Legal fees) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 540.30 100.22 Td (\(250) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 100.17 Td (\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 86.18 Td (Loss on sale) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 522.80 86.23 Td (\(306,972) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 558.65 86.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 62.49 58.00 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 101.93 58.00 Td (net ) Tj ET Q
q 0 0 0 rg BT 118.31 58.00 Td (working ) Tj ET Q
q 0 0 0 rg BT 155.80 58.00 Td (capital ) Tj ET Q
q 0 0 0 rg BT 186.61 58.00 Td (balances ) Tj ET Q
q 0 0 0 rg BT 225.20 58.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 237.69 58.00 Td ($10.5 ) Tj ET Q
q 0 0 0 rg BT 264.36 58.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 293.25 58.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 297.41 58.00 Td (were ) Tj ET Q
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q 0 0 0 rg BT 365.70 58.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 379.86 58.00 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 420.69 58.00 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 447.05 58.00 Td (This ) Tj ET Q
q 0 0 0 rg BT 468.99 58.00 Td (balance ) Tj ET Q
q 0 0 0 rg BT 503.69 58.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 523.40 58.00 Td (unpaid ) Tj ET Q
q 0 0 0 rg BT 554.78 58.00 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 46.00 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 108.58 46.00 Td (201) Tj ET Q
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q 0 0 0 rg BT 130.71 46.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 147.65 46.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 156.82 46.00 Td (included ) Tj ET Q
q 0 0 0 rg BT 193.75 46.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 204.03 46.00 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 240.42 46.00 Td (due ) Tj ET Q
q 0 0 0 rg BT 257.36 46.00 Td (from ) Tj ET Q
q 0 0 0 rg BT 279.30 46.00 Td (related ) Tj ET Q
q 0 0 0 rg BT 309.00 46.00 Td (parties.) Tj ET Q
endstream
endobj
244 0 obj
<<
/Length 34855
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 295.30 31.60 Td (F -16) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 730.10 Td (On ) Tj ET Q
q 0 0 0 rg BT 64.36 730.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 107.58 730.10 Td (16, ) Tj ET Q
q 0 0 0 rg BT 122.21 730.10 Td (201) Tj ET Q
q 0 0 0 rg BT 136.84 730.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 146.48 730.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 185.28 730.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 207.42 730.10 Td (completed ) Tj ET Q
q 0 0 0 rg BT 251.20 730.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 257.78 730.10 Td (private ) Tj ET Q
q 0 0 0 rg BT 287.68 730.10 Td (placement ) Tj ET Q
q 0 0 0 rg BT 330.90 730.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 341.37 730.10 Td (100,000,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 391.37 730.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 393.51 730.10 Td (new ) Tj ET Q
q 0 0 0 rg BT 412.30 730.10 Td (ordinary ) Tj ET Q
q 0 0 0 rg BT 448.32 730.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 475.44 730.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 485.91 730.10 Td (par ) Tj ET Q
q 0 0 0 rg BT 500.81 730.10 Td (value ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 547.10 730.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 549.24 730.10 Td (per ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 74.80 718.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 85.71 718.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 93.85 718.10 Td (subscription ) Tj ET Q
q 0 0 0 rg BT 146.43 718.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 170.11 718.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 182.14 718.10 Td ($2.85) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 204.64 718.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 210.84 718.10 Td (raising ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 241.75 718.10 Td ($285.0 ) Tj ET Q
q 0 0 0 rg BT 272.95 718.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 301.84 718.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 305.54 718.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 317.02 718.10 Td (gross ) Tj ET Q
q 0 0 0 rg BT 341.83 718.10 Td (proceeds, ) Tj ET Q
q 0 0 0 rg BT 383.56 718.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 415.59 718.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 427.06 718.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 457.96 718.10 Td (closing ) Tj ET Q
q 0 0 0 rg BT 490.55 718.10 Td (conditions. ) Tj ET Q
q 0 0 0 rg BT 538.14 718.10 Td (These ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 94.38 706.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 116.51 706.10 Td (subsequently ) Tj ET Q
q 0 0 0 rg BT 171.44 706.10 Td (fulfilled ) Tj ET Q
q 0 0 0 rg BT 206.36 706.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 223.51 706.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 262.89 706.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 285.60 706.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 303.86 706.10 Td (registered ) Tj ET Q
q 0 0 0 rg BT 345.99 706.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 358.70 706.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 373.63 706.10 Td (Norwegian ) Tj ET Q
q 0 0 0 rg BT 420.77 706.10 Td (Over ) Tj ET Q
q 0 0 0 rg BT 443.47 706.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 458.39 706.10 Td (Counter ) Tj ET Q
q 0 0 0 rg BT 493.32 706.10 Td (list, ) Tj ET Q
q 0 0 0 rg BT 510.76 706.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 521.80 706.10 Td (NOTC, ) Tj ET Q
q 0 0 0 rg BT 554.23 706.10 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 71.09 694.10 Td (on ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 83.29 694.10 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 141.57 694.10 Td (201) Tj ET Q
q 0 0 0 rg BT 156.20 694.10 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 165.74 694.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 183.49 694.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 224.58 694.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 242.33 694.10 Td (allocated ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 280.62 694.10 Td (8,771,000) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 352.51 694.10 Td (representing ) Tj ET Q
q 0 0 0 rg BT 404.13 694.10 Td (approximately ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 464.09 694.10 Td (8.8%) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 487.12 694.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 497.65 694.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 512.06 694.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 535.36 694.10 Td (capital ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 61.42 682.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 101.17 682.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 124.26 682.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 139.01 682.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 166.54 682.10 Td (it ) Tj ET Q
q 0 0 0 rg BT 175.18 682.10 Td (paid ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 221.07 682.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 249.97 682.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 255.33 682.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 273.97 682.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 315.94 682.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 332.36 682.10 Td (accounted ) Tj ET Q
q 0 0 0 rg BT 375.98 682.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 390.73 682.10 Td (its ) Tj ET Q
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q 0 0 0 rg BT 450.24 682.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 461.10 682.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 500.86 682.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 523.94 682.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 549.80 682.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 77.50 670.10 Td (method ) Tj ET Q
q 0 0 0 rg BT 109.99 670.10 Td (\(see ) Tj ET Q
q 0 0 0 rg BT 128.59 670.10 Td (Note ) Tj ET Q
q 0 0 0 rg BT 150.53 670.10 Td (18\). ) Tj ET Q
q 0 0 0 rg BT 168.68 670.10 Td (There ) Tj ET Q
q 0 0 0 rg BT 194.49 670.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 209.20 670.10 Td (no ) Tj ET Q
q 0 0 0 rg BT 221.70 670.10 Td (discontinued ) Tj ET Q
q 0 0 0 rg BT 275.30 670.10 Td (operations ) Tj ET Q
q 0 0 0 rg BT 319.46 670.10 Td (associated ) Tj ET Q
q 0 0 0 rg BT 363.05 670.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 383.33 670.10 Td (this ) Tj ET Q
q 0 0 0 rg BT 400.28 670.10 Td (transaction.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 108.98 646.10 Td (will ) Tj ET Q
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q 0 0 0 rg BT 160.20 646.10 Td (manage ) Tj ET Q
q 0 0 0 rg BT 193.57 646.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 232.51 646.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 254.79 646.10 Td (through ) Tj ET Q
q 0 0 0 rg BT 288.17 646.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 299.89 646.10 Td (wholly ) Tj ET Q
q 0 0 0 rg BT 329.95 646.10 Td (owned ) Tj ET Q
q 0 0 0 rg BT 358.88 646.10 Td (subsidiary) Tj ET Q
q 0 0 0 rg BT 399.34 646.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 404.12 646.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 443.06 646.10 Td (Management ) Tj ET Q
q 0 0 0 rg BT 497.53 646.10 Td (\(Bermuda\) ) Tj ET Q
q 0 0 0 rg BT 543.13 646.10 Td (Ltd.. ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 111.67 634.10 Td (plans ) Tj ET Q
q 0 0 0 rg BT 135.27 634.10 Td (to ) Tj ET Q
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q 0 0 0 rg BT 183.05 634.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 195.00 634.10 Td (own ) Tj ET Q
q 0 0 0 rg BT 214.72 634.10 Td (management ) Tj ET Q
q 0 0 0 rg BT 268.31 634.10 Td (team ) Tj ET Q
q 0 0 0 rg BT 290.24 634.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 300.52 634.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 315.23 634.10 Td (future.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 266.04 610.10 Td (fleet ) Tj ET Q
q 0 0 0 rg BT 286.22 610.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 304.20 610.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 338.27 610.10 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 360.13 610.10 Td (58) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 370.13 610.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 372.56 610.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 403.31 610.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 413.51 610.10 Td (48) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 423.51 610.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 425.94 610.10 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 459.19 610.10 Td (including ) Tj ET Q
q 0 0 0 rg BT 499.39 610.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.25 610.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 533.67 610.10 Td (vessels ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 80.22 598.10 Td (through ) Tj ET Q
q 0 0 0 rg BT 114.88 598.10 Td (ITCL. ) Tj ET Q
q 0 0 0 rg BT 143.15 598.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 155.04 598.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 193.87 598.10 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 247.42 598.10 Td (commitments ) Tj ET Q
q 0 0 0 rg BT 305.42 598.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 340.62 598.10 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 363.61 598.10 Td ($437.9 ) Tj ET Q
q 0 0 0 rg BT 394.67 598.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 423.56 598.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 427.12 598.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 438.45 598.10 Td ($1) Tj ET Q
q 0 0 0 rg BT 448.08 598.10 Td (12.4 ) Tj ET Q
q 0 0 0 rg BT 469.14 598.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 498.03 598.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 501.58 598.10 Td (relating ) Tj ET Q
q 0 0 0 rg BT 535.68 598.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 562.02 598.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 208.45 586.10 Td (Bank ) Tj ET Q
q 0 0 0 rg BT 231.61 586.10 Td (debt ) Tj ET Q
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q 0 0 0 rg BT 419.83 586.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 450.88 586.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 544.24 586.10 Td (with ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 131.37 574.10 Td (not ) Tj ET Q
q 0 0 0 rg BT 146.65 574.10 Td (part ) Tj ET Q
q 0 0 0 rg BT 164.69 574.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 175.52 574.10 Td (the ) Tj ET Q
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q 0 0 0 rg BT 236.61 574.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 256.89 574.10 Td (Frontline ) Tj ET Q
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q 0 0 0 rg BT 321.05 574.10 Td (and ) Tj ET Q
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q 0 0 0 rg BT 402.41 574.10 Td (of ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 521.98 574.10 Td (loan.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 81.44 550.10 Td (of ) Tj ET Q
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q 0 0 0 rg BT 255.45 550.10 Td (agreements ) Tj ET Q
q 0 0 0 rg BT 303.37 550.10 Td (with ) Tj ET Q
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q 0 0 0 rg BT 420.12 550.10 Td (to ) Tj ET Q
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q 0 0 0 rg BT 527.58 550.10 Td (payment ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 520.57 538.10 Td (1, ) Tj ET Q
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q 0 0 0 rg BT 554.24 538.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 256.30 526.10 Td (the ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 229.73 514.10 Td (original ) Tj ET Q
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q 0 0 0 rg BT 327.05 514.10 Td (Some ) Tj ET Q
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q 0 0 0 rg BT 443.85 514.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 463.62 514.10 Td (receive ) Tj ET Q
q 0 0 0 rg BT 496.69 514.10 Td (some ) Tj ET Q
q 0 0 0 rg BT 522.01 514.10 Td (additional ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 237.71 502.10 Td (original ) Tj ET Q
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q 0 0 0 rg BT 306.01 502.10 Td (rates.) Tj ET Q
BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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q 0 0 0 rg BT 129.33 476.23 Td (INFORMA) Tj ET Q
q 0 0 0 rg BT 177.47 476.23 Td (TION) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 432.32 449.00 Td (on ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 137.57 437.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 149.73 437.00 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 202.43 437.00 Td (net ) Tj ET Q
q 0 0 0 rg BT 216.81 437.00 Td (income. ) Tj ET Q
q 0 0 0 rg BT 250.74 437.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 268.45 437.00 Td (CODM ) Tj ET Q
q 0 0 0 rg BT 300.62 437.00 Td (does ) Tj ET Q
q 0 0 0 rg BT 321.11 437.00 Td (not ) Tj ET Q
q 0 0 0 rg BT 336.05 437.00 Td (review ) Tj ET Q
q 0 0 0 rg BT 365.42 437.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 372.01 437.00 Td (measure ) Tj ET Q
q 0 0 0 rg BT 407.49 437.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 417.98 437.00 Td (operating ) Tj ET Q
q 0 0 0 rg BT 457.91 437.00 Td (result ) Tj ET Q
q 0 0 0 rg BT 482.28 437.00 Td (at ) Tj ET Q
q 0 0 0 rg BT 491.66 437.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 498.26 437.00 Td (lower ) Tj ET Q
q 0 0 0 rg BT 523.19 437.00 Td (level ) Tj ET Q
q 0 0 0 rg BT 544.78 437.00 Td (than ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 425.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.01 425.00 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 116.35 425.00 Td (group. ) Tj ET Q
q 0 0 0 rg BT 143.98 425.00 Td (Consequently) Tj ET Q
q 0 0 0 rg BT 198.33 425.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 202.62 425.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 216.64 425.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 257.32 425.00 Td (has ) Tj ET Q
q 0 0 0 rg BT 272.45 425.00 Td (only ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 292.02 425.00 Td (one) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 306.46 425.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 308.26 425.00 Td (reportable ) Tj ET Q
q 0 0 0 rg BT 350.59 425.00 Td (segment: ) Tj ET Q
q 0 0 0 rg BT 388.49 425.00 Td (tankers. ) Tj ET Q
q 0 0 0 rg BT 421.53 425.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 438.87 425.00 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 469.55 425.00 Td (segment ) Tj ET Q
q 0 0 0 rg BT 504.67 425.00 Td (includes ) Tj ET Q
q 0 0 0 rg BT 539.79 425.00 Td (crude ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 413.00 Td (oil ) Tj ET Q
q 0 0 0 rg BT 63.06 413.00 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 90.54 413.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 121.37 413.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 138.31 413.00 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 161.92 413.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 172.75 413.00 Td (oil/bulk/ore ) Tj ET Q
q 0 0 0 rg BT 221.91 413.00 Td (carriers. ) Tj ET Q
q 0 0 0 rg BT 256.89 413.00 Td (Both ) Tj ET Q
q 0 0 0 rg BT 278.84 413.00 Td (types ) Tj ET Q
q 0 0 0 rg BT 302.45 413.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 313.28 413.00 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 340.21 413.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 354.92 413.00 Td (managed ) Tj ET Q
q 0 0 0 rg BT 393.52 413.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 404.35 413.00 Td (part ) Tj ET Q
q 0 0 0 rg BT 422.39 413.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 433.22 413.00 Td (this ) Tj ET Q
q 0 0 0 rg BT 450.17 413.00 Td (one ) Tj ET Q
q 0 0 0 rg BT 467.11 413.00 Td (segment.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 389.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.05 389.00 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 115.13 389.00 Td (management ) Tj ET Q
q 0 0 0 rg BT 168.72 389.00 Td (does ) Tj ET Q
q 0 0 0 rg BT 189.55 389.00 Td (not ) Tj ET Q
q 0 0 0 rg BT 204.82 389.00 Td (evaluate ) Tj ET Q
q 0 0 0 rg BT 240.63 389.00 Td (performance ) Tj ET Q
q 0 0 0 rg BT 293.66 389.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 306.16 389.00 Td (geographical ) Tj ET Q
q 0 0 0 rg BT 360.30 389.00 Td (region ) Tj ET Q
q 0 0 0 rg BT 388.34 389.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 399.17 389.00 Td (this ) Tj ET Q
q 0 0 0 rg BT 416.12 389.00 Td (information ) Tj ET Q
q 0 0 0 rg BT 465.83 389.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 475.00 389.00 Td (not ) Tj ET Q
q 0 0 0 rg BT 490.28 389.00 Td (meaningful.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 365.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.53 365.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 110.40 365.00 Td (operated ) Tj ET Q
q 0 0 0 rg BT 147.80 365.00 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 158.56 365.00 Td (two) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 173.56 365.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 176.54 365.00 Td (markets ) Tj ET Q
q 0 0 0 rg BT 211.18 365.00 Td (up ) Tj ET Q
q 0 0 0 rg BT 224.16 365.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 234.92 365.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 250.11 365.00 Td (termination ) Tj ET Q
q 0 0 0 rg BT 299.19 365.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 309.95 365.00 Td (March ) Tj ET Q
q 0 0 0 rg BT 339.03 365.00 Td (2013 ) Tj ET Q
q 0 0 0 rg BT 362.01 365.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 373.33 365.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 388.52 365.00 Td (lease ) Tj ET Q
q 0 0 0 rg BT 411.49 365.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 426.13 365.00 Td (Front ) Tj ET Q
q 0 0 0 rg BT 450.78 365.00 Td (Guider) Tj ET Q
q 0 0 0 rg BT 478.15 365.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 483.63 365.00 Td (being ) Tj ET Q
q 0 0 0 rg BT 508.83 365.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 524.03 365.00 Td (last ) Tj ET Q
q 0 0 0 rg BT 540.89 365.00 Td (OBO ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 353.00 Td (carrier ) Tj ET Q
q 0 0 0 rg BT 77.90 353.00 Td (chartered ) Tj ET Q
q 0 0 0 rg BT 116.91 353.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 126.50 353.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 138.32 353.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 152.35 353.00 Td (Company) Tj ET Q
q 0 0 0 rg BT 190.59 353.00 Td (. ) Tj ET Q
q 0 0 0 rg BT 194.77 353.00 Td (W) Tj ET Q
q 0 0 0 rg BT 203.41 353.00 Td (e ) Tj ET Q
q 0 0 0 rg BT 209.66 353.00 Td (operated ) Tj ET Q
q 0 0 0 rg BT 245.90 353.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 255.49 353.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 269.53 353.00 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 296.33 353.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 312.58 353.00 Td (drybulk ) Tj ET Q
q 0 0 0 rg BT 345.51 353.00 Td (carrier ) Tj ET Q
q 0 0 0 rg BT 373.40 353.00 Td (markets ) Tj ET Q
q 0 0 0 rg BT 406.88 353.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 417.02 353.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 428.27 353.00 Td (international ) Tj ET Q
q 0 0 0 rg BT 480.63 353.00 Td (provider ) Tj ET Q
q 0 0 0 rg BT 516.32 353.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 526.47 353.00 Td (seaborne ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 341.00 Td (transportation ) Tj ET Q
q 0 0 0 rg BT 108.04 341.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 118.87 341.00 Td (crude ) Tj ET Q
q 0 0 0 rg BT 143.58 341.00 Td (oil ) Tj ET Q
q 0 0 0 rg BT 156.64 341.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 173.57 341.00 Td (drybulk ) Tj ET Q
q 0 0 0 rg BT 207.18 341.00 Td (car) Tj ET Q
q 0 0 0 rg BT 219.21 341.00 Td (goes. ) Tj ET Q
q 0 0 0 rg BT 241.99 341.00 Td (An ) Tj ET Q
q 0 0 0 rg BT 256.71 341.00 Td (analysis ) Tj ET Q
q 0 0 0 rg BT 291.43 341.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 302.26 341.00 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 340.29 341.00 Td (from ) Tj ET Q
q 0 0 0 rg BT 362.23 341.00 Td (these ) Tj ET Q
q 0 0 0 rg BT 385.28 341.00 Td (services ) Tj ET Q
q 0 0 0 rg BT 419.99 341.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 429.16 341.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 439.99 341.00 Td (follows:) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 303.50 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 303.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 303.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 303.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 303.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 303.50 65.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 303.5 m
359.5 303.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 303.5 m
424.5 303.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 303.5 m
428.5 303.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 303.5 m
493.5 303.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 303.5 m
497.5 303.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 303.5 m
562.5 303.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 273.5 m
359.5 273.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 273.5 m
424.5 273.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 273.5 m
428.5 273.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 273.5 m
493.5 273.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 273.5 m
497.5 273.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 273.5 m
562.5 273.5 l
s
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 308.21 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 401.00 308.18 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 470.35 308.17 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 539.00 308.17 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 293.17 Td (Total operating revenues tanker market) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 388.15 293.18 Td (552,576) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 293.17 Td (702,525) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 518.65 293.17 Td (1,007,625) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 278.17 Td (Total operating revenues drybulk carrier market) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 393.15 278.18 Td (89,746) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 462.15 278.17 Td (86,608) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 278.17 Td (136,912) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.00 Td (T) Tj ET Q
q 0 0 0 rg BT 55.41 250.00 Td (otal ) Tj ET Q
q 0 0 0 rg BT 72.91 250.00 Td (operating ) Tj ET Q
q 0 0 0 rg BT 113.17 250.00 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 151.21 250.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 161.48 250.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 176.20 250.00 Td (table ) Tj ET Q
q 0 0 0 rg BT 198.13 250.00 Td (above ) Tj ET Q
q 0 0 0 rg BT 224.51 250.00 Td (exclude ) Tj ET Q
q 0 0 0 rg BT 258.11 250.00 Td (other ) Tj ET Q
q 0 0 0 rg BT 281.15 250.00 Td (income. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.00 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.79 226.00 Td (December ) Tj ET Q
q 0 0 0 rg BT 104.33 226.00 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 129.29 226.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 143.96 226.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 185.31 226.00 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 214.41 226.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 224.65 226.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 236.55 226.00 Td (early ) Tj ET Q
q 0 0 0 rg BT 258.99 226.00 Td (termination ) Tj ET Q
q 0 0 0 rg BT 307.55 226.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 318.34 226.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 333.01 226.00 Td (time ) Tj ET Q
q 0 0 0 rg BT 353.24 226.00 Td (charter ) Tj ET Q
q 0 0 0 rg BT 383.46 226.00 Td (out ) Tj ET Q
q 0 0 0 rg BT 398.69 226.00 Td (contracts ) Tj ET Q
q 0 0 0 rg BT 437.25 226.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 449.70 226.00 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 464.38 226.00 Td (two) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.38 226.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 481.84 226.00 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 505.41 226.00 Td (carriers, ) Tj ET Q
q 0 0 0 rg BT 540.34 226.00 Td (Front ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.00 Td (V) Tj ET Q
q 0 0 0 rg BT 56.62 214.00 Td (iewer ) Tj ET Q
q 0 0 0 rg BT 81.42 214.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 98.44 214.00 Td (Front ) Tj ET Q
q 0 0 0 rg BT 122.70 214.00 Td (Guider) Tj ET Q
q 0 0 0 rg BT 150.07 214.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 155.16 214.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 172.18 214.00 Td (received ) Tj ET Q
q 0 0 0 rg BT 208.63 214.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 215.66 214.00 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 273.79 214.00 Td (payment ) Tj ET Q
q 0 0 0 rg BT 310.81 214.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 321.18 214.00 Td (December ) Tj ET Q
q 0 0 0 rg BT 364.85 214.00 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 387.44 214.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 398.35 214.00 Td ($35.0 ) Tj ET Q
q 0 0 0 rg BT 423.44 214.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 452.33 214.00 Td (. ) Tj ET Q
q 0 0 0 rg BT 457.23 214.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 475.37 214.00 Td (amount ) Tj ET Q
q 0 0 0 rg BT 507.95 214.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 517.21 214.00 Td (included ) Tj ET Q
q 0 0 0 rg BT 554.23 214.00 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.72 202.00 Td ('T) Tj ET Q
q 0 0 0 rg BT 71.93 202.00 Td (otal ) Tj ET Q
q 0 0 0 rg BT 89.42 202.00 Td (operating ) Tj ET Q
q 0 0 0 rg BT 129.69 202.00 Td (revenues' ) Tj ET Q
q 0 0 0 rg BT 169.53 202.00 Td (- ) Tj ET Q
q 0 0 0 rg BT 175.36 202.00 Td (drybulk ) Tj ET Q
q 0 0 0 rg BT 208.96 202.00 Td (carrier ) Tj ET Q
q 0 0 0 rg BT 237.55 202.00 Td (market.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.00 Td (During ) Tj ET Q
q 0 0 0 rg BT 82.05 178.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 97.99 178.00 Td (year ) Tj ET Q
q 0 0 0 rg BT 118.92 178.00 Td (ended ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 146.51 178.00 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 206.32 178.00 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 226.32 178.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 232.54 178.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 248.48 178.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 291.08 178.00 Td (reported ) Tj ET Q
q 0 0 0 rg BT 328.12 178.00 Td (total ) Tj ET Q
q 0 0 0 rg BT 349.61 178.00 Td (revenue ) Tj ET Q
q 0 0 0 rg BT 384.98 178.00 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 408.14 178.00 Td (one) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 422.58 178.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 426.30 178.00 Td (customer ) Tj ET Q
q 0 0 0 rg BT 466.67 178.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 478.73 178.00 Td ($105 ) Tj ET Q
q 0 0 0 rg BT 502.45 178.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.34 178.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 537.56 178.00 Td (which ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.00 Td (represented ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 98.84 166.00 Td (16%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 117.17 166.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 119.93 166.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 131.02 166.00 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 184.32 166.00 Td (operating ) Tj ET Q
q 0 0 0 rg BT 224.84 166.00 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 263.14 166.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 280.34 166.00 Td (revenue ) Tj ET Q
q 0 0 0 rg BT 314.74 166.00 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 336.94 166.00 Td (one) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.38 166.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 354.14 166.00 Td (customer ) Tj ET Q
q 0 0 0 rg BT 393.55 166.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 404.64 166.00 Td ($83 ) Tj ET Q
q 0 0 0 rg BT 422.40 166.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 451.29 166.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 456.55 166.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 483.75 166.00 Td (represented ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 532.59 166.00 Td (12%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 550.92 166.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 553.68 166.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 154.00 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 102.89 154.00 Td (operating ) Tj ET Q
q 0 0 0 rg BT 143.01 154.00 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 180.90 154.00 Td (\() Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 184.23 154.00 Td (201) Tj ET Q
q 0 0 0 rg BT 198.86 154.00 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 203.86 154.00 Td (: ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 208.99 154.00 Td (one) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 223.43 154.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 225.78 154.00 Td (customer) Tj ET Q
q 0 0 0 rg BT 262.04 154.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 266.89 154.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 293.68 154.00 Td (represented ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 342.12 154.00 Td (21%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 360.45 154.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 362.80 154.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 379.59 154.00 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 399.59 154.00 Td (: ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 91.39 503.00 Td (will ) Tj ET Q
q 0 0 0 rg BT 109.44 503.00 Td (be ) Tj ET Q
q 0 0 0 rg BT 121.38 503.00 Td (exempted ) Tj ET Q
q 0 0 0 rg BT 162.75 503.00 Td (from ) Tj ET Q
q 0 0 0 rg BT 184.69 503.00 Td (taxation ) Tj ET Q
q 0 0 0 rg BT 219.40 503.00 Td (until ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 240.24 503.00 Td (March31, ) Tj ET Q
q 0 0 0 rg BT 283.84 503.00 Td (2035) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 303.84 503.00 Td (.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 491.00 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 479.00 Td (United ) Tj ET Q
q 0 0 0 rg BT 81.39 479.00 Td (States) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 467.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.67 467.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 108.68 467.00 Td (does ) Tj ET Q
q 0 0 0 rg BT 129.13 467.00 Td (not ) Tj ET Q
q 0 0 0 rg BT 144.03 467.00 Td (accrue ) Tj ET Q
q 0 0 0 rg BT 172.23 467.00 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 192.14 467.00 Td (income ) Tj ET Q
q 0 0 0 rg BT 223.69 467.00 Td (taxes ) Tj ET Q
q 0 0 0 rg BT 246.36 467.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 256.81 467.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 271.15 467.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 312.16 467.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 320.95 467.00 Td (not ) Tj ET Q
q 0 0 0 rg BT 335.85 467.00 Td (engaged ) Tj ET Q
q 0 0 0 rg BT 371.29 467.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 381.19 467.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 387.75 467.00 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 407.65 467.00 Td (trade ) Tj ET Q
q 0 0 0 rg BT 429.76 467.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 440.21 467.00 Td (business ) Tj ET Q
q 0 0 0 rg BT 476.23 467.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 492.79 467.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 501.58 467.00 Td (exempted ) Tj ET Q
q 0 0 0 rg BT 542.57 467.00 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 455.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 56.94 455.00 Td (gross ) Tj ET Q
q 0 0 0 rg BT 80.55 455.00 Td (basis ) Tj ET Q
q 0 0 0 rg BT 103.05 455.00 Td (tax ) Tj ET Q
q 0 0 0 rg BT 117.77 455.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 143.04 455.00 Td (Section ) Tj ET Q
q 0 0 0 rg BT 175.53 455.00 Td (883 ) Tj ET Q
q 0 0 0 rg BT 193.03 455.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 203.86 455.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 218.58 455.00 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 238.86 455.00 Td (Internal ) Tj ET Q
q 0 0 0 rg BT 272.46 455.00 Td (Revenue ) Tj ET Q
q 0 0 0 rg BT 309.94 455.00 Td (Code.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 431.00 Td (A) Tj ET Q
q 0 0 0 rg BT 56.67 431.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 58.25 431.00 Td (reconciliation ) Tj ET Q
q 0 0 0 rg BT 114.80 431.00 Td (between ) Tj ET Q
q 0 0 0 rg BT 149.69 431.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 163.49 431.00 Td (income ) Tj ET Q
q 0 0 0 rg BT 194.50 431.00 Td (tax ) Tj ET Q
q 0 0 0 rg BT 208.29 431.00 Td (expense ) Tj ET Q
q 0 0 0 rg BT 242.08 431.00 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 278.65 431.00 Td (from ) Tj ET Q
q 0 0 0 rg BT 299.66 431.00 Td (applying ) Tj ET Q
q 0 0 0 rg BT 336.24 431.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 350.03 431.00 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 369.39 431.00 Td (Federal ) Tj ET Q
q 0 0 0 rg BT 400.95 431.00 Td (statutory ) Tj ET Q
q 0 0 0 rg BT 437.52 431.00 Td (income ) Tj ET Q
q 0 0 0 rg BT 468.54 431.00 Td (tax ) Tj ET Q
q 0 0 0 rg BT 482.33 431.00 Td (rate ) Tj ET Q
q 0 0 0 rg BT 498.89 431.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 514.91 431.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 528.70 431.00 Td (reported ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 419.00 Td (income ) Tj ET Q
q 0 0 0 rg BT 82.04 419.00 Td (tax ) Tj ET Q
q 0 0 0 rg BT 96.87 419.00 Td (expense ) Tj ET Q
q 0 0 0 rg BT 131.68 419.00 Td (has ) Tj ET Q
q 0 0 0 rg BT 147.62 419.00 Td (not ) Tj ET Q
q 0 0 0 rg BT 163.00 419.00 Td (been ) Tj ET Q
q 0 0 0 rg BT 184.49 419.00 Td (presented ) Tj ET Q
q 0 0 0 rg BT 225.41 419.00 Td (herein ) Tj ET Q
q 0 0 0 rg BT 253.00 419.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 263.94 419.00 Td (it ) Tj ET Q
q 0 0 0 rg BT 272.10 419.00 Td (would ) Tj ET Q
q 0 0 0 rg BT 299.71 419.00 Td (not ) Tj ET Q
q 0 0 0 rg BT 315.10 419.00 Td (provide ) Tj ET Q
q 0 0 0 rg BT 348.25 419.00 Td (additional ) Tj ET Q
q 0 0 0 rg BT 390.85 419.00 Td (useful ) Tj ET Q
q 0 0 0 rg BT 417.90 419.00 Td (information ) Tj ET Q
q 0 0 0 rg BT 467.71 419.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 478.10 419.00 Td (users ) Tj ET Q
q 0 0 0 rg BT 501.26 419.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 512.20 419.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 527.02 419.00 Td (financial ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 407.00 Td (statements ) Tj ET Q
q 0 0 0 rg BT 94.71 407.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 105.54 407.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 120.26 407.00 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 167.34 407.00 Td (net ) Tj ET Q
q 0 0 0 rg BT 182.06 407.00 Td (income ) Tj ET Q
q 0 0 0 rg BT 213.99 407.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 223.16 407.00 Td (subject ) Tj ET Q
q 0 0 0 rg BT 253.98 407.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 264.26 407.00 Td (neither ) Tj ET Q
q 0 0 0 rg BT 294.53 407.00 Td (Bermuda ) Tj ET Q
q 0 0 0 rg BT 333.68 407.00 Td (nor ) Tj ET Q
q 0 0 0 rg BT 349.51 407.00 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 369.79 407.00 Td (tax.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 383.00 Td (Other) Tj ET Q
q 0 0 0 rg BT 75.37 383.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 77.87 383.00 Td (Jurisdictions) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 371.00 Td (Certain ) Tj ET Q
q 0 0 0 rg BT 82.44 371.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 93.77 371.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 108.99 371.00 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 156.58 371.00 Td (subsidiaries ) Tj ET Q
q 0 0 0 rg BT 206.80 371.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 217.58 371.00 Td (Singapore, ) Tj ET Q
q 0 0 0 rg BT 263.63 371.00 Td (Norway) Tj ET Q
q 0 0 0 rg BT 295.20 371.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 300.70 371.00 Td (India ) Tj ET Q
q 0 0 0 rg BT 324.25 371.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 341.69 371.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 356.92 371.00 Td (United ) Tj ET Q
q 0 0 0 rg BT 387.14 371.00 Td (Kingdom ) Tj ET Q
q 0 0 0 rg BT 427.92 371.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 443.13 371.00 Td (subject ) Tj ET Q
q 0 0 0 rg BT 474.46 371.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 485.24 371.00 Td (income ) Tj ET Q
q 0 0 0 rg BT 517.68 371.00 Td (tax ) Tj ET Q
q 0 0 0 rg BT 532.90 371.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 543.69 371.00 Td (their ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 359.00 Td (respective ) Tj ET Q
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q 0 0 0 rg BT 147.29 359.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 165.34 359.00 Td (tax ) Tj ET Q
q 0 0 0 rg BT 180.06 359.00 Td (paid ) Tj ET Q
q 0 0 0 rg BT 199.78 359.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 212.28 359.00 Td (subsidiaries ) Tj ET Q
q 0 0 0 rg BT 261.99 359.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 272.82 359.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 287.54 359.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 328.93 359.00 Td (that ) Tj ET Q
q 0 0 0 rg BT 346.42 359.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 361.13 359.00 Td (subject ) Tj ET Q
q 0 0 0 rg BT 391.95 359.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 402.23 359.00 Td (income ) Tj ET Q
q 0 0 0 rg BT 434.17 359.00 Td (tax ) Tj ET Q
q 0 0 0 rg BT 448.88 359.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 458.05 359.00 Td (not ) Tj ET Q
q 0 0 0 rg BT 473.33 359.00 Td (material.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 335.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.05 335.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 109.43 335.00 Td (does ) Tj ET Q
q 0 0 0 rg BT 130.26 335.00 Td (not ) Tj ET Q
q 0 0 0 rg BT 145.54 335.00 Td (have ) Tj ET Q
q 0 0 0 rg BT 166.92 335.00 Td (any ) Tj ET Q
q 0 0 0 rg BT 183.86 335.00 Td (unrecognized ) Tj ET Q
q 0 0 0 rg BT 240.22 335.00 Td (tax ) Tj ET Q
q 0 0 0 rg BT 254.94 335.00 Td (benefits, ) Tj ET Q
q 0 0 0 rg BT 291.59 335.00 Td (material ) Tj ET Q
q 0 0 0 rg BT 326.85 335.00 Td (accrued ) Tj ET Q
q 0 0 0 rg BT 360.43 335.00 Td (interest ) Tj ET Q
q 0 0 0 rg BT 392.37 335.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 403.20 335.00 Td (penalties ) Tj ET Q
q 0 0 0 rg BT 441.24 335.00 Td (relating ) Tj ET Q
q 0 0 0 rg BT 474.28 335.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 484.56 335.00 Td (income ) Tj ET Q
q 0 0 0 rg BT 516.49 335.00 Td (taxes.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 309.23 Td (8.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 77.00 309.23 Td (EARNINGS ) Tj ET Q
q 0 0 0 rg BT 132.29 309.23 Td (PER ) Tj ET Q
q 0 0 0 rg BT 154.79 309.23 Td (SHARE) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 282.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.49 282.00 Td (computation ) Tj ET Q
q 0 0 0 rg BT 121.42 282.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 132.69 282.00 Td (basic ) Tj ET Q
q 0 0 0 rg BT 156.18 282.00 Td (EPS ) Tj ET Q
q 0 0 0 rg BT 176.35 282.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 185.96 282.00 Td (based ) Tj ET Q
q 0 0 0 rg BT 211.67 282.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 224.61 282.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 239.77 282.00 Td (weighted ) Tj ET Q
q 0 0 0 rg BT 279.37 282.00 Td (average ) Tj ET Q
q 0 0 0 rg BT 313.39 282.00 Td (number ) Tj ET Q
q 0 0 0 rg BT 346.88 282.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 358.15 282.00 Td (shares ) Tj ET Q
q 0 0 0 rg BT 386.08 282.00 Td (outstanding ) Tj ET Q
q 0 0 0 rg BT 435.69 282.00 Td (during ) Tj ET Q
q 0 0 0 rg BT 464.74 282.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 479.89 282.00 Td (year ) Tj ET Q
q 0 0 0 rg BT 500.04 282.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 517.42 282.00 Td (net ) Tj ET Q
q 0 0 0 rg BT 532.58 282.00 Td (income ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 270.00 Td (attributable ) Tj ET Q
q 0 0 0 rg BT 98.10 270.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 108.45 270.00 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 147.68 270.00 Td (Ltd.. ) Tj ET Q
q 0 0 0 rg BT 168.95 270.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 187.07 270.00 Td (exercise ) Tj ET Q
q 0 0 0 rg BT 222.39 270.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 233.28 270.00 Td (stock ) Tj ET Q
q 0 0 0 rg BT 256.96 270.00 Td (options ) Tj ET Q
q 0 0 0 rg BT 288.98 270.00 Td (using ) Tj ET Q
q 0 0 0 rg BT 313.21 270.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 328.00 270.00 Td (treasury ) Tj ET Q
q 0 0 0 rg BT 362.77 270.00 Td (stock ) Tj ET Q
q 0 0 0 rg BT 386.45 270.00 Td (method ) Tj ET Q
q 0 0 0 rg BT 419.01 270.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 437.13 270.00 Td (anti-dilutive ) Tj ET Q
q 0 0 0 rg BT 488.57 270.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 502.80 270.00 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 525.37 270.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 542.37 270.00 Td (201) Tj ET Q
q 0 0 0 rg BT 557.00 270.00 Td (1 ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 258.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 60.36 258.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 74.61 258.00 Td (exercise ) Tj ET Q
q 0 0 0 rg BT 109.40 258.00 Td (price ) Tj ET Q
q 0 0 0 rg BT 131.42 258.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 149.01 258.00 Td (higher ) Tj ET Q
q 0 0 0 rg BT 176.59 258.00 Td (than ) Tj ET Q
q 0 0 0 rg BT 195.84 258.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 210.09 258.00 Td (share ) Tj ET Q
q 0 0 0 rg BT 233.22 258.00 Td (price ) Tj ET Q
q 0 0 0 rg BT 255.24 258.00 Td (at ) Tj ET Q
q 0 0 0 rg BT 264.49 258.00 Td (December ) Tj ET Q
q 0 0 0 rg BT 307.61 258.00 Td (31, ) Tj ET Q
q 0 0 0 rg BT 322.14 258.00 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 344.17 258.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 360.65 258.00 Td (201) Tj ET Q
q 0 0 0 rg BT 375.28 258.00 Td (1. ) Tj ET Q
q 0 0 0 rg BT 384.66 258.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 402.24 258.00 Td (convertible ) Tj ET Q
q 0 0 0 rg BT 449.26 258.00 Td (bonds ) Tj ET Q
q 0 0 0 rg BT 475.18 258.00 Td (using ) Tj ET Q
q 0 0 0 rg BT 498.89 258.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 513.14 258.00 Td (if-converted ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 246.00 Td (method ) Tj ET Q
q 0 0 0 rg BT 82.37 246.00 Td (were ) Tj ET Q
q 0 0 0 rg BT 104.17 246.00 Td (anti ) Tj ET Q
q 0 0 0 rg BT 121.54 246.00 Td (dilutive ) Tj ET Q
q 0 0 0 rg BT 154.46 246.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 168.49 246.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 183.08 246.00 Td (years ) Tj ET Q
q 0 0 0 rg BT 206.55 246.00 Td (ended ) Tj ET Q
q 0 0 0 rg BT 232.80 246.00 Td (December ) Tj ET Q
q 0 0 0 rg BT 276.26 246.00 Td (31, ) Tj ET Q
q 0 0 0 rg BT 291.13 246.00 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 313.50 246.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 330.31 246.00 Td (201) Tj ET Q
q 0 0 0 rg BT 344.94 246.00 Td (1 ) Tj ET Q
q 0 0 0 rg BT 352.31 246.00 Td (and, ) Tj ET Q
q 0 0 0 rg BT 371.62 246.00 Td (therefore, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 412.58 246.00 Td (5,769,231) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 452.58 246.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 454.95 246.00 Td (shares ) Tj ET Q
q 0 0 0 rg BT 482.31 246.00 Td (were ) Tj ET Q
q 0 0 0 rg BT 504.11 246.00 Td (excluded ) Tj ET Q
q 0 0 0 rg BT 542.58 246.00 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 234.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 64.72 234.00 Td (denominator ) Tj ET Q
q 0 0 0 rg BT 117.76 234.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 128.04 234.00 Td (each ) Tj ET Q
q 0 0 0 rg BT 148.85 234.00 Td (calculation. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 212.40 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.05 212.40 Td (components ) Tj ET Q
q 0 0 0 rg BT 118.87 212.40 Td (of ) Tj ET Q
q 0 0 0 rg BT 129.70 212.40 Td (the ) Tj ET Q
q 0 0 0 rg BT 144.42 212.40 Td (numerator ) Tj ET Q
q 0 0 0 rg BT 188.01 212.40 Td (for ) Tj ET Q
q 0 0 0 rg BT 202.17 212.40 Td (the ) Tj ET Q
q 0 0 0 rg BT 216.89 212.40 Td (calculation ) Tj ET Q
q 0 0 0 rg BT 263.26 212.40 Td (of ) Tj ET Q
q 0 0 0 rg BT 274.09 212.40 Td (basic ) Tj ET Q
q 0 0 0 rg BT 297.13 212.40 Td (EPS ) Tj ET Q
q 0 0 0 rg BT 316.87 212.40 Td (and ) Tj ET Q
q 0 0 0 rg BT 333.80 212.40 Td (diluted ) Tj ET Q
q 0 0 0 rg BT 364.08 212.40 Td (EPS ) Tj ET Q
q 0 0 0 rg BT 383.81 212.40 Td (are ) Tj ET Q
q 0 0 0 rg BT 398.52 212.40 Td (as ) Tj ET Q
