36400000
44976000
277000000
40000000
0.100
420000000
0
3024000
334200000
25814000
3.40
150000
17886
-18205000
54869934
549000
351856000
366588000
26145000
856394000
0
73000
4659000
20050000
3.22
225000
32070
13723000
54887820
549000
352316000
277000000
196598000
69181000
12513000
389600000
1289000
46241000
43000
6887000
399466000
858247000
352676000
8776000
458781000
24536000
817875000
3000
0
819859000
-21289000
1014473000
95000
1882000
7000
858247000
252000
115000
7006000
38388000
3273000
1391000
5337000
44976000
15812000
2119000
17931000
3
3.26
300000
27550
0
50110000
316256000
366366000
7006000
1969000
7405956
7405956
20000000
0.01
74000
47513934
47513934
214000000
0.01
475000
16100
0.01
46241000
54919890
549000
352676000
234146000
19982000
428509000
2123000
51237000
34000
15278000
438136000
886627000
386350000
462000
448491000
33295000
836537000
0
846782000
1070627000
67000
10172000
6000
886627000
75000
553000
996000
1244000
39845000
13320000
3148000
609000
231665000
13693000
0.080
104372000
871639000
56000
2119000
103285000
142189000
144317000
15812000
0
145811000
3
20000000
0.50
1000000
3.25
300000
15000000
20000000
0
1183000
2366000
48
63
7405956
7405956
20000000
7405956
0.01
74000
47541484
47541484
214000000
1500000
47541484
0.01
1877
475000
14000
2500.00
16100
14000
0.01
14000
51237000
54947440
549000
386350000
0
832492000
420000000
414782000
6300000
10000
1400000
33497000
5000000
2986000
307000
P39M
P36M
34500
8063
53600000
0
18465
P2Y
4
8063
55000000
0.0375
0.0250
0.0375
0
0
2
74344000
0
14302000
2000
32518000
44000
-7000
360000
59310000
143212000
411000
-3836000
51160000
78000
32615000
43000
32518000
32518000
360000
0
40385000
18846000
1386000
-1609000
97000
-59310000
-16643000
92052000
1866000
6030000
-1772000
360000
43000
18782000
21000
2553000
46048000
2119000
2119000
3.07
14045000
169000
0
0
14045000
P3Y
8800
5400
3.43
3.43
0
75000
32070
27550
1
0.23
411000
7405956
7405956
0.68
159516
47767266
0.68
47607750
32518000
32518000
47513846
0
93904
32518000
32070
360000
143212000
1037000
114000
1938000
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><b>12</b>.</td>
<td valign="top" align="left"><b>Commitments and
Contingencies</b></td>
</tr>
</table>
<!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
<b>Charter Hire Receivable</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The Company has entered into time charters for its vessels. The
charter hire is fixed for the duration of the charter. The maximum
contracted annual future charter hire receivable (not allowing for
any offhire and assuming expiry at the mid-point between the
earliest and latest possible end dates) for the 18 vessels subject
to charters as at December 31, 2014 is as follows:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="84%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom" nowrap="nowrap"><b>Year ending
December 31,</b></td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" nowrap="nowrap" align="center">
<b>Fleet as at<br />
December 31,<br />
2014</b></td>
<td valign="bottom"> </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
2015</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">145,811</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
2016</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">144,317</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
2017</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">142,189</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
2018</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">104,372</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
2019</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">103,285</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Thereafter</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">231,665</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>871,639</b></td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
</tr>
</table>
</div>
One-for-one
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(x)</td>
<td valign="top" align="left">Earnings per share</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Basic earnings per common share are based on income available to
common shareholders divided by the weighted-average number of
common shares outstanding during the period, excluding unvested
restricted stock units. Diluted earnings per common share are
calculated by applying the treasury stock method. All unvested
restricted stock units that have a dilutive effect are included in
the calculation. The basic and diluted earnings per share for the
period are presented for each category of participating common
shares under the two-class method.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><b>17</b>.</td>
<td valign="top" align="left"><b>Earnings per Share</b></td>
</tr>
</table>
<!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Basic earnings per common share is presented under the two-class
method and is computed by dividing the earnings applicable to
common stockholders by the weighted average number of common shares
outstanding for the period.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Under the two class method, net income available to common
stockholders, if any, is first reduced by the amount of dividends
declared in respect of common shares for the current period, if
any, and the remaining earnings are allocated to common shares and
participating securities to the extent that each security can share
the earnings assuming all earnings for the period are distributed.