q 0 0 0 rg BT 409.35 212.40 Td (follows:) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 186.90 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 186.90 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 186.90 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 186.90 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 186.90 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 186.90 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 156.90 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 156.90 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 156.90 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 156.90 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 156.90 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 156.90 65.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 186.89999999999998 m
359.5 186.89999999999998 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 186.89999999999998 m
424.5 186.89999999999998 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 186.89999999999998 m
428.5 186.89999999999998 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 186.89999999999998 m
493.5 186.89999999999998 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 186.89999999999998 m
497.5 186.89999999999998 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 186.89999999999998 m
562.5 186.89999999999998 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 156.89999999999998 m
359.5 156.89999999999998 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 156.89999999999998 m
424.5 156.89999999999998 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 156.89999999999998 m
428.5 156.89999999999998 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 156.89999999999998 m
493.5 156.89999999999998 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 156.89999999999998 m
497.5 156.89999999999998 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 156.89999999999998 m
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246 0 obj
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q 0 0 0 rg BT 489.65 498.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 498.17 Td (30,935) Tj ET Q
BT /F3 10.00 Tf ET
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 468.23 Td (10.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 77.00 468.23 Td (LEASES) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 441.00 Td (As ) Tj ET Q
q 0 0 0 rg BT 63.61 441.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 74.44 441.00 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 133.02 441.00 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 153.02 441.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 158.01 441.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 172.73 441.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 214.11 441.00 Td (leased ) Tj ET Q
q 0 0 0 rg BT 241.59 441.00 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 251.87 441.00 Td (29) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 261.87 441.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 264.36 441.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 295.19 441.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 307.69 441.00 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 349.62 441.00 Td (time ) Tj ET Q
q 0 0 0 rg BT 369.89 441.00 Td (charters ) Tj ET Q
q 0 0 0 rg BT 404.03 441.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 420.96 441.00 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 457.88 441.00 Td (charters ) Tj ET Q
q 0 0 0 rg BT 492.03 441.00 Td (from ) Tj ET Q
q 0 0 0 rg BT 513.96 441.00 Td (third ) Tj ET Q
q 0 0 0 rg BT 535.35 441.00 Td (parties ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 429.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 67.38 429.00 Td (related ) Tj ET Q
q 0 0 0 rg BT 97.52 429.00 Td (parties.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 131.67 429.00 Td (One) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 148.33 429.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 151.27 429.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 162.54 429.00 Td (these ) Tj ET Q
q 0 0 0 rg BT 186.03 429.00 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 228.40 429.00 Td (charters ) Tj ET Q
q 0 0 0 rg BT 262.98 429.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 280.36 429.00 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 317.72 429.00 Td (charters ) Tj ET Q
q 0 0 0 rg BT 352.30 429.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 361.91 429.00 Td (classified ) Tj ET Q
q 0 0 0 rg BT 402.62 429.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 413.88 429.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 426.26 429.00 Td (operating ) Tj ET Q
q 0 0 0 rg BT 466.96 429.00 Td (leases ) Tj ET Q
q 0 0 0 rg BT 493.78 429.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 511.16 429.00 Td (28) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 521.16 429.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 524.09 429.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 535.36 429.00 Td (capital ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 417.00 Td (leases. ) Tj ET Q
q 0 0 0 rg BT 78.43 417.00 Td (In ) Tj ET Q
q 0 0 0 rg BT 88.82 417.00 Td (addition, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 126.14 417.00 Td (one) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 140.58 417.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 142.64 417.00 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 169.13 417.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 177.86 417.00 Td (leased ) Tj ET Q
q 0 0 0 rg BT 204.90 417.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 216.95 417.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 223.44 417.00 Td (short-term ) Tj ET Q
q 0 0 0 rg BT 267.15 417.00 Td (fixed ) Tj ET Q
q 0 0 0 rg BT 289.75 417.00 Td (rate ) Tj ET Q
q 0 0 0 rg BT 306.79 417.00 Td (charter) Tj ET Q
q 0 0 0 rg BT 334.15 417.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 338.70 417.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 365.20 417.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 373.92 417.00 Td (classified ) Tj ET Q
q 0 0 0 rg BT 413.74 417.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 424.12 417.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 435.62 417.00 Td (operating ) Tj ET Q
q 0 0 0 rg BT 475.44 417.00 Td (lease. ) Tj ET Q
q 0 0 0 rg BT 499.83 417.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 517.43 417.00 Td (Company's ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 405.00 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 91.93 405.00 Td (capital ) Tj ET Q
q 0 0 0 rg BT 121.08 405.00 Td (leases ) Tj ET Q
q 0 0 0 rg BT 147.46 405.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 167.74 405.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 188.58 405.00 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 222.73 405.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 239.67 405.00 Td (special ) Tj ET Q
q 0 0 0 rg BT 269.94 405.00 Td (purpose ) Tj ET Q
q 0 0 0 rg BT 304.10 405.00 Td (lessor ) Tj ET Q
q 0 0 0 rg BT 329.93 405.00 Td (entities ) Tj ET Q
q 0 0 0 rg BT 361.31 405.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 376.02 405.00 Td (disclosed ) Tj ET Q
q 0 0 0 rg BT 415.73 405.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 426.01 405.00 Td (Note ) Tj ET Q
q 0 0 0 rg BT 447.95 405.00 Td (17.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 393.00 Td () Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 50.00 381.00 Td (Rental expense) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 369.00 Td (Charter ) Tj ET Q
q 0 0 0 rg BT 82.14 369.00 Td (hire ) Tj ET Q
q 0 0 0 rg BT 99.84 369.00 Td (payments ) Tj ET Q
q 0 0 0 rg BT 140.32 369.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 150.26 369.00 Td (third ) Tj ET Q
q 0 0 0 rg BT 171.30 369.00 Td (parties ) Tj ET Q
q 0 0 0 rg BT 200.11 369.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 213.93 369.00 Td (certain ) Tj ET Q
q 0 0 0 rg BT 243.29 369.00 Td (contracted-in ) Tj ET Q
q 0 0 0 rg BT 298.19 369.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 328.68 369.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 343.04 369.00 Td (accounted ) Tj ET Q
q 0 0 0 rg BT 385.73 369.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 399.54 369.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 410.03 369.00 Td (operating ) Tj ET Q
q 0 0 0 rg BT 449.95 369.00 Td (leases. ) Tj ET Q
q 0 0 0 rg BT 478.33 369.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 496.03 369.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 537.07 369.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 545.90 369.00 Td (also ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 357.00 Td (committed ) Tj ET Q
q 0 0 0 rg BT 95.55 357.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 106.11 357.00 Td (make ) Tj ET Q
q 0 0 0 rg BT 130.54 357.00 Td (rental ) Tj ET Q
q 0 0 0 rg BT 156.09 357.00 Td (payments ) Tj ET Q
q 0 0 0 rg BT 197.19 357.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 222.74 357.00 Td (operating ) Tj ET Q
q 0 0 0 rg BT 263.29 357.00 Td (leases ) Tj ET Q
q 0 0 0 rg BT 289.95 357.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 304.39 357.00 Td (of) Tj ET Q
q 0 0 0 rg BT 312.54 357.00 Td (fice ) Tj ET Q
q 0 0 0 rg BT 330.30 357.00 Td (premises. ) Tj ET Q
q 0 0 0 rg BT 370.93 357.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 389.26 357.00 Td (future ) Tj ET Q
q 0 0 0 rg BT 415.91 357.00 Td (minimum ) Tj ET Q
q 0 0 0 rg BT 457.59 357.00 Td (rental ) Tj ET Q
q 0 0 0 rg BT 483.13 357.00 Td (payments ) Tj ET Q
q 0 0 0 rg BT 524.24 357.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 549.79 357.00 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 345.00 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 97.08 345.00 Td (non-cancellable ) Tj ET Q
q 0 0 0 rg BT 162.88 345.00 Td (operating ) Tj ET Q
q 0 0 0 rg BT 203.14 345.00 Td (leases ) Tj ET Q
q 0 0 0 rg BT 229.52 345.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 244.22 345.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 255.05 345.00 Td (follows:) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 304.50 447.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 304.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 274.50 447.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 274.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 244.50 447.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 244.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 214.50 447.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 214.50 65.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 304.5 m
497.5 304.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 304.5 m
562.5 304.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 214.5 m
497.5 214.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 214.5 m
562.5 214.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 199.5 m
497.5 199.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 199.5 m
562.5 199.5 l
s
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 324.21 Td (\(in thousands of $\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 500.00 324.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 309.17 Td (Year ending December 31,) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 500.00 309.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 294.17 Td (2013) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 536.15 294.18 Td (6,353) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 279.17 Td (2014) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 536.15 279.18 Td (1,941) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 264.17 Td (2015) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 536.15 264.18 Td (1,690) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 249.17 Td (2016) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 543.65 249.18 Td (147) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 234.17 Td (2017) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 543.65 234.18 Td (110) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 219.17 Td (Thereafter) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 548.65 219.18 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 204.17 Td (Total minimum lease payments) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 531.15 204.18 Td (10,241) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 176.00 Td (T) Tj ET Q
q 0 0 0 rg BT 55.41 176.00 Td (otal ) Tj ET Q
q 0 0 0 rg BT 73.00 176.00 Td (rental ) Tj ET Q
q 0 0 0 rg BT 98.36 176.00 Td (expense ) Tj ET Q
q 0 0 0 rg BT 133.17 176.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 147.42 176.00 Td (operating ) Tj ET Q
q 0 0 0 rg BT 187.78 176.00 Td (leases ) Tj ET Q
q 0 0 0 rg BT 214.26 176.00 Td (was ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 232.41 176.00 Td ($40.0 ) Tj ET Q
q 0 0 0 rg BT 257.50 176.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 286.39 176.00 Td (, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 291.49 176.00 Td ($68.1 ) Tj ET Q
q 0 0 0 rg BT 316.59 176.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 345.48 176.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 348.08 176.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 365.11 176.00 Td ($136.8 ) Tj ET Q
q 0 0 0 rg BT 395.21 176.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 424.10 176.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 426.70 176.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 440.95 176.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 455.77 176.00 Td (years ) Tj ET Q
q 0 0 0 rg BT 479.46 176.00 Td (ended ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 505.93 176.00 Td (December31, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 164.00 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 70.00 164.00 Td (, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 75.00 164.00 Td (201) Tj ET Q
q 0 0 0 rg BT 89.63 164.00 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 94.63 164.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 97.13 164.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 114.07 164.00 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 134.07 164.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 139.07 164.00 Td (respectively) Tj ET Q
q 0 0 0 rg BT 186.73 164.00 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 140.00 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.78 140.00 Td (January ) Tj ET Q
q 0 0 0 rg BT 94.34 140.00 Td (201) Tj ET Q
q 0 0 0 rg BT 108.96 140.00 Td (1, ) Tj ET Q
q 0 0 0 rg BT 118.92 140.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 133.59 140.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 174.93 140.00 Td (sold ) Tj ET Q
q 0 0 0 rg BT 194.05 140.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 208.55 140.00 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 237.67 140.00 Td (Front ) Tj ET Q
q 0 0 0 rg BT 261.79 140.00 Td (Shanghai ) Tj ET Q
q 0 0 0 rg BT 301.46 140.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 318.36 140.00 Td (chartered ) Tj ET Q
q 0 0 0 rg BT 358.00 140.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 372.67 140.00 Td (vessel, ) Tj ET Q
q 0 0 0 rg BT 402.06 140.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 428.96 140.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 446.96 140.00 Td (renamed ) Tj ET Q
q 0 0 0 rg BT 483.84 140.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 498.51 140.00 Td (Gulf ) Tj ET Q
q 0 0 0 rg BT 519.29 140.00 Td (Eyadah, ) Tj ET Q
q 0 0 0 rg BT 554.23 140.00 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 128.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 62.69 128.00 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 69.82 128.00 Td (two) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 84.82 128.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 87.51 128.00 Td (year ) Tj ET Q
q 0 0 0 rg BT 107.41 128.00 Td (time ) Tj ET Q
q 0 0 0 rg BT 127.88 128.00 Td (charter ) Tj ET Q
q 0 0 0 rg BT 158.32 128.00 Td (at ) Tj ET Q
q 0 0 0 rg BT 168.23 128.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 175.36 128.00 Td (rate ) Tj ET Q
q 0 0 0 rg BT 193.04 128.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 204.06 128.00 Td ($35,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 236.56 128.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 239.25 128.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 246.38 128.00 Td (day) Tj ET Q
q 0 0 0 rg BT 260.17 128.00 Td (. ) Tj ET Q
q 0 0 0 rg BT 264.77 128.00 Td (A) Tj ET Q
q 0 0 0 rg BT 271.44 128.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 274.13 128.00 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 310.13 128.00 Td (gain ) Tj ET Q
q 0 0 0 rg BT 330.04 128.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 341.06 128.00 Td ($7.9 ) Tj ET Q
q 0 0 0 rg BT 361.25 128.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 390.15 128.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 392.84 128.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 409.97 128.00 Td ($13.8 ) Tj ET Q
q 0 0 0 rg BT 435.16 128.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 464.05 128.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 466.74 128.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 484.99 128.00 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 531.54 128.00 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 542.01 128.00 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 562.01 128.00 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 116.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.69 116.00 Td (201) Tj ET Q
q 0 0 0 rg BT 81.31 116.00 Td (1 ) Tj ET Q
q 0 0 0 rg BT 88.56 116.00 Td (respectively) Tj ET Q
q 0 0 0 rg BT 136.22 116.00 Td (. ) Tj ET Q
q 0 0 0 rg BT 140.81 116.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 158.60 116.00 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 185.29 116.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 203.09 116.00 Td (redelivered ) Tj ET Q
q 0 0 0 rg BT 250.31 116.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 260.33 116.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 272.03 116.00 Td (owner ) Tj ET Q
q 0 0 0 rg BT 299.27 116.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 309.29 116.00 Td (December ) Tj ET Q
q 0 0 0 rg BT 352.62 116.00 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 377.37 116.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 379.62 116.00 Td (In ) Tj ET Q
q 0 0 0 rg BT 390.20 116.00 Td (March ) Tj ET Q
q 0 0 0 rg BT 418.54 116.00 Td (201) Tj ET Q
q 0 0 0 rg BT 433.17 116.00 Td (1, ) Tj ET Q
q 0 0 0 rg BT 442.92 116.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 457.22 116.00 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 486.14 116.00 Td (Front ) Tj ET Q
q 0 0 0 rg BT 510.06 116.00 Td (Eagle, ) Tj ET Q
q 0 0 0 rg BT 537.57 116.00 Td (which ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 104.00 Td (had ) Tj ET Q
q 0 0 0 rg BT 66.30 104.00 Td (been ) Tj ET Q
q 0 0 0 rg BT 87.04 104.00 Td (classified ) Tj ET Q
q 0 0 0 rg BT 126.67 104.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 136.86 104.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 143.16 104.00 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 169.46 104.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 194.09 104.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 200.40 104.00 Td (capital ) Tj ET Q
q 0 0 0 rg BT 228.91 104.00 Td (lease, ) Tj ET Q
q 0 0 0 rg BT 253.26 104.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 270.67 104.00 Td (purchased ) Tj ET Q
q 0 0 0 rg BT 313.07 104.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 329.37 104.00 Td (then ) Tj ET Q
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q 0 0 0 rg BT 480.35 104.00 Td (in ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
247 0 obj
<<
/Length 24498
>>
stream
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BT /F1 9.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F4 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 262.96 658.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 279.64 658.10 Td (bareboat ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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3 M
50.5 620.6 m
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3 M
497.5 620.6 m
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3 M
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BT /F4 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 484.16 444.10 Td (charters ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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50.50 317.50 378.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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0.8 0.9333333333333333 1 rg
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0.8 0.9333333333333333 1 rg
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497.50 317.50 65.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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0.8 0.9333333333333333 1 rg
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428.50 287.50 65.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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493.50 287.50 4.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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497.50 287.50 65.00 -15.00 re f
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0.8 0.9333333333333333 1 rg
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497.50 257.50 65.00 -15.00 re f
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1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 317.5 m
428.5 317.5 l
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1.00 w
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0 J
0 j
3 M
428.5 317.5 m
493.5 317.5 l
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1.00 w
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0 J
0 j
3 M
493.5 317.5 m
497.5 317.5 l
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0 J
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3 M
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562.5 317.5 l
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3 M
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3 M
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3 M
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3 M
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3 M
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428.5 257.5 l
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0 J
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3 M
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493.5 257.5 l
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0 J
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3 M
493.5 257.5 m
497.5 257.5 l
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0 J
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3 M
497.5 257.5 m
562.5 257.5 l
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3 M
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3 M
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493.5 227.5 l
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3 M
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497.5 227.5 l
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3 M
497.5 227.5 m
562.5 227.5 l
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3 M
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3 M
493.5 212.5 m
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497.5 212.5 m
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BT /F4 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 68.70 189.00 Td (minimum ) Tj ET Q
q 0 0 0 rg BT 110.74 189.00 Td (future ) Tj ET Q
q 0 0 0 rg BT 137.76 189.00 Td (gross ) Tj ET Q
q 0 0 0 rg BT 162.03 189.00 Td (revenues ) Tj ET Q
q 0 0 0 rg BT 200.71 189.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 211.64 189.00 Td (be ) Tj ET Q
q 0 0 0 rg BT 224.23 189.00 Td (received ) Tj ET Q
q 0 0 0 rg BT 261.24 189.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 287.16 189.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 302.52 189.00 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 350.25 189.00 Td (non-cancellable ) Tj ET Q
q 0 0 0 rg BT 416.70 189.00 Td (sales-type ) Tj ET Q
q 0 0 0 rg BT 459.83 189.00 Td (lease ) Tj ET Q
q 0 0 0 rg BT 482.97 189.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 494.45 189.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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0.8 0.9333333333333333 1 rg
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497.50 61.50 65.00 -15.00 re f
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1.00 w
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3 M
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3 M
497.5 151.5 m
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3 M
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497.5 61.5 m
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3 M
497.5 46.5 m
562.5 46.5 l
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BT /F4 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
endstream
endobj
248 0 obj
<<
/Length 21925
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 677.00 Td (Marketable securities held by the Company are equity securities considered to be available-for) Tj ET Q
q 0 0 0 rg BT 427.99 677.00 Td (-sale securities.) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 651.50 378.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 651.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 651.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 651.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 621.50 378.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 621.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 621.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 621.50 65.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 651.5 m
428.5 651.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 651.5 m
493.5 651.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 651.5 m
497.5 651.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 651.5 m
562.5 651.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 621.5 m
428.5 621.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 621.5 m
493.5 621.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 621.5 m
497.5 621.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 621.5 m
562.5 621.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 606.5 m
428.5 606.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 606.5 m
493.5 606.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 606.5 m
497.5 606.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 606.5 m
562.5 606.5 l
s
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 656.21 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 470.00 656.18 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 539.35 656.17 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 641.17 Td (Cost) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 467.15 641.18 Td (1,378) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 536.15 641.17 Td (1,355) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 626.17 Td (Accumulated net unrealized loss) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 471.30 626.23 Td (\(143) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.65 626.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 540.30 626.22 Td (\(670) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 626.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 611.17 Td (Fair value) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 467.15 611.18 Td (1,235) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 611.17 Td (685) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
1 1 1 rg
/GS0 gs
50.00 589.93 146.15 -9.09 re f
/GS0 gs
q 0 0 0 rg BT 50.00 583.00 Td (During ) Tj ET Q
q 0 0 0 rg BT 80.40 583.00 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 104.97 583.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 119.26 583.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 160.22 583.00 Td (received ) Tj ET Q
BT /F3 10.00 Tf ET
1 1 1 rg
/GS0 gs
196.15 589.93 22.50 -9.09 re f
/GS0 gs
q 0 0 0 rg BT 196.15 583.00 Td (2,825) Tj ET Q
BT /F3 10.00 Tf ET
1 1 1 rg
/GS0 gs
218.65 589.93 345.85 -9.09 re f
/GS0 gs
q 0 0 0 rg BT 218.65 583.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 220.73 583.00 Td (shares ) Tj ET Q
q 0 0 0 rg BT 247.79 583.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 257.64 583.00 Td (Knightsbridge ) Tj ET Q
q 0 0 0 rg BT 316.78 583.00 Td (T) Tj ET Q
q 0 0 0 rg BT 322.19 583.00 Td (ankers ) Tj ET Q
q 0 0 0 rg BT 350.36 583.00 Td (Limited ) Tj ET Q
q 0 0 0 rg BT 384.09 583.00 Td (\("Knightsbridge"\) ) Tj ET Q
q 0 0 0 rg BT 458.20 583.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 468.60 583.00 Td (partial ) Tj ET Q
q 0 0 0 rg BT 496.22 583.00 Td (settlement ) Tj ET Q
q 0 0 0 rg BT 539.39 583.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 549.79 583.00 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
1 1 1 rg
/GS0 gs
50.00 577.93 514.52 -9.09 re f
/GS0 gs
q 0 0 0 rg BT 50.00 571.00 Td (first ) Tj ET Q
q 0 0 0 rg BT 68.09 571.00 Td (tranche ) Tj ET Q
q 0 0 0 rg BT 99.50 571.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 109.81 571.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 116.23 571.00 Td (Restricted ) Tj ET Q
q 0 0 0 rg BT 158.75 571.00 Td (Stock ) Tj ET Q
q 0 0 0 rg BT 183.51 571.00 Td (Units ) Tj ET Q
q 0 0 0 rg BT 207.16 571.00 Td (granted ) Tj ET Q
q 0 0 0 rg BT 239.13 571.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 251.11 571.00 Td (Knightsbridge ) Tj ET Q
q 0 0 0 rg BT 310.31 571.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 320.07 571.00 Td (ICB ) Tj ET Q
q 0 0 0 rg BT 338.72 571.00 Td (Shipping ) Tj ET Q
q 0 0 0 rg BT 376.82 571.00 Td (\(Bermuda ) Tj ET Q
q 0 0 0 rg BT 418.79 571.00 Td (\) ) Tj ET Q
q 0 0 0 rg BT 424.10 571.00 Td (Limited ) Tj ET Q
q 0 0 0 rg BT 457.74 571.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 467.50 571.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 478.93 571.00 Td (capacity ) Tj ET Q
q 0 0 0 rg BT 514.22 571.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 524.53 571.00 Td (Manager) Tj ET Q
q 0 0 0 rg BT 559.52 571.00 Td (. ) Tj ET Q
BT /F3 10.00 Tf ET
1 1 1 rg
/GS0 gs
50.00 565.93 12.22 -9.09 re f
/GS0 gs
q 0 0 0 rg BT 50.00 559.00 Td (No) Tj ET Q
BT /F3 10.00 Tf ET
1 1 1 rg
/GS0 gs
62.22 565.93 163.84 -9.09 re f
/GS0 gs
q 0 0 0 rg BT 62.22 559.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 64.72 559.00 Td (payment ) Tj ET Q
q 0 0 0 rg BT 101.66 559.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 119.71 559.00 Td (given ) Tj ET Q
q 0 0 0 rg BT 144.42 559.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 158.58 559.00 Td (these ) Tj ET Q
q 0 0 0 rg BT 181.63 559.00 Td (shares ) Tj ET Q
q 0 0 0 rg BT 209.12 559.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
1 1 1 rg
/GS0 gs
226.06 565.93 53.89 -9.09 re f
/GS0 gs
q 0 0 0 rg BT 226.06 559.00 Td ($0.02 ) Tj ET Q
q 0 0 0 rg BT 251.06 559.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
1 1 1 rg
/GS0 gs
279.95 565.93 125.51 -9.09 re f
/GS0 gs
q 0 0 0 rg BT 279.95 559.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 282.45 559.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 300.50 559.00 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 337.98 559.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 348.26 559.00 Td (Other ) Tj ET Q
q 0 0 0 rg BT 373.53 559.00 Td (income.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 535.00 Td (During ) Tj ET Q
q 0 0 0 rg BT 80.88 535.00 Td (201) Tj ET Q
q 0 0 0 rg BT 95.50 535.00 Td (1, ) Tj ET Q
q 0 0 0 rg BT 105.55 535.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 120.31 535.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 161.74 535.00 Td (sold ) Tj ET Q
q 0 0 0 rg BT 180.96 535.00 Td (all ) Tj ET Q
q 0 0 0 rg BT 193.50 535.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 204.38 535.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 216.37 535.00 Td (securities ) Tj ET Q
q 0 0 0 rg BT 256.68 535.00 Td (held ) Tj ET Q
q 0 0 0 rg BT 276.44 535.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 286.76 535.00 Td (Overseas ) Tj ET Q
q 0 0 0 rg BT 325.96 535.00 Td (Shipholding ) Tj ET Q
q 0 0 0 rg BT 377.40 535.00 Td (Group ) Tj ET Q
q 0 0 0 rg BT 405.50 535.00 Td (Inc. ) Tj ET Q
q 0 0 0 rg BT 423.31 535.00 Td (\("OSG"\) ) Tj ET Q
q 0 0 0 rg BT 460.69 535.00 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 498.23 535.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 508.55 535.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 515.54 535.00 Td (loss ) Tj ET Q
q 0 0 0 rg BT 533.64 535.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 544.52 535.00 Td ($3.4 ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 523.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 78.89 523.00 Td (. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 499.00 Td (In ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 61.07 499.00 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 81.07 499.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 86.31 499.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 98.49 499.00 Td (other) Tj ET Q
q 0 0 0 rg BT 118.83 499.00 Td (-than-temporary ) Tj ET Q
q 0 0 0 rg BT 186.54 499.00 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 235.38 499.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 253.67 499.00 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 291.39 499.00 Td (against ) Tj ET Q
q 0 0 0 rg BT 322.45 499.00 Td (securities ) Tj ET Q
q 0 0 0 rg BT 362.95 499.00 Td (held ) Tj ET Q
q 0 0 0 rg BT 382.91 499.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 393.43 499.00 Td (OSG ) Tj ET Q
q 0 0 0 rg BT 416.17 499.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 433.35 499.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 448.31 499.00 Td (shares ) Tj ET Q
q 0 0 0 rg BT 476.04 499.00 Td (were ) Tj ET Q
q 0 0 0 rg BT 498.20 499.00 Td (written ) Tj ET Q
q 0 0 0 rg BT 529.27 499.00 Td (down ) Tj ET Q
q 0 0 0 rg BT 554.23 499.00 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 487.00 Td (fair ) Tj ET Q
q 0 0 0 rg BT 66.66 487.00 Td (value ) Tj ET Q
q 0 0 0 rg BT 91.09 487.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 102.20 487.00 Td ($49.9 ) Tj ET Q
q 0 0 0 rg BT 127.48 487.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 156.37 487.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 159.15 487.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 170.25 487.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 181.36 487.00 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 240.22 487.00 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 260.22 487.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 263.00 487.00 Td (resulting ) Tj ET Q
q 0 0 0 rg BT 300.78 487.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 311.33 487.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 323.55 487.00 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 372.43 487.00 Td (loss ) Tj ET Q
q 0 0 0 rg BT 390.77 487.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.88 487.00 Td ($9.4 ) Tj ET Q
q 0 0 0 rg BT 422.15 487.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 451.04 487.00 Td (. ) Tj ET Q
q 0 0 0 rg BT 456.12 487.00 Td (This ) Tj ET Q
q 0 0 0 rg BT 476.68 487.00 Td (other) Tj ET Q
q 0 0 0 rg BT 497.03 487.00 Td (-than-temporary ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 475.00 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 98.85 475.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 117.15 475.00 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 154.88 475.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 165.41 475.00 Td ("Impairment ) Tj ET Q
q 0 0 0 rg BT 218.89 475.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 229.98 475.00 Td (securities". ) Tj ET Q
q 0 0 0 rg BT 277.07 475.00 Td (Losses ) Tj ET Q
q 0 0 0 rg BT 307.05 475.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 318.13 475.00 Td ($2.6 ) Tj ET Q
q 0 0 0 rg BT 338.38 475.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 367.27 475.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 370.02 475.00 Td (have ) Tj ET Q
q 0 0 0 rg BT 391.65 475.00 Td (been ) Tj ET Q
q 0 0 0 rg BT 413.28 475.00 Td (reclassified ) Tj ET Q
q 0 0 0 rg BT 461.56 475.00 Td (out ) Tj ET Q
q 0 0 0 rg BT 477.09 475.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 488.17 475.00 Td (accumulated ) Tj ET Q
q 0 0 0 rg BT 541.45 475.00 Td (other ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 463.00 Td (comprehensive ) Tj ET Q
q 0 0 0 rg BT 113.03 463.00 Td (income ) Tj ET Q
q 0 0 0 rg BT 144.97 463.00 Td (into ) Tj ET Q
q 0 0 0 rg BT 163.02 463.00 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 199.40 463.00 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 209.68 463.00 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 229.68 463.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 232.18 463.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 242.46 463.00 Td (relation ) Tj ET Q
q 0 0 0 rg BT 275.50 463.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 285.78 463.00 Td (these ) Tj ET Q
q 0 0 0 rg BT 308.82 463.00 Td (securities.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 439.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.05 439.00 Td (net ) Tj ET Q
q 0 0 0 rg BT 82.76 439.00 Td (unrealized ) Tj ET Q
q 0 0 0 rg BT 126.90 439.00 Td (loss ) Tj ET Q
q 0 0 0 rg BT 144.97 439.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 157.47 439.00 Td (marketable ) Tj ET Q
q 0 0 0 rg BT 204.38 439.00 Td (securities ) Tj ET Q
q 0 0 0 rg BT 244.65 439.00 Td (included ) Tj ET Q
q 0 0 0 rg BT 281.58 439.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 291.86 439.00 Td (comprehensive ) Tj ET Q
q 0 0 0 rg BT 354.89 439.00 Td (income ) Tj ET Q
q 0 0 0 rg BT 386.83 439.00 Td (is ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 396.00 439.00 Td ($0.1 ) Tj ET Q
q 0 0 0 rg BT 416.00 439.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 444.89 439.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 447.39 439.00 Td (\() Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.72 439.00 Td (201) Tj ET Q
q 0 0 0 rg BT 465.35 439.00 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 470.35 439.00 Td (: ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 475.63 439.00 Td ($0.7 ) Tj ET Q
q 0 0 0 rg BT 495.63 439.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 524.52 439.00 Td (\).) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 413.50 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 413.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 413.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 413.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 413.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 413.50 65.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 413.5 m
359.5 413.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 413.5 m
424.5 413.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 413.5 m
428.5 413.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 413.5 m
493.5 413.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 413.5 m
497.5 413.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 413.5 m
562.5 413.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 383.5 m
359.5 383.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 383.5 m
424.5 383.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 383.5 m
428.5 383.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 383.5 m
493.5 383.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 383.5 m
497.5 383.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 383.5 m
562.5 383.5 l
s
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 418.21 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 401.00 418.18 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 470.35 418.17 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 539.00 418.17 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 403.17 Td (Proceeds from sale of available-for-sale securities) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 410.65 403.18 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 462.15 403.17 Td (46,547) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 403.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 388.17 Td (Realized loss on sale of securities) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 410.65 388.18 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 467.15 388.17 Td (3,355) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 388.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 360.00 Td (The cost of sale of available-for) Tj ET Q
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endstream
endobj
249 0 obj
<<
/Length 13522
>>
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250 0 obj
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 713.17 Td (Balance at December 31, 2009) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 364.15 713.17 Td (799,023) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 429.80 713.22 Td (\(120,329) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 465.65 713.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 502.15 713.17 Td (678,694) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 698.17 Td (Purchase of vessels and equipment) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 364.15 698.17 Td (207,772) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 455.65 698.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 535.00 698.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 683.17 Td (Transfers from Newbuildings) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 364.15 683.17 Td (499,154) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 455.65 683.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 535.00 683.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 668.17 Td (Transfers from vessels under capital lease) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 364.15 668.17 Td (112,571) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 455.65 668.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 535.00 668.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 653.17 Td (Other movements) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 370.80 653.22 Td (\(1,228) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 396.65 653.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 443.15 653.17 Td (1,145) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 535.00 653.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 638.17 Td (Depreciation) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 386.65 638.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 434.80 638.22 Td (\(60,023) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 465.65 638.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 535.00 638.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 623.17 Td (Disposal of vessels and equipment) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 370.80 623.22 Td (\(8,452) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 396.65 623.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.65 623.17 Td (491) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 608.17 Td (Balance at December 31, 2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 356.65 608.17 Td (1,608,840) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 429.80 608.22 Td (\(178,716) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 465.65 608.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 494.65 608.17 Td (1,430,124) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 593.17 Td (Purchase of vessels and equipment) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 369.15 593.17 Td (56,591) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 455.65 593.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 535.00 593.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 578.17 Td (Transfers from vessels under capital lease) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 369.15 578.17 Td (53,733) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 455.65 578.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 535.00 578.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 563.17 Td (Disposal of vessels to Frontline 2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 360.80 563.22 Td (\(927,009) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 396.65 563.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 438.15 563.17 Td (62,144) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 548.17 Td (Disposal of vessels and equipment \(excluding to Frontline 2012\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 360.80 548.22 Td (\(332,495) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 396.65 548.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 433.15 548.17 Td (156,560) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 533.17 Td (Other movements) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 378.30 533.22 Td (\(348) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 396.65 533.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.65 533.17 Td (179) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 535.00 533.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 518.17 Td (Depreciation) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 386.65 518.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 434.80 518.22 Td (\(65,744) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 465.65 518.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 535.00 518.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 503.17 Td (Impairment loss ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 386.65 503.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 429.80 503.22 Td (\(121,443) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 465.65 503.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 488.17 Td (Balance at December 31, 2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 364.15 488.17 Td (459,312) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 429.80 488.22 Td (\(147,020) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 465.65 488.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 502.15 488.17 Td (312,292) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 473.17 Td (Purchase of vessels and equipment) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 381.65 473.17 Td (730) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 455.65 473.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 535.00 473.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 458.17 Td (Disposal of vessels and equipment ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 365.80 458.22 Td (\(51,960) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 396.65 458.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 438.15 458.17 Td (40,290) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 535.00 458.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 443.17 Td (Other movements) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 381.65 443.17 Td (443) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 447.30 443.22 Td (\(341) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 465.65 443.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 535.00 443.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 428.17 Td (Depreciation) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 386.65 428.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 434.80 428.22 Td (\(18,508) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 465.65 428.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 535.00 428.17 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 414.18 Td (Balance at December 31, 2012) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 364.15 414.18 Td (408,525) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 429.80 414.23 Td (\(125,579) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 465.65 414.18 Td (\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 502.15 414.18 Td (282,946) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 386.00 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.05 386.00 Td (March ) Tj ET Q
q 0 0 0 rg BT 89.88 386.00 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 112.60 386.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 127.54 386.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 169.15 386.00 Td (sold ) Tj ET Q
q 0 0 0 rg BT 188.54 386.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 200.72 386.00 Td (1993-built ) Tj ET Q
q 0 0 0 rg BT 245.10 386.00 Td (double ) Tj ET Q
q 0 0 0 rg BT 275.04 386.00 Td (hull ) Tj ET Q
q 0 0 0 rg BT 293.33 386.00 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 332.70 386.00 Td (tanker) Tj ET Q
q 0 0 0 rg BT 357.29 386.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 362.51 386.00 Td (Front ) Tj ET Q
q 0 0 0 rg BT 386.31 386.00 Td (Alfa. ) Tj ET Q
q 0 0 0 rg BT 408.70 386.00 Td (At ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 421.42 386.00 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 480.23 386.00 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 500.23 386.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 502.95 386.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 508.17 386.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 523.12 386.00 Td (Company ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 374.00 Td (owned ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 80.11 374.00 Td (nine) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 97.32 374.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 100.77 374.00 Td (vessels, ) Tj ET Q
q 0 0 0 rg BT 135.05 374.00 Td (including ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 176.27 374.00 Td (three) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 196.25 374.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 199.70 374.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 231.48 374.00 Td (owned ) Tj ET Q
q 0 0 0 rg BT 261.59 374.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 275.03 374.00 Td (subsidiaries ) Tj ET Q
q 0 0 0 rg BT 325.70 374.00 Td (accounted ) Tj ET Q
q 0 0 0 rg BT 369.68 374.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 384.79 374.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 411.00 374.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 426.67 374.00 Td (equity ) Tj ET Q
q 0 0 0 rg BT 455.11 374.00 Td (method ) Tj ET Q
q 0 0 0 rg BT 488.55 374.00 Td (\() Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.88 374.00 Td (201) Tj ET Q
q 0 0 0 rg BT 506.51 374.00 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 511.51 374.00 Td (: ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 517.73 374.00 Td (10) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 527.73 374.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 531.18 374.00 Td (vessels, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 362.00 Td (including ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 90.27 362.00 Td (three) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 110.26 362.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 112.76 362.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 143.59 362.00 Td (owned ) Tj ET Q
q 0 0 0 rg BT 172.75 362.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 185.25 362.00 Td (subsidiaries ) Tj ET Q
q 0 0 0 rg BT 234.97 362.00 Td (accounted ) Tj ET Q
q 0 0 0 rg BT 278.00 362.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 292.16 362.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 317.43 362.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 332.14 362.00 Td (equity ) Tj ET Q
q 0 0 0 rg BT 359.64 362.00 Td (method\). ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 338.00 Td (During ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 79.78 338.00 Td (201) Tj ET Q
q 0 0 0 rg BT 94.41 338.00 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 99.41 338.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 103.36 338.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 117.03 338.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 157.37 338.00 Td (sold ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 175.50 338.00 Td (ten) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 187.71 338.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 189.17 338.00 Td (subsidiaries, ) Tj ET Q
q 0 0 0 rg BT 240.33 338.00 Td (each ) Tj ET Q
q 0 0 0 rg BT 260.10 338.00 Td (holding ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 292.11 338.00 Td (one) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 306.55 338.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 308.00 338.00 Td (vessel, ) Tj ET Q
q 0 0 0 rg BT 336.39 338.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 345.63 338.00 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 383.74 338.00 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 405.20 338.00 Td (\(see ) Tj ET Q
q 0 0 0 rg BT 422.75 338.00 Td (Note ) Tj ET Q
q 0 0 0 rg BT 443.64 338.00 Td (4\). ) Tj ET Q
q 0 0 0 rg BT 455.60 338.00 Td (Additionally) Tj ET Q
q 0 0 0 rg BT 505.50 338.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 509.45 338.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 523.12 338.00 Td (Company ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 326.00 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 87.38 326.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 99.23 326.00 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 147.73 326.00 Td (loss ) Tj ET Q
q 0 0 0 rg BT 165.70 326.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 176.44 326.00 Td ($121.4 ) Tj ET Q
q 0 0 0 rg BT 206.35 326.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 235.24 326.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 237.65 326.00 Td (during ) Tj ET Q
q 0 0 0 rg BT 266.16 326.00 Td (201) Tj ET Q
q 0 0 0 rg BT 280.79 326.00 Td (1 ) Tj ET Q
q 0 0 0 rg BT 288.20 326.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 298.38 326.00 Td (respect ) Tj ET Q
q 0 0 0 rg BT 329.11 326.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 339.84 326.00 Td (five) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 357.80 326.00 Td (double ) Tj ET Q
q 0 0 0 rg BT 387.42 326.00 Td (hull ) Tj ET Q
q 0 0 0 rg BT 405.39 326.00 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 444.45 326.00 Td (tankers ) Tj ET Q
q 0 0 0 rg BT 475.73 326.00 Td (\(see ) Tj ET Q
q 0 0 0 rg BT 494.24 326.00 Td (Note ) Tj ET Q
q 0 0 0 rg BT 516.08 326.00 Td (6\) ) Tj ET Q
q 0 0 0 rg BT 526.82 326.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 537.56 326.00 Td (which ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 314.00 Td (four) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 66.66 314.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 69.42 314.00 Td (had ) Tj ET Q
q 0 0 0 rg BT 86.62 314.00 Td (been ) Tj ET Q
q 0 0 0 rg BT 108.26 314.00 Td (sold ) Tj ET Q
q 0 0 0 rg BT 127.69 314.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 140.45 314.00 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 199.30 314.00 Td (201) Tj ET Q
q 0 0 0 rg BT 213.93 314.00 Td (1. ) Tj ET Q
q 0 0 0 rg BT 223.99 314.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 242.30 314.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 283.94 314.00 Td (also ) Tj ET Q
q 0 0 0 rg BT 302.81 314.00 Td (sold ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 322.24 314.00 Td (one) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 366.64 314.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 383.84 314.00 Td (chartered ) Tj ET Q
q 0 0 0 rg BT 423.80 314.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 434.34 314.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 449.31 314.00 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 476.51 314.00 Td (from ) Tj ET Q
q 0 0 0 rg BT 498.71 314.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 513.69 314.00 Td (new ) Tj ET Q
q 0 0 0 rg BT 533.11 314.00 Td (owners ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 302.00 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 63.71 302.00 Td (two ) Tj ET Q
q 0 0 0 rg BT 80.76 302.00 Td (years) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 101.86 302.00 Td ( ) Tj ET Q
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q 0 0 0 rg BT 113.17 302.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 119.66 302.00 Td (rate ) Tj ET Q
q 0 0 0 rg BT 136.69 302.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 147.07 302.00 Td ($35,000) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 181.62 302.00 Td (per ) Tj ET Q
q 0 0 0 rg BT 196.43 302.00 Td (day) Tj ET Q
q 0 0 0 rg BT 210.22 302.00 Td (. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 214.77 302.00 Td (One) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 233.33 302.00 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 262.05 302.00 Td (double ) Tj ET Q
q 0 0 0 rg BT 291.31 302.00 Td (hull ) Tj ET Q
q 0 0 0 rg BT 308.92 302.00 Td (vessel, ) Tj ET Q
q 0 0 0 rg BT 337.91 302.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 364.39 302.00 Td (had ) Tj ET Q
q 0 0 0 rg BT 380.88 302.00 Td (previously ) Tj ET Q
q 0 0 0 rg BT 425.15 302.00 Td (been ) Tj ET Q
q 0 0 0 rg BT 446.07 302.00 Td (accounted ) Tj ET Q
q 0 0 0 rg BT 488.65 302.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 502.36 302.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 512.74 302.00 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 539.22 302.00 Td (under ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 290.00 Td (capital ) Tj ET Q
q 0 0 0 rg BT 78.77 290.00 Td (lease ) Tj ET Q
q 0 0 0 rg BT 100.87 290.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 118.54 290.00 Td (purchased ) Tj ET Q
q 0 0 0 rg BT 161.20 290.00 Td (during ) Tj ET Q
q 0 0 0 rg BT 189.43 290.00 Td (201) Tj ET Q
q 0 0 0 rg BT 204.06 290.00 Td (1 ) Tj ET Q
q 0 0 0 rg BT 211.18 290.00 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 224.96 290.00 Td ($56.1 ) Tj ET Q
q 0 0 0 rg BT 249.58 290.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 278.47 290.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 280.59 290.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 297.14 290.00 Td (concurrently ) Tj ET Q
q 0 0 0 rg BT 349.79 290.00 Td (sold ) Tj ET Q
q 0 0 0 rg BT 368.58 290.00 Td (and ) Tj ET Q
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497.5 337.5 m
562.5 337.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 322.5 m
497.5 322.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 322.5 m
562.5 322.5 l
s
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 477.21 Td (\(in thousands of $\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 500.00 477.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 462.17 Td (Year ending December 31,) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 500.00 462.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 447.17 Td (2013) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 526.15 447.18 Td (111,508) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 432.17 Td (2014) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 526.15 432.18 Td (110,247) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 417.17 Td (2015) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 526.15 417.18 Td (144,957) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 402.17 Td (2016) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 526.15 402.18 Td (143,964) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 387.17 Td (2017) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 526.15 387.18 Td (140,160) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 372.17 Td (Thereafter) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 526.15 372.18 Td (663,869) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 357.17 Td (Minimum lease payments) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 518.65 357.18 Td (1,314,705) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 342.17 Td (Less: imputed interest) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 522.80 342.23 Td (\(364,145) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 558.65 342.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 327.17 Td (Present value of obligations under capital leases) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 526.15 327.18 Td (950,560) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 299.00 Td (As ) Tj ET Q
q 0 0 0 rg BT 63.81 299.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 74.84 299.00 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 133.63 299.00 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 153.63 299.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 158.82 299.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 173.74 299.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 215.33 299.00 Td (held ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 235.24 299.00 Td (28) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 245.24 299.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 247.94 299.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 278.97 299.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 304.44 299.00 Td (capital ) Tj ET Q
q 0 0 0 rg BT 333.79 299.00 Td (leases ) Tj ET Q
q 0 0 0 rg BT 360.36 299.00 Td (\() Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 363.69 299.00 Td (201) Tj ET Q
q 0 0 0 rg BT 378.32 299.00 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 383.32 299.00 Td (: ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 388.80 299.00 Td (32) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 398.80 299.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 401.50 299.00 Td (vessels\), ) Tj ET Q
q 0 0 0 rg BT 438.36 299.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 449.39 299.00 Td (which ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 476.53 299.00 Td (24) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 486.53 299.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 489.23 299.00 Td (\() Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 512.18 299.00 Td (: ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 517.66 299.00 Td (28) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 527.66 299.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 530.36 299.00 Td (vessels\) ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 93.29 287.00 Td (from ) Tj ET Q
q 0 0 0 rg BT 115.78 287.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 137.16 287.00 Td (Finance. ) Tj ET Q
q 0 0 0 rg BT 174.15 287.00 Td (These ) Tj ET Q
q 0 0 0 rg BT 201.07 287.00 Td (leases ) Tj ET Q
q 0 0 0 rg BT 228.00 287.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 243.25 287.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 257.96 287.00 Td (initial ) Tj ET Q
q 0 0 0 rg BT 284.34 287.00 Td (terms ) Tj ET Q
q 0 0 0 rg BT 309.60 287.00 Td (that ) Tj ET Q
q 0 0 0 rg BT 327.65 287.00 Td (range ) Tj ET Q
q 0 0 0 rg BT 352.90 287.00 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 375.39 287.00 Td (6) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 383.44 287.00 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 495.93 287.00 Td (periods ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 76.38 275.00 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 86.09 275.00 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 144.68 275.00 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 167.18 275.00 Td (range ) Tj ET Q
q 0 0 0 rg BT 191.88 275.00 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 213.82 275.00 Td (0) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 218.82 275.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 221.32 275.00 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 231.60 275.00 Td (14) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 241.60 275.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 244.10 275.00 Td (years.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 251.00 Td (Four) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 68.89 251.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 71.06 251.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 81.56 251.00 Td (these ) Tj ET Q
q 0 0 0 rg BT 104.27 251.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 134.77 251.00 Td (\() Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 138.10 251.00 Td (201) Tj ET Q
q 0 0 0 rg BT 152.73 251.00 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 157.73 251.00 Td (: ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 162.68 251.00 Td (four) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 179.34 251.00 Td (\) ) Tj ET Q
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q 0 0 0 rg BT 199.21 251.00 Td (leased ) Tj ET Q
q 0 0 0 rg BT 226.36 251.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 238.53 251.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 252.92 251.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 293.97 251.00 Td (from ) Tj ET Q
q 0 0 0 rg BT 315.58 251.00 Td (special ) Tj ET Q
q 0 0 0 rg BT 345.51 251.00 Td (purpose ) Tj ET Q
q 0 0 0 rg BT 379.34 251.00 Td (lessor ) Tj ET Q
q 0 0 0 rg BT 404.83 251.00 Td (entities ) Tj ET Q
q 0 0 0 rg BT 435.88 251.00 Td (which, ) Tj ET Q
q 0 0 0 rg BT 464.99 251.00 Td (were ) Tj ET Q
q 0 0 0 rg BT 486.59 251.00 Td (established ) Tj ET Q
q 0 0 0 rg BT 533.19 251.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 549.79 251.00 Td (are ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 92.47 239.00 Td (independent ) Tj ET Q
q 0 0 0 rg BT 144.24 239.00 Td (third ) Tj ET Q
q 0 0 0 rg BT 166.03 239.00 Td (parties ) Tj ET Q
q 0 0 0 rg BT 195.59 239.00 Td (who ) Tj ET Q
q 0 0 0 rg BT 215.71 239.00 Td (provide ) Tj ET Q
q 0 0 0 rg BT 249.16 239.00 Td (financing ) Tj ET Q
q 0 0 0 rg BT 289.83 239.00 Td (through ) Tj ET Q
q 0 0 0 rg BT 323.84 239.00 Td (debt ) Tj ET Q
q 0 0 0 rg BT 343.96 239.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 361.30 239.00 Td (equity ) Tj ET Q
q 0 0 0 rg BT 389.20 239.00 Td (participation. ) Tj ET Q
q 0 0 0 rg BT 445.14 239.00 Td (Each ) Tj ET Q
q 0 0 0 rg BT 468.03 239.00 Td (entity ) Tj ET Q
q 0 0 0 rg BT 493.70 239.00 Td (owns ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 517.72 239.00 Td (one) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 532.16 239.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 535.06 239.00 Td (vessel, ) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 112.94 227.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 123.00 227.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 137.50 227.00 Td (Company) Tj ET Q
q 0 0 0 rg BT 175.74 227.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 180.52 227.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 197.24 227.00 Td (has ) Tj ET Q
q 0 0 0 rg BT 212.86 227.00 Td (no ) Tj ET Q
q 0 0 0 rg BT 225.14 227.00 Td (other ) Tj ET Q
q 0 0 0 rg BT 247.97 227.00 Td (activities. ) Tj ET Q
q 0 0 0 rg BT 288.85 227.00 Td (Prior ) Tj ET Q
q 0 0 0 rg BT 311.13 227.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 321.19 227.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 335.69 227.00 Td (adoption ) Tj ET Q
q 0 0 0 rg BT 372.97 227.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 383.08 227.00 Td (ASC ) Tj ET Q
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q 0 0 0 rg BT 477.47 227.00 Td (purpose ) Tj ET Q
q 0 0 0 rg BT 511.42 227.00 Td (entities ) Tj ET Q
q 0 0 0 rg BT 542.58 227.00 Td (were ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 215.00 Td (not ) Tj ET Q
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q 0 0 0 rg BT 185.71 215.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 203.17 215.00 Td (Company ) Tj ET Q
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q 0 0 0 rg BT 306.11 215.00 Td (that ) Tj ET Q
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q 0 0 0 rg BT 345.48 215.00 Td (entities ) Tj ET Q
q 0 0 0 rg BT 376.27 215.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 390.39 215.00 Td (variable ) Tj ET Q
q 0 0 0 rg BT 424.51 215.00 Td (interest ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 215.07 203.00 Td (interest ) Tj ET Q
q 0 0 0 rg BT 247.78 203.00 Td (entity ) Tj ET Q
q 0 0 0 rg BT 273.83 203.00 Td (requires ) Tj ET Q
q 0 0 0 rg BT 309.31 203.00 Td (knowledge ) Tj ET Q
q 0 0 0 rg BT 356.46 203.00 Td (of ) Tj ET Q
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q 0 0 0 rg BT 467.81 203.00 Td (equity ) Tj ET Q
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q 0 0 0 rg BT 525.96 203.00 Td (entity ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 499.02 191.00 Td (this ) Tj ET Q
q 0 0 0 rg BT 514.80 191.00 Td (information ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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428.50 560.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 560.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 560.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 530.60 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 530.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 530.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 530.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 530.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 530.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 500.60 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 500.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 500.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 500.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 500.60 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 500.60 65.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 560.6 m
359.5 560.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 560.6 m
424.5 560.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 560.6 m
428.5 560.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 560.6 m
493.5 560.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 560.6 m
497.5 560.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 560.6 m
562.5 560.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 485.6 m
359.5 485.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 485.6 m
424.5 485.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 485.6 m
428.5 485.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 485.6 m
493.5 485.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 485.6 m
497.5 485.6 l
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1.00 w
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[] 0 d
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3 M
497.5 485.6 m
562.5 485.6 l
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BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 565.31 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 401.00 565.28 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 470.35 565.27 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 539.00 565.27 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 550.27 Td (Exercise of purchase option) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 410.65 550.28 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 462.15 550.27 Td (56,090) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 550.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 535.27 Td (Repayments of principal obligations under capital leases) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 393.15 535.28 Td (11,665) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 462.15 535.27 Td (56,113) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 535.27 Td (20,579) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 520.27 Td (Contingent rental expense) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 398.15 520.28 Td (2,436) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.65 520.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 520.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 505.27 Td (Interest expense for capital leases) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 398.15 505.28 Td (6,301) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 462.15 505.27 Td (11,248) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 505.27 Td (14,862) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 490.27 Td (Deferred lease obligation) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 398.15 490.28 Td (3,795) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.65 490.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 490.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 462.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.87 462.10 Td (lessor ) Tj ET Q
q 0 0 0 rg BT 93.52 462.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 109.18 462.10 Td (options ) Tj ET Q
q 0 0 0 rg BT 140.95 462.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 151.05 462.10 Td (put ) Tj ET Q
q 0 0 0 rg BT 166.15 462.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 189.02 462.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 219.67 462.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 229.78 462.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 244.32 462.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 285.53 462.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 295.07 462.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 309.61 462.10 Td (end ) Tj ET Q
q 0 0 0 rg BT 326.37 462.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 337.02 462.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 351.56 462.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 373.87 462.10 Td (term. ) Tj ET Q
q 0 0 0 rg BT 397.02 462.10 Td (Gains ) Tj ET Q
q 0 0 0 rg BT 422.67 462.10 Td (arising ) Tj ET Q
q 0 0 0 rg BT 452.21 462.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 473.97 462.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 488.51 462.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 506.38 462.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 523.15 462.10 Td (leaseback ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 450.10 Td (transactions ) Tj ET Q
q 0 0 0 rg BT 100.26 450.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 121.64 450.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 143.02 450.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 178.82 450.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 195.76 450.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 210.47 450.10 Td (being ) Tj ET Q
q 0 0 0 rg BT 235.19 450.10 Td (amortized ) Tj ET Q
q 0 0 0 rg BT 277.67 450.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 297.93 450.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 312.65 450.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 335.14 450.10 Td (terms.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 426.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.46 426.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 88.69 426.10 Td (201) Tj ET Q
q 0 0 0 rg BT 103.32 426.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 112.95 426.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 127.30 426.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 168.32 426.10 Td (exercised ) Tj ET Q
q 0 0 0 rg BT 208.20 426.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 219.78 426.10 Td (option ) Tj ET Q
q 0 0 0 rg BT 247.47 426.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 257.38 426.10 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 295.05 426.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 309.24 426.10 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 338.04 426.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 361.85 426.10 Td (Eagle ) Tj ET Q
q 0 0 0 rg BT 386.74 426.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 403.31 426.10 Td (simultaneously ) Tj ET Q
q 0 0 0 rg BT 465.99 426.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 484.79 426.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 499.14 426.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 525.71 426.10 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 539.50 426.10 Td ($67.0 ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 414.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 78.89 414.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 83.25 414.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 102.89 414.10 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 137.52 414.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 147.16 414.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 161.24 414.10 Td (second ) Tj ET Q
q 0 0 0 rg BT 190.87 414.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 221.05 414.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 231.24 414.10 Td (201) Tj ET Q
q 0 0 0 rg BT 245.87 414.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 255.23 414.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 271.53 414.10 Td (leased ) Tj ET Q
q 0 0 0 rg BT 298.38 414.10 Td (back ) Tj ET Q
q 0 0 0 rg BT 319.11 414.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 343.74 414.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 350.04 414.10 Td (two ) Tj ET Q
q 0 0 0 rg BT 366.91 414.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 385.98 414.10 Td (operating ) Tj ET Q
q 0 0 0 rg BT 425.60 414.10 Td (lease. ) Tj ET Q
q 0 0 0 rg BT 449.81 414.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 467.22 414.10 Td (transaction ) Tj ET Q
q 0 0 0 rg BT 512.96 414.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 521.49 414.10 Td (accounted ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 402.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 63.04 402.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 72.75 402.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 78.57 402.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 95.49 402.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 111.31 402.10 Td (leaseback ) Tj ET Q
q 0 0 0 rg BT 151.55 402.10 Td (transaction. ) Tj ET Q
q 0 0 0 rg BT 199.00 402.10 Td (A) Tj ET Q
q 0 0 0 rg BT 205.67 402.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 207.05 402.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 241.73 402.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 260.33 402.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 270.04 402.10 Td ($7.2 ) Tj ET Q
q 0 0 0 rg BT 288.92 402.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 317.81 402.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 319.19 402.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 335.01 402.10 Td ($7.5 ) Tj ET Q
q 0 0 0 rg BT 353.89 402.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 382.78 402.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 384.16 402.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 401.09 402.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 446.33 402.10 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 455.49 402.10 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 475.49 402.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 476.87 402.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 492.69 402.10 Td (201) Tj ET Q
q 0 0 0 rg BT 507.32 402.10 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 512.32 402.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 513.69 402.10 Td (respectively ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 390.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.94 390.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 73.88 390.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 93.59 390.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 104.42 390.10 Td ($2.3 ) Tj ET Q
q 0 0 0 rg BT 124.42 390.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 153.32 390.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 155.82 390.10 Td (has ) Tj ET Q
q 0 0 0 rg BT 171.65 390.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 193.02 390.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 228.83 390.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 245.77 390.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 254.94 390.10 Td (being ) Tj ET Q
q 0 0 0 rg BT 279.65 390.10 Td (amortized ) Tj ET Q
q 0 0 0 rg BT 322.13 390.10 Td (over ) Tj ET Q
q 0 0 0 rg BT 342.40 390.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 357.12 390.10 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 400.16 390.10 Td (period ) Tj ET Q
q 0 0 0 rg BT 428.21 390.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 439.04 390.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 453.75 390.10 Td (charter) Tj ET Q
q 0 0 0 rg BT 480.96 390.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 366.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.04 366.10 Td (July) Tj ET Q
q 0 0 0 rg BT 77.06 366.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 82.26 366.10 Td (201) Tj ET Q
q 0 0 0 rg BT 96.89 366.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 107.10 366.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 122.02 366.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 144.71 366.10 Td (agreement ) Tj ET Q
q 0 0 0 rg BT 189.06 366.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 225.08 366.10 Td (Holyrood ) Tj ET Q
q 0 0 0 rg BT 266.12 366.10 Td (Shipping ) Tj ET Q
q 0 0 0 rg BT 304.94 366.10 Td (Plc, ) Tj ET Q
q 0 0 0 rg BT 322.93 366.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 330.07 366.10 Td (subsidiary ) Tj ET Q
q 0 0 0 rg BT 373.89 366.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 384.93 366.10 Td (ITCL, ) Tj ET Q
q 0 0 0 rg BT 412.35 366.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 429.49 366.10 Td (Dresdner ) Tj ET Q
q 0 0 0 rg BT 468.85 366.10 Td (Kleinwort ) Tj ET Q
q 0 0 0 rg BT 512.10 366.10 Td (Leasing ) Tj ET Q
q 0 0 0 rg BT 546.47 366.10 Td (was ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 354.10 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 95.43 354.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 112.54 354.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 127.43 354.10 Td (outstanding ) Tj ET Q
q 0 0 0 rg BT 176.76 354.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 199.42 354.10 Td (obligation ) Tj ET Q
q 0 0 0 rg BT 242.64 354.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 253.64 354.10 Td ($75.7 ) Tj ET Q
q 0 0 0 rg BT 278.81 354.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 307.71 354.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 310.38 354.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 328.60 354.10 Td (settled ) Tj ET Q
q 0 0 0 rg BT 357.37 354.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 367.82 354.10 Td (full ) Tj ET Q
q 0 0 0 rg BT 384.38 354.10 Td (using ) Tj ET Q
q 0 0 0 rg BT 408.72 354.10 Td (restricted ) Tj ET Q
q 0 0 0 rg BT 448.59 354.10 Td (cash. ) Tj ET Q
q 0 0 0 rg BT 471.34 354.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 489.56 354.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 516.67 354.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 534.89 354.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 554.23 354.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 342.10 Td (another ) Tj ET Q
q 0 0 0 rg BT 82.49 342.10 Td (subsidiary ) Tj ET Q
q 0 0 0 rg BT 126.09 342.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 136.92 342.10 Td (ITCL) Tj ET Q
q 0 0 0 rg BT 158.77 342.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 161.27 342.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 178.21 342.10 Td (was, ) Tj ET Q
q 0 0 0 rg BT 198.76 342.10 Td (therefore, ) Tj ET Q
q 0 0 0 rg BT 239.84 342.10 Td (transferred ) Tj ET Q
q 0 0 0 rg BT 285.65 342.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 307.59 342.10 Td (leased ) Tj ET Q
q 0 0 0 rg BT 335.07 342.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 345.35 342.10 Td (owned ) Tj ET Q
q 0 0 0 rg BT 374.51 342.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 405.34 342.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 415.06 342.10 Td (net ) Tj ET Q
q 0 0 0 rg BT 429.78 342.10 Td (book ) Tj ET Q
q 0 0 0 rg BT 452.28 342.10 Td (value.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 318.10 Td (At ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 62.12 318.10 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 120.33 318.10 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 140.33 318.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 144.95 318.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 159.28 318.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 200.29 318.10 Td (has ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 215.74 318.10 Td (one) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 230.18 318.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 232.30 318.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 255.53 318.10 Td (vessel, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.59 318.10 Td (six) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 296.26 318.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 298.38 318.10 Td (double ) Tj ET Q
q 0 0 0 rg BT 327.72 318.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 345.40 318.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 384.17 318.10 Td (tankers, ) Tj ET Q
q 0 0 0 rg BT 417.67 318.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 434.23 318.10 Td (17) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 444.23 318.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 446.35 318.10 Td (double ) Tj ET Q
q 0 0 0 rg BT 475.69 318.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 493.21 318.10 Td (VLCCson ) Tj ET Q
q 0 0 0 rg BT 540.90 318.10 Td (long-) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 306.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 70.68 306.10 Td (fixed ) Tj ET Q
q 0 0 0 rg BT 93.58 306.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 110.92 306.10 Td (leases ) Tj ET Q
q 0 0 0 rg BT 137.14 306.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 157.28 306.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 177.97 306.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 211.98 306.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 238.77 306.10 Td (expire ) Tj ET Q
q 0 0 0 rg BT 266.10 306.10 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 287.90 306.10 Td (2013) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 307.90 306.10 Td (-) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 311.23 306.10 Td (2027) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
253 0 obj
<<
/Length 43109
>>
stream
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 342.50 670.10 Td (100%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 365.83 670.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 368.58 670.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 379.65 670.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 396.84 670.10 Td (dif) Tj ET Q
q 0 0 0 rg BT 407.77 670.10 Td (ference ) Tj ET Q
q 0 0 0 rg BT 439.93 670.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 476.00 670.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 490.96 670.10 Td (renegotiated ) Tj ET Q
q 0 0 0 rg BT 543.13 670.10 Td (rates ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 658.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.37 658.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 80.53 658.10 Td (average ) Tj ET Q
q 0 0 0 rg BT 113.55 658.10 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 139.92 658.10 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 175.73 658.10 Td (up ) Tj ET Q
q 0 0 0 rg BT 187.67 658.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 197.39 658.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 211.54 658.10 Td (original ) Tj ET Q
q 0 0 0 rg BT 244.58 658.10 Td (contract ) Tj ET Q
q 0 0 0 rg BT 278.72 658.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 299.53 658.10 Td (\(contingent ) Tj ET Q
q 0 0 0 rg BT 347.01 658.10 Td (rental ) Tj ET Q
q 0 0 0 rg BT 371.71 658.10 Td (expense\). ) Tj ET Q
q 0 0 0 rg BT 411.25 658.10 Td (At ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 423.19 658.10 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 481.21 658.10 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 501.21 658.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 505.64 658.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 519.80 658.10 Td (contingent ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 646.10 Td (rental ) Tj ET Q
q 0 0 0 rg BT 74.87 646.10 Td (expense ) Tj ET Q
q 0 0 0 rg BT 109.18 646.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 125.72 646.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 135.60 646.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 156.04 646.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 189.80 646.10 Td (is ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 198.58 646.10 Td ($52.2 ) Tj ET Q
q 0 0 0 rg BT 223.18 646.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 252.07 646.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 256.68 646.10 Td (\(201) Tj ET Q
q 0 0 0 rg BT 274.63 646.10 Td (1: ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 284.52 646.10 Td (nil) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 295.07 646.10 Td (\). ) Tj ET Q
q 0 0 0 rg BT 303.01 646.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 313.44 646.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 350.82 646.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 365.14 646.10 Td (profit ) Tj ET Q
q 0 0 0 rg BT 389.46 646.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 412.66 646.10 Td (above ) Tj ET Q
q 0 0 0 rg BT 438.64 646.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 452.96 646.10 Td (original ) Tj ET Q
q 0 0 0 rg BT 486.17 646.10 Td (threshold ) Tj ET Q
q 0 0 0 rg BT 525.49 646.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 546.47 646.10 Td (was ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 634.10 Td (increased ) Tj ET Q
q 0 0 0 rg BT 89.76 634.10 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 111.20 634.10 Td (20%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 129.53 634.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 131.53 634.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 141.31 634.10 Td (25%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 159.64 634.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 163.71 634.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 176.82 634.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 183.26 634.10 Td (result ) Tj ET Q
q 0 0 0 rg BT 207.48 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 217.82 634.10 Td (this, ) Tj ET Q
q 0 0 0 rg BT 236.77 634.10 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 283.22 634.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 307.99 634.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 336.64 634.10 Td (leases ) Tj ET Q
q 0 0 0 rg BT 362.52 634.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 378.96 634.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 409.30 634.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 434.07 634.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 462.72 634.10 Td (leases ) Tj ET Q
q 0 0 0 rg BT 488.60 634.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 509.48 634.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 530.36 634.10 Td (reduced ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 622.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 63.36 622.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 78.94 622.10 Td ($126.5 ) Tj ET Q
q 0 0 0 rg BT 109.81 622.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 138.70 622.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 142.06 622.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 145.42 622.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 156.00 622.10 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 215.45 622.10 Td (201) Tj ET Q
q 0 0 0 rg BT 230.08 622.10 Td (1. ) Tj ET Q
q 0 0 0 rg BT 240.94 622.10 Td (Obligations ) Tj ET Q
q 0 0 0 rg BT 290.97 622.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 317.10 622.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 347.12 622.10 Td (leases ) Tj ET Q
q 0 0 0 rg BT 374.36 622.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 396.60 622.10 Td (also ) Tj ET Q
q 0 0 0 rg BT 416.07 622.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 438.31 622.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 473.32 622.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 486.68 622.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 502.26 622.10 Td ($106.0 ) Tj ET Q
q 0 0 0 rg BT 533.13 622.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 562.02 622.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 564.52 622.10 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 107.58 610.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 144.04 610.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 153.85 610.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 174.23 610.10 Td (Finance. ) Tj ET Q
q 0 0 0 rg BT 210.42 610.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 220.78 610.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 235.03 610.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 254.27 610.10 Td (ended ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 280.18 610.10 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 338.30 610.10 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 358.30 610.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 362.83 610.10 Td (total ) Tj ET Q
q 0 0 0 rg BT 382.64 610.10 Td (profit ) Tj ET Q
q 0 0 0 rg BT 406.89 610.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 430.02 610.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 446.50 610.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 456.31 610.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 476.68 610.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 510.37 610.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 527.96 610.10 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 532.96 610.10 Td (nil) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.51 610.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 545.55 610.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 547.58 610.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (so ) Tj ET Q
q 0 0 0 rg BT 62.04 598.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 77.40 598.10 Td ($50.0 ) Tj ET Q
q 0 0 0 rg BT 103.04 598.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 131.93 598.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 135.08 598.10 Td (non-refundable ) Tj ET Q
q 0 0 0 rg BT 199.31 598.10 Td (prepayment ) Tj ET Q
q 0 0 0 rg BT 249.65 598.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 261.13 598.10 Td (profit ) Tj ET Q
q 0 0 0 rg BT 286.49 598.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 310.73 598.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 321.66 598.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 365.88 598.10 Td (201) Tj ET Q
q 0 0 0 rg BT 380.51 598.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 388.66 598.10 Td (remains ) Tj ET Q
q 0 0 0 rg BT 423.46 598.10 Td (unchanged ) Tj ET Q
q 0 0 0 rg BT 469.92 598.10 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 480.28 598.10 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 539.51 598.10 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 559.51 598.10 Td (. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td (Profit ) Tj ET Q
q 0 0 0 rg BT 75.85 586.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 100.01 586.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 118.64 586.10 Td (only ) Tj ET Q
q 0 0 0 rg BT 139.48 586.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 151.99 586.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 198.92 586.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 209.77 586.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 225.05 586.10 Td (financial ) Tj ET Q