For the years ended December 31, 2014, December 31,
2013 and December 31, 2012 no dividend was declared. The Class
B common shareholders’ dividend rights are subordinated to
those of holders of Class A common shares. Net income for the
relevant period is allocated based on the contractual rights of
each class of security and as there was insufficient net income to
allow any dividend on the Class B common shares no earnings were
allocated to Class B common shares.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Losses are only allocated to participating securities in a period
of net loss if, based on the contractual terms, the relevant common
shareholders have an obligation to participate in such losses. No
such obligation exists for Class B common shareholders and,
accordingly, losses would only be allocated to the Class A
common shareholders.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
At December 31, 2014, there were 300,000 restricted stock
units granted and unvested as part of management’s equity
incentive plan. As of December 31, 2014 only Class A and
B common shares are participating securities.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
For the years ended December 31, 2014, December 31,
2013 and December 31, 2012, the diluted weighted average
number of shares includes the incremental effect of outstanding
stock based incentive awards.</p>
<p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="62%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom">(In thousands, except share data)</td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center"><b>Year ended<br />
December 31,<br />
2014</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center"><b>Year ended<br />
December 31,<br />
2013</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center"><b>Year ended<br />
December 31,<br />
2012</b></td>
<td valign="bottom"> </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Class A common shares</b></p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Weighted average number of common shares outstanding (B)</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">47,541,409</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">47,513,846</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">47,481,766</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Weighted average number of RSU’s without service conditions
(note 15) (B)</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">168,904</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">93,904</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">18,904</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Dilutive effect of share-based awards</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">113,423</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">159,516</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">110,987</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Common shares and common share equivalents (F)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">47,823,736</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">47,767,266</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">47,611,657</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Class B common shares</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Weighted average number of common shares outstanding (D)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">7,405,956</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">7,405,956</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">7,405,956</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Dilutive effect of share-based awards</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Common shares (H)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">7,405,956</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">7,405,956</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">7,405,956</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Basic Earnings per Share</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Net income available to common shareholders</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">4,996</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">32,518</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">31,928</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1pt">
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Available to:</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
- Class A shareholders for period</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">4,996</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">32,518</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">31,928</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
- Class A shareholders for arrears</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
- Class B shareholders for period</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
- allocate pro-rata between Class A and B</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1pt">
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Net income available for Class A (A)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">4,996</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">32,518</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">31,928</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Net income available for Class B (C)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1pt">
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Basic Earnings per share:</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em">
Class A (A/B)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">0.10</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">0.68</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">0.67</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em">
Class B (C/D)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1pt">
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Diluted Earnings per Share</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Net income available to common shareholders</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">4,996</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">32,518</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">31,928</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1pt">
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Available to:</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
- Class A shareholders for period</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">4,996</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">32,518</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">31,928</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
- Class A shareholders for arrears</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
- Class B shareholders for period</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
- allocate pro rata between Class A and B</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1pt">
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Net income available for Class A (E)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">4,996</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">32,518</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">31,928</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Net income available for Class B (G)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1pt">
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Diluted Earnings per share:</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em">