q 0 0 0 rg BT 263.10 586.10 Td (statements ) Tj ET Q
q 0 0 0 rg BT 308.38 586.10 Td (when ) Tj ET Q
q 0 0 0 rg BT 333.11 586.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 348.39 586.10 Td (accrued ) Tj ET Q
q 0 0 0 rg BT 382.54 586.10 Td (profit ) Tj ET Q
q 0 0 0 rg BT 407.83 586.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 431.99 586.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 441.73 586.10 Td (more ) Tj ET Q
q 0 0 0 rg BT 465.35 586.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 485.63 586.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 500.92 586.10 Td (non-refundable ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (prepayment ) Tj ET Q
q 0 0 0 rg BT 99.70 574.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 110.53 574.10 Td (profit ) Tj ET Q
q 0 0 0 rg BT 135.25 574.10 Td (share.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 536.23 Td (18.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 77.00 536.23 Td (EQUITY) Tj ET Q
q 0 0 0 rg BT 116.08 536.23 Td ( ) Tj ET Q
q 0 0 0 rg BT 118.58 536.23 Td (METHOD ) Tj ET Q
q 0 0 0 rg BT 166.64 536.23 Td (INVESTMENTS) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 509.00 Td (As ) Tj ET Q
q 0 0 0 rg BT 63.61 509.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 74.44 509.00 Td (December ) Tj ET Q
q 0 0 0 rg BT 118.03 509.00 Td (31, ) Tj ET Q
q 0 0 0 rg BT 133.03 509.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 147.74 509.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 189.13 509.00 Td (had ) Tj ET Q
q 0 0 0 rg BT 206.07 509.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 220.79 509.00 Td (following ) Tj ET Q
q 0 0 0 rg BT 262.17 509.00 Td (participation ) Tj ET Q
q 0 0 0 rg BT 315.21 509.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 325.49 509.00 Td (investments ) Tj ET Q
q 0 0 0 rg BT 375.76 509.00 Td (that ) Tj ET Q
q 0 0 0 rg BT 393.26 509.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 407.96 509.00 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 445.44 509.00 Td (using ) Tj ET Q
q 0 0 0 rg BT 469.61 509.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 484.33 509.00 Td (equity ) Tj ET Q
q 0 0 0 rg BT 511.82 509.00 Td (method:) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 483.50 378.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 483.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 483.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 483.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 453.50 378.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 453.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 453.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 453.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 423.50 378.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 423.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 423.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 423.50 65.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 483.5 m
428.5 483.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 483.5 m
493.5 483.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 483.5 m
497.5 483.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 483.5 m
562.5 483.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 408.5 m
428.5 408.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 408.5 m
493.5 408.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 408.5 m
497.5 408.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 408.5 m
562.5 408.5 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 488.17 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 470.00 488.18 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 539.35 488.17 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 473.17 Td (CalPetro Tankers \(Bahamas I\) Limited) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 468.00 473.18 Td (100) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 483.00 473.18 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 538.65 473.17 Td (100) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 473.17 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 458.17 Td (CalPetro Tankers \(Bahamas II\) Limited) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 468.00 458.18 Td (100) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 483.00 458.18 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 538.65 458.17 Td (100) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 458.17 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 443.17 Td (CalPetro Tankers \(IOM\) Limited) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 468.00 443.18 Td (100) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 483.00 443.18 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 538.65 443.17 Td (100) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 443.17 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 428.17 Td (Orion Tankers Ltd.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 473.00 428.18 Td (50) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 483.00 428.18 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 428.17 Td (50) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 428.17 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 413.17 Td (Frontline 2012 Ltd.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 470.50 413.18 Td (7.9) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 483.00 413.18 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 541.15 413.17 Td (8.8) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 553.65 413.17 Td (%) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 385.00 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.07 385.00 Td (December ) Tj ET Q
q 0 0 0 rg BT 104.89 385.00 Td (201) Tj ET Q
q 0 0 0 rg BT 119.51 385.00 Td (1, ) Tj ET Q
q 0 0 0 rg BT 129.75 385.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 144.70 385.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 186.33 385.00 Td (established ) Tj ET Q
q 0 0 0 rg BT 233.50 385.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 240.67 385.00 Td (joint ) Tj ET Q
q 0 0 0 rg BT 261.74 385.00 Td (venture ) Tj ET Q
q 0 0 0 rg BT 294.46 385.00 Td (company ) Tj ET Q
q 0 0 0 rg BT 333.85 385.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 354.37 385.00 Td (Nordic ) Tj ET Q
q 0 0 0 rg BT 384.27 385.00 Td (American ) Tj ET Q
q 0 0 0 rg BT 426.23 385.00 Td (T) Tj ET Q
q 0 0 0 rg BT 431.64 385.00 Td (ankers ) Tj ET Q
q 0 0 0 rg BT 460.47 385.00 Td (Limited, ) Tj ET Q
q 0 0 0 rg BT 497.37 385.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 508.44 385.00 Td (NA) Tj ET Q
q 0 0 0 rg BT 521.77 385.00 Td (TS, ) Tj ET Q
q 0 0 0 rg BT 538.68 385.00 Td (Orion ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 373.00 Td (T) Tj ET Q
q 0 0 0 rg BT 55.41 373.00 Td (ankers ) Tj ET Q
q 0 0 0 rg BT 83.37 373.00 Td (Ltd, ) Tj ET Q
q 0 0 0 rg BT 101.62 373.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 111.82 373.00 Td (Orion. ) Tj ET Q
q 0 0 0 rg BT 139.51 373.00 Td (Orion ) Tj ET Q
q 0 0 0 rg BT 164.71 373.00 Td (will ) Tj ET Q
q 0 0 0 rg BT 182.13 373.00 Td (act ) Tj ET Q
q 0 0 0 rg BT 195.65 373.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 205.84 373.00 Td (pool ) Tj ET Q
q 0 0 0 rg BT 225.48 373.00 Td (managers ) Tj ET Q
q 0 0 0 rg BT 265.66 373.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 279.19 373.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 293.27 373.00 Td (Orion ) Tj ET Q
q 0 0 0 rg BT 318.46 373.00 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 356.98 373.00 Td (tanker ) Tj ET Q
q 0 0 0 rg BT 383.83 373.00 Td (pool ) Tj ET Q
q 0 0 0 rg BT 403.48 373.00 Td (that ) Tj ET Q
q 0 0 0 rg BT 420.33 373.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 437.75 373.00 Td (set ) Tj ET Q
q 0 0 0 rg BT 450.72 373.00 Td (up ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 207.28 361.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 248.67 361.00 Td (sold ) Tj ET Q
q 0 0 0 rg BT 267.84 361.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 279.79 361.00 Td (investment ) Tj ET Q
q 0 0 0 rg BT 326.17 361.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 336.45 361.00 Td (Orion ) Tj ET Q
q 0 0 0 rg BT 362.09 361.00 Td (T) Tj ET Q
q 0 0 0 rg BT 367.50 361.00 Td (ankers ) Tj ET Q
q 0 0 0 rg BT 396.10 361.00 Td (Ltd ) Tj ET Q
q 0 0 0 rg BT 412.49 361.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 422.77 361.00 Td (2013 ) Tj ET Q
q 0 0 0 rg BT 445.27 361.00 Td (\(see ) Tj ET Q
q 0 0 0 rg BT 463.87 361.00 Td (Note ) Tj ET Q
q 0 0 0 rg BT 485.81 361.00 Td (33\).) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
255 0 obj
<<
/Length 22415
>>
stream
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0.8 0.9333333333333333 1 rg
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497.50 698.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 668.50 378.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 668.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 668.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 668.50 65.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 698.5 m
428.5 698.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 698.5 m
493.5 698.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 698.5 m
497.5 698.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 698.5 m
562.5 698.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 653.5 m
428.5 653.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 653.5 m
493.5 653.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 653.5 m
497.5 653.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 653.5 m
562.5 653.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 638.5 m
428.5 638.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 638.5 m
493.5 638.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 638.5 m
497.5 638.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 638.5 m
562.5 638.5 l
s
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 703.21 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 470.00 703.18 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 539.35 703.17 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 688.17 Td (Accrued charter hire) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 474.65 688.18 Td (322) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 688.17 Td (600) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 673.17 Td (Deferred gain on sale and leaseback) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 467.15 673.18 Td (3,609) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 673.17 Td (16,352) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 658.17 Td (Other) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 467.15 658.18 Td (3,413) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 536.15 658.17 Td (2,618) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 643.17 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 467.15 643.18 Td (7,344) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 643.17 Td (19,570) Tj ET Q
BT /F3 10.00 Tf ET
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 613.23 Td (22.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 77.00 613.23 Td (DEBT) Tj ET Q
BT /F3 10.00 Tf ET
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.00 Td () Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 572.50 378.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 572.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 572.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 572.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 542.50 378.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 542.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 542.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 542.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 512.50 378.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 512.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 512.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 512.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 482.50 378.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 482.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 482.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 482.50 65.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 572.5 m
428.5 572.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 572.5 m
493.5 572.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 572.5 m
497.5 572.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 572.5 m
562.5 572.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 527.5 m
428.5 527.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 527.5 m
493.5 527.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 527.5 m
497.5 527.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 527.5 m
562.5 527.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 497.5 m
428.5 497.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 497.5 m
493.5 497.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 497.5 m
497.5 497.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 497.5 m
562.5 497.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 467.5 m
428.5 467.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 467.5 m
493.5 467.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 467.5 m
497.5 467.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 467.5 m
562.5 467.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 452.5 m
428.5 452.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 452.5 m
493.5 452.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 452.5 m
497.5 452.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 452.5 m
562.5 452.5 l
s
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 577.21 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 470.00 577.18 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 539.35 577.17 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 562.17 Td (U.S. dollar denominated fixed rate debt:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 490.00 562.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 559.00 562.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 59.00 547.17 Td (4.5% convertible bond due 2015) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 457.15 547.18 Td (215,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 547.17 Td (225,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 532.17 Td (7.84% to 8.04% First Preferred Mortgage Term Notes due 2019 and 2021) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 457.15 532.18 Td (268,992) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 532.17 Td (288,137) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 517.17 Td (T) Tj ET Q
q 0 0 0 rg BT 58.41 517.17 Td (otal U.S. dollar fixed rate debt) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 457.15 517.18 Td (483,992) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 517.17 Td (513,137) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 502.17 Td (Credit facilities) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 479.65 502.18 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 502.17 Td (376) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 487.17 Td (Total debt) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 457.15 487.18 Td (483,992) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 487.17 Td (513,513) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 472.17 Td (Less: current portion of long-term debt) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 458.80 472.23 Td (\(20,700) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.65 472.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 527.80 472.22 Td (\(19,521) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 472.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 457.17 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 457.15 457.18 Td (463,292) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 457.17 Td (493,992) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 429.00 Td (Movements ) Tj ET Q
q 0 0 0 rg BT 99.72 429.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 110.00 429.00 Td (debt ) Tj ET Q
q 0 0 0 rg BT 129.71 429.00 Td (during ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 158.32 429.00 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 178.32 429.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 180.82 429.00 Td (maybe ) Tj ET Q
q 0 0 0 rg BT 209.98 429.00 Td (summarized ) Tj ET Q
q 0 0 0 rg BT 261.35 429.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 272.18 429.00 Td (follows:) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 387.50 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 387.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 387.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 387.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 387.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 387.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 357.50 309.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 357.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 357.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 357.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 357.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 357.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 342.50 309.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 342.50 65.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 342.50 4.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 342.50 65.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 342.50 4.00 -14.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 342.50 65.00 -14.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 387.5 m
359.5 387.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 387.5 m
424.5 387.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 387.5 m
428.5 387.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 387.5 m
493.5 387.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 387.5 m
497.5 387.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 387.5 m
562.5 387.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 342.5 m
359.5 342.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 342.5 m
424.5 342.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 342.5 m
428.5 342.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 342.5 m
493.5 342.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 342.5 m
497.5 342.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 342.5 m
562.5 342.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 328.5 m
359.5 328.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 328.5 m
424.5 328.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 328.5 m
428.5 328.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 328.5 m
493.5 328.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 328.5 m
497.5 328.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 328.5 m
562.5 328.5 l
s
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 392.21 Td (\(in thousands of$\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 393.40 402.18 Td (Cr) Tj ET Q
q 0 0 0 rg BT 404.88 402.18 Td (edit ) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 385.45 392.18 Td (facilities) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 444.30 409.23 Td (U.S. dollar) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 449.15 399.23 Td (fixed rate) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 471.10 389.28 Td (debt) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 559.00 402.02 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 514.05 392.18 Td (T) Tj ET Q
q 0 0 0 rg BT 519.80 392.18 Td (otal Debt) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 377.17 Td (Balance at December 31, 2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 405.65 377.17 Td (376) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 377.17 Td (513,137) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 377.17 Td (513,513) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 362.17 Td (Convertible bond buy-back) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 410.65 362.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 458.80 362.22 Td (\(10,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 362.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 527.80 362.22 Td (\(10,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 362.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 347.17 Td (Loan repayments) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 402.30 347.22 Td (\(376) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 420.65 347.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 458.80 347.22 Td (\(19,145) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 347.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 527.80 347.22 Td (\(19,521) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 347.17 Td (\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 333.18 Td (Balance at December 31, 2012) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 410.65 333.18 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 457.15 333.18 Td (483,992) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 526.15 333.18 Td (483,992) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 305.00 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.44 305.00 Td (March ) Tj ET Q
q 0 0 0 rg BT 88.64 305.00 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 113.25 305.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 127.57 305.00 Td (Company ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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3 M
50.5 204.5 m
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3 M
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
256 0 obj
<<
/Length 43830
>>
stream
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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q 0 0 0 rg BT 325.43 610.25 Td (were ) Tj ET Q
q 0 0 0 rg BT 347.39 610.25 Td (used ) Tj ET Q
q 0 0 0 rg BT 368.25 610.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 378.55 610.25 Td (partially ) Tj ET Q
q 0 0 0 rg BT 414.40 610.25 Td (fund ) Tj ET Q
q 0 0 0 rg BT 435.26 610.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 450.01 610.25 Td (acquisition ) Tj ET Q
q 0 0 0 rg BT 496.42 610.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 507.28 610.25 Td (five) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 522.83 610.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 525.35 610.25 Td (Suezmax ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.25 Td (double ) Tj ET Q
q 0 0 0 rg BT 79.72 598.25 Td (hulls. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 104.17 598.25 Td (Four) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 123.06 598.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 125.56 598.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 136.39 598.25 Td (these ) Tj ET Q
q 0 0 0 rg BT 159.43 598.25 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 190.26 598.25 Td (were ) Tj ET Q
q 0 0 0 rg BT 212.19 598.25 Td (sold ) Tj ET Q
q 0 0 0 rg BT 231.36 598.25 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 241.64 598.25 Td (201) Tj ET Q
q 0 0 0 rg BT 256.27 598.25 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 261.27 598.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 263.77 598.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 280.71 598.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 295.42 598.25 Td (facility ) Tj ET Q
q 0 0 0 rg BT 326.25 598.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 344.30 598.25 Td (fully ) Tj ET Q
q 0 0 0 rg BT 365.68 598.25 Td (repaid ) Tj ET Q
q 0 0 0 rg BT 393.17 598.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 404.00 598.25 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 413.72 598.25 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 472.30 598.25 Td (201) Tj ET Q
q 0 0 0 rg BT 486.93 598.25 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.93 598.25 Td (.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.25 Td ($146.4 ) Tj ET Q
q 0 0 0 rg BT 80.00 574.25 Td (million) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 110.00 574.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 112.50 574.25 Td (term ) Tj ET Q
q 0 0 0 rg BT 135.54 574.25 Td (loan ) Tj ET Q
q 0 0 0 rg BT 156.38 574.25 Td (facility) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.25 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.63 562.25 Td (May ) Tj ET Q
q 0 0 0 rg BT 81.26 562.25 Td (2009, ) Tj ET Q
q 0 0 0 rg BT 106.06 562.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 120.57 562.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 161.76 562.25 Td (entered ) Tj ET Q
q 0 0 0 rg BT 193.48 562.25 Td (into ) Tj ET Q
q 0 0 0 rg BT 211.34 562.25 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 218.07 562.25 Td ($146.4 ) Tj ET Q
q 0 0 0 rg BT 247.87 562.25 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 276.76 562.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 279.06 562.25 Td (pre- ) Tj ET Q
q 0 0 0 rg BT 297.46 562.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 314.20 562.25 Td (post-delivery ) Tj ET Q
q 0 0 0 rg BT 369.26 562.25 Td (secured ) Tj ET Q
q 0 0 0 rg BT 402.10 562.25 Td (term ) Tj ET Q
q 0 0 0 rg BT 422.72 562.25 Td (loan ) Tj ET Q
q 0 0 0 rg BT 442.24 562.25 Td (facility ) Tj ET Q
q 0 0 0 rg BT 472.85 562.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 492.93 562.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 504.67 562.25 Td (interest ) Tj ET Q
q 0 0 0 rg BT 536.40 562.25 Td (rate ) Tj ET Q
q 0 0 0 rg BT 553.69 562.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.25 Td (LIBOR ) Tj ET Q
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q 0 0 0 rg BT 101.48 550.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 108.33 550.25 Td (mar) Tj ET Q
q 0 0 0 rg BT 123.69 550.25 Td (gin ) Tj ET Q
q 0 0 0 rg BT 138.88 550.25 Td (that ) Tj ET Q
q 0 0 0 rg BT 156.28 550.25 Td (matures ) Tj ET Q
q 0 0 0 rg BT 190.34 550.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 200.53 550.25 Td (2020. ) Tj ET Q
q 0 0 0 rg BT 225.26 550.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 243.21 550.25 Td (proceeds ) Tj ET Q
q 0 0 0 rg BT 281.15 550.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 291.89 550.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 306.51 550.25 Td (facility ) Tj ET Q
q 0 0 0 rg BT 337.24 550.25 Td (were ) Tj ET Q
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q 0 0 0 rg BT 379.81 550.25 Td (to ) Tj ET Q
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q 0 0 0 rg BT 425.72 550.25 Td (fund ) Tj ET Q
q 0 0 0 rg BT 446.46 550.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 461.08 550.25 Td (acquisition ) Tj ET Q
q 0 0 0 rg BT 507.37 550.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 518.11 550.25 Td (two) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 533.11 550.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 535.34 550.25 Td (VLCC ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.25 Td (double ) Tj ET Q
q 0 0 0 rg BT 80.14 538.25 Td (hulls. ) Tj ET Q
q 0 0 0 rg BT 104.81 538.25 Td (This ) Tj ET Q
q 0 0 0 rg BT 125.51 538.25 Td (debt ) Tj ET Q
q 0 0 0 rg BT 145.65 538.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 164.13 538.25 Td (assumed ) Tj ET Q
q 0 0 0 rg BT 201.50 538.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 214.42 538.25 Td (Frontline ) Tj ET Q
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q 0 0 0 rg BT 276.94 538.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 288.20 538.25 Td (part ) Tj ET Q
q 0 0 0 rg BT 306.67 538.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 317.93 538.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 333.07 538.25 Td (consideration ) Tj ET Q
q 0 0 0 rg BT 389.87 538.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 404.45 538.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 419.60 538.25 Td (SPCs ) Tj ET Q
q 0 0 0 rg BT 444.21 538.25 Td (purchased ) Tj ET Q
q 0 0 0 rg BT 487.67 538.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 498.38 538.25 Td (December ) Tj ET Q
q 0 0 0 rg BT 542.39 538.25 Td (201) Tj ET Q
q 0 0 0 rg BT 557.01 538.25 Td (1 ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.25 Td (\(see ) Tj ET Q
q 0 0 0 rg BT 68.60 526.25 Td (Note ) Tj ET Q
q 0 0 0 rg BT 90.54 526.25 Td (4\).) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.25 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.25 Td ($33.0 ) Tj ET Q
q 0 0 0 rg BT 75.00 502.25 Td (million) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 105.00 502.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 107.50 502.25 Td (loan ) Tj ET Q
q 0 0 0 rg BT 128.34 502.25 Td (facility) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.25 Td (In ) Tj ET Q
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q 0 0 0 rg BT 81.79 490.25 Td (2009, ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 188.40 490.25 Td ($33.0 ) Tj ET Q
q 0 0 0 rg BT 213.46 490.25 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 242.36 490.25 Td ( ) Tj ET Q
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q 0 0 0 rg BT 297.81 490.25 Td (facility ) Tj ET Q
q 0 0 0 rg BT 328.70 490.25 Td (with ) Tj ET Q
q 0 0 0 rg BT 349.04 490.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 361.05 490.25 Td (interest ) Tj ET Q
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q 0 0 0 rg BT 480.31 490.25 Td (mar) Tj ET Q
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q 0 0 0 rg BT 513.34 490.25 Td (This ) Tj ET Q
q 0 0 0 rg BT 533.68 490.25 Td (facility ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 249.10 478.25 Td (June ) Tj ET Q
q 0 0 0 rg BT 269.93 478.25 Td (30, ) Tj ET Q
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q 0 0 0 rg BT 430.36 478.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 441.19 478.25 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 529.12 478.25 Td (.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.25 Td ($200.0 ) Tj ET Q
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.25 Td ($147.0 ) Tj ET Q
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 110.00 370.25 Td ( ) Tj ET Q
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q 0 0 0 rg BT 156.38 370.25 Td (facility) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 243.00 358.25 Td ($147.0 ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 185.17 346.25 Td (matures ) Tj ET Q
q 0 0 0 rg BT 219.34 346.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 229.63 346.25 Td (2017. ) Tj ET Q
q 0 0 0 rg BT 254.64 346.25 Td (During ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 285.49 346.25 Td (201) Tj ET Q
q 0 0 0 rg BT 300.12 346.25 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 305.12 346.25 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 307.63 346.25 Td ($72.0 ) Tj ET Q
q 0 0 0 rg BT 332.65 346.25 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 361.54 346.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 364.05 346.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 382.12 346.25 Td (drawn ) Tj ET Q
q 0 0 0 rg BT 409.62 346.25 Td (down ) Tj ET Q
q 0 0 0 rg BT 434.36 346.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 444.65 346.25 Td (fund ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 465.50 346.25 Td (two) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 480.50 346.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 483.01 346.25 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 535.34 346.25 Td (VLCC ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.25 Td (double ) Tj ET Q
q 0 0 0 rg BT 79.21 334.25 Td (hulls. ) Tj ET Q
q 0 0 0 rg BT 103.00 334.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 120.53 334.25 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 163.06 334.25 Td (debt ) Tj ET Q
q 0 0 0 rg BT 182.27 334.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 199.81 334.25 Td (assumed ) Tj ET Q
q 0 0 0 rg BT 236.24 334.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 248.23 334.25 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 286.88 334.25 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 308.87 334.25 Td (as ) Tj ET Q
q 0 0 0 rg BT 319.19 334.25 Td (part ) Tj ET Q
q 0 0 0 rg BT 336.72 334.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 347.04 334.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 361.25 334.25 Td (consideration ) Tj ET Q
q 0 0 0 rg BT 417.11 334.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 430.76 334.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 444.96 334.25 Td (SPCs ) Tj ET Q
q 0 0 0 rg BT 468.64 334.25 Td (purchased ) Tj ET Q
q 0 0 0 rg BT 511.16 334.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 520.93 334.25 Td (December ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.25 Td (201) Tj ET Q
q 0 0 0 rg BT 64.63 322.25 Td (1 ) Tj ET Q
q 0 0 0 rg BT 72.13 322.25 Td (\(see ) Tj ET Q
q 0 0 0 rg BT 90.73 322.25 Td (Note ) Tj ET Q
q 0 0 0 rg BT 112.67 322.25 Td (4\).) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 298.25 Td (U.S. ) Tj ET Q
q 0 0 0 rg BT 70.28 298.25 Td (DOLLAR ) Tj ET Q
q 0 0 0 rg BT 115.57 298.25 Td (DENOMINA) Tj ET Q
q 0 0 0 rg BT 171.49 298.25 Td (TED ) Tj ET Q
q 0 0 0 rg BT 194.55 298.25 Td (FIXED ) Tj ET Q
q 0 0 0 rg BT 228.16 298.25 Td (RA) Tj ET Q
q 0 0 0 rg BT 241.87 298.25 Td (TE ) Tj ET Q
q 0 0 0 rg BT 257.71 298.25 Td (DEBT) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.25 Td (4.5%) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 72.50 274.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 75.00 274.25 Td (Convertible ) Tj ET Q
q 0 0 0 rg BT 128.05 274.25 Td (Bonds ) Tj ET Q
q 0 0 0 rg BT 157.23 274.25 Td (due ) Tj ET Q
q 0 0 0 rg BT 175.29 274.25 Td (2015) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.25 Td (On ) Tj ET Q
q 0 0 0 rg BT 64.70 262.25 Td (March ) Tj ET Q
q 0 0 0 rg BT 93.27 262.25 Td (26, ) Tj ET Q
q 0 0 0 rg BT 108.25 262.25 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 133.23 262.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 147.92 262.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 189.29 262.25 Td (announced ) Tj ET Q
q 0 0 0 rg BT 235.08 262.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 249.77 262.25 Td (private ) Tj ET Q
q 0 0 0 rg BT 280.01 262.25 Td (placement ) Tj ET Q
q 0 0 0 rg BT 323.58 262.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 334.39 262.25 Td ($225 ) Tj ET Q
q 0 0 0 rg BT 356.86 262.25 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 385.75 262.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 388.23 262.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 399.04 262.25 Td (convertible ) Tj ET Q
q 0 0 0 rg BT 446.50 262.25 Td (bonds ) Tj ET Q
q 0 0 0 rg BT 472.87 262.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 489.78 262.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 504.47 262.25 Td (of) Tj ET Q
q 0 0 0 rg BT 512.62 262.25 Td (fering ) Tj ET Q
q 0 0 0 rg BT 538.98 262.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 549.79 262.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.25 Td (bonds ) Tj ET Q
q 0 0 0 rg BT 75.90 250.25 Td (closed ) Tj ET Q
q 0 0 0 rg BT 103.45 250.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 115.01 250.25 Td (April ) Tj ET Q
q 0 0 0 rg BT 138.12 250.25 Td (14, ) Tj ET Q
q 0 0 0 rg BT 152.62 250.25 Td (2010. ) Tj ET Q
q 0 0 0 rg BT 176.98 250.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 194.53 250.25 Td (senior) Tj ET Q
q 0 0 0 rg BT 218.57 250.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 223.07 250.25 Td (unsecured ) Tj ET Q
q 0 0 0 rg BT 265.61 250.25 Td (convertible ) Tj ET Q
q 0 0 0 rg BT 312.60 250.25 Td (bonds ) Tj ET Q
q 0 0 0 rg BT 338.49 250.25 Td (have ) Tj ET Q
q 0 0 0 rg BT 359.37 250.25 Td (an ) Tj ET Q
q 0 0 0 rg BT 370.81 250.25 Td (annual ) Tj ET Q
q 0 0 0 rg BT 399.47 250.25 Td (coupon ) Tj ET Q
q 0 0 0 rg BT 430.91 250.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 441.25 250.25 Td (4.50%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 467.08 250.25 Td (, ) Tj ET Q
q 0 0 0 rg BT 471.58 250.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 498.02 250.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 506.70 250.25 Td (paid ) Tj ET Q
q 0 0 0 rg BT 525.92 250.25 Td (quarterly ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 60.50 238.25 Td (arrears ) Tj ET Q
q 0 0 0 rg BT 90.42 238.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 107.59 238.25 Td (had ) Tj ET Q
q 0 0 0 rg BT 124.75 238.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 131.91 238.25 Td (conversion ) Tj ET Q
q 0 0 0 rg BT 178.52 238.25 Td (price ) Tj ET Q
q 0 0 0 rg BT 201.23 238.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 212.28 238.25 Td ($39.00) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 239.78 238.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 244.81 238.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 263.08 238.25 Td (bonds ) Tj ET Q
q 0 0 0 rg BT 289.70 238.25 Td (may ) Tj ET Q
q 0 0 0 rg BT 309.64 238.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 321.80 238.25 Td (converted ) Tj ET Q
q 0 0 0 rg BT 363.95 238.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 374.45 238.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 389.39 238.25 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 436.70 238.25 Td (Ordinary ) Tj ET Q
q 0 0 0 rg BT 475.52 238.25 Td (Shares ) Tj ET Q
q 0 0 0 rg BT 504.91 238.25 Td (by ) Tj ET Q
q 0 0 0 rg BT 517.63 238.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 532.57 238.25 Td (holders ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.25 Td (at ) Tj ET Q
q 0 0 0 rg BT 60.28 226.25 Td (anytime ) Tj ET Q
q 0 0 0 rg BT 95.56 226.25 Td (up ) Tj ET Q
q 0 0 0 rg BT 108.63 226.25 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 119.47 226.25 Td (10) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 129.47 226.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 132.53 226.25 Td (banking ) Tj ET Q
q 0 0 0 rg BT 167.82 226.25 Td (days ) Tj ET Q
q 0 0 0 rg BT 189.21 226.25 Td (prior ) Tj ET Q
q 0 0 0 rg BT 211.72 226.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 221.88 226.25 Td (April ) Tj ET Q
q 0 0 0 rg BT 246.06 226.25 Td (14, ) Tj ET Q
q 0 0 0 rg BT 261.62 226.25 Td (2015. ) Tj ET Q
q 0 0 0 rg BT 286.97 226.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 305.58 226.25 Td (reference ) Tj ET Q
q 0 0 0 rg BT 345.83 226.25 Td (price ) Tj ET Q
q 0 0 0 rg BT 368.88 226.25 Td (has ) Tj ET Q
q 0 0 0 rg BT 385.27 226.25 Td (been ) Tj ET Q
q 0 0 0 rg BT 407.21 226.25 Td (set ) Tj ET Q
q 0 0 0 rg BT 421.39 226.25 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 431.67 226.25 Td ($29.7784) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 469.17 226.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 472.24 226.25 Td (\(NOK ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 500.30 226.25 Td (180.0045) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 537.80 226.25 Td (\). ) Tj ET Q
q 0 0 0 rg BT 546.47 226.25 Td (The ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.25 Td (applicable ) Tj ET Q
q 0 0 0 rg BT 94.10 214.25 Td (USD/NOK ) Tj ET Q
q 0 0 0 rg BT 141.55 214.25 Td (exchange ) Tj ET Q
q 0 0 0 rg BT 182.31 214.25 Td (rate ) Tj ET Q
q 0 0 0 rg BT 200.31 214.25 Td (has ) Tj ET Q
q 0 0 0 rg BT 216.65 214.25 Td (been ) Tj ET Q
q 0 0 0 rg BT 238.53 214.25 Td (set ) Tj ET Q
q 0 0 0 rg BT 252.65 214.25 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 262.87 214.25 Td (6.0448) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 290.37 214.25 Td (. ) Tj ET Q
q 0 0 0 rg BT 295.66 214.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 314.22 214.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 356.11 214.25 Td (declared ) Tj ET Q
q 0 0 0 rg BT 392.98 214.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 400.43 214.25 Td (dividend ) Tj ET Q
q 0 0 0 rg BT 438.43 214.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 449.77 214.25 Td ($0.75) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 472.27 214.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 475.28 214.25 Td (per ) Tj ET Q
q 0 0 0 rg BT 491.05 214.25 Td (share ) Tj ET Q
q 0 0 0 rg BT 515.16 214.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 528.17 214.25 Td (May ) Tj ET Q
q 0 0 0 rg BT 549.50 214.25 Td (21, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.25 Td (2010. ) Tj ET Q
q 0 0 0 rg BT 74.48 202.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 92.15 202.25 Td (conversion ) Tj ET Q
q 0 0 0 rg BT 138.16 202.25 Td (price ) Tj ET Q
q 0 0 0 rg BT 160.27 202.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 177.95 202.25 Td (adjusted ) Tj ET Q
q 0 0 0 rg BT 213.41 202.25 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 234.97 202.25 Td ($39.00) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 262.47 202.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 264.60 202.25 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 274.51 202.25 Td ($38.0895) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 312.01 202.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 314.14 202.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 321.73 202.25 Td (fective ) Tj ET Q
q 0 0 0 rg BT 351.06 202.25 Td (June ) Tj ET Q
q 0 0 0 rg BT 371.52 202.25 Td (2, ) Tj ET Q
q 0 0 0 rg BT 381.15 202.25 Td (2010 ) Tj ET Q
q 0 0 0 rg BT 403.27 202.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 429.84 202.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 447.52 202.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 461.87 202.25 Td (date ) Tj ET Q
q 0 0 0 rg BT 480.65 202.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 495.00 202.25 Td (shares ) Tj ET Q
q 0 0 0 rg BT 522.12 202.25 Td (traded ) Tj ET Q
q 0 0 0 rg BT 549.23 202.25 Td (ex-) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.25 Td (dividend. ) Tj ET Q
q 0 0 0 rg BT 90.51 190.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 109.30 190.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 151.43 190.25 Td (declared ) Tj ET Q
q 0 0 0 rg BT 188.54 190.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 196.22 190.25 Td (dividend ) Tj ET Q
q 0 0 0 rg BT 234.46 190.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 246.03 190.25 Td ($0.75) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 268.53 190.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 271.78 190.25 Td (per ) Tj ET Q
q 0 0 0 rg BT 287.79 190.25 Td (share ) Tj ET Q
q 0 0 0 rg BT 312.13 190.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 324.66 190.25 Td (August ) Tj ET Q
q 0 0 0 rg BT 356.80 190.25 Td (27, ) Tj ET Q
q 0 0 0 rg BT 372.54 190.25 Td (2010. ) Tj ET Q
q 0 0 0 rg BT 398.05 190.25 Td (The ) Tj ET Q
q 0 0 0 rg BT 416.84 190.25 Td (conversion ) Tj ET Q
q 0 0 0 rg BT 463.97 190.25 Td (price ) Tj ET Q
q 0 0 0 rg BT 487.20 190.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 505.99 190.25 Td (adjusted ) Tj ET Q
q 0 0 0 rg BT 542.56 190.25 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.25 Td ($38.0895) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 87.50 178.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 90.46 178.25 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 101.19 178.25 Td ($37.0483) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 138.69 178.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 141.65 178.25 Td (per ) Tj ET Q
q 0 0 0 rg BT 157.37 178.25 Td (share ) Tj ET Q
q 0 0 0 rg BT 181.42 178.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 189.01 178.25 Td (fective ) Tj ET Q
q 0 0 0 rg BT 219.17 178.25 Td (September ) Tj ET Q
q 0 0 0 rg BT 264.89 178.25 Td (8, ) Tj ET Q
q 0 0 0 rg BT 275.34 178.25 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 300.80 178.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 328.19 178.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 346.70 178.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 361.87 178.25 Td (ex-dividend ) Tj ET Q
q 0 0 0 rg BT 412.59 178.25 Td (date. ) Tj ET Q
q 0 0 0 rg BT 434.49 178.25 Td (There ) Tj ET Q
q 0 0 0 rg BT 460.76 178.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 479.27 178.25 Td (no ) Tj ET Q
q 0 0 0 rg BT 492.22 178.25 Td (adjustment ) Tj ET Q
q 0 0 0 rg BT 539.06 178.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 549.79 178.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.25 Td (conversion ) Tj ET Q
q 0 0 0 rg BT 97.46 166.25 Td (price ) Tj ET Q
q 0 0 0 rg BT 121.02 166.25 Td (for ) Tj ET Q
q 0 0 0 rg BT 136.26 166.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 152.06 166.25 Td (dividend ) Tj ET Q
q 0 0 0 rg BT 190.64 166.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 202.55 166.25 Td ($0.25) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 225.05 166.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 228.63 166.25 Td (per ) Tj ET Q
q 0 0 0 rg BT 244.98 166.25 Td (share, ) Tj ET Q
q 0 0 0 rg BT 272.16 166.25 Td (which ) Tj ET Q
q 0 0 0 rg BT 300.18 166.25 Td (was ) Tj ET Q
q 0 0 0 rg BT 319.31 166.25 Td (paid ) Tj ET Q
q 0 0 0 rg BT 340.11 166.25 Td (on ) Tj ET Q
q 0 0 0 rg BT 353.69 166.25 Td (December ) Tj ET Q
q 0 0 0 rg BT 398.35 166.25 Td (21, ) Tj ET Q
q 0 0 0 rg BT 414.43 166.25 Td (2010. ) Tj ET Q
q 0 0 0 rg BT 440.25 166.25 Td (There ) Tj ET Q
q 0 0 0 rg BT 467.15 166.25 Td (is ) Tj ET Q
q 0 0 0 rg BT 477.40 166.25 Td (no ) Tj ET Q
q 0 0 0 rg BT 490.98 166.25 Td (adjustment ) Tj ET Q
q 0 0 0 rg BT 538.44 166.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 549.80 166.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 154.25 Td (conversion ) Tj ET Q
q 0 0 0 rg BT 97.08 154.25 Td (price ) Tj ET Q
q 0 0 0 rg BT 120.26 154.25 Td (where ) Tj ET Q
q 0 0 0 rg BT 147.89 154.25 Td (such ) Tj ET Q
q 0 0 0 rg BT 169.42 154.25 Td (adjustment ) Tj ET Q
q 0 0 0 rg BT 216.51 154.25 Td (would ) Tj ET Q
q 0 0 0 rg BT 244.71 154.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 257.35 154.25 Td (less ) Tj ET Q
q 0 0 0 rg BT 275.55 154.25 Td (than ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 295.96 154.25 Td (1%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 309.29 154.25 Td ( ) Tj ET Q
q 0 0 0 rg BT 312.50 154.25 Td (of ) Tj ET Q
q 0 0 0 rg BT 324.03 154.25 Td (the ) Tj ET Q
q 0 0 0 rg BT 339.44 154.25 Td (conversion ) Tj ET Q
q 0 0 0 rg BT 386.52 154.25 Td (price ) Tj ET Q
q 0 0 0 rg BT 409.71 154.25 Td (then ) Tj ET Q
q 0 0 0 rg BT 430.12 154.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 441.10 154.25 Td (ef) Tj ET Q
q 0 0 0 rg BT 448.69 154.25 Td (fect ) Tj ET Q
q 0 0 0 rg BT 466.88 154.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 484.52 154.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 502.16 154.25 Td (adjustment ) Tj ET Q
q 0 0 0 rg BT 549.24 154.25 Td (not ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 142.25 Td (required ) Tj ET Q
q 0 0 0 rg BT 86.50 142.25 Td (to ) Tj ET Q
q 0 0 0 rg BT 97.46 142.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 110.08 142.25 Td (made ) Tj ET Q
q 0 0 0 rg BT 134.92 142.25 Td (shall ) Tj ET Q
q 0 0 0 rg BT 156.99 142.25 Td (be ) Tj ET Q
q 0 0 0 rg BT 169.61 142.25 Td (carried ) Tj ET Q
q 0 0 0 rg BT 200.54 142.25 Td (forward ) Tj ET Q
q 0 0 0 rg BT 235.38 142.25 Td (and ) Tj ET Q
q 0 0 0 rg BT 253.00 142.25 Td (taken ) Tj ET Q
q 0 0 0 rg BT 277.84 142.25 Td (into ) Tj ET Q
q 0 0 0 rg BT 296.58 142.25 Td (account ) Tj ET Q
q 0 0 0 rg BT 330.85 142.25 Td (in ) Tj ET Q
q 0 0 0 rg BT 341.81 142.25 Td (any ) Tj ET Q
q 0 0 0 rg BT 359.43 142.25 Td (subsequent ) Tj ET Q
q 0 0 0 rg BT 407.06 142.25 Td (adjustment. ) Tj ET Q
q 0 0 0 rg BT 456.62 142.25 Td (On ) Tj ET Q
q 0 0 0 rg BT 472.02 142.25 Td (February ) Tj ET Q
q 0 0 0 rg BT 511.31 142.25 Td (22, ) Tj ET Q
q 0 0 0 rg BT 526.99 142.25 Td (201) Tj ET Q
q 0 0 0 rg BT 541.62 142.25 Td (1 ) Tj ET Q
q 0 0 0 rg BT 549.80 142.25 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 130.25 Td (Company ) Tj ET Q
q 0 0 0 rg BT 92.17 130.25 Td (announced ) Tj ET Q
q 0 0 0 rg BT 138.76 130.25 Td (a ) Tj ET Q
q 0 0 0 rg BT 146.48 130.25 Td (dividend ) Tj ET Q
q 0 0 0 rg BT 184.76 130.25 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 196.37 130.25 Td ($0.10) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 218.87 130.25 Td ( ) Tj ET Q
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endstream
endobj
257 0 obj
<<
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>>
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BT /F1 9.00 Tf ET
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q 0 0 0 rg BT 269.12 574.10 Td (erm ) Tj ET Q
q 0 0 0 rg BT 287.16 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 304.10 574.10 Td (Serial ) Tj ET Q
q 0 0 0 rg BT 329.93 574.10 Td (Notes ) Tj ET Q
q 0 0 0 rg BT 355.76 574.10 Td (was ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 373.81 574.10 Td (7.91%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 399.64 574.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 402.14 574.10 Td (\(201) Tj ET Q
q 0 0 0 rg BT 420.10 574.10 Td (1 ) Tj ET Q
q 0 0 0 rg BT 427.60 574.10 Td (-) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 430.93 574.10 Td (7.91%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 456.76 574.10 Td (\).) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (7.84%) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 77.50 550.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 80.00 550.10 Td (and ) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 98.62 550.10 Td (8.04%) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 126.12 550.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 128.62 550.10 Td (First ) Tj ET Q
q 0 0 0 rg BT 151.67 550.10 Td (Pr) Tj ET Q
q 0 0 0 rg BT 162.04 550.10 Td (eferr) Tj ET Q
q 0 0 0 rg BT 182.94 550.10 Td (ed ) Tj ET Q
q 0 0 0 rg BT 195.44 550.10 Td (Mortgage ) Tj ET Q
q 0 0 0 rg BT 239.40 550.10 Td (T) Tj ET Q
q 0 0 0 rg BT 245.16 550.10 Td (erm ) Tj ET Q
q 0 0 0 rg BT 264.86 550.10 Td (Notes) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (The ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 67.63 538.10 Td (7.84%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 93.46 538.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 95.54 538.10 Td (First ) Tj ET Q
q 0 0 0 rg BT 115.96 538.10 Td (Preferred ) Tj ET Q
q 0 0 0 rg BT 155.24 538.10 Td (Mortgage ) Tj ET Q
q 0 0 0 rg BT 196.05 538.10 Td (T) Tj ET Q
q 0 0 0 rg BT 201.46 538.10 Td (erm ) Tj ET Q
q 0 0 0 rg BT 219.09 538.10 Td (Notes ) Tj ET Q
q 0 0 0 rg BT 244.51 538.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 261.03 538.10 Td (2021 ) Tj ET Q
q 0 0 0 rg BT 283.11 538.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 299.63 538.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 313.93 538.10 Td (8.04%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 339.76 538.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 341.84 538.10 Td (First ) Tj ET Q
q 0 0 0 rg BT 362.26 538.10 Td (Preferred ) Tj ET Q
q 0 0 0 rg BT 401.54 538.10 Td (Mortgage ) Tj ET Q
q 0 0 0 rg BT 442.35 538.10 Td (T) Tj ET Q
q 0 0 0 rg BT 447.76 538.10 Td (erm ) Tj ET Q
q 0 0 0 rg BT 465.39 538.10 Td (Notes ) Tj ET Q
q 0 0 0 rg BT 490.81 538.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 507.33 538.10 Td (2019 ) Tj ET Q
q 0 0 0 rg BT 529.41 538.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 543.70 538.10 Td (each ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (subject ) Tj ET Q
q 0 0 0 rg BT 81.29 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 92.04 526.10 Td (redemption ) Tj ET Q
q 0 0 0 rg BT 140.55 526.10 Td (through ) Tj ET Q
q 0 0 0 rg BT 174.63 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 189.81 526.10 Td (operation ) Tj ET Q
q 0 0 0 rg BT 230.54 526.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 241.84 526.10 Td (mandatory ) Tj ET Q
q 0 0 0 rg BT 287.57 526.10 Td (sinking ) Tj ET Q
q 0 0 0 rg BT 319.99 526.10 Td (funds ) Tj ET Q
q 0 0 0 rg BT 345.18 526.10 Td (according ) Tj ET Q
q 0 0 0 rg BT 387.57 526.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 398.31 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 413.50 526.10 Td (schedule ) Tj ET Q
q 0 0 0 rg BT 451.45 526.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 462.75 526.10 Td (sinking ) Tj ET Q
q 0 0 0 rg BT 495.17 526.10 Td (fund ) Tj ET Q
q 0 0 0 rg BT 516.46 526.10 Td (redemption ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (payments ) Tj ET Q
q 0 0 0 rg BT 91.16 514.10 Td (set ) Tj ET Q
q 0 0 0 rg BT 105.11 514.10 Td (forth ) Tj ET Q
q 0 0 0 rg BT 127.39 514.10 Td (below) Tj ET Q
q 0 0 0 rg BT 151.18 514.10 Td (.) Tj ET Q
q 0 0 0 rg BT 158.50 514.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 176.88 514.10 Td (sinking ) Tj ET Q
q 0 0 0 rg BT 209.17 514.10 Td (fund ) Tj ET Q
q 0 0 0 rg BT 230.34 514.10 Td (redemption ) Tj ET Q
q 0 0 0 rg BT 278.72 514.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 301.54 514.10 Td (is ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 311.05 514.10 Td (100%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 334.38 514.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 337.22 514.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 348.39 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 363.44 514.10 Td (principal ) Tj ET Q
q 0 0 0 rg BT 401.82 514.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 434.65 514.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 445.62 514.10 Td (T) Tj ET Q
q 0 0 0 rg BT 451.03 514.10 Td (erm ) Tj ET Q
q 0 0 0 rg BT 469.41 514.10 Td (Notes ) Tj ET Q
q 0 0 0 rg BT 495.58 514.10 Td (being ) Tj ET Q
q 0 0 0 rg BT 520.64 514.10 Td (redeemed, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (together ) Tj ET Q
q 0 0 0 rg BT 85.26 502.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 105.54 502.10 Td (accrued ) Tj ET Q
q 0 0 0 rg BT 139.13 502.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 156.06 502.10 Td (unpaid ) Tj ET Q
q 0 0 0 rg BT 185.78 502.10 Td (interest ) Tj ET Q
q 0 0 0 rg BT 217.71 502.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 227.99 502.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 242.71 502.10 Td (date ) Tj ET Q
q 0 0 0 rg BT 261.87 502.10 Td (fixed ) Tj ET Q
q 0 0 0 rg BT 284.91 502.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 299.07 502.10 Td (redemption.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 347.11 502.10 Td () Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 466.60 447.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 466.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 436.60 447.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 436.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 406.60 447.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 406.60 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 376.60 447.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 376.60 65.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 466.6 m
497.5 466.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 466.6 m
562.5 466.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 376.6 m
497.5 376.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 376.6 m
562.5 376.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 361.6 m
497.5 361.6 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 361.6 m
562.5 361.6 l
s
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 481.26 Td (\(in thousands of $\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 471.27 Td (Y) Tj ET Q
q 0 0 0 rg BT 59.22 471.27 Td (ear ending December 31,) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 500.00 471.27 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 456.27 Td (2013) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 531.15 456.28 Td (20,700) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 441.27 Td (2014) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 531.15 441.28 Td (22,376) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 426.27 Td (2015) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 531.15 426.28 Td (24,174) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 411.27 Td (2016) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 531.15 411.28 Td (26,134) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 396.27 Td (2017) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 531.15 396.28 Td (28,243) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 381.27 Td (Thereafter) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 526.15 381.28 Td (147,365) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 526.15 366.28 Td (268,992) Tj ET Q
BT /F3 10.00 Tf ET
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 350.10 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 338.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.73 338.10 Td (Notes ) Tj ET Q
q 0 0 0 rg BT 93.25 338.10 Td (include ) Tj ET Q
q 0 0 0 rg BT 124.87 338.10 Td (certain ) Tj ET Q
q 0 0 0 rg BT 154.26 338.10 Td (covenants ) Tj ET Q
q 0 0 0 rg BT 196.43 338.10 Td (that, ) Tj ET Q
q 0 0 0 rg BT 216.11 338.10 Td (among ) Tj ET Q
q 0 0 0 rg BT 245.52 338.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 268.25 338.10 Td (things, ) Tj ET Q
q 0 0 0 rg BT 297.38 338.10 Td (prohibit ) Tj ET Q
q 0 0 0 rg BT 331.24 338.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 345.64 338.10 Td (separate ) Tj ET Q
q 0 0 0 rg BT 380.58 338.10 Td (structures ) Tj ET Q
q 0 0 0 rg BT 421.64 338.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 443.27 338.10 Td (\(i\) ) Tj ET Q
q 0 0 0 rg BT 454.89 338.10 Td (incurring ) Tj ET Q
q 0 0 0 rg BT 493.73 338.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 510.36 338.10 Td (indebtedness ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 326.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 73.12 326.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 92.91 326.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 107.70 326.10 Td (existing ) Tj ET Q
q 0 0 0 rg BT 141.94 326.10 Td (Notes ) Tj ET Q
q 0 0 0 rg BT 167.84 326.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 184.85 326.10 Td (obligations ) Tj ET Q
q 0 0 0 rg BT 231.87 326.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 242.22 326.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 257.01 326.10 Td (respective ) Tj ET Q
q 0 0 0 rg BT 300.12 326.10 Td (charterers, ) Tj ET Q
q 0 0 0 rg BT 344.60 326.10 Td (\(ii\) ) Tj ET Q
q 0 0 0 rg BT 359.39 326.10 Td (making ) Tj ET Q
q 0 0 0 rg BT 391.96 326.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 408.97 326.10 Td (investments ) Tj ET Q
q 0 0 0 rg BT 459.32 326.10 Td (\(other ) Tj ET Q
q 0 0 0 rg BT 485.77 326.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 505.56 326.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 520.35 326.10 Td (prescribed ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 314.10 Td (restricted ) Tj ET Q
q 0 0 0 rg BT 89.14 314.10 Td (investments\), ) Tj ET Q
q 0 0 0 rg BT 144.69 314.10 Td (loans ) Tj ET Q
q 0 0 0 rg BT 167.74 314.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 178.01 314.10 Td (advances ) Tj ET Q
q 0 0 0 rg BT 216.59 314.10 Td (outside ) Tj ET Q
q 0 0 0 rg BT 247.42 314.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 261.58 314.10 Td (current ) Tj ET Q
q 0 0 0 rg BT 291.84 314.10 Td (structure ) Tj ET Q
q 0 0 0 rg BT 328.76 314.10 Td (or ) Tj ET Q
q 0 0 0 rg BT 339.03 314.10 Td (\(iii\) ) Tj ET Q
q 0 0 0 rg BT 355.97 314.10 Td (creating ) Tj ET Q
q 0 0 0 rg BT 390.11 314.10 Td (any ) Tj ET Q
q 0 0 0 rg BT 406.49 314.10 Td (liens ) Tj ET Q
q 0 0 0 rg BT 427.32 314.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 449.81 314.10 Td (than ) Tj ET Q
q 0 0 0 rg BT 468.96 314.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 478.68 314.10 Td (secure ) Tj ET Q
q 0 0 0 rg BT 506.16 314.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 517.55 314.10 Td (obligations ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 302.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 75.27 302.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 89.99 302.10 Td (Notes ) Tj ET Q
q 0 0 0 rg BT 115.82 302.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 132.75 302.10 Td (other ) Tj ET Q
q 0 0 0 rg BT 155.80 302.10 Td (relevant ) Tj ET Q
q 0 0 0 rg BT 190.50 302.10 Td (documents ) Tj ET Q
q 0 0 0 rg BT 236.33 302.10 Td (related ) Tj ET Q
q 0 0 0 rg BT 266.03 302.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 276.31 302.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 291.03 302.10 Td (Notes ) Tj ET Q
q 0 0 0 rg BT 316.86 302.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 333.79 302.10 Td (leasing ) Tj ET Q
q 0 0 0 rg BT 364.62 302.10 Td (transactions.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 278.10 Td (8.52%) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 77.50 278.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 80.00 278.10 Td (First ) Tj ET Q
q 0 0 0 rg BT 103.05 278.10 Td (Pr) Tj ET Q
q 0 0 0 rg BT 113.41 278.10 Td (eferr) Tj ET Q
q 0 0 0 rg BT 134.32 278.10 Td (ed ) Tj ET Q
q 0 0 0 rg BT 146.82 278.10 Td (Mortgage ) Tj ET Q
q 0 0 0 rg BT 190.78 278.10 Td (T) Tj ET Q
q 0 0 0 rg BT 196.53 278.10 Td (erm ) Tj ET Q
q 0 0 0 rg BT 216.24 278.10 Td (Notes) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 266.10 Td (Principal ) Tj ET Q
q 0 0 0 rg BT 89.09 266.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 98.74 266.10 Td (repayable ) Tj ET Q
q 0 0 0 rg BT 140.59 266.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 153.58 266.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 168.78 266.10 Td (8.52%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 194.61 266.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 197.59 266.10 Td (First ) Tj ET Q
q 0 0 0 rg BT 218.92 266.10 Td (Preferred ) Tj ET Q
q 0 0 0 rg BT 259.10 266.10 Td (Mortgage ) Tj ET Q
q 0 0 0 rg BT 300.74 266.10 Td (T) Tj ET Q
q 0 0 0 rg BT 306.15 266.10 Td (erm ) Tj ET Q
q 0 0 0 rg BT 324.69 266.10 Td (Notes ) Tj ET Q
q 0 0 0 rg BT 351.00 266.10 Td (due ) Tj ET Q
q 0 0 0 rg BT 368.42 266.10 Td (2015 ) Tj ET Q
q 0 0 0 rg BT 391.41 266.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 402.17 266.10 Td (accordance ) Tj ET Q
q 0 0 0 rg BT 450.12 266.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 470.88 266.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 478.31 266.10 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 521.83 266.10 Td (three ) Tj ET Q
q 0 0 0 rg BT 544.80 266.10 Td (year ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 254.10 Td (sinking ) Tj ET Q
q 0 0 0 rg BT 81.07 254.10 Td (fund ) Tj ET Q
q 0 0 0 rg BT 101.03 254.10 Td (schedule. ) Tj ET Q
q 0 0 0 rg BT 140.14 254.10 Td (Of ) Tj ET Q
q 0 0 0 rg BT 152.32 254.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 166.16 254.10 Td (four ) Tj ET Q
q 0 0 0 rg BT 184.44 254.10 Td (entities ) Tj ET Q
q 0 0 0 rg BT 214.95 254.10 Td (reporting ) Tj ET Q
q 0 0 0 rg BT 253.23 254.10 Td (these ) Tj ET Q
q 0 0 0 rg BT 275.40 254.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 295.35 254.10 Td (notes, ) Tj ET Q
q 0 0 0 rg BT 320.58 254.10 Td (only ) Tj ET Q
q 0 0 0 rg BT 339.99 254.10 Td (one ) Tj ET Q
q 0 0 0 rg BT 356.05 254.10 Td (entity) Tj ET Q
q 0 0 0 rg BT 378.18 254.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 382.30 254.10 Td (CalPetro ) Tj ET Q
q 0 0 0 rg BT 418.92 254.10 Td (BIII ) Tj ET Q
q 0 0 0 rg BT 437.21 254.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 445.50 254.10 Td (consolidated ) Tj ET Q
q 0 0 0 rg BT 497.67 254.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 507.62 254.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 521.46 254.10 Td (remaining ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 242.10 Td (three ) Tj ET Q
q 0 0 0 rg BT 72.46 242.10 Td (entities ) Tj ET Q
q 0 0 0 rg BT 103.81 242.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 118.48 242.10 Td (accounted ) Tj ET Q
q 0 0 0 rg BT 161.49 242.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 175.62 242.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 200.85 242.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 215.54 242.10 Td (equity ) Tj ET Q
q 0 0 0 rg BT 243.00 242.10 Td (method. ) Tj ET Q
q 0 0 0 rg BT 277.79 242.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 295.81 242.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 316.60 242.10 Td (notes ) Tj ET Q
q 0 0 0 rg BT 340.18 242.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 350.43 242.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 365.12 242.10 Td (balance ) Tj ET Q
q 0 0 0 rg BT 398.12 242.10 Td (sheet ) Tj ET Q
q 0 0 0 rg BT 421.13 242.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 431.93 242.10 Td (CalPetro ) Tj ET Q
q 0 0 0 rg BT 469.40 242.10 Td (BIII ) Tj ET Q
q 0 0 0 rg BT 488.53 242.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 510.43 242.10 Td (repaid ) Tj ET Q
q 0 0 0 rg BT 537.88 242.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 548.13 242.10 Td (full ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 230.10 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 60.28 230.10 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 80.28 230.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 82.78 230.10 Td (following ) Tj ET Q
q 0 0 0 rg BT 124.17 230.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 138.88 230.10 Td (sale ) Tj ET Q
q 0 0 0 rg BT 156.93 230.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 167.76 230.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 182.48 230.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 206.46 230.10 Td (V) Tj ET Q
q 0 0 0 rg BT 212.40 230.10 Td (oyager ) Tj ET Q
q 0 0 0 rg BT 242.10 230.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 251.82 230.10 Td (par ) Tj ET Q
q 0 0 0 rg BT 267.09 230.10 Td (value ) Tj ET Q
q 0 0 0 rg BT 291.25 230.10 Td (plus ) Tj ET Q
q 0 0 0 rg BT 310.42 230.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 317.35 230.10 Td (make ) Tj ET Q
q 0 0 0 rg BT 341.51 230.10 Td (whole ) Tj ET Q
q 0 0 0 rg BT 368.45 230.10 Td (premium ) Tj ET Q
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BT /F3 10.00 Tf ET
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562.5 382.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 337.5 m
359.5 337.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 337.5 m
424.5 337.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 337.5 m
428.5 337.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 337.5 m
493.5 337.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 337.5 m
497.5 337.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 337.5 m
562.5 337.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 292.5 m
359.5 292.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 292.5 m
424.5 292.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 292.5 m
428.5 292.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 292.5 m
493.5 292.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 292.5 m
497.5 292.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 292.5 m
562.5 292.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 278.5 m
359.5 278.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 278.5 m
424.5 278.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 278.5 m
428.5 278.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 278.5 m
493.5 278.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 278.5 m
497.5 278.5 l
s
0 0 0 RG
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[] 0 d
0 J
0 j
3 M
497.5 278.5 m
562.5 278.5 l
s
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 447.21 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 374.50 467.18 Td (Unrealized) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 374.30 457.18 Td (investment) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 365.70 447.18 Td (\(losses\) gains) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 440.70 457.18 Td (Translation) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 437.75 447.18 Td (adjustments) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 559.00 457.02 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 537.10 447.18 Td (T) Tj ET Q
q 0 0 0 rg BT 542.85 447.18 Td (otal) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 432.17 Td (Balance at December 31, 2009) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 398.15 432.17 Td (2,239) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 463.80 432.22 Td (\(3,925) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 432.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 532.80 432.22 Td (\(1,686) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 432.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 417.17 Td (Other) Tj ET Q
q 0 0 0 rg BT 75.57 417.17 Td (-than-temporary impairment transferred to statement of operations) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 398.15 417.17 Td (9,425) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.65 417.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 536.15 417.17 Td (9,425) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 402.17 Td (Translation adjustment for year) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 410.65 402.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 471.30 402.22 Td (\(137) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 402.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 540.30 402.22 Td (\(137) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 402.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 387.17 Td (Net unrealized losses on marketable securities for the year) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 389.80 387.22 Td (\(11,438) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 420.65 387.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.65 387.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 527.80 387.22 Td (\(11,438) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 387.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 372.17 Td (Balance at December 31, 2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 405.65 372.17 Td (226) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 463.80 372.22 Td (\(4,062) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 372.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 532.80 372.22 Td (\(3,836) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 372.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 357.17 Td (Translation adjustment for year) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 410.65 357.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 476.30 357.22 Td (\(49) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 357.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 545.30 357.22 Td (\(49) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 357.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 342.17 Td (Net unrealized losses on marketable securities for the year) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 402.30 342.22 Td (\(894) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 420.65 342.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.65 342.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 540.30 342.22 Td (\(894) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 342.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 327.17 Td (Balance at December 31, 2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 402.30 327.22 Td (\(668) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 420.65 327.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 463.80 327.22 Td (\(4,111) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 489.65 327.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 532.80 327.22 Td (\(4,779) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 327.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 312.17 Td (Translation adjustment for the year) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 410.65 312.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.65 312.17 Td (97) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 312.17 Td (97) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 297.17 Td (Net unrealized gains on marketable secutities for the year) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 405.65 297.17 Td (527) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.65 297.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 297.17 Td (527) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 283.18 Td (Balance at December 31, 2012) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 402.30 283.23 Td (\(141) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 420.65 283.18 Td (\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 463.80 283.23 Td (\(4,014) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.65 283.18 Td (\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 532.80 283.23 Td (\(4,155) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 558.65 283.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 253.23 Td (25.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 77.00 253.23 Td (SHARE ) Tj ET Q
q 0 0 0 rg BT 113.95 253.23 Td (OPTION ) Tj ET Q
q 0 0 0 rg BT 155.90 253.23 Td (PLANS) Tj ET Q
BT /F3 10.00 Tf ET
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.00 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.00 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.19 226.00 Td (November ) Tj ET Q
q 0 0 0 rg BT 106.25 226.00 Td (2006, ) Tj ET Q
q 0 0 0 rg BT 131.60 226.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 146.68 226.00 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 194.11 226.00 Td (board ) Tj ET Q
q 0 0 0 rg BT 219.74 226.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 230.92 226.00 Td (directors ) Tj ET Q
q 0 0 0 rg BT 268.76 226.00 Td (approved ) Tj ET Q
q 0 0 0 rg BT 308.82 226.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 316.12 226.00 Td (share ) Tj ET Q
q 0 0 0 rg BT 340.07 226.00 Td (option ) Tj ET Q
q 0 0 0 rg BT 368.48 226.00 Td (plan, ) Tj ET Q
q 0 0 0 rg BT 391.06 226.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 418.35 226.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 436.76 226.00 Td (cancelled ) Tj ET Q
q 0 0 0 rg BT 477.36 226.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 488.00 226.00 Td (2009 ) Tj ET Q
q 0 0 0 rg BT 510.85 226.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 528.15 226.00 Td (replaced ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 214.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 70.40 214.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 85.24 214.00 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 124.53 214.00 Td (Ltd. ) Tj ET Q
q 0 0 0 rg BT 143.54 214.00 Td (Share ) Tj ET Q
q 0 0 0 rg BT 168.93 214.00 Td (Option ) Tj ET Q
q 0 0 0 rg BT 199.33 214.00 Td (Scheme ) Tj ET Q
q 0 0 0 rg BT 233.60 214.00 Td (\(the ) Tj ET Q
q 0 0 0 rg BT 251.77 214.00 Td ("Frontline ) Tj ET Q
q 0 0 0 rg BT 295.14 214.00 Td (Scheme"\). ) Tj ET Q
q 0 0 0 rg BT 339.14 214.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 357.31 214.00 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 396.60 214.00 Td (Scheme ) Tj ET Q
q 0 0 0 rg BT 430.88 214.00 Td (permits ) Tj ET Q
q 0 0 0 rg BT 463.49 214.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 478.33 214.00 Td (board ) Tj ET Q
q 0 0 0 rg BT 503.72 214.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 514.67 214.00 Td (directors, ) Tj ET Q
q 0 0 0 rg BT 554.78 214.00 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 62.19 202.00 Td (discretion, ) Tj ET Q
q 0 0 0 rg BT 106.87 202.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 117.39 202.00 Td (grant ) Tj ET Q
q 0 0 0 rg BT 140.68 202.00 Td (options ) Tj ET Q
q 0 0 0 rg BT 172.88 202.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 183.40 202.00 Td (acquire ) Tj ET Q
q 0 0 0 rg BT 215.57 202.00 Td (shares ) Tj ET Q
q 0 0 0 rg BT 243.30 202.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 253.82 202.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 268.78 202.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 310.42 202.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 320.94 202.00 Td (employees ) Tj ET Q
q 0 0 0 rg BT 366.45 202.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 383.63 202.00 Td (directors ) Tj ET Q
q 0 0 0 rg BT 421.36 202.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 432.43 202.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 447.39 202.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 489.02 202.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 500.10 202.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 512.29 202.00 Td (subsidiaries. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.38 190.00 Td (subscription ) Tj ET Q
q 0 0 0 rg BT 120.09 190.00 Td (price ) Tj ET Q
q 0 0 0 rg BT 142.90 190.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 157.39 190.00 Td (all ) Tj ET Q
q 0 0 0 rg BT 170.22 190.00 Td (options ) Tj ET Q
q 0 0 0 rg BT 202.49 190.00 Td (granted ) Tj ET Q
q 0 0 0 rg BT 235.31 190.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 260.91 190.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 275.95 190.00 Td (scheme ) Tj ET Q
q 0 0 0 rg BT 308.76 190.00 Td (will ) Tj ET Q
q 0 0 0 rg BT 327.15 190.00 Td (be ) Tj ET Q
q 0 0 0 rg BT 339.42 190.00 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 373.89 190.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 386.72 190.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 401.77 190.00 Td (amount ) Tj ET Q
q 0 0 0 rg BT 434.59 190.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 445.75 190.00 Td (all ) Tj ET Q
q 0 0 0 rg BT 458.57 190.00 Td (dividends ) Tj ET Q
q 0 0 0 rg BT 500.29 190.00 Td (declared ) Tj ET Q
q 0 0 0 rg BT 536.98 190.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 549.81 190.00 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 90.77 178.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 100.42 178.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 114.52 178.00 Td (period ) Tj ET Q
q 0 0 0 rg BT 141.94 178.00 Td (from ) Tj ET Q
q 0 0 0 rg BT 163.26 178.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 177.36 178.00 Td (date ) Tj ET Q
q 0 0 0 rg BT 195.89 178.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 206.10 178.00 Td (grant ) Tj ET Q
q 0 0 0 rg BT 228.53 178.00 Td (until ) Tj ET Q
q 0 0 0 rg BT 248.74 178.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 262.84 178.00 Td (date ) Tj ET Q
q 0 0 0 rg BT 281.37 178.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 295.47 178.00 Td (option ) Tj ET Q
q 0 0 0 rg BT 322.90 178.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 331.45 178.00 Td (exercised, ) Tj ET Q
q 0 0 0 rg BT 373.58 178.00 Td (provided ) Tj ET Q
q 0 0 0 rg BT 411.01 178.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 425.10 178.00 Td (subscription ) Tj ET Q
q 0 0 0 rg BT 475.87 178.00 Td (price ) Tj ET Q
q 0 0 0 rg BT 497.73 178.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 506.28 178.00 Td (never ) Tj ET Q
q 0 0 0 rg BT 530.37 178.00 Td (reduced ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 166.00 Td (below ) Tj ET Q
q 0 0 0 rg BT 76.88 166.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 91.54 166.00 Td (par ) Tj ET Q
q 0 0 0 rg BT 106.75 166.00 Td (value ) Tj ET Q
q 0 0 0 rg BT 130.84 166.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 141.62 166.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 156.27 166.00 Td (share.Options ) Tj ET Q
q 0 0 0 rg BT 218.98 166.00 Td (granted ) Tj ET Q
q 0 0 0 rg BT 251.41 166.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 276.62 166.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 291.28 166.00 Td (scheme ) Tj ET Q
q 0 0 0 rg BT 323.71 166.00 Td (will ) Tj ET Q
q 0 0 0 rg BT 341.70 166.00 Td (vest ) Tj ET Q
q 0 0 0 rg BT 360.25 166.00 Td (at ) Tj ET Q
q 0 0 0 rg BT 369.91 166.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 376.79 166.00 Td (date ) Tj ET Q
q 0 0 0 rg BT 395.89 166.00 Td (determined ) Tj ET Q
q 0 0 0 rg BT 443.31 166.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 455.75 166.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 470.41 166.00 Td (board ) Tj ET Q
q 0 0 0 rg BT 495.62 166.00 Td (at ) Tj ET Q
q 0 0 0 rg BT 505.28 166.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 519.94 166.00 Td (date ) Tj ET Q
q 0 0 0 rg BT 539.03 166.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 549.80 166.00 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 154.00 Td (grant.) Tj ET Q
q 0 0 0 rg BT 77.87 154.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 95.95 154.00 Td (options ) Tj ET Q
q 0 0 0 rg BT 127.94 154.00 Td (granted ) Tj ET Q
q 0 0 0 rg BT 160.46 154.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 185.77 154.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 200.52 154.00 Td (plan ) Tj ET Q
q 0 0 0 rg BT 220.28 154.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 230.59 154.00 Td (date ) Tj ET Q
q 0 0 0 rg BT 249.79 154.00 Td (vest ) Tj ET Q
q 0 0 0 rg BT 268.43 154.00 Td (over ) Tj ET Q
q 0 0 0 rg BT 288.74 154.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 295.72 154.00 Td (period ) Tj ET Q
q 0 0 0 rg BT 323.80 154.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 334.67 154.00 Td (one) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 349.11 154.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 351.65 154.00 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 361.96 154.00 Td (three) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 381.95 154.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 384.49 154.00 Td (years ) Tj ET Q
q 0 0 0 rg BT 408.12 154.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 425.10 154.00 Td (have ) Tj ET Q
q 0 0 0 rg BT 446.51 154.00 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 453.49 154.00 Td (five) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 469.04 154.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 471.58 154.00 Td (year ) Tj ET Q
q 0 0 0 rg BT 491.32 154.00 Td (term.) Tj ET Q
q 0 0 0 rg BT 516.97 154.00 Td (There ) Tj ET Q
q 0 0 0 rg BT 542.82 154.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 552.03 154.00 Td (no ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 142.00 Td (maximum ) Tj ET Q
q 0 0 0 rg BT 93.96 142.00 Td (number ) Tj ET Q
q 0 0 0 rg BT 127.91 142.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 139.65 142.00 Td (shares ) Tj ET Q
q 0 0 0 rg BT 168.05 142.00 Td (authorized ) Tj ET Q
q 0 0 0 rg BT 213.66 142.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 228.72 142.00 Td (awards ) Tj ET Q
q 0 0 0 rg BT 260.45 142.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 272.19 142.00 Td (equity ) Tj ET Q
q 0 0 0 rg BT 300.59 142.00 Td (share ) Tj ET Q
q 0 0 0 rg BT 325.10 142.00 Td (options ) Tj ET Q
q 0 0 0 rg BT 357.95 142.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 375.80 142.00 Td (authorized, ) Tj ET Q
q 0 0 0 rg BT 423.91 142.00 Td (unissued ) Tj ET Q
q 0 0 0 rg BT 462.32 142.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 474.05 142.00 Td (treasury ) Tj ET Q
q 0 0 0 rg BT 509.67 142.00 Td (shares ) Tj ET Q
q 0 0 0 rg BT 538.06 142.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 549.80 142.00 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 130.00 Td (Company ) Tj ET Q
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q 0 0 0 rg BT 182.76 130.00 Td (exercised ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 403.02 106.00 Td (145,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 435.52 106.00 Td ( ) Tj ET Q
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 165.82 94.00 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 172.75 94.00 Td (five) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 188.30 94.00 Td ( ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
259 0 obj
<<
/Length 29069
>>
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BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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443.5 437.5 l
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0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
443.5 437.5 m
543.5 437.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 407.5 m
370.5 407.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
370.5 407.5 m
374.5 407.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
374.5 407.5 m
439.5 407.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
439.5 407.5 m
443.5 407.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
443.5 407.5 m
543.5 407.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 392.5 m
370.5 392.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
370.5 392.5 m
374.5 392.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
374.5 392.5 m
439.5 392.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
439.5 392.5 m
443.5 392.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
443.5 392.5 m
543.5 392.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 317.5 m
370.5 317.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
370.5 317.5 m
374.5 317.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
374.5 317.5 m
439.5 317.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
439.5 317.5 m
443.5 317.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
443.5 317.5 m
543.5 317.5 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 557.22 Td () Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 547.21 Td (\(in thousands\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 389.75 557.18 Td (Number of) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 402.05 547.18 Td (Options) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 462.70 557.18 Td (Weighted Average) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 479.35 547.18 Td (Exercise Price) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 532.17 Td (Options outstanding as of December 31, 2009) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 413.15 532.17 Td (663.0) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 488.30 532.17 Td (NOK 144.16) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 77.00 517.17 Td (Exercised) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 419.80 517.22 Td (\(2.3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 435.65 517.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 488.30 517.17 Td (NOK 131.65) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 77.00 502.17 Td (Forfeited) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 414.80 502.22 Td (\(10.0) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 435.65 502.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 488.30 502.17 Td (NOK 133.71) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 487.17 Td (Options outstanding as December 31, 2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 413.15 487.17 Td (650.7) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 488.30 487.17 Td (NOK 131.65) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 77.00 472.17 Td (Granted) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 413.15 472.17 Td (145.0) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 488.30 472.17 Td (NOK 131.10) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 77.00 457.17 Td (Exercised) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 419.80 457.22 Td (\(6.7) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 435.65 457.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 488.30 457.17 Td (NOK 132.71) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 77.00 442.17 Td (Forfeited) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 414.80 442.22 Td (\(49.3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 435.65 442.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 488.30 442.17 Td (NOK 130.36) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 427.17 Td (Options outstanding as of December 31, 2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 413.15 427.17 Td (739.7) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 488.30 427.17 Td (NOK 130.46) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 77.00 412.17 Td (Forfeited) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 414.80 412.22 Td (\(13.7) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 435.65 412.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 488.30 412.17 Td (NOK 130.46) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 397.18 Td (Options outstanding as of December 31, 2012) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 413.15 397.18 Td (726.0) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 487.20 397.18 Td (NOK 130.46) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 367.18 Td (Exercisable options as at:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 436.00 367.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 446.00 367.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 352.17 Td (December 31, 2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 413.15 352.17 Td (629.3) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 490.80 352.17 Td (NOK130.46) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 337.17 Td (December 31, 2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 413.15 337.17 Td (396.5) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 490.80 337.17 Td (NOK130.46) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 322.17 Td (December 31, 2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 413.15 322.17 Td (219.0) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 490.80 322.17 Td (NOK131.65) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 294.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.55 294.00 Td (weighted ) Tj ET Q
q 0 0 0 rg BT 108.22 294.00 Td (average ) Tj ET Q
q 0 0 0 rg BT 142.31 294.00 Td (exercise ) Tj ET Q
q 0 0 0 rg BT 178.07 294.00 Td (price ) Tj ET Q
q 0 0 0 rg BT 201.06 294.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 210.74 294.00 Td (adjusted ) Tj ET Q
q 0 0 0 rg BT 247.08 294.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 261.74 294.00 Td (dividends ) Tj ET Q
q 0 0 0 rg BT 303.64 294.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 314.42 294.00 Td (accordance ) Tj ET Q
q 0 0 0 rg BT 362.39 294.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 383.18 294.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 398.40 294.00 Td (terms ) Tj ET Q
q 0 0 0 rg BT 423.63 294.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 434.97 294.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 450.19 294.00 Td (plan. ) Tj ET Q
q 0 0 0 rg BT 472.70 294.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 491.25 294.00 Td (weighted ) Tj ET Q
q 0 0 0 rg BT 530.92 294.00 Td (average ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 282.00 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 93.41 282.00 Td (contractual ) Tj ET Q
q 0 0 0 rg BT 140.70 282.00 Td (term ) Tj ET Q
q 0 0 0 rg BT 161.90 282.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 176.43 282.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 191.52 282.00 Td (options ) Tj ET Q
q 0 0 0 rg BT 223.84 282.00 Td (outstanding ) Tj ET Q
q 0 0 0 rg BT 273.37 282.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 290.68 282.00 Td (exercisable ) Tj ET Q
q 0 0 0 rg BT 338.53 282.00 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 348.61 282.00 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 407.57 282.00 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 427.57 282.00 Td (, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 432.94 282.00 Td (201) Tj ET Q
q 0 0 0 rg BT 447.57 282.00 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 452.57 282.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 455.44 282.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 472.75 282.00 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 492.75 282.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 498.12 282.00 Td (is ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 507.66 282.00 Td (2.0) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 520.16 282.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 523.03 282.00 Td (years, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 549.50 282.00 Td (3.0) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 562.00 282.00 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 270.00 Td (years ) Tj ET Q
q 0 0 0 rg BT 73.60 270.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 90.54 270.00 Td (3.8) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 103.04 270.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 105.54 270.00 Td (years, ) Tj ET Q
q 0 0 0 rg BT 131.64 270.00 Td (respectively) Tj ET Q
q 0 0 0 rg BT 179.30 270.00 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 246.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.88 246.00 Td (grant ) Tj ET Q
q 0 0 0 rg BT 90.75 246.00 Td (date ) Tj ET Q
q 0 0 0 rg BT 109.73 246.00 Td (fair ) Tj ET Q
q 0 0 0 rg BT 125.94 246.00 Td (values ) Tj ET Q
q 0 0 0 rg BT 153.81 246.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 164.47 246.00 Td (share ) Tj ET Q
q 0 0 0 rg BT 187.90 246.00 Td (options ) Tj ET Q
q 0 0 0 rg BT 219.67 246.00 Td (vested ) Tj ET Q
q 0 0 0 rg BT 247.55 246.00 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 257.09 246.00 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 315.51 246.00 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 335.51 246.00 Td (, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 340.33 246.00 Td (201) Tj ET Q
q 0 0 0 rg BT 354.96 246.00 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 359.96 246.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 362.29 246.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 379.06 246.00 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 399.06 246.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 401.39 246.00 Td (were ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 423.14 246.00 Td ($2.5 ) Tj ET Q
q 0 0 0 rg BT 442.97 246.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 471.86 246.00 Td (, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 476.69 246.00 Td ($1.8 ) Tj ET Q
q 0 0 0 rg BT 496.52 246.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 525.41 246.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 527.74 246.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 544.51 246.00 Td ($2.0 ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 234.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 78.89 234.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 83.89 234.00 Td (respectively) Tj ET Q
q 0 0 0 rg BT 131.55 234.00 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 210.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.05 210.00 Td (weighted ) Tj ET Q
q 0 0 0 rg BT 107.20 210.00 Td (average ) Tj ET Q
q 0 0 0 rg BT 140.79 210.00 Td (grant-date ) Tj ET Q
q 0 0 0 rg BT 183.82 210.00 Td (fair ) Tj ET Q
q 0 0 0 rg BT 200.20 210.00 Td (value ) Tj ET Q
q 0 0 0 rg BT 224.35 210.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 235.18 210.00 Td (options ) Tj ET Q
q 0 0 0 rg BT 267.13 210.00 Td (granted ) Tj ET Q
q 0 0 0 rg BT 299.61 210.00 Td (during ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 328.22 210.00 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 348.22 210.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 350.72 210.00 Td (is ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 359.89 210.00 Td (nil) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 370.45 210.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 372.95 210.00 Td (\() Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 376.28 210.00 Td (201) Tj ET Q
q 0 0 0 rg BT 390.91 210.00 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 395.91 210.00 Td (: ) Tj ET Q
q 0 0 0 rg BT 401.19 210.00 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 406.19 210.00 Td (10.42) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 428.69 210.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 431.19 210.00 Td (per ) Tj ET Q