Class A (E/F)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">0.10</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">0.68</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">0.67</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em">
Class B (G/H)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
</table>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(h)</td>
<td valign="top" align="left">Intangible assets</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
<i>Vessel purchase options</i></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Cash consideration for the acquisition of purchase options to
acquire vessels at a fixed purchase price are recognized as
intangible assets in an amount up to the difference, as at the
transaction date, between (i) the amount paid for the options
plus the purchase price of the vessels and (ii) the fair value
of the vessels plus the fair value of attached charters. The fair
value of the vessel is assessed based on independent broker
valuations. The fair value of a charter attached to the vessel is
assessed based on market rates compared to the contracted attached
charter rates for the life of the charter.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
<i>Impairment</i></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Intangible assets are reviewed individually for impairment annually
or more frequently due to events or changes in circumstances that
indicate that the asset might be impaired. If the estimated cash
flows from the use of the asset and its eventual disposal are below
the asset’s net book value, then the asset is deemed to be
impaired and written down to its fair value.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(v)</td>
<td valign="top" align="left">Inventories</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Inventories consist of bunkers and lubricants on board certain of
the vessels. Inventories are stated at the lower of cost or market
value as determined using the first-in, first-out method.</p>
</div>
Quarterly repayments of the credit facility in an amount equal to cash in excess of $20,000 determined as at the previous month end, subject to a minimum of $40,000 repayment a year on a rolling 12 month trailing basis.
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Under the plan, the Company has issued the following share based
awards since January 1, 2012:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="58%"></td>
<td valign="bottom" width="6%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="6%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="6%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="6%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="14" align="center"><b>Restricted Stock Units</b></td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="6" align="center">Number of Units</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" rowspan="2" colspan="2" align="center">
Weighted<br />
Average<br />
Fair Value<br />
on Grant Date</td>
<td valign="bottom" rowspan="2"> </td>
<td valign="bottom">  </td>
<td valign="bottom" rowspan="2" colspan="2" align="center">
Actual<br />
Fair Value<br />
on Vesting Date</td>
<td valign="bottom" rowspan="2"> </td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">Management</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">Directors</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom">  </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Unvested as at January 1, 2012</b></p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>150,000</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom">  </td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>17,886</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom">  </td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>3.40</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom">  </td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>n/a</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Vested in January 2012</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(17,886</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">6.15</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">1.75</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Granted on March 13, 2012</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">75,000</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">32,070</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.43</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">n/a</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Unvested as at December 31, 2012</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>225,000</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>32,070</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>3.22</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>n/a</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Vested in January 2013</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(32,070</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.43</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.07</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Granted on March 7, 2013</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">75,000</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">27,550</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.43</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">n/a</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Unvested as at December 31, 2013</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>300,000</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>27,550</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>3.26</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>n/a</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Vested in January 2014</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(27,550</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.43</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">5.85</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Unvested as at December 31, 2014</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>300,000</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"><b> </b></td>
<td valign="bottom" nowrap="nowrap" align="right">
<b>—  </b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>3.25</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>n/a</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
<!-- End Table Body --></table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 12pt">
 </p>
</div>
20-F
Global Ship Lease, Inc.
No
GSL
<div>
<table width="100%" style="font-family: Times New Roman; font-size: 10pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="4%" align="left" valign="top"><b>16</b>.</td>
<td align="left" valign="top"><b>Risks Associated with
Concentration</b></td>
</tr>
</table>
<p style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">
The Company is exposed to certain concentration risks that may
adversely affect the Company’s financial position in the near
term:</p>
<p style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;">
 </p>
<table width="100%" style="font-family: Times New Roman; font-size: 10pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="4%"> </td>
<td width="4%" align="left" valign="top">(i)</td>
<td align="left" valign="top">The Company derives the majority of
its revenue from CMA CGM which is exposed to the cyclicality of the
container shipping industry.</td>
</tr>
</table>
<p style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;">
 </p>
<table width="100%" style="font-family: Times New Roman; font-size: 10pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="4%"> </td>
<td width="4%" align="left" valign="top">(ii)</td>
<td align="left" valign