q 0 0 0 rg BT 446.46 210.00 Td (share, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 472.55 210.00 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 492.55 210.00 Td (: ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 497.83 210.00 Td (nil) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 508.39 210.00 Td (\). ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 186.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.21 186.00 Td (intrinsic ) Tj ET Q
q 0 0 0 rg BT 103.66 186.00 Td (value ) Tj ET Q
q 0 0 0 rg BT 127.98 186.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 138.98 186.00 Td (share ) Tj ET Q
q 0 0 0 rg BT 162.74 186.00 Td (options ) Tj ET Q
q 0 0 0 rg BT 194.86 186.00 Td (exercised ) Tj ET Q
q 0 0 0 rg BT 235.28 186.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 245.72 186.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 260.61 186.00 Td (years ) Tj ET Q
q 0 0 0 rg BT 284.38 186.00 Td (ended ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 310.92 186.00 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 369.67 186.00 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 389.67 186.00 Td (, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 394.84 186.00 Td (201) Tj ET Q
q 0 0 0 rg BT 409.47 186.00 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 414.47 186.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 417.13 186.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 434.24 186.00 Td (2010) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 454.24 186.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 456.91 186.00 Td (was ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 475.13 186.00 Td (nil) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 485.68 186.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 490.85 186.00 Td ($) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 495.85 186.00 Td (0.04 ) Tj ET Q
q 0 0 0 rg BT 516.02 186.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 544.91 186.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 547.58 186.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 174.00 Td (nil) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 60.56 174.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 65.56 174.00 Td (respectively) Tj ET Q
q 0 0 0 rg BT 113.22 174.00 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 150.00 Td (As ) Tj ET Q
q 0 0 0 rg BT 63.61 150.00 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 73.33 150.00 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 131.91 150.00 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 151.91 150.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 156.91 150.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 171.63 150.00 Td (intrinsic ) Tj ET Q
q 0 0 0 rg BT 206.90 150.00 Td (value ) Tj ET Q
q 0 0 0 rg BT 231.06 150.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 241.89 150.00 Td (both ) Tj ET Q
q 0 0 0 rg BT 262.17 150.00 Td (outstanding ) Tj ET Q
q 0 0 0 rg BT 311.33 150.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 328.27 150.00 Td (exercisable ) Tj ET Q
q 0 0 0 rg BT 375.74 150.00 Td (share ) Tj ET Q
q 0 0 0 rg BT 399.34 150.00 Td (options ) Tj ET Q
q 0 0 0 rg BT 431.29 150.00 Td (was ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 449.34 150.00 Td (nil) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 459.90 150.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 462.40 150.00 Td (\() Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 465.73 150.00 Td (201) Tj ET Q
q 0 0 0 rg BT 480.36 150.00 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 485.36 150.00 Td (: ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 490.63 150.00 Td ($0.0 ) Tj ET Q
q 0 0 0 rg BT 510.63 150.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 539.53 150.00 Td (\).) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 126.00 Td (As ) Tj ET Q
q 0 0 0 rg BT 63.73 126.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 74.67 126.00 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 133.37 126.00 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 153.37 126.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 158.49 126.00 Td (there ) Tj ET Q
q 0 0 0 rg BT 181.09 126.00 Td (was ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 199.25 126.00 Td ($0.2 ) Tj ET Q
q 0 0 0 rg BT 219.37 126.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 248.26 126.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 250.87 126.00 Td (\() Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 254.20 126.00 Td (201) Tj ET Q
q 0 0 0 rg BT 268.83 126.00 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 273.83 126.00 Td (: ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 279.23 126.00 Td ($1.1 ) Tj ET Q
q 0 0 0 rg BT 299.34 126.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
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endobj
260 0 obj
<<
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>>
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 515.62 484.00 Td (201) Tj ET Q
q 0 0 0 rg BT 530.25 484.00 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 535.25 484.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 538.36 484.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 553.68 484.00 Td (as ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 472.00 Td (follows:) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 406.50 240.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
290.50 406.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
355.50 406.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 406.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 406.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 406.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 406.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 406.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 376.50 240.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
290.50 376.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
355.50 376.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 376.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 376.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 376.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 376.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 376.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 346.50 240.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
290.50 346.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
355.50 346.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 346.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 346.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 346.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 346.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 346.50 65.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 461.5 m
290.5 461.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
290.5 461.5 m
355.5 461.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
355.5 461.5 m
359.5 461.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 461.5 m
424.5 461.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 461.5 m
428.5 461.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 461.5 m
493.5 461.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 461.5 m
497.5 461.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 461.5 m
562.5 461.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 421.5 m
290.5 421.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
290.5 421.5 m
355.5 421.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
355.5 421.5 m
359.5 421.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 421.5 m
424.5 421.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 421.5 m
428.5 421.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 421.5 m
493.5 421.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 421.5 m
497.5 421.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 421.5 m
562.5 421.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 316.5 m
290.5 316.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
290.5 316.5 m
355.5 316.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
355.5 316.5 m
359.5 316.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 316.5 m
424.5 316.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 316.5 m
428.5 316.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 316.5 m
493.5 316.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 316.5 m
497.5 316.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 316.5 m
562.5 316.5 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 451.17 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 347.00 451.18 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 485.15 451.17 Td (2011) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 436.22 Td () Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 426.21 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 312.55 436.18 Td (Carrying) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 327.90 426.18 Td (V) Tj ET Q
q 0 0 0 rg BT 334.20 426.18 Td (alue) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 402.85 436.18 Td (Fair) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 396.90 426.18 Td (V) Tj ET Q
q 0 0 0 rg BT 403.20 426.18 Td (alue) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 454.45 436.17 Td (Carrying) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 467.20 426.17 Td (V) Tj ET Q
q 0 0 0 rg BT 473.31 426.17 Td (alue) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 542.85 436.17 Td (Fair) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 536.20 426.17 Td (V) Tj ET Q
q 0 0 0 rg BT 542.31 426.17 Td (alue) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 411.18 Td (Assets:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 293.00 411.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 362.00 411.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 431.00 411.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 500.00 411.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 396.17 Td (Cash and cash equivalents) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 319.15 396.18 Td (137,603) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 388.15 396.18 Td (137,603) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 396.17 Td (160,566) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 396.17 Td (160,566) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 381.17 Td (Restricted cash and investments) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 324.15 381.18 Td (87,506) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 393.15 381.18 Td (87,506) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 381.17 Td (100,566) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 381.17 Td (100,566) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 366.17 Td (Marketable securities) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 329.15 366.18 Td (1,235) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 398.15 366.18 Td (1,235) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 474.65 366.17 Td (685) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 366.17 Td (685) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 351.18 Td (Liabilities:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 352.00 351.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 421.00 351.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 490.00 351.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 559.00 351.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 336.17 Td (7.84% to 8.04% First Preferred Mortgage Term Notes) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 319.15 336.18 Td (268,992) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 388.15 336.18 Td (191,846) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 336.17 Td (288,137) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 526.15 336.17 Td (249,293) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 321.17 Td (4.5% Convertible Bond) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 319.15 321.18 Td (215,000) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 388.15 321.18 Td (120,131) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 457.15 321.17 Td (225,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 321.17 Td (94,500) Tj ET Q
BT /F3 10.00 Tf ET
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 305.00 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 293.00 Td (The estimated fair value of financial assets and liabilities are as follows:) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 232.50 240.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
290.50 232.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
355.50 232.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 232.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 232.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 232.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 232.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 232.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 202.50 240.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
290.50 202.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
355.50 202.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 202.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 202.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 202.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 202.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 202.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 172.50 240.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
290.50 172.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
355.50 172.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
359.50 172.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
424.50 172.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 172.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 172.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 172.50 65.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 282.5 m
290.5 282.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 247.5 m
290.5 247.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
290.5 282.5 m
355.5 282.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
290.5 247.5 m
355.5 247.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
355.5 282.5 m
359.5 282.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
355.5 247.5 m
359.5 247.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 282.5 m
424.5 282.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 247.5 m
424.5 247.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 282.5 m
428.5 282.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 247.5 m
428.5 247.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 282.5 m
493.5 282.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 247.5 m
493.5 247.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 282.5 m
497.5 282.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 247.5 m
497.5 247.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 282.5 m
562.5 282.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 247.5 m
562.5 247.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 142.5 m
290.5 142.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
290.5 142.5 m
355.5 142.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
355.5 142.5 m
359.5 142.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
359.5 142.5 m
424.5 142.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
424.5 142.5 m
428.5 142.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 142.5 m
493.5 142.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 142.5 m
497.5 142.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 142.5 m
562.5 142.5 l
s
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 272.22 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 262.22 Td () Tj ET Q
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 252.21 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 332.00 262.18 Td (2012) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 307.45 252.18 Td (Fair Value) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 390.70 252.17 Td (Level 1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 459.70 252.17 Td (Level 2) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 528.70 252.17 Td (Level 3) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 53.00 237.18 Td (Assets:) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 293.00 237.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 362.00 237.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 431.00 237.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 500.00 237.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 222.17 Td (Cash and cash equivalents) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 319.15 222.18 Td (137,603) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 388.15 222.17 Td (137,603) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.65 222.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 222.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 207.17 Td (Restricted cash and investments) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 324.15 207.18 Td (87,506) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 393.15 207.17 Td (87,506) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.65 207.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 207.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 192.17 Td (Marketable securities) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 329.15 192.18 Td (1,235) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 398.15 192.17 Td (1,235) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 479.65 192.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 192.17 Td () Tj ET Q
BT /F2 10.00 Tf ET
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q 0 0 0 rg BT 445.29 441.00 Td (counter" ) Tj ET Q
q 0 0 0 rg BT 481.79 441.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 498.65 441.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 513.30 441.00 Td (fair ) Tj ET Q
q 0 0 0 rg BT 529.60 441.00 Td (value ) Tj ET Q
q 0 0 0 rg BT 553.69 441.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 429.00 Td (bonds ) Tj ET Q
q 0 0 0 rg BT 76.39 429.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 85.56 429.00 Td (based ) Tj ET Q
q 0 0 0 rg BT 110.83 429.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 123.33 429.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 138.05 429.00 Td (market ) Tj ET Q
q 0 0 0 rg BT 168.31 429.00 Td (price ) Tj ET Q
q 0 0 0 rg BT 190.80 429.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 203.30 429.00 Td (of) Tj ET Q
q 0 0 0 rg BT 211.45 429.00 Td (fer ) Tj ET Q
q 0 0 0 rg BT 225.04 429.00 Td (at ) Tj ET Q
q 0 0 0 rg BT 234.76 429.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 249.48 429.00 Td (year ) Tj ET Q
q 0 0 0 rg BT 269.18 429.00 Td (end.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 417.00 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 405.00 Td (Assets ) Tj ET Q
q 0 0 0 rg BT 79.17 405.00 Td (Measur) Tj ET Q
q 0 0 0 rg BT 111.75 405.00 Td (ed ) Tj ET Q
q 0 0 0 rg BT 124.25 405.00 Td (at ) Tj ET Q
q 0 0 0 rg BT 135.08 405.00 Td (Fair) Tj ET Q
q 0 0 0 rg BT 153.23 405.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 155.55 405.00 Td (V) Tj ET Q
q 0 0 0 rg BT 161.85 405.00 Td (alue ) Tj ET Q
q 0 0 0 rg BT 182.13 405.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 195.19 405.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 202.69 405.00 Td (Nonr) Tj ET Q
q 0 0 0 rg BT 224.73 405.00 Td (ecurring ) Tj ET Q
q 0 0 0 rg BT 263.89 405.00 Td (Basis) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 393.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 67.70 393.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 108.74 393.00 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 145.86 393.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 157.45 393.00 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 205.70 393.00 Td (loss ) Tj ET Q
q 0 0 0 rg BT 223.41 393.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 233.89 393.00 Td ($32.0 ) Tj ET Q
q 0 0 0 rg BT 258.54 393.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 287.44 393.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 289.59 393.00 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 299.52 393.00 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 319.52 393.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 321.67 393.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 331.60 393.00 Td (respect ) Tj ET Q
q 0 0 0 rg BT 362.06 393.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 372.54 393.00 Td (four) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 389.20 393.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 391.35 393.00 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 414.62 393.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 445.10 393.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 461.69 393.00 Td (one) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 476.13 393.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 478.28 393.00 Td (double ) Tj ET Q
q 0 0 0 rg BT 507.65 393.00 Td (hull ) Tj ET Q
q 0 0 0 rg BT 525.35 393.00 Td (Suezmax ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 381.00 Td (tanker) Tj ET Q
q 0 0 0 rg BT 74.58 381.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 80.03 381.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 107.42 381.00 Td (were ) Tj ET Q
q 0 0 0 rg BT 129.79 381.00 Td (held ) Tj ET Q
q 0 0 0 rg BT 149.96 381.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 175.67 381.00 Td (capital ) Tj ET Q
q 0 0 0 rg BT 205.27 381.00 Td (lease ) Tj ET Q
q 0 0 0 rg BT 228.20 381.00 Td (\(see ) Tj ET Q
q 0 0 0 rg BT 247.25 381.00 Td (Note ) Tj ET Q
q 0 0 0 rg BT 269.63 381.00 Td (6\). ) Tj ET Q
q 0 0 0 rg BT 283.20 381.00 Td (Three ) Tj ET Q
q 0 0 0 rg BT 309.46 381.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 320.73 381.00 Td (these ) Tj ET Q
q 0 0 0 rg BT 344.23 381.00 Td (leases ) Tj ET Q
q 0 0 0 rg BT 371.05 381.00 Td (were ) Tj ET Q
q 0 0 0 rg BT 393.43 381.00 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 439.13 381.00 Td (during ) Tj ET Q
q 0 0 0 rg BT 468.19 381.00 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 492.98 381.00 Td (At ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 505.93 381.00 Td (December31, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 369.00 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 70.00 369.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 74.55 369.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 88.82 369.00 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 127.53 369.00 Td (tanker) Tj ET Q
q 0 0 0 rg BT 152.11 369.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 156.67 369.00 Td (Front ) Tj ET Q
q 0 0 0 rg BT 180.39 369.00 Td (Pride ) Tj ET Q
q 0 0 0 rg BT 203.55 369.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 221.15 369.00 Td (measured ) Tj ET Q
q 0 0 0 rg BT 261.52 369.00 Td (at ) Tj ET Q
q 0 0 0 rg BT 270.79 369.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 282.28 369.00 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 322.65 369.00 Td (fair ) Tj ET Q
q 0 0 0 rg BT 338.58 369.00 Td (value ) Tj ET Q
q 0 0 0 rg BT 362.29 369.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 372.67 369.00 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 374.72 369.00 Td ($3.3 ) Tj ET Q
q 0 0 0 rg BT 394.28 369.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 423.17 369.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 427.72 369.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 454.21 369.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 471.81 369.00 Td (determined ) Tj ET Q
q 0 0 0 rg BT 518.85 369.00 Td (using ) Tj ET Q
q 0 0 0 rg BT 542.57 369.00 Td (level ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 357.00 Td (two ) Tj ET Q
q 0 0 0 rg BT 68.18 357.00 Td (inputs ) Tj ET Q
q 0 0 0 rg BT 95.80 357.00 Td (being ) Tj ET Q
q 0 0 0 rg BT 121.19 357.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 136.59 357.00 Td (carrying ) Tj ET Q
q 0 0 0 rg BT 173.08 357.00 Td (cost ) Tj ET Q
q 0 0 0 rg BT 192.36 357.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 203.87 357.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 219.26 357.00 Td (leased ) Tj ET Q
q 0 0 0 rg BT 247.42 357.00 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 275.04 357.00 Td (less ) Tj ET Q
q 0 0 0 rg BT 293.22 357.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 308.61 357.00 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 357.88 357.00 Td (loss, ) Tj ET Q
q 0 0 0 rg BT 379.12 357.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 406.74 357.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 425.46 357.00 Td (calculated ) Tj ET Q
q 0 0 0 rg BT 469.17 357.00 Td (based ) Tj ET Q
q 0 0 0 rg BT 495.11 357.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 508.29 357.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 523.68 357.00 Td (estimated ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 345.00 Td (market ) Tj ET Q
q 0 0 0 rg BT 79.94 345.00 Td (value ) Tj ET Q
q 0 0 0 rg BT 103.77 345.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 114.28 345.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 128.67 345.00 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 155.29 345.00 Td (less ) Tj ET Q
q 0 0 0 rg BT 172.46 345.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 186.86 345.00 Td (estimated ) Tj ET Q
q 0 0 0 rg BT 227.36 345.00 Td (steel ) Tj ET Q
q 0 0 0 rg BT 247.86 345.00 Td (value ) Tj ET Q
q 0 0 0 rg BT 271.69 345.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 282.20 345.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 296.59 345.00 Td (vessel. ) Tj ET Q
q 0 0 0 rg BT 325.22 345.00 Td (At ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 337.40 345.00 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 395.66 345.00 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 415.66 345.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 420.34 345.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 422.52 345.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 436.91 345.00 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 460.20 345.00 Td (carrier) Tj ET Q
q 0 0 0 rg BT 485.88 345.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 490.56 345.00 Td (Front ) Tj ET Q
q 0 0 0 rg BT 514.41 345.00 Td (Guider) Tj ET Q
q 0 0 0 rg BT 541.77 345.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 546.45 345.00 Td (was ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 333.00 Td (measured ) Tj ET Q
q 0 0 0 rg BT 90.99 333.00 Td (at ) Tj ET Q
q 0 0 0 rg BT 100.89 333.00 Td (fair ) Tj ET Q
q 0 0 0 rg BT 117.44 333.00 Td (value ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 141.77 333.00 Td ($0.02 ) Tj ET Q
q 0 0 0 rg BT 166.95 333.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 195.84 333.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 201.02 333.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 228.14 333.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 246.36 333.00 Td (determined ) Tj ET Q
q 0 0 0 rg BT 294.02 333.00 Td (using ) Tj ET Q
q 0 0 0 rg BT 318.37 333.00 Td (level ) Tj ET Q
q 0 0 0 rg BT 340.48 333.00 Td (3 ) Tj ET Q
q 0 0 0 rg BT 348.16 333.00 Td (inputs ) Tj ET Q
q 0 0 0 rg BT 375.28 333.00 Td (being ) Tj ET Q
q 0 0 0 rg BT 400.18 333.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 415.07 333.00 Td (expected ) Tj ET Q
q 0 0 0 rg BT 453.28 333.00 Td (future ) Tj ET Q
q 0 0 0 rg BT 479.83 333.00 Td (cash ) Tj ET Q
q 0 0 0 rg BT 500.28 333.00 Td (flows ) Tj ET Q
q 0 0 0 rg BT 527.68 333.00 Td (from ) Tj ET Q
q 0 0 0 rg BT 549.79 333.00 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 321.00 Td (leased ) Tj ET Q
q 0 0 0 rg BT 77.49 321.00 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 104.42 321.00 Td (up ) Tj ET Q
q 0 0 0 rg BT 116.92 321.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 127.20 321.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 141.92 321.00 Td (termination ) Tj ET Q
q 0 0 0 rg BT 190.52 321.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 201.35 321.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 216.06 321.00 Td (lease.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 297.00 Td (Concentrations ) Tj ET Q
q 0 0 0 rg BT 118.05 297.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 128.88 297.00 Td (risk) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 285.00 Td (There ) Tj ET Q
q 0 0 0 rg BT 75.74 285.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 84.83 285.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 91.69 285.00 Td (concentration ) Tj ET Q
q 0 0 0 rg BT 148.53 285.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 159.28 285.00 Td (credit ) Tj ET Q
q 0 0 0 rg BT 184.47 285.00 Td (risk ) Tj ET Q
q 0 0 0 rg BT 201.89 285.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 222.09 285.00 Td (respect ) Tj ET Q
q 0 0 0 rg BT 252.83 285.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 263.03 285.00 Td (cash ) Tj ET Q
q 0 0 0 rg BT 283.22 285.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 300.08 285.00 Td (cash ) Tj ET Q
q 0 0 0 rg BT 320.27 285.00 Td (equivalents ) Tj ET Q
q 0 0 0 rg BT 368.23 285.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 378.43 285.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 393.07 285.00 Td (extent ) Tj ET Q
q 0 0 0 rg BT 419.93 285.00 Td (that ) Tj ET Q
q 0 0 0 rg BT 437.34 285.00 Td (substantially ) Tj ET Q
q 0 0 0 rg BT 490.32 285.00 Td (all ) Tj ET Q
q 0 0 0 rg BT 502.73 285.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 513.49 285.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 528.13 285.00 Td (amounts ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 273.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 64.98 273.00 Td (carried ) Tj ET Q
q 0 0 0 rg BT 95.50 273.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 116.04 273.00 Td (Skandinaviska ) Tj ET Q
q 0 0 0 rg BT 177.14 273.00 Td (Enskilda ) Tj ET Q
q 0 0 0 rg BT 214.90 273.00 Td (Banken, ) Tj ET Q
q 0 0 0 rg BT 250.72 273.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 261.82 273.00 Td (SEB, ) Tj ET Q
q 0 0 0 rg BT 285.42 273.00 Td (HongKong ) Tj ET Q
q 0 0 0 rg BT 332.64 273.00 Td (Shanghai ) Tj ET Q
q 0 0 0 rg BT 372.62 273.00 Td (Banking ) Tj ET Q
q 0 0 0 rg BT 409.28 273.00 Td (Corporation, ) Tj ET Q
q 0 0 0 rg BT 462.87 273.00 Td (Royal ) Tj ET Q
q 0 0 0 rg BT 489.53 273.00 Td (Bank ) Tj ET Q
q 0 0 0 rg BT 513.40 273.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 524.50 273.00 Td (Scotland, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 261.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.60 261.00 Td (Bank ) Tj ET Q
q 0 0 0 rg BT 92.76 261.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 104.15 261.00 Td (New ) Tj ET Q
q 0 0 0 rg BT 125.63 261.00 Td (Y) Tj ET Q
q 0 0 0 rg BT 131.85 261.00 Td (ork, ) Tj ET Q
q 0 0 0 rg BT 150.73 261.00 Td (DnB ) Tj ET Q
q 0 0 0 rg BT 172.68 261.00 Td (Nor ) Tj ET Q
q 0 0 0 rg BT 191.28 261.00 Td (Bank ) Tj ET Q
q 0 0 0 rg BT 214.77 261.00 Td (ASA) Tj ET Q
q 0 0 0 rg BT 234.22 261.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 237.27 261.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 254.77 261.00 Td (Nordea ) Tj ET Q
q 0 0 0 rg BT 287.25 261.00 Td (Bank ) Tj ET Q
q 0 0 0 rg BT 311.41 261.00 Td (Nor) Tj ET Q
q 0 0 0 rg BT 326.78 261.00 Td (ge, ) Tj ET Q
q 0 0 0 rg BT 341.77 261.00 Td (or ) Tj ET Q
q 0 0 0 rg BT 353.16 261.00 Td (Nordea. ) Tj ET Q
q 0 0 0 rg BT 387.92 261.00 Td (There ) Tj ET Q
q 0 0 0 rg BT 414.29 261.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 424.01 261.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 431.50 261.00 Td (concentration ) Tj ET Q
q 0 0 0 rg BT 488.97 261.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 500.36 261.00 Td (credit ) Tj ET Q
q 0 0 0 rg BT 526.17 261.00 Td (risk ) Tj ET Q
q 0 0 0 rg BT 544.23 261.00 Td (with ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 249.00 Td (respect ) Tj ET Q
q 0 0 0 rg BT 80.73 249.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 90.93 249.00 Td (restricted ) Tj ET Q
q 0 0 0 rg BT 130.54 249.00 Td (cash ) Tj ET Q
q 0 0 0 rg BT 150.73 249.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 160.92 249.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 175.56 249.00 Td (extent ) Tj ET Q
q 0 0 0 rg BT 202.41 249.00 Td (that ) Tj ET Q
q 0 0 0 rg BT 219.82 249.00 Td (substantially ) Tj ET Q
q 0 0 0 rg BT 272.78 249.00 Td (all ) Tj ET Q
q 0 0 0 rg BT 285.20 249.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 295.94 249.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 310.57 249.00 Td (amounts ) Tj ET Q
q 0 0 0 rg BT 346.88 249.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 361.50 249.00 Td (carried ) Tj ET Q
q 0 0 0 rg BT 391.67 249.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 411.86 249.00 Td (SEB, ) Tj ET Q
q 0 0 0 rg BT 435.12 249.00 Td (Nordea, ) Tj ET Q
q 0 0 0 rg BT 469.29 249.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 487.25 249.00 Td (Bank ) Tj ET Q
q 0 0 0 rg BT 510.78 249.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 521.52 249.00 Td (New ) Tj ET Q
q 0 0 0 rg BT 542.46 249.00 Td (Y) Tj ET Q
q 0 0 0 rg BT 548.68 249.00 Td (ork ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 237.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.94 237.00 Td (HSBC. ) Tj ET Q
q 0 0 0 rg BT 98.06 237.00 Td (However) Tj ET Q
q 0 0 0 rg BT 134.31 237.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 139.31 237.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 154.03 237.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 195.42 237.00 Td (believes ) Tj ET Q
q 0 0 0 rg BT 230.68 237.00 Td (this ) Tj ET Q
q 0 0 0 rg BT 247.63 237.00 Td (risk ) Tj ET Q
q 0 0 0 rg BT 265.13 237.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 274.30 237.00 Td (remote.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 52.00 210.18 Td (27.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 76.00 210.18 Td (RELATED PARTY TRANSACTIONS) Tj ET Q
BT /F3 10.00 Tf ET
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 194.00 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 182.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 68.29 182.00 Td (majority ) Tj ET Q
q 0 0 0 rg BT 104.92 182.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 115.99 182.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 130.95 182.00 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 178.27 182.00 Td (leased ) Tj ET Q
q 0 0 0 rg BT 206.00 182.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 237.07 182.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 252.02 182.00 Td (leased ) Tj ET Q
q 0 0 0 rg BT 279.75 182.00 Td (from ) Tj ET Q
q 0 0 0 rg BT 301.93 182.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 323.02 182.00 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 357.42 182.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 374.60 182.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 395.68 182.00 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 430.08 182.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 439.49 182.00 Td (entitled ) Tj ET Q
q 0 0 0 rg BT 472.22 182.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 482.75 182.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 489.93 182.00 Td (profit ) Tj ET Q
q 0 0 0 rg BT 514.89 182.00 Td (share ) Tj ET Q
q 0 0 0 rg BT 538.73 182.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 549.80 182.00 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 170.00 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 96.57 170.00 Td (earnings ) Tj ET Q
q 0 0 0 rg BT 132.43 170.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 144.42 170.00 Td (these ) Tj ET Q
q 0 0 0 rg BT 166.95 170.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 197.27 170.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 222.03 170.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 228.45 170.00 Td (Charter ) Tj ET Q
q 0 0 0 rg BT 259.99 170.00 Td (Ancillary ) Tj ET Q
q 0 0 0 rg BT 299.30 170.00 Td (Agreement. ) Tj ET Q
q 0 0 0 rg BT 348.07 170.00 Td (This ) Tj ET Q
q 0 0 0 rg BT 367.83 170.00 Td (profit ) Tj ET Q
q 0 0 0 rg BT 392.04 170.00 Td (share ) Tj ET Q
q 0 0 0 rg BT 415.12 170.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 432.66 170.00 Td (increased ) Tj ET Q
q 0 0 0 rg BT 472.40 170.00 Td (from ) Tj ET Q
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endobj
262 0 obj
<<
/Length 21665
>>
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endobj
263 0 obj
<<
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>>
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 663.17 Td (610) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 648.17 Td (Orion ) Tj ET Q
q 0 0 0 rg BT 78.65 648.17 Td (T) Tj ET Q
q 0 0 0 rg BT 84.06 648.17 Td (ankers Ltd) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 474.65 648.18 Td (250) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 648.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 633.17 Td (Northern Offshore Ltd) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 479.65 633.18 Td (13) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 633.17 Td (13) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 618.17 Td (Golden Ocean Group Limited) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 467.15 618.18 Td (1,325) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 536.15 618.17 Td (1,272) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 603.17 Td (Seadrill Limited) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 467.15 603.18 Td (1,253) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 603.17 Td (841) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 588.17 Td (Frontline 2012 Ltd) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 467.15 588.18 Td (2,291) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 588.17 Td (10,469) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 573.17 Td (CalPetro Tankers \(Bahamas I\) Limited) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 479.65 573.18 Td (13) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 573.17 Td (57) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 558.17 Td (CalPetro Tankers \(Bahamas II\) Limited) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 479.65 558.18 Td (13) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 558.17 Td (57) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 543.17 Td (CalPetro Tankers \(IOM\) Limited) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 479.65 543.18 Td (13) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 543.17 Td (57) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 528.17 Td (Deep Sea Supply Plc) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 479.65 528.18 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 528.17 Td (68) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 513.17 Td (Aktiv Kapital Ltd) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 479.65 513.18 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 513.17 Td (67) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 498.17 Td (Arcadia Petroleum Limited) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 474.65 498.18 Td (106) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.65 498.17 Td (356) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 483.17 Td (North ) Tj ET Q
q 0 0 0 rg BT 78.28 483.17 Td (Atlantic Drilling Ltd) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 479.65 483.18 Td (12) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 483.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 468.17 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 467.15 468.18 Td (9,055) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 531.15 468.17 Td (15,805) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 440.00 Td (A) Tj ET Q
q 0 0 0 rg BT 56.67 440.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 59.17 440.00 Td (summary ) Tj ET Q
q 0 0 0 rg BT 98.89 440.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 109.72 440.00 Td (balances ) Tj ET Q
q 0 0 0 rg BT 146.64 440.00 Td (due ) Tj ET Q
q 0 0 0 rg BT 163.58 440.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 173.86 440.00 Td (related ) Tj ET Q
q 0 0 0 rg BT 203.56 440.00 Td (parties ) Tj ET Q
q 0 0 0 rg BT 232.71 440.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 243.54 440.00 Td (at ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 253.26 440.00 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 311.85 440.00 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 331.85 440.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 334.35 440.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 351.28 440.00 Td (201) Tj ET Q
q 0 0 0 rg BT 365.91 440.00 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 370.91 440.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 373.41 440.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 382.58 440.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 393.41 440.00 Td (follows:) Tj ET Q
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 399.50 378.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 399.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 399.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 399.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 369.50 378.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 369.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 369.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 369.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 339.50 378.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 339.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 339.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 339.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
50.50 309.50 378.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
428.50 309.50 65.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
493.50 309.50 4.00 -15.00 re f
/GS0 gs
0.8 0.9333333333333333 1 rg
/GS0 gs
497.50 309.50 65.00 -15.00 re f
/GS0 gs
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 414.5 m
428.5 414.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 414.5 m
493.5 414.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 414.5 m
497.5 414.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 414.5 m
562.5 414.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 294.5 m
428.5 294.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 294.5 m
493.5 294.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 294.5 m
497.5 294.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 294.5 m
562.5 294.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
50.5 279.5 m
428.5 279.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
428.5 279.5 m
493.5 279.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
493.5 279.5 m
497.5 279.5 l
s
0 0 0 RG
/GS0 gs
1.00 w
0 i
[] 0 d
0 J
0 j
3 M
497.5 279.5 m
562.5 279.5 l
s
BT /F4 10.00 Tf ET
q 0 0 0 rg BT 53.00 419.21 Td (\(in thousands of $\)) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 470.00 419.18 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 539.35 419.17 Td (2011) Tj ET Q
BT /F5 10.00 Tf ET
q 0 0 0 rg BT 53.00 404.18 Td (Payables) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 431.00 404.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 500.00 404.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 389.17 Td (Ship Finance International Limited) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 458.80 389.23 Td (\(52,063) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.65 389.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 532.80 389.22 Td (\(9,209) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 389.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 374.17 Td (Seatankers Management Co. Ltd) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 471.30 374.23 Td (\(257) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.65 374.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 540.30 374.22 Td (\(550) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 374.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 359.17 Td (Golar LNG Limited) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 471.30 359.23 Td (\(101) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.65 359.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 540.30 359.22 Td (\(106) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 359.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 344.17 Td (Golden Ocean Group Limited) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 463.80 344.23 Td (\(1,042) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.65 344.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 540.30 344.22 Td (\(910) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 344.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 329.17 Td (Frontline 2012 Ltd) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 471.30 329.23 Td (\(423) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.65 329.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 329.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 314.17 Td (Aktiv Kapital Ltd) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 476.30 314.23 Td (\(34) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.65 314.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 314.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 299.17 Td (Deep Sea Supply Plc) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 476.30 299.23 Td (\(28) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.65 299.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 548.65 299.17 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 53.00 284.17 Td () Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 458.80 284.23 Td (\(53,948) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 489.65 284.18 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 527.80 284.22 Td (\(10,775) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 558.65 284.17 Td (\)) Tj ET Q
BT /F3 10.00 Tf ET
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 256.00 Td (Receivables ) Tj ET Q
q 0 0 0 rg BT 101.56 256.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 119.25 256.00 Td (payables ) Tj ET Q
q 0 0 0 rg BT 157.49 256.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 178.52 256.00 Td (related ) Tj ET Q
q 0 0 0 rg BT 208.97 256.00 Td (parties ) Tj ET Q
q 0 0 0 rg BT 238.88 256.00 Td (comprise ) Tj ET Q
q 0 0 0 rg BT 278.78 256.00 Td (unpaid ) Tj ET Q
q 0 0 0 rg BT 309.25 256.00 Td (management, ) Tj ET Q
q 0 0 0 rg BT 366.09 256.00 Td (technical ) Tj ET Q
q 0 0 0 rg BT 405.43 256.00 Td (advisory) Tj ET Q
q 0 0 0 rg BT 439.22 256.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 444.97 256.00 Td (newbuilding ) Tj ET Q
q 0 0 0 rg BT 498.22 256.00 Td (supervision ) Tj ET Q
q 0 0 0 rg BT 547.58 256.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 244.00 Td (technical ) Tj ET Q
q 0 0 0 rg BT 89.58 244.00 Td (management, ) Tj ET Q
q 0 0 0 rg BT 146.67 244.00 Td (administrative ) Tj ET Q
q 0 0 0 rg BT 207.37 244.00 Td (service ) Tj ET Q
q 0 0 0 rg BT 239.18 244.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 257.12 244.00 Td (rental ) Tj ET Q
q 0 0 0 rg BT 283.38 244.00 Td (char) Tj ET Q
q 0 0 0 rg BT 300.41 244.00 Td (ges ) Tj ET Q
q 0 0 0 rg BT 317.23 244.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 335.17 244.00 Td (charterhire ) Tj ET Q
q 0 0 0 rg BT 381.96 244.00 Td (payments.In ) Tj ET Q
q 0 0 0 rg BT 439.61 244.00 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 478.38 244.00 Td (certain ) Tj ET Q
q 0 0 0 rg BT 509.08 244.00 Td (payables ) Tj ET Q
q 0 0 0 rg BT 547.56 244.00 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 232.00 Td (receivables ) Tj ET Q
q 0 0 0 rg BT 97.41 232.00 Td (arise ) Tj ET Q
q 0 0 0 rg BT 118.72 232.00 Td (when ) Tj ET Q
q 0 0 0 rg BT 142.82 232.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 157.48 232.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 198.80 232.00 Td (pays ) Tj ET Q
q 0 0 0 rg BT 219.57 232.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 231.45 232.00 Td (invoice ) Tj ET Q
q 0 0 0 rg BT 263.32 232.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 275.76 232.00 Td (behalf ) Tj ET Q
q 0 0 0 rg BT 303.18 232.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 313.95 232.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 320.82 232.00 Td (related ) Tj ET Q
q 0 0 0 rg BT 350.46 232.00 Td (party ) Tj ET Q
q 0 0 0 rg BT 373.45 232.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 390.32 232.00 Td (vice ) Tj ET Q
q 0 0 0 rg BT 409.42 232.00 Td (versa.) Tj ET Q
q 0 0 0 rg BT 437.84 232.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 455.82 232.00 Td (payable ) Tj ET Q
q 0 0 0 rg BT 489.35 232.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 509.57 232.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 530.35 232.00 Td (Finance ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 220.00 Td (principally ) Tj ET Q
q 0 0 0 rg BT 95.94 220.00 Td (includes ) Tj ET Q
q 0 0 0 rg BT 131.88 220.00 Td (unpaid ) Tj ET Q
q 0 0 0 rg BT 161.72 220.00 Td (contingent ) Tj ET Q
q 0 0 0 rg BT 206.55 220.00 Td (rental ) Tj ET Q
q 0 0 0 rg BT 231.94 220.00 Td (expense ) Tj ET Q
q 0 0 0 rg BT 266.76 220.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 283.82 220.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 290.88 220.00 Td (lease ) Tj ET Q
q 0 0 0 rg BT 313.48 220.00 Td (termination ) Tj ET Q
q 0 0 0 rg BT 362.20 220.00 Td (fee. ) Tj ET Q
q 0 0 0 rg BT 379.53 220.00 Td (Receivables ) Tj ET Q
q 0 0 0 rg BT 430.46 220.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 447.52 220.00 Td (payables ) Tj ET Q
q 0 0 0 rg BT 485.12 220.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 505.52 220.00 Td (related ) Tj ET Q
q 0 0 0 rg BT 535.34 220.00 Td (parties ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 208.00 Td (are ) Tj ET Q
q 0 0 0 rg BT 64.71 208.00 Td (generally ) Tj ET Q
q 0 0 0 rg BT 104.41 208.00 Td (settled ) Tj ET Q
q 0 0 0 rg BT 133.01 208.00 Td (quarterly ) Tj ET Q
q 0 0 0 rg BT 171.61 208.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 181.88 208.00 Td (arrears ) Tj ET Q
q 0 0 0 rg BT 211.58 208.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 231.86 208.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 246.58 208.00 Td (exception ) Tj ET Q
q 0 0 0 rg BT 287.95 208.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 298.78 208.00 Td (profit ) Tj ET Q
q 0 0 0 rg BT 323.50 208.00 Td (share ) Tj ET Q
q 0 0 0 rg BT 347.09 208.00 Td (due ) Tj ET Q
q 0 0 0 rg BT 364.03 208.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 374.31 208.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 395.15 208.00 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 429.31 208.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 456.25 208.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 465.42 208.00 Td (settled ) Tj ET Q
q 0 0 0 rg BT 494.02 208.00 Td (annually) Tj ET Q
q 0 0 0 rg BT 527.80 208.00 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 184.00 Td (W) Tj ET Q
q 0 0 0 rg BT 58.64 184.00 Td (e ) Tj ET Q
q 0 0 0 rg BT 65.29 184.00 Td (transact ) Tj ET Q
q 0 0 0 rg BT 98.60 184.00 Td (business ) Tj ET Q
q 0 0 0 rg BT 134.71 184.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 154.71 184.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 169.14 184.00 Td (following ) Tj ET Q
q 0 0 0 rg BT 210.24 184.00 Td (related ) Tj ET Q
q 0 0 0 rg BT 239.66 184.00 Td (parties, ) Tj ET Q
q 0 0 0 rg BT 271.04 184.00 Td (being ) Tj ET Q
q 0 0 0 rg BT 295.47 184.00 Td (companies ) Tj ET Q
q 0 0 0 rg BT 340.45 184.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 350.44 184.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 377.10 184.00 Td (Hemen ) Tj ET Q
q 0 0 0 rg BT 408.19 184.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 424.85 184.00 Td (companies ) Tj ET Q
q 0 0 0 rg BT 469.83 184.00 Td (associated ) Tj ET Q
q 0 0 0 rg BT 513.14 184.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 533.13 184.00 Td (Hemen ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 172.00 Td (have ) Tj ET Q
q 0 0 0 rg BT 72.11 172.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 79.77 172.00 Td (significant ) Tj ET Q
q 0 0 0 rg BT 125.21 172.00 Td (interest: ) Tj ET Q
q 0 0 0 rg BT 160.66 172.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 182.22 172.00 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 217.11 172.00 Td (International ) Tj ET Q
q 0 0 0 rg BT 271.43 172.00 Td (Limited, ) Tj ET Q
q 0 0 0 rg BT 308.82 172.00 Td (Golar ) Tj ET Q
q 0 0 0 rg BT 334.81 172.00 Td (LNG ) Tj ET Q
q 0 0 0 rg BT 358.59 172.00 Td (Limited, ) Tj ET Q
q 0 0 0 rg BT 395.98 172.00 Td (Northern ) Tj ET Q
q 0 0 0 rg BT 435.31 172.00 Td (Of) Tj ET Q
q 0 0 0 rg BT 445.68 172.00 Td (fshore ) Tj ET Q
q 0 0 0 rg BT 473.90 172.00 Td (Ltd, ) Tj ET Q
q 0 0 0 rg BT 493.52 172.00 Td (Seadrill ) Tj ET Q
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endstream
endobj
264 0 obj
<<
/Length 48847
>>
stream
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BT /F1 9.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 101.09 634.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 113.59 634.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 128.31 634.10 Td (dilution ) Tj ET Q
q 0 0 0 rg BT 161.92 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 172.75 634.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 184.70 634.10 Td (ownership ) Tj ET Q
q 0 0 0 rg BT 228.86 634.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 239.69 634.10 Td ($0.7 ) Tj ET Q
q 0 0 0 rg BT 259.69 634.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 288.58 634.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 291.08 634.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 301.36 634.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 316.08 634.10 Td (second ) Tj ET Q
q 0 0 0 rg BT 346.35 634.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 377.16 634.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 387.99 634.10 Td (2012.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 610.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.57 610.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 93.91 610.10 Td (2013, ) Tj ET Q
q 0 0 0 rg BT 118.66 610.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 133.12 610.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 174.25 610.10 Td (paid ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 193.71 610.10 Td ($6.0 ) Tj ET Q
q 0 0 0 rg BT 213.45 610.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 242.34 610.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 244.58 610.10 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 258.48 610.10 Td (1,143,000) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 298.48 610.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 300.73 610.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 327.96 610.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 337.98 610.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 344.66 610.10 Td (private ) Tj ET Q
q 0 0 0 rg BT 374.67 610.10 Td (placement ) Tj ET Q
q 0 0 0 rg BT 418.00 610.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 430.24 610.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 469.15 610.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 491.39 610.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 501.97 610.10 Td (59 ) Tj ET Q
q 0 0 0 rg BT 514.21 610.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.10 610.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 545.34 610.10 Td (new ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 598.10 Td (ordinary ) Tj ET Q
q 0 0 0 rg BT 85.92 598.10 Td (shares ) Tj ET Q
q 0 0 0 rg BT 112.96 598.10 Td (at ) Tj ET Q
q 0 0 0 rg BT 122.23 598.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 128.71 598.10 Td (subscription ) Tj ET Q
q 0 0 0 rg BT 179.65 598.10 Td (price ) Tj ET Q
q 0 0 0 rg BT 201.68 598.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 212.06 598.10 Td ($5.25) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 234.56 598.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 236.60 598.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 251.42 598.10 Td (share. ) Tj ET Q
q 0 0 0 rg BT 277.07 598.10 Td (Following ) Tj ET Q
q 0 0 0 rg BT 320.23 598.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 334.50 598.10 Td (private ) Tj ET Q
q 0 0 0 rg BT 364.31 598.10 Td (placement, ) Tj ET Q
q 0 0 0 rg BT 409.94 598.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 424.21 598.10 Td (Company) Tj ET Q
q 0 0 0 rg BT 465.87 598.10 Td (s ) Tj ET Q
q 0 0 0 rg BT 471.81 598.10 Td (ownership ) Tj ET Q
q 0 0 0 rg BT 515.52 598.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 525.34 598.10 Td (Frontline ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 586.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 71.83 586.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 89.21 586.10 Td (reduced ) Tj ET Q
q 0 0 0 rg BT 122.68 586.10 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 143.95 586.10 Td (7.9%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 164.78 586.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 166.61 586.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 176.22 586.10 Td (6.3%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 197.05 586.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 201.24 586.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 218.62 586.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 259.33 586.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 305.02 586.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 311.29 586.10 Td (gain, ) Tj ET Q
q 0 0 0 rg BT 332.84 586.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 359.10 586.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 376.49 586.10 Td (be ) Tj ET Q
q 0 0 0 rg BT 387.76 586.10 Td (included ) Tj ET Q
q 0 0 0 rg BT 424.02 586.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 433.63 586.10 Td (Share ) Tj ET Q
q 0 0 0 rg BT 461.55 586.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 471.71 586.10 Td (results ) Tj ET Q
q 0 0 0 rg BT 499.65 586.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 520.92 586.10 Td (associated ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 574.10 Td (companies, ) Tj ET Q
q 0 0 0 rg BT 101.09 574.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 113.59 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 128.31 574.10 Td (dilution ) Tj ET Q
q 0 0 0 rg BT 161.92 574.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 172.75 574.10 Td (its ) Tj ET Q
q 0 0 0 rg BT 184.70 574.10 Td (ownership ) Tj ET Q
q 0 0 0 rg BT 228.86 574.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 239.69 574.10 Td ($5.2 ) Tj ET Q
q 0 0 0 rg BT 259.69 574.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 288.58 574.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 291.08 574.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 301.36 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 316.08 574.10 Td (first ) Tj ET Q
q 0 0 0 rg BT 334.69 574.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 365.50 574.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 376.33 574.10 Td (2013.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 550.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.81 550.10 Td (September ) Tj ET Q
q 0 0 0 rg BT 106.05 550.10 Td (201) Tj ET Q
q 0 0 0 rg BT 120.68 550.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 130.66 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 145.36 550.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 186.72 550.10 Td (negotiated ) Tj ET Q
q 0 0 0 rg BT 230.85 550.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 245.55 550.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 268.01 550.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 316.59 550.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 327.40 550.10 Td (bare ) Tj ET Q
q 0 0 0 rg BT 347.09 550.10 Td (boat ) Tj ET Q
q 0 0 0 rg BT 366.79 550.10 Td (charters ) Tj ET Q
q 0 0 0 rg BT 400.91 550.10 Td (on ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 413.39 550.10 Td (three) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 433.38 550.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 435.85 550.10 Td (single ) Tj ET Q
q 0 0 0 rg BT 462.22 550.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 480.08 550.10 Td (VLCCs, ) Tj ET Q
q 0 0 0 rg BT 515.44 550.10 Td (T) Tj ET Q
q 0 0 0 rg BT 521.20 550.10 Td (itan ) Tj ET Q
q 0 0 0 rg BT 538.67 550.10 Td (Orion ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 90.32 538.10 Td (Duke\), ) Tj ET Q
q 0 0 0 rg BT 120.19 538.10 Td (T) Tj ET Q
q 0 0 0 rg BT 125.94 538.10 Td (itan ) Tj ET Q
q 0 0 0 rg BT 142.93 538.10 Td (Aries ) Tj ET Q
q 0 0 0 rg BT 167.15 538.10 Td (\(now ) Tj ET Q
q 0 0 0 rg BT 190.25 538.10 Td (renamed ) Tj ET Q
q 0 0 0 rg BT 227.23 538.10 Td (Edinbur) Tj ET Q
q 0 0 0 rg BT 259.27 538.10 Td (gh\) ) Tj ET Q
q 0 0 0 rg BT 275.16 538.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 291.97 538.10 Td (T) Tj ET Q
q 0 0 0 rg BT 297.72 538.10 Td (icen ) Tj ET Q
q 0 0 0 rg BT 316.94 538.10 Td (Ocean ) Tj ET Q
q 0 0 0 rg BT 345.03 538.10 Td (\(now ) Tj ET Q
q 0 0 0 rg BT 368.14 538.10 Td (renamed ) Tj ET Q
q 0 0 0 rg BT 405.12 538.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 429.34 538.10 Td (Lady\), ) Tj ET Q
q 0 0 0 rg BT 458.28 538.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 485.27 538.10 Td (are ) Tj ET Q
q 0 0 0 rg BT 500.03 538.10 Td (being ) Tj ET Q
q 0 0 0 rg BT 524.81 538.10 Td (chartered ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 59.72 526.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 81.09 526.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 101.37 526.10 Td (Finance. ) Tj ET Q
q 0 0 0 rg BT 137.32 526.10 Td (These ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 163.14 526.10 Td (three) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 183.12 526.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 185.06 526.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 215.33 526.10 Td (have ) Tj ET Q
q 0 0 0 rg BT 236.14 526.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 256.96 526.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 275.56 526.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 287.50 526.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 307.78 526.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 341.37 526.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 361.09 526.10 Td (expected ) Tj ET Q
q 0 0 0 rg BT 398.56 526.10 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 433.26 526.10 Td (during ) Tj ET Q
q 0 0 0 rg BT 461.30 526.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 483.24 526.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 499.62 526.10 Td (2013. ) Tj ET Q
q 0 0 0 rg BT 523.91 526.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 541.26 526.10 Td (T) Tj ET Q
q 0 0 0 rg BT 547.02 526.10 Td (itan ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (Orion ) Tj ET Q
q 0 0 0 rg BT 75.53 514.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 115.49 514.10 Td (Duke\) ) Tj ET Q
q 0 0 0 rg BT 142.68 514.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 160.43 514.10 Td (delivered, ) Tj ET Q
q 0 0 0 rg BT 202.33 514.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 218.96 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 233.38 514.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 263.33 514.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 286.07 514.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 306.05 514.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 326.59 514.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 360.44 514.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 378.19 514.10 Td (terminated, ) Tj ET Q
q 0 0 0 rg BT 425.64 514.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 437.84 514.10 Td (March ) Tj ET Q
q 0 0 0 rg BT 466.14 514.10 Td (27, ) Tj ET Q
q 0 0 0 rg BT 480.83 514.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 505.37 514.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 523.12 514.10 Td (Company ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (received ) Tj ET Q
q 0 0 0 rg BT 86.56 502.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 93.70 502.10 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 151.94 502.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 189.07 502.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 211.20 502.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 232.24 502.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 266.59 502.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 277.62 502.10 Td ($10.6 ) Tj ET Q
q 0 0 0 rg BT 302.82 502.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 331.71 502.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 334.41 502.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 348.77 502.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 363.68 502.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 386.36 502.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 435.16 502.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 446.19 502.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 461.10 502.10 Td (charter) Tj ET Q
q 0 0 0 rg BT 488.31 502.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 493.31 502.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 511.36 502.10 Td (T) Tj ET Q
q 0 0 0 rg BT 517.12 502.10 Td (icen ) Tj ET Q
q 0 0 0 rg BT 536.47 502.10 Td (Ocean ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 490.10 Td (\(now ) Tj ET Q
q 0 0 0 rg BT 73.19 490.10 Td (renamed ) Tj ET Q
q 0 0 0 rg BT 110.25 490.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 134.56 490.10 Td (Lady\) ) Tj ET Q
q 0 0 0 rg BT 161.08 490.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 179.27 490.10 Td (delivered, ) Tj ET Q
q 0 0 0 rg BT 221.61 490.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 238.68 490.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 253.54 490.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 283.93 490.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 307.11 490.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 327.53 490.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 348.51 490.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 382.80 490.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 400.99 490.10 Td (terminated, ) Tj ET Q
q 0 0 0 rg BT 448.89 490.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 461.53 490.10 Td (November ) Tj ET Q
q 0 0 0 rg BT 506.37 490.10 Td (27, ) Tj ET Q
q 0 0 0 rg BT 521.51 490.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 546.46 490.10 Td (The ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 90.98 478.10 Td (received ) Tj ET Q
q 0 0 0 rg BT 126.94 478.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 133.48 478.10 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 191.12 478.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 227.65 478.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 249.18 478.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 269.62 478.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 303.37 478.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 313.80 478.10 Td ($1) Tj ET Q
q 0 0 0 rg BT 323.43 478.10 Td (1.6 ) Tj ET Q
q 0 0 0 rg BT 338.03 478.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 366.92 478.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 369.02 478.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 382.77 478.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 397.09 478.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 419.17 478.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 467.37 478.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 477.79 478.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 492.11 478.10 Td (charter) Tj ET Q
q 0 0 0 rg BT 519.31 478.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 523.75 478.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 541.25 478.10 Td (T) Tj ET Q
q 0 0 0 rg BT 547.00 478.10 Td (itan ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (Aries ) Tj ET Q
q 0 0 0 rg BT 74.44 466.10 Td (\(now ) Tj ET Q
q 0 0 0 rg BT 97.78 466.10 Td (renamed ) Tj ET Q
q 0 0 0 rg BT 134.99 466.10 Td (Edinbur) Tj ET Q
q 0 0 0 rg BT 167.03 466.10 Td (gh\) ) Tj ET Q
q 0 0 0 rg BT 183.14 466.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 201.48 466.10 Td (delivered, ) Tj ET Q
q 0 0 0 rg BT 243.96 466.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 261.19 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 276.19 466.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 306.73 466.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 330.06 466.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 350.62 466.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 371.75 466.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 406.19 466.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 424.52 466.10 Td (terminated, ) Tj ET Q
q 0 0 0 rg BT 472.57 466.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 485.35 466.10 Td (February ) Tj ET Q
q 0 0 0 rg BT 524.23 466.10 Td (16, ) Tj ET Q
q 0 0 0 rg BT 539.52 466.10 Td (2013. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (Under ) Tj ET Q
q 0 0 0 rg BT 76.43 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 90.09 454.10 Td (terms ) Tj ET Q
q 0 0 0 rg BT 113.75 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 123.52 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 137.17 454.10 Td (early ) Tj ET Q
q 0 0 0 rg BT 158.60 454.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 206.14 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 215.91 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 229.57 454.10 Td (bareboat ) Tj ET Q
q 0 0 0 rg BT 265.43 454.10 Td (charters, ) Tj ET Q
q 0 0 0 rg BT 301.02 454.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 320.80 454.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 353.89 454.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 370.89 454.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 386.77 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 400.42 454.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 440.75 454.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 446.63 454.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 494.17 454.10 Td (fee ) Tj ET Q
q 0 0 0 rg BT 507.82 454.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 517.04 454.10 Td (accordance ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 70.28 442.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 85.00 442.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 115.25 442.10 Td (ancillary ) Tj ET Q
q 0 0 0 rg BT 152.73 442.10 Td (agreement. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.46 418.10 Td (201) Tj ET Q
q 0 0 0 rg BT 75.08 418.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 84.71 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 99.05 418.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 140.06 418.10 Td (received ) Tj ET Q
q 0 0 0 rg BT 176.05 418.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 224.28 418.10 Td (payments ) Tj ET Q
q 0 0 0 rg BT 264.73 418.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 286.29 418.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 306.76 418.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 340.54 418.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 350.44 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 364.78 418.10 Td (aggregate ) Tj ET Q
q 0 0 0 rg BT 405.77 418.10 Td (amount ) Tj ET Q
q 0 0 0 rg BT 437.89 418.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 448.35 418.10 Td ($5.3 ) Tj ET Q
q 0 0 0 rg BT 467.97 418.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 496.86 418.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 498.99 418.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 508.89 418.10 Td (respect ) Tj ET Q
q 0 0 0 rg BT 539.33 418.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 549.79 418.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 73.58 406.10 Td (terminations ) Tj ET Q
q 0 0 0 rg BT 127.16 406.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 142.41 406.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 166.88 406.10 Td (Ace ) Tj ET Q
q 0 0 0 rg BT 186.57 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 204.34 406.10 Td (T) Tj ET Q
q 0 0 0 rg BT 210.10 406.10 Td (icen ) Tj ET Q
q 0 0 0 rg BT 230.34 406.10 Td (Sun ) Tj ET Q
q 0 0 0 rg BT 249.49 406.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 290.85 406.10 Td (Highness\) ) Tj ET Q
q 0 0 0 rg BT 335.00 406.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 353.03 406.10 Td (made ) Tj ET Q
q 0 0 0 rg BT 378.27 406.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 427.96 406.10 Td (payments ) Tj ET Q
q 0 0 0 rg BT 469.88 406.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 481.25 406.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 503.18 406.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 538.43 406.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 549.80 406.10 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (aggregate ) Tj ET Q
q 0 0 0 rg BT 91.36 394.10 Td (amount ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 134.69 394.10 Td ($14.3 ) Tj ET Q
q 0 0 0 rg BT 159.69 394.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 188.58 394.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 191.08 394.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 201.36 394.10 Td (respect ) Tj ET Q
q 0 0 0 rg BT 232.17 394.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 243.00 394.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 257.72 394.10 Td (lease ) Tj ET Q
q 0 0 0 rg BT 280.21 394.10 Td (terminations ) Tj ET Q
q 0 0 0 rg BT 332.70 394.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 346.86 394.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 371.03 394.10 Td (Leader ) Tj ET Q
q 0 0 0 rg BT 401.28 394.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 418.22 394.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 442.39 394.10 Td (Breaker) Tj ET Q
q 0 0 0 rg BT 473.48 394.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 59.79 370.10 Td (October ) Tj ET Q
q 0 0 0 rg BT 93.46 370.10 Td (201) Tj ET Q
q 0 0 0 rg BT 108.09 370.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 117.05 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 130.72 370.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 171.07 370.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 189.20 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 202.88 370.10 Td (double ) Tj ET Q
q 0 0 0 rg BT 231.55 370.10 Td (hull ) Tj ET Q
q 0 0 0 rg BT 248.57 370.10 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 286.68 370.10 Td (tanker) Tj ET Q
q 0 0 0 rg BT 311.27 370.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 315.23 370.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 338.36 370.10 Td (Hunter) Tj ET Q
q 0 0 0 rg BT 365.73 370.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 369.69 370.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 378.82 370.10 Td (VTN ) Tj ET Q
q 0 0 0 rg BT 400.83 370.10 Td (Shipping ) Tj ET Q
q 0 0 0 rg BT 438.41 370.10 Td (Inc., ) Tj ET Q
q 0 0 0 rg BT 457.64 370.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 463.54 370.10 Td (wholly ) Tj ET Q
q 0 0 0 rg BT 492.78 370.10 Td (owned ) Tj ET Q
q 0 0 0 rg BT 520.90 370.10 Td (subsidiary ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.83 358.10 Td (Farahead ) Tj ET Q
q 0 0 0 rg BT 99.98 358.10 Td (Holdings ) Tj ET Q
q 0 0 0 rg BT 139.15 358.10 Td (Limited, ) Tj ET Q
q 0 0 0 rg BT 175.81 358.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 192.74 358.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 239.11 358.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 246.04 358.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 265.76 358.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 276.59 358.10 Td ($0.05 ) Tj ET Q
q 0 0 0 rg BT 301.59 358.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 330.48 358.10 Td ( ) Tj ET Q
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q 0 0 0 rg BT 343.26 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 357.98 358.10 Td (fourth ) Tj ET Q
q 0 0 0 rg BT 384.92 358.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 415.73 358.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 426.56 358.10 Td (201) Tj ET Q
q 0 0 0 rg BT 441.19 358.10 Td (1.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.00 334.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 102.75 334.10 Td (201) Tj ET Q
q 0 0 0 rg BT 117.38 334.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 126.55 334.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 164.88 334.10 Td (completed ) Tj ET Q
q 0 0 0 rg BT 208.20 334.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 214.30 334.10 Td (restructuring ) Tj ET Q
q 0 0 0 rg BT 267.06 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 277.06 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 290.94 334.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 331.50 334.10 Td (\(see ) Tj ET Q
q 0 0 0 rg BT 349.27 334.10 Td (Note ) Tj ET Q
q 0 0 0 rg BT 370.37 334.10 Td (4\) ) Tj ET Q
q 0 0 0 rg BT 380.37 334.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 389.81 334.10 Td (which ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 415.92 334.10 Td (15) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 425.92 334.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 427.59 334.10 Td (subsidiaries ) Tj ET Q
q 0 0 0 rg BT 476.47 334.10 Td (were ) Tj ET Q
q 0 0 0 rg BT 497.57 334.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 515.91 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 525.35 334.10 Td (Frontline ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 71.33 322.10 Td (Ltd, ) Tj ET Q
q 0 0 0 rg BT 89.05 322.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 94.82 322.10 Td (related ) Tj ET Q
q 0 0 0 rg BT 123.36 322.10 Td (company ) Tj ET Q
q 0 0 0 rg BT 161.34 322.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 177.67 322.10 Td (Frontline ) Tj ET Q
q 0 0 0 rg BT 215.67 322.10 Td (owns ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 238.11 322.10 Td (8.8%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 258.94 322.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 260.27 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 269.94 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 283.49 322.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 305.92 322.10 Td (capital. ) Tj ET Q
q 0 0 0 rg BT 336.10 322.10 Td (At ) Tj ET Q
q 0 0 0 rg BT 347.44 322.10 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 404.85 322.10 Td (201) Tj ET Q
q 0 0 0 rg BT 419.48 322.10 Td (1, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 428.31 322.10 Td ($10.5 ) Tj ET Q
q 0 0 0 rg BT 452.15 322.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 481.04 322.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 482.37 322.10 Td (remains ) Tj ET Q
q 0 0 0 rg BT 515.36 322.10 Td (outstanding ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 310.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 64.16 310.10 Td (working ) Tj ET Q
q 0 0 0 rg BT 99.99 310.10 Td (capital ) Tj ET Q
q 0 0 0 rg BT 129.14 310.10 Td (balances.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 286.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.94 286.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 104.64 286.10 Td (201) Tj ET Q
q 0 0 0 rg BT 119.27 286.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 129.39 286.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 144.22 286.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 185.72 286.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 202.77 286.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 223.73 286.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 258.00 286.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 287.26 286.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 297.65 286.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 304.70 286.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 322.30 286.10 Td (reduction ) Tj ET Q
q 0 0 0 rg BT 362.68 286.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 373.63 286.10 Td ($6,500) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.13 286.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 403.74 286.10 Td (per ) Tj ET Q
q 0 0 0 rg BT 419.13 286.10 Td (day ) Tj ET Q
q 0 0 0 rg BT 436.18 286.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 450.45 286.10 Td (all ) Tj ET Q
q 0 0 0 rg BT 463.06 286.10 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 494.01 286.10 Td (leased ) Tj ET Q
q 0 0 0 rg BT 521.61 286.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 543.66 286.10 Td (Ship ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 274.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 84.30 274.10 Td (under ) Tj ET Q
q 0 0 0 rg BT 109.71 274.10 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 151.79 274.10 Td (leases ) Tj ET Q
q 0 0 0 rg BT 178.32 274.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 192.62 274.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 199.71 274.10 Td (four) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 216.37 274.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 219.01 274.10 Td (year ) Tj ET Q
q 0 0 0 rg BT 238.86 274.10 Td (period ) Tj ET Q
q 0 0 0 rg BT 267.06 274.10 Td (that ) Tj ET Q
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q 0 0 0 rg BT 335.65 274.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 348.30 274.10 Td (January ) Tj ET Q
q 0 0 0 rg BT 382.04 274.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 392.19 274.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 417.14 274.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 435.33 274.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 476.87 274.10 Td (paid ) Tj ET Q
q 0 0 0 rg BT 496.73 274.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 517.71 274.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 552.02 274.10 Td (up ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 262.10 Td (front ) Tj ET Q
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q 0 0 0 rg BT 129.83 262.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 140.58 262.10 Td ($106.0 ) Tj ET Q
q 0 0 0 rg BT 170.50 262.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 199.40 262.10 Td ( ) Tj ET Q
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q 0 0 0 rg BT 257.75 262.10 Td (30, ) Tj ET Q
q 0 0 0 rg BT 272.67 262.10 Td (201) Tj ET Q
q 0 0 0 rg BT 287.30 262.10 Td (1, ) Tj ET Q
q 0 0 0 rg BT 297.23 262.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 307.98 262.10 Td (which ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 334.84 262.10 Td ($50.0 ) Tj ET Q
q 0 0 0 rg BT 359.76 262.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 388.66 262.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 391.08 262.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 409.05 262.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 415.92 262.10 Td (non-refundable ) Tj ET Q
q 0 0 0 rg BT 479.42 262.10 Td (prepayment ) Tj ET Q
q 0 0 0 rg BT 529.05 262.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 539.80 262.10 Td (profit ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 250.10 Td (split ) Tj ET Q
q 0 0 0 rg BT 69.92 250.10 Td (and ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 87.06 250.10 Td ($56.0 ) Tj ET Q
q 0 0 0 rg BT 112.26 250.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 141.15 250.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 143.84 250.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 162.09 250.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 169.23 250.10 Td (release ) Tj ET Q
q 0 0 0 rg BT 199.68 250.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 210.71 250.10 Td (restricted ) Tj ET Q
q 0 0 0 rg BT 250.60 250.10 Td (cash ) Tj ET Q
q 0 0 0 rg BT 271.07 250.10 Td (serving ) Tj ET Q
q 0 0 0 rg BT 303.20 250.10 Td (as ) Tj ET Q
q 0 0 0 rg BT 314.23 250.10 Td (security ) Tj ET Q
q 0 0 0 rg BT 348.58 250.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 362.94 250.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 393.39 250.10 Td (payments. ) Tj ET Q
q 0 0 0 rg BT 436.72 250.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 454.96 250.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 496.54 250.10 Td (will ) Tj ET Q
q 0 0 0 rg BT 514.80 250.10 Td (compensate ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 238.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 71.21 238.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 105.74 238.10 Td (with ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 126.38 238.10 Td (100%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 149.71 238.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 152.58 238.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 163.78 238.10 Td (any ) Tj ET Q
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q 0 0 0 rg BT 192.02 238.10 Td (ference ) Tj ET Q
q 0 0 0 rg BT 224.30 238.10 Td (between ) Tj ET Q
q 0 0 0 rg BT 260.49 238.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 275.58 238.10 Td (renegotiated ) Tj ET Q
q 0 0 0 rg BT 327.87 238.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 349.61 238.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 366.92 238.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 382.01 238.10 Td (actual ) Tj ET Q
q 0 0 0 rg BT 408.75 238.10 Td (market ) Tj ET Q
q 0 0 0 rg BT 439.38 238.10 Td (rate ) Tj ET Q
q 0 0 0 rg BT 457.24 238.10 Td (up ) Tj ET Q
q 0 0 0 rg BT 470.11 238.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 480.76 238.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 495.85 238.10 Td (original ) Tj ET Q
q 0 0 0 rg BT 529.82 238.10 Td (contract ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 226.10 Td (rates. ) Tj ET Q
q 0 0 0 rg BT 73.88 226.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 84.71 226.10 Td (addition, ) Tj ET Q
q 0 0 0 rg BT 122.48 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 137.20 226.10 Td (profit ) Tj ET Q
q 0 0 0 rg BT 161.91 226.10 Td (share ) Tj ET Q
q 0 0 0 rg BT 185.51 226.10 Td (above ) Tj ET Q
q 0 0 0 rg BT 211.89 226.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 226.61 226.10 Td (original ) Tj ET Q
q 0 0 0 rg BT 260.21 226.10 Td (threshold ) Tj ET Q
q 0 0 0 rg BT 299.93 226.10 Td (rates ) Tj ET Q
q 0 0 0 rg BT 321.30 226.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 339.36 226.10 Td (increased ) Tj ET Q
q 0 0 0 rg BT 379.61 226.10 Td (from ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 401.55 226.10 Td (20%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 419.88 226.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 422.38 226.10 Td (to ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 432.66 226.10 Td (25%) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.99 226.10 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 202.10 Td (In ) Tj ET Q
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q 0 0 0 rg BT 97.63 202.10 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 121.73 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 135.54 202.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 176.03 202.10 Td (purchased ) Tj ET Q
q 0 0 0 rg BT 218.16 202.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 231.86 202.10 Td (VLCC, ) Tj ET Q
q 0 0 0 rg BT 262.63 202.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 285.79 202.10 Td (V) Tj ET Q
q 0 0 0 rg BT 292.41 202.10 Td (ista ) Tj ET Q
q 0 0 0 rg BT 307.89 202.10 Td (\(renamed ) Tj ET Q
q 0 0 0 rg BT 347.25 202.10 Td (Dewi ) Tj ET Q
q 0 0 0 rg BT 370.51 202.10 Td (Maeswara\), ) Tj ET Q
q 0 0 0 rg BT 419.02 202.10 Td (from ) Tj ET Q
q 0 0 0 rg BT 440.06 202.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 460.00 202.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 493.25 202.10 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 506.51 202.10 Td ($58.5 ) Tj ET Q
q 0 0 0 rg BT 530.61 202.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 559.50 202.10 Td (. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 190.10 Td (The ) Tj ET Q
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q 0 0 0 rg BT 94.14 190.10 Td (V) Tj ET Q
q 0 0 0 rg BT 100.77 190.10 Td (ista ) Tj ET Q
q 0 0 0 rg BT 118.25 190.10 Td (\(renamed ) Tj ET Q
q 0 0 0 rg BT 159.59 190.10 Td (Dewi ) Tj ET Q
q 0 0 0 rg BT 184.85 190.10 Td (Maeswara\) ) Tj ET Q
q 0 0 0 rg BT 232.86 190.10 Td (had ) Tj ET Q
q 0 0 0 rg BT 250.89 190.10 Td (been ) Tj ET Q
q 0 0 0 rg BT 273.36 190.10 Td (chartered ) Tj ET Q
q 0 0 0 rg BT 314.15 190.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 325.52 190.10 Td (by ) Tj ET Q
q 0 0 0 rg BT 339.12 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 354.93 190.10 Td (Company) Tj ET Q
q 0 0 0 rg BT 393.16 190.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 399.26 190.10 Td (Due ) Tj ET Q
q 0 0 0 rg BT 419.51 190.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 430.88 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 446.69 190.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 496.39 190.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 508.31 190.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 524.12 190.10 Td (charter) Tj ET Q
q 0 0 0 rg BT 551.47 190.10 Td (, ) Tj ET Q
q 0 0 0 rg BT 557.57 190.10 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 178.10 Td (compensation ) Tj ET Q
q 0 0 0 rg BT 108.04 178.10 Td (fee ) Tj ET Q
q 0 0 0 rg BT 122.75 178.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 133.58 178.10 Td ($0.4 ) Tj ET Q
q 0 0 0 rg BT 153.58 178.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 182.47 178.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 184.97 178.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 203.02 178.10 Td (paid ) Tj ET Q
q 0 0 0 rg BT 222.74 178.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 233.02 178.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 253.86 178.10 Td (Finance.) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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endstream
endobj
265 0 obj
<<
/Length 44006
>>
stream
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 98.68 629.00 Td (be ) Tj ET Q
q 0 0 0 rg BT 110.24 629.00 Td (settled ) Tj ET Q
q 0 0 0 rg BT 138.46 629.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 148.36 629.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 162.69 629.00 Td (payment ) Tj ET Q
q 0 0 0 rg BT 199.25 629.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 209.69 629.00 Td (installments ) Tj ET Q
q 0 0 0 rg BT 260.14 629.00 Td (over ) Tj ET Q
q 0 0 0 rg BT 280.03 629.00 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 286.59 629.00 Td (10) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 296.59 629.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 298.70 629.00 Td (year ) Tj ET Q
q 0 0 0 rg BT 318.03 629.00 Td (period ) Tj ET Q
q 0 0 0 rg BT 345.69 629.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 362.25 629.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 376.59 629.00 Td (transaction ) Tj ET Q
q 0 0 0 rg BT 422.58 629.00 Td (has ) Tj ET Q
q 0 0 0 rg BT 438.02 629.00 Td (been ) Tj ET Q
q 0 0 0 rg BT 459.02 629.00 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 496.11 629.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 506.56 629.00 Td (an ) Tj ET Q
q 0 0 0 rg BT 518.12 629.00 Td (investment ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 617.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 60.28 617.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 67.22 617.00 Td (sales ) Tj ET Q
q 0 0 0 rg BT 89.16 617.00 Td (type ) Tj ET Q
q 0 0 0 rg BT 108.87 617.00 Td (lease.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 605.00 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 593.00 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.94 593.00 Td (March ) Tj ET Q
q 0 0 0 rg BT 89.66 593.00 Td (2010, ) Tj ET Q
q 0 0 0 rg BT 114.77 593.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 135.73 593.00 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 170.00 593.00 Td (sold ) Tj ET Q
q 0 0 0 rg BT 189.28 593.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 204.11 593.00 Td (single ) Tj ET Q
q 0 0 0 rg BT 230.62 593.00 Td (hull ) Tj ET Q
q 0 0 0 rg BT 248.79 593.00 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 275.84 593.00 Td (Golden ) Tj ET Q
q 0 0 0 rg BT 307.89 593.00 Td (River ) Tj ET Q
q 0 0 0 rg BT 332.72 593.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 343.12 593.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 350.17 593.00 Td (third ) Tj ET Q
q 0 0 0 rg BT 371.67 593.00 Td (party ) Tj ET Q
q 0 0 0 rg BT 394.83 593.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 411.89 593.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 422.83 593.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 429.89 593.00 Td (result, ) Tj ET Q
q 0 0 0 rg BT 457.22 593.00 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 502.59 593.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 517.42 593.00 Td (Company's ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 581.00 Td (long-term ) Tj ET Q
q 0 0 0 rg BT 91.93 581.00 Td (lease ) Tj ET Q
q 0 0 0 rg BT 114.42 581.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 128.58 581.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 143.30 581.00 Td (vessel. ) Tj ET Q
q 0 0 0 rg BT 172.55 581.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 190.60 581.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 231.99 581.00 Td (received ) Tj ET Q
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q 0 0 0 rg BT 275.29 581.00 Td (termination ) Tj ET Q
q 0 0 0 rg BT 323.89 581.00 Td (payment ) Tj ET Q
q 0 0 0 rg BT 360.82 581.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 371.65 581.00 Td ($2.9 ) Tj ET Q
q 0 0 0 rg BT 391.65 581.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 420.54 581.00 Td (.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 569.00 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 557.00 Td (In ) Tj ET Q
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q 0 0 0 rg BT 184.16 557.00 Td (the ) Tj ET Q
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q 0 0 0 rg BT 222.87 557.00 Td (V) Tj ET Q
q 0 0 0 rg BT 228.80 557.00 Td (oyager ) Tj ET Q
q 0 0 0 rg BT 258.51 557.00 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 272.67 557.00 Td ($8.3 ) Tj ET Q
q 0 0 0 rg BT 292.67 557.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 321.56 557.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 324.06 557.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 341.00 557.00 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 387.36 557.00 Td (a ) Tj ET Q
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q 0 0 0 rg BT 409.01 557.00 Td (gain ) Tj ET Q
q 0 0 0 rg BT 428.73 557.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 439.56 557.00 Td ($0.1 ) Tj ET Q
q 0 0 0 rg BT 459.56 557.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 488.45 557.00 Td (.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 533.00 Td (In ) Tj ET Q
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q 0 0 0 rg BT 196.27 533.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 211.11 533.00 Td (VLCC ) Tj ET Q
q 0 0 0 rg BT 240.60 533.00 Td (Front ) Tj ET Q
q 0 0 0 rg BT 265.10 533.00 Td (Shanghai ) Tj ET Q
q 0 0 0 rg BT 305.14 533.00 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 319.62 533.00 Td ($91.2 ) Tj ET Q
q 0 0 0 rg BT 344.95 533.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 373.84 533.00 Td (. ) Tj ET Q
q 0 0 0 rg BT 378.96 533.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 397.33 533.00 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 424.59 533.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 442.96 533.00 Td (simultaneously ) Tj ET Q
q 0 0 0 rg BT 506.34 533.00 Td (leased ) Tj ET Q
q 0 0 0 rg BT 534.15 533.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 544.75 533.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 557.58 533.00 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 521.00 Td (two) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 65.00 521.00 Td ( ) Tj ET Q
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q 0 0 0 rg BT 107.48 521.00 Td (charter) Tj ET Q
q 0 0 0 rg BT 134.68 521.00 Td (. ) Tj ET Q
q 0 0 0 rg BT 139.13 521.00 Td (A) Tj ET Q
q 0 0 0 rg BT 145.80 521.00 Td ( ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 178.85 521.00 Td ($13.8 ) Tj ET Q
q 0 0 0 rg BT 203.85 521.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 232.74 521.00 Td ( ) Tj ET Q
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q 0 0 0 rg BT 253.29 521.00 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 299.65 521.00 Td (in ) Tj ET Q
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q 0 0 0 rg BT 375.65 521.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 386.48 521.00 Td ($7.9 ) Tj ET Q
q 0 0 0 rg BT 406.48 521.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 435.38 521.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 437.88 521.00 Td ( ) Tj ET Q
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q 0 0 0 rg BT 504.79 521.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 515.07 521.00 Td (2012. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 497.00 Td (In ) Tj ET Q
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q 0 0 0 rg BT 100.98 497.00 Td (201) Tj ET Q
q 0 0 0 rg BT 115.61 497.00 Td (1, ) Tj ET Q
q 0 0 0 rg BT 126.39 497.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 148.01 497.00 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 182.94 497.00 Td (sold ) Tj ET Q
q 0 0 0 rg BT 202.89 497.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 218.38 497.00 Td (single ) Tj ET Q
q 0 0 0 rg BT 245.55 497.00 Td (hull ) Tj ET Q
q 0 0 0 rg BT 264.38 497.00 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 291.86 497.00 Td (T) Tj ET Q
q 0 0 0 rg BT 297.62 497.00 Td (icen ) Tj ET Q
q 0 0 0 rg BT 317.55 497.00 Td (Sun ) Tj ET Q
q 0 0 0 rg BT 336.39 497.00 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 377.44 497.00 Td (Highness\) ) Tj ET Q
q 0 0 0 rg BT 421.27 497.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 432.32 497.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 440.04 497.00 Td (third ) Tj ET Q
q 0 0 0 rg BT 462.20 497.00 Td (party ) Tj ET Q
q 0 0 0 rg BT 486.03 497.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 503.75 497.00 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 549.78 497.00 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 485.00 Td (operating ) Tj ET Q
q 0 0 0 rg BT 90.55 485.00 Td (lease ) Tj ET Q
q 0 0 0 rg BT 113.32 485.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 133.88 485.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 148.89 485.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 190.56 485.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 205.00 485.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 220.01 485.00 Td (vessel. ) Tj ET Q
q 0 0 0 rg BT 249.53 485.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 267.86 485.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 309.54 485.00 Td (received ) Tj ET Q
q 0 0 0 rg BT 346.18 485.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 353.41 485.00 Td (termination ) Tj ET Q
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q 0 0 0 rg BT 439.51 485.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 450.63 485.00 Td ($2.9 ) Tj ET Q
q 0 0 0 rg BT 470.91 485.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 499.80 485.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 502.59 485.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 519.81 485.00 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 557.57 485.00 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 473.00 Td (gain ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 80.55 473.00 Td ($2.9 ) Tj ET Q
q 0 0 0 rg BT 100.55 473.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 129.44 473.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 131.94 473.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 142.22 473.00 Td (201) Tj ET Q
q 0 0 0 rg BT 156.85 473.00 Td (1.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 449.00 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.37 449.00 Td (March ) Tj ET Q
q 0 0 0 rg BT 90.50 449.00 Td (201) Tj ET Q
q 0 0 0 rg BT 105.13 449.00 Td (1, ) Tj ET Q
q 0 0 0 rg BT 115.67 449.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 137.04 449.00 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 171.73 449.00 Td (sold ) Tj ET Q
q 0 0 0 rg BT 191.44 449.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 206.69 449.00 Td (single ) Tj ET Q
q 0 0 0 rg BT 233.62 449.00 Td (hull ) Tj ET Q
q 0 0 0 rg BT 252.21 449.00 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 279.68 449.00 Td (Front ) Tj ET Q
q 0 0 0 rg BT 303.72 449.00 Td (Ace ) Tj ET Q
q 0 0 0 rg BT 322.85 449.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 333.67 449.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 341.14 449.00 Td (third ) Tj ET Q
q 0 0 0 rg BT 363.06 449.00 Td (party ) Tj ET Q
q 0 0 0 rg BT 386.65 449.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 404.12 449.00 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 449.92 449.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 465.17 449.00 Td (operating ) Tj ET Q
q 0 0 0 rg BT 505.97 449.00 Td (lease ) Tj ET Q
q 0 0 0 rg BT 528.99 449.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 549.81 449.00 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 437.00 Td (Company ) Tj ET Q
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q 0 0 0 rg BT 106.64 437.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 121.91 437.00 Td (vessel. ) Tj ET Q
q 0 0 0 rg BT 151.67 437.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 170.27 437.00 Td (Company ) Tj ET Q
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q 0 0 0 rg BT 249.12 437.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 256.60 437.00 Td (termination ) Tj ET Q
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q 0 0 0 rg BT 343.23 437.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 354.61 437.00 Td ($2.4 ) Tj ET Q
q 0 0 0 rg BT 375.16 437.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 404.05 437.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 407.10 437.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 424.58 437.00 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 462.61 437.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 470.10 437.00 Td (gain ) Tj ET Q
q 0 0 0 rg BT 490.36 437.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 501.74 437.00 Td ($2.4 ) Tj ET Q
q 0 0 0 rg BT 522.29 437.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 551.18 437.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 554.23 437.00 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 425.00 Td (201) Tj ET Q
q 0 0 0 rg BT 64.63 425.00 Td (1.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 401.00 Td (In ) Tj ET Q
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q 0 0 0 rg BT 128.39 401.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 169.68 401.00 Td (exercised ) Tj ET Q
q 0 0 0 rg BT 209.84 401.00 Td (its ) Tj ET Q
q 0 0 0 rg BT 221.69 401.00 Td (option ) Tj ET Q
q 0 0 0 rg BT 249.65 401.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 259.83 401.00 Td (purchase ) Tj ET Q
q 0 0 0 rg BT 297.77 401.00 Td (the ) Tj ET Q
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q 0 0 0 rg BT 341.29 401.00 Td (Front ) Tj ET Q
q 0 0 0 rg BT 365.37 401.00 Td (Eagle, ) Tj ET Q
q 0 0 0 rg BT 393.04 401.00 Td (which ) Tj ET Q
q 0 0 0 rg BT 419.88 401.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 437.83 401.00 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 475.21 401.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 485.95 401.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 492.79 401.00 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 519.63 401.00 Td (held ) Tj ET Q
q 0 0 0 rg BT 539.25 401.00 Td (under ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 389.00 Td (capital ) Tj ET Q
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q 0 0 0 rg BT 123.54 389.00 Td (vessel ) Tj ET Q
q 0 0 0 rg BT 151.00 389.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 169.58 389.00 Td (simultaneously ) Tj ET Q
q 0 0 0 rg BT 233.16 389.00 Td (sold ) Tj ET Q
q 0 0 0 rg BT 252.85 389.00 Td (for ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 267.54 389.00 Td ($67.0 ) Tj ET Q
q 0 0 0 rg BT 293.06 389.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 321.95 389.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 327.48 389.00 Td (with ) Tj ET Q
q 0 0 0 rg BT 348.28 389.00 Td (delivery ) Tj ET Q
q 0 0 0 rg BT 384.07 389.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 394.87 389.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 410.11 389.00 Td (second ) Tj ET Q
q 0 0 0 rg BT 440.91 389.00 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 472.25 389.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 483.60 389.00 Td (201) Tj ET Q
q 0 0 0 rg BT 498.23 389.00 Td (1, ) Tj ET Q
q 0 0 0 rg BT 508.76 389.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 526.22 389.00 Td (leased ) Tj ET Q
q 0 0 0 rg BT 554.23 389.00 Td (in ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 377.00 Td (under ) Tj ET Q
q 0 0 0 rg BT 74.83 377.00 Td (a ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 81.32 377.00 Td (two) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 96.32 377.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 98.38 377.00 Td (year ) Tj ET Q
q 0 0 0 rg BT 117.64 377.00 Td (operating ) Tj ET Q
q 0 0 0 rg BT 157.46 377.00 Td (lease. ) Tj ET Q
q 0 0 0 rg BT 181.55 377.00 Td (A) Tj ET Q
q 0 0 0 rg BT 188.22 377.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 190.28 377.00 Td (gain ) Tj ET Q
q 0 0 0 rg BT 209.55 377.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 219.94 377.00 Td ($7.5 ) Tj ET Q
q 0 0 0 rg BT 239.50 377.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 268.39 377.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 270.45 377.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 288.05 377.00 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 333.97 377.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 343.81 377.00 Td (201) Tj ET Q
q 0 0 0 rg BT 358.44 377.00 Td (1 ) Tj ET Q
q 0 0 0 rg BT 365.50 377.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 381.99 377.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 388.49 377.00 Td (gain ) Tj ET Q
q 0 0 0 rg BT 407.76 377.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 418.15 377.00 Td ($7.2 ) Tj ET Q
q 0 0 0 rg BT 437.71 377.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 466.60 377.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 468.65 377.00 Td (was ) Tj ET Q
q 0 0 0 rg BT 486.26 377.00 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 532.18 377.00 Td (in ) Tj ET Q
q 0 0 0 rg BT 542.02 377.00 Td (2012 ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 365.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.94 365.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 73.88 365.00 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 109.68 365.00 Td (gain ) Tj ET Q
q 0 0 0 rg BT 129.40 365.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 140.23 365.00 Td ($2.3 ) Tj ET Q
q 0 0 0 rg BT 160.23 365.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 189.12 365.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 191.62 365.00 Td (is ) Tj ET Q
q 0 0 0 rg BT 200.79 365.00 Td (being ) Tj ET Q
q 0 0 0 rg BT 225.51 365.00 Td (amortized ) Tj ET Q
q 0 0 0 rg BT 267.99 365.00 Td (over ) Tj ET Q
q 0 0 0 rg BT 288.26 365.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 302.97 365.00 Td (remaining ) Tj ET Q
q 0 0 0 rg BT 346.02 365.00 Td (period ) Tj ET Q
q 0 0 0 rg BT 374.06 365.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 384.89 365.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 399.61 365.00 Td (charter) Tj ET Q
q 0 0 0 rg BT 426.81 365.00 Td (.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 353.00 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 341.00 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.50 341.00 Td (April ) Tj ET Q
q 0 0 0 rg BT 84.40 341.00 Td (201) Tj ET Q
q 0 0 0 rg BT 99.03 341.00 Td (1, ) Tj ET Q
q 0 0 0 rg BT 109.31 341.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 130.44 341.00 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 164.88 341.00 Td (sold ) Tj ET Q
q 0 0 0 rg BT 184.34 341.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 199.34 341.00 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 223.24 341.00 Td (carrier ) Tj ET Q
q 0 0 0 rg BT 252.12 341.00 Td (Front ) Tj ET Q
q 0 0 0 rg BT 276.57 341.00 Td (Leader ) Tj ET Q
q 0 0 0 rg BT 307.11 341.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 317.68 341.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 324.90 341.00 Td (third ) Tj ET Q
q 0 0 0 rg BT 346.58 341.00 Td (party ) Tj ET Q
q 0 0 0 rg BT 369.91 341.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 387.14 341.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 398.25 341.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 405.48 341.00 Td (result, ) Tj ET Q
q 0 0 0 rg BT 432.98 341.00 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 478.53 341.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 493.53 341.00 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 540.90 341.00 Td (long-) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 329.00 Td (term ) Tj ET Q
q 0 0 0 rg BT 71.67 329.00 Td (lease ) Tj ET Q
q 0 0 0 rg BT 95.00 329.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 110.01 329.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 125.58 329.00 Td (vessel. ) Tj ET Q
q 0 0 0 rg BT 155.62 329.00 Td (The ) Tj ET Q
q 0 0 0 rg BT 174.51 329.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 216.75 329.00 Td (made ) Tj ET Q
q 0 0 0 rg BT 241.75 329.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 249.54 329.00 Td (termination ) Tj ET Q
q 0 0 0 rg BT 298.98 329.00 Td (payment ) Tj ET Q
q 0 0 0 rg BT 336.76 329.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 348.44 329.00 Td ($7.7 ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 398.18 329.00 Td (. ) Tj ET Q
q 0 0 0 rg BT 403.29 329.00 Td (A) Tj ET Q
q 0 0 0 rg BT 409.96 329.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 413.30 329.00 Td (loss ) Tj ET Q
q 0 0 0 rg BT 432.21 329.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 445.56 329.00 Td (disposal ) Tj ET Q
q 0 0 0 rg BT 481.69 329.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 493.36 329.00 Td ($9.3 ) Tj ET Q
q 0 0 0 rg BT 514.21 329.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.10 329.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 546.45 329.00 Td (was ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 317.00 Td (recognized ) Tj ET Q
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q 0 0 0 rg BT 106.64 317.00 Td (201) Tj ET Q
q 0 0 0 rg BT 121.27 317.00 Td (1.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 305.00 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 293.00 Td (In ) Tj ET Q
q 0 0 0 rg BT 61.04 293.00 Td (May ) Tj ET Q
q 0 0 0 rg BT 82.08 293.00 Td (201) Tj ET Q
q 0 0 0 rg BT 96.71 293.00 Td (1, ) Tj ET Q
q 0 0 0 rg BT 106.92 293.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 127.96 293.00 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 162.33 293.00 Td (sold ) Tj ET Q
q 0 0 0 rg BT 181.71 293.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 196.63 293.00 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 220.46 293.00 Td (carrier ) Tj ET Q
q 0 0 0 rg BT 249.25 293.00 Td (Front ) Tj ET Q
q 0 0 0 rg BT 273.63 293.00 Td (Breaker ) Tj ET Q
q 0 0 0 rg BT 307.98 293.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 318.47 293.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 325.62 293.00 Td (third ) Tj ET Q
q 0 0 0 rg BT 347.21 293.00 Td (party ) Tj ET Q
q 0 0 0 rg BT 370.47 293.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 387.62 293.00 Td (as ) Tj ET Q
q 0 0 0 rg BT 398.66 293.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 405.80 293.00 Td (result, ) Tj ET Q
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q 0 0 0 rg BT 478.70 293.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 493.62 293.00 Td (Company's ) Tj ET Q
q 0 0 0 rg BT 540.91 293.00 Td (long-) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 281.00 Td (term ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 348.44 281.00 Td ($6.6 ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 398.18 281.00 Td (. ) Tj ET Q
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q 0 0 0 rg BT 445.56 281.00 Td (disposal ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 493.36 281.00 Td ($8.5 ) Tj ET Q
q 0 0 0 rg BT 514.21 281.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 543.10 281.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 546.45 281.00 Td (was ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 269.00 Td (recognized ) Tj ET Q
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 257.00 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 245.00 Td (In ) Tj ET Q
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q 0 0 0 rg BT 109.72 245.00 Td (1, ) Tj ET Q
q 0 0 0 rg BT 119.50 245.00 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 140.12 245.00 Td (Finance ) Tj ET Q
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q 0 0 0 rg BT 193.01 245.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 207.50 245.00 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 230.90 245.00 Td (carrier ) Tj ET Q
q 0 0 0 rg BT 259.26 245.00 Td (Front ) Tj ET Q
q 0 0 0 rg BT 283.21 245.00 Td (Striver ) Tj ET Q
q 0 0 0 rg BT 312.70 245.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 322.76 245.00 Td (a ) Tj ET Q
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q 0 0 0 rg BT 350.65 245.00 Td (party ) Tj ET Q
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q 0 0 0 rg BT 400.80 245.00 Td (a ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 339.90 233.00 Td ($8.1 ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 388.92 233.00 Td ( ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 513.00 233.00 Td ($9.2 ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 562.02 233.00 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 221.00 Td (was ) Tj ET Q
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q 0 0 0 rg BT 155.90 221.00 Td (further ) Tj ET Q
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q 0 0 0 rg BT 215.95 221.00 Td (disposal ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 261.92 221.00 Td ($0.4 ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 310.74 221.00 Td ( ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 209.00 Td (of) Tj ET Q
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q 0 0 0 rg BT 115.63 209.00 Td (balances.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 197.00 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 185.00 Td (In ) Tj ET Q
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q 0 0 0 rg BT 390.02 185.00 Td (party ) Tj ET Q
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q 0 0 0 rg BT 502.03 185.00 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 512.99 185.00 Td ($0.1 ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 562.01 185.00 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 173.00 Td (in ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 317.92 173.00 Td ($27.1 ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 371.81 173.00 Td ( ) Tj ET Q
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q 0 0 0 rg BT 476.22 173.00 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 507.03 173.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 517.86 173.00 Td (201) Tj ET Q
q 0 0 0 rg BT 532.49 173.00 Td (1.) Tj ET Q
BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 161.00 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 149.00 Td (In ) Tj ET Q
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q 0 0 0 rg BT 144.63 149.00 Td (Company ) Tj ET Q
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q 0 0 0 rg BT 205.07 149.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 219.72 149.00 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 258.82 149.00 Td (Front ) Tj ET Q
q 0 0 0 rg BT 282.92 149.00 Td (Hunter ) Tj ET Q
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q 0 0 0 rg BT 359.86 149.00 Td (party ) Tj ET Q
q 0 0 0 rg BT 382.85 149.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 399.72 149.00 Td (recognized ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 483.32 149.00 Td ($0.05 ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 537.15 149.00 Td ( ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 292.92 137.00 Td ($30.6 ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 346.81 137.00 Td ( ) Tj ET Q
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q 0 0 0 rg BT 415.12 137.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 429.83 137.00 Td (third ) Tj ET Q
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q 0 0 0 rg BT 482.04 137.00 Td (of ) Tj ET Q
q 0 0 0 rg BT 492.87 137.00 Td (201) Tj ET Q
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BT /F2 10.00 Tf ET
q 0 0 0 rg BT 50.00 125.00 Td () Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 113.00 Td (In ) Tj ET Q
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q 0 0 0 rg BT 128.25 113.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 142.71 113.00 Td (Company ) Tj ET Q
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q 0 0 0 rg BT 202.73 113.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 217.19 113.00 Td (Suezmax ) Tj ET Q
q 0 0 0 rg BT 256.08 113.00 Td (Front ) Tj ET Q
q 0 0 0 rg BT 279.99 113.00 Td (Delta ) Tj ET Q
q 0 0 0 rg BT 303.88 113.00 Td (to ) Tj ET Q
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q 0 0 0 rg BT 365.00 113.00 Td (third ) Tj ET Q
q 0 0 0 rg BT 386.13 113.00 Td (party ) Tj ET Q
q 0 0 0 rg BT 408.91 113.00 Td (and ) Tj ET Q
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<<
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BT /F1 9.00 Tf ET
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q 0 0 0 rg BT 186.74 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 201.05 574.10 Td (second ) Tj ET Q
q 0 0 0 rg BT 230.92 574.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 261.33 574.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 271.75 574.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 293.85 574.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 310.38 574.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 356.34 574.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 362.88 574.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 380.53 574.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 392.63 574.10 Td (disposal ) Tj ET Q
q 0 0 0 rg BT 427.51 574.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 437.93 574.10 Td ($0.1 ) Tj ET Q
q 0 0 0 rg BT 457.53 574.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 486.42 574.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 488.52 574.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 498.39 574.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 512.70 574.10 Td (third ) Tj ET Q
q 0 0 0 rg BT 533.69 574.10 Td (quarter ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 562.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.83 562.10 Td (2012. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 538.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 59.80 538.10 Td (August ) Tj ET Q
q 0 0 0 rg BT 90.57 538.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 114.95 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 129.05 538.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 169.82 538.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 198.34 538.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 218.00 538.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 238.22 538.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 271.76 538.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 281.42 538.10 Td (terminate ) Tj ET Q
q 0 0 0 rg BT 321.06 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 335.16 538.10 Td (long ) Tj ET Q
q 0 0 0 rg BT 354.82 538.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 375.02 538.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 404.66 538.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 427.09 538.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 440.63 538.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 454.73 538.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 477.72 538.10 Td (carrier ) Tj ET Q
q 0 0 0 rg BT 505.69 538.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 529.24 538.10 Td (Climber ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 526.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.85 526.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 84.25 526.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 105.00 526.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 139.06 526.10 Td (simultaneously ) Tj ET Q
q 0 0 0 rg BT 202.02 526.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 221.09 526.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 235.72 526.10 Td (vessel. ) Tj ET Q
q 0 0 0 rg BT 264.89 526.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 282.84 526.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 313.00 526.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 335.96 526.10 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 381.13 526.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 393.53 526.10 Td (October ) Tj ET Q
q 0 0 0 rg BT 428.15 526.10 Td (15, ) Tj ET Q
q 0 0 0 rg BT 443.05 526.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 467.79 526.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 485.74 526.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 527.04 526.10 Td (recorded ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 514.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 62.11 514.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 110.89 514.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 129.13 514.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 140.13 514.10 Td ($4.2 ) Tj ET Q
q 0 0 0 rg BT 160.31 514.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 189.20 514.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 191.88 514.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 202.33 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 217.22 514.10 Td (second ) Tj ET Q
q 0 0 0 rg BT 247.67 514.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 278.66 514.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 289.66 514.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 312.34 514.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 329.45 514.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 375.99 514.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 383.11 514.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 401.34 514.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 414.02 514.10 Td (disposal ) Tj ET Q
q 0 0 0 rg BT 449.47 514.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 460.48 514.10 Td ($0.2 ) Tj ET Q
q 0 0 0 rg BT 480.65 514.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 509.55 514.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 512.22 514.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 522.68 514.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 537.57 514.10 Td (fourth ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 502.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 80.82 502.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 91.65 502.10 Td (2012. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 478.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.35 478.10 Td (October ) Tj ET Q
q 0 0 0 rg BT 94.58 478.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 119.10 478.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 133.34 478.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 174.25 478.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 202.92 478.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 222.71 478.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 243.08 478.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 276.75 478.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 286.55 478.10 Td (terminate ) Tj ET Q
q 0 0 0 rg BT 326.33 478.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 340.57 478.10 Td (long ) Tj ET Q
q 0 0 0 rg BT 360.37 478.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 380.72 478.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 410.49 478.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 433.06 478.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 446.74 478.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 460.98 478.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 484.12 478.10 Td (carrier ) Tj ET Q
q 0 0 0 rg BT 512.22 478.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 535.91 478.10 Td (Driver ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 466.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 66.29 466.10 Td (that ) Tj ET Q
q 0 0 0 rg BT 83.13 466.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 103.31 466.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 136.82 466.10 Td (simultaneously ) Tj ET Q
q 0 0 0 rg BT 199.22 466.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 217.73 466.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 231.80 466.10 Td (vessel. ) Tj ET Q
q 0 0 0 rg BT 260.45 466.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 277.84 466.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 307.44 466.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 329.84 466.10 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 374.44 466.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 386.29 466.10 Td (November ) Tj ET Q
q 0 0 0 rg BT 430.35 466.10 Td (28, ) Tj ET Q
q 0 0 0 rg BT 444.69 466.10 Td (2012. ) Tj ET Q
q 0 0 0 rg BT 468.91 466.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 486.30 466.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 527.03 466.10 Td (recorded ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 454.10 Td (an ) Tj ET Q
q 0 0 0 rg BT 62.26 454.10 Td (impairment ) Tj ET Q
q 0 0 0 rg BT 111.18 454.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 129.56 454.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 140.71 454.10 Td ($4.0 ) Tj ET Q
q 0 0 0 rg BT 161.04 454.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 189.93 454.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 192.75 454.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 203.35 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 218.39 454.10 Td (fourth ) Tj ET Q
q 0 0 0 rg BT 245.65 454.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 276.78 454.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 287.93 454.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 310.75 454.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 328.01 454.10 Td (recognized ) Tj ET Q
q 0 0 0 rg BT 374.70 454.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 381.96 454.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 400.34 454.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 413.16 454.10 Td (disposal ) Tj ET Q
q 0 0 0 rg BT 448.76 454.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 459.91 454.10 Td ($0.8 ) Tj ET Q
q 0 0 0 rg BT 480.23 454.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 509.13 454.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 511.95 454.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 522.55 454.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 537.58 454.10 Td (fourth ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 442.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 80.82 442.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 91.65 442.10 Td (2012. ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 418.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.34 418.10 Td (November ) Tj ET Q
q 0 0 0 rg BT 104.56 418.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 129.06 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 143.29 418.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 184.19 418.10 Td (redelivered ) Tj ET Q
q 0 0 0 rg BT 231.17 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 245.25 418.10 Td (T) Tj ET Q
q 0 0 0 rg BT 251.00 418.10 Td (icen ) Tj ET Q
q 0 0 0 rg BT 269.67 418.10 Td (Ocean ) Tj ET Q
q 0 0 0 rg BT 297.22 418.10 Td (\(ex-Front ) Tj ET Q
q 0 0 0 rg BT 336.99 418.10 Td (Lady\) ) Tj ET Q
q 0 0 0 rg BT 362.88 418.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 372.67 418.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 393.02 418.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 426.68 418.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 443.13 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 457.35 418.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 487.12 418.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 509.67 418.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 523.34 418.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 537.57 418.10 Td (vessel ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 406.10 Td (was ) Tj ET Q
q 0 0 0 rg BT 68.05 406.10 Td (terminated. ) Tj ET Q
q 0 0 0 rg BT 115.63 406.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 133.68 406.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 175.06 406.10 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 212.54 406.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 219.48 406.10 Td (gain ) Tj ET Q
q 0 0 0 rg BT 239.19 406.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 250.02 406.10 Td ($1) Tj ET Q
q 0 0 0 rg BT 259.65 406.10 Td (1.2 ) Tj ET Q
q 0 0 0 rg BT 274.65 406.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 303.54 406.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 306.04 406.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 316.32 406.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 331.04 406.10 Td (fourth ) Tj ET Q
q 0 0 0 rg BT 357.98 406.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 388.79 406.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 399.62 406.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 424.62 406.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 451.56 406.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 460.73 406.10 Td (included ) Tj ET Q
q 0 0 0 rg BT 497.67 406.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 507.94 406.10 Td ("Gain ) Tj ET Q
q 0 0 0 rg BT 533.96 406.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 546.46 406.10 Td (sale ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 394.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 60.83 394.10 Td (assets ) Tj ET Q
q 0 0 0 rg BT 86.66 394.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 103.60 394.10 Td (amortization ) Tj ET Q
q 0 0 0 rg BT 156.64 394.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 167.47 394.10 Td (deferred ) Tj ET Q
q 0 0 0 rg BT 203.27 394.10 Td (gains". ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 370.10 Td (In ) Tj ET Q
q 0 0 0 rg BT 60.81 370.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 104.38 370.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 129.36 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 144.06 370.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 185.43 370.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 214.56 370.10 Td (with ) Tj ET Q
q 0 0 0 rg BT 234.82 370.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 255.64 370.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 289.78 370.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 300.04 370.10 Td (terminate ) Tj ET Q
q 0 0 0 rg BT 340.29 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 354.99 370.10 Td (long ) Tj ET Q
q 0 0 0 rg BT 375.25 370.10 Td (term ) Tj ET Q
q 0 0 0 rg BT 396.05 370.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 426.29 370.10 Td (parties ) Tj ET Q
q 0 0 0 rg BT 455.43 370.10 Td (for ) Tj ET Q
q 0 0 0 rg BT 469.57 370.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 484.27 370.10 Td (OBO ) Tj ET Q
q 0 0 0 rg BT 507.87 370.10 Td (carriers ) Tj ET Q
q 0 0 0 rg BT 540.33 370.10 Td (Front ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 358.10 Td (V) Tj ET Q
q 0 0 0 rg BT 56.62 358.10 Td (iewer ) Tj ET Q
q 0 0 0 rg BT 80.24 358.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 96.09 358.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 119.17 358.10 Td (Guider) Tj ET Q
q 0 0 0 rg BT 146.39 358.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 150.30 358.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 151.61 358.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 168.57 358.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 197.74 358.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 219.70 358.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 221.11 358.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 232.52 358.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 246.15 358.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 269.13 358.10 Td (V) Tj ET Q
q 0 0 0 rg BT 275.75 358.10 Td (iewer ) Tj ET Q
q 0 0 0 rg BT 299.37 358.10 Td (terminated ) Tj ET Q
q 0 0 0 rg BT 343.55 358.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 354.96 358.10 Td (December ) Tj ET Q
q 0 0 0 rg BT 397.46 358.10 Td (18, ) Tj ET Q
q 0 0 0 rg BT 411.37 358.10 Td (2012 ) Tj ET Q
q 0 0 0 rg BT 432.78 358.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 448.63 358.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 468.38 358.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 501.45 358.10 Td (simultaneously ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 346.10 Td (sold ) Tj ET Q
q 0 0 0 rg BT 68.64 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 82.82 346.10 Td (vessel. ) Tj ET Q
q 0 0 0 rg BT 111.58 346.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 129.09 346.10 Td (charter ) Tj ET Q
q 0 0 0 rg BT 158.81 346.10 Td (party ) Tj ET Q
q 0 0 0 rg BT 181.32 346.10 Td (on ) Tj ET Q
q 0 0 0 rg BT 193.29 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 207.47 346.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 231.11 346.10 Td (Guider ) Tj ET Q
q 0 0 0 rg BT 260.84 346.10 Td (is ) Tj ET Q
q 0 0 0 rg BT 269.47 346.10 Td (expected ) Tj ET Q
q 0 0 0 rg BT 306.97 346.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 316.72 346.10 Td (terminate ) Tj ET Q
q 0 0 0 rg BT 356.44 346.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 366.18 346.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 380.37 346.10 Td (first ) Tj ET Q
q 0 0 0 rg BT 398.44 346.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 428.72 346.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 439.02 346.10 Td (2013 ) Tj ET Q
q 0 0 0 rg BT 460.98 346.10 Td (\(see ) Tj ET Q
q 0 0 0 rg BT 479.04 346.10 Td (Note ) Tj ET Q
q 0 0 0 rg BT 500.45 346.10 Td (33\). ) Tj ET Q
q 0 0 0 rg BT 517.81 346.10 Td (As ) Tj ET Q
q 0 0 0 rg BT 530.89 346.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 537.29 346.10 Td (result, ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 63.58 334.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 103.83 334.10 Td (agreed ) Tj ET Q
q 0 0 0 rg BT 131.84 334.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 140.98 334.10 Td (pay ) Tj ET Q
q 0 0 0 rg BT 156.78 334.10 Td (Ship ) Tj ET Q
q 0 0 0 rg BT 176.48 334.10 Td (Finance ) Tj ET Q
q 0 0 0 rg BT 209.50 334.10 Td (a ) Tj ET Q
q 0 0 0 rg BT 215.30 334.10 Td (termination ) Tj ET Q
q 0 0 0 rg BT 262.76 334.10 Td (fee ) Tj ET Q
q 0 0 0 rg BT 276.33 334.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 286.02 334.10 Td ($23.5 ) Tj ET Q
q 0 0 0 rg BT 309.88 334.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 338.77 334.10 Td (. ) Tj ET Q
q 0 0 0 rg BT 342.64 334.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 343.90 334.10 Td (The ) Tj ET Q
q 0 0 0 rg BT 360.81 334.10 Td (Company ) Tj ET Q
q 0 0 0 rg BT 401.06 334.10 Td (allocated ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 438.51 334.10 Td ($12.7 ) Tj ET Q
q 0 0 0 rg BT 462.37 334.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 491.26 334.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 492.63 334.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 502.32 334.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 515.90 334.10 Td (termination ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 322.10 Td (payment ) Tj ET Q
q 0 0 0 rg BT 86.89 322.10 Td (to ) Tj ET Q
q 0 0 0 rg BT 97.13 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 111.81 322.10 Td (Front ) Tj ET Q
q 0 0 0 rg BT 135.76 322.10 Td (V) Tj ET Q
q 0 0 0 rg BT 142.39 322.10 Td (iewer ) Tj ET Q
q 0 0 0 rg BT 167.05 322.10 Td (and ) Tj ET Q
q 0 0 0 rg BT 183.95 322.10 Td (recorded ) Tj ET Q
q 0 0 0 rg BT 221.39 322.10 Td (loss ) Tj ET Q
q 0 0 0 rg BT 239.41 322.10 Td (of ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 250.20 322.10 Td ($16.5 ) Tj ET Q
q 0 0 0 rg BT 275.16 322.10 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 304.06 322.10 Td ( ) Tj ET Q
q 0 0 0 rg BT 306.52 322.10 Td (in ) Tj ET Q
q 0 0 0 rg BT 316.76 322.10 Td (the ) Tj ET Q
q 0 0 0 rg BT 331.43 322.10 Td (fourth ) Tj ET Q
q 0 0 0 rg BT 358.33 322.10 Td (quarter ) Tj ET Q
q 0 0 0 rg BT 389.11 322.10 Td (of ) Tj ET Q
q 0 0 0 rg BT 399.90 322.10 Td (2012, ) Tj ET Q
q 0 0 0 rg BT 424.86 322.10 Td (which ) Tj ET Q
q 0 0 0 rg BT 451.76 322.10 Td (is ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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endstream
endobj
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<<
/Length 34283
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stream
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BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
BT /F2 10.00 Tf ET
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q 0 0 0 rg BT 345.20 664.00 Td (calls ) Tj ET Q
q 0 0 0 rg BT 366.02 664.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 378.52 664.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 393.24 664.00 Td (members.) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 640.00 Td (As ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 74.10 640.00 Td (December31, ) Tj ET Q
q 0 0 0 rg BT 132.51 640.00 Td (2012) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 152.51 640.00 Td (, ) Tj ET Q
q 0 0 0 rg BT 157.34 640.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 171.88 640.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 213.10 640.00 Td (had ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 229.87 640.00 Td (four) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 246.53 640.00 Td ( ) Tj ET Q
q 0 0 0 rg BT 248.85 640.00 Td (\() Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 252.18 640.00 Td (201) Tj ET Q
q 0 0 0 rg BT 266.81 640.00 Td (1) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 271.81 640.00 Td (: ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 276.92 640.00 Td (four) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 293.58 640.00 Td (\) ) Tj ET Q
q 0 0 0 rg BT 299.24 640.00 Td (vessels ) Tj ET Q
q 0 0 0 rg BT 329.90 640.00 Td (that ) Tj ET Q
q 0 0 0 rg BT 347.22 640.00 Td (were ) Tj ET Q
q 0 0 0 rg BT 368.98 640.00 Td (sold ) Tj ET Q
q 0 0 0 rg BT 387.97 640.00 Td (by ) Tj ET Q
q 0 0 0 rg BT 400.30 640.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 414.85 640.00 Td (Company ) Tj ET Q
q 0 0 0 rg BT 456.06 640.00 Td (at ) Tj ET Q
q 0 0 0 rg BT 465.61 640.00 Td (various ) Tj ET Q
q 0 0 0 rg BT 497.37 640.00 Td (times ) Tj ET Q
q 0 0 0 rg BT 521.37 640.00 Td (during ) Tj ET Q
q 0 0 0 rg BT 549.80 640.00 Td (the ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 628.00 Td (period ) Tj ET Q
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q 0 0 0 rg BT 100.65 628.00 Td (November ) Tj ET Q
q 0 0 0 rg BT 145.69 628.00 Td (1998 ) Tj ET Q
q 0 0 0 rg BT 168.52 628.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 179.13 628.00 Td (December ) Tj ET Q
q 0 0 0 rg BT 223.04 628.00 Td (31, ) Tj ET Q
q 0 0 0 rg BT 238.37 628.00 Td (2003, ) Tj ET Q
q 0 0 0 rg BT 263.70 628.00 Td (and ) Tj ET Q
q 0 0 0 rg BT 280.97 628.00 Td (leased ) Tj ET Q
q 0 0 0 rg BT 308.79 628.00 Td (back ) Tj ET Q
q 0 0 0 rg BT 330.50 628.00 Td (on ) Tj ET Q
q 0 0 0 rg BT 343.33 628.00 Td (charters ) Tj ET Q
q 0 0 0 rg BT 377.80 628.00 Td (that ) Tj ET Q
q 0 0 0 rg BT 395.63 628.00 Td (have ) Tj ET Q
q 0 0 0 rg BT 417.34 628.00 Td (initial ) Tj ET Q
q 0 0 0 rg BT 443.50 628.00 Td (periods ) Tj ET Q
q 0 0 0 rg BT 475.77 628.00 Td (ranging ) Tj ET Q
q 0 0 0 rg BT 509.15 628.00 Td (from ) Tj ET Q
q 0 0 0 rg BT 531.42 628.00 Td (eight ) Tj ET Q
q 0 0 0 rg BT 554.24 628.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 564.52 628.00 Td ( ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 616.00 Td (twelve ) Tj ET Q
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q 0 0 0 rg BT 121.28 616.00 Td (years ) Tj ET Q
q 0 0 0 rg BT 144.93 616.00 Td (including ) Tj ET Q
q 0 0 0 rg BT 185.25 616.00 Td (options ) Tj ET Q
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q 0 0 0 rg BT 244.57 616.00 Td (lessor's ) Tj ET Q
q 0 0 0 rg BT 276.14 616.00 Td (side ) Tj ET Q
q 0 0 0 rg BT 294.80 616.00 Td (to ) Tj ET Q
q 0 0 0 rg BT 305.13 616.00 Td (extend ) Tj ET Q
q 0 0 0 rg BT 334.34 616.00 Td (the ) Tj ET Q
q 0 0 0 rg BT 349.10 616.00 Td (charters ) Tj ET Q
q 0 0 0 rg BT 383.30 616.00 Td (for ) Tj ET Q
q 0 0 0 rg BT 397.51 616.00 Td (periods ) Tj ET Q
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 494.68 616.00 Td (five) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 510.23 616.00 Td ( ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
q 0 0 0 rg BT 164.90 580.00 Td (: ) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 170.18 580.00 Td ($36.0 ) Tj ET Q
q 0 0 0 rg BT 195.18 580.00 Td (million) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 224.07 580.00 Td (\).) Tj ET Q
BT /F3 10.00 Tf ET
q 0 0 0 rg BT 50.00 556.00 Td (As ) Tj ET Q
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 329.89 556.00 Td (bareboat ) Tj ET Q
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q 0 0 0 rg BT 517.46 556.00 Td (each ) Tj ET Q
q 0 0 0 rg BT 537.58 556.00 Td (vessel ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 185.52 424.00 Td (them.) Tj ET Q
BT /F3 10.00 Tf ET
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q 0 0 0 rg BT 119.10 400.00 Td (a ) Tj ET Q
q 0 0 0 rg BT 126.21 400.00 Td (party) Tj ET Q
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q 0 0 0 rg BT 151.27 400.00 Td (as ) Tj ET Q
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q 0 0 0 rg BT 196.96 400.00 Td (or ) Tj ET Q
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q 0 0 0 rg BT 468.29 400.00 Td (charterhire, ) Tj ET Q
q 0 0 0 rg BT 516.75 400.00 Td (demurrage, ) Tj ET Q
BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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endstream
endobj
268 0 obj
<<
/Length 18362
>>
stream
BT /F1 9.00 Tf ET
BT /F1 9.00 Tf ET
BT /F3 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
BT /F2 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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BT /F3 10.00 Tf ET
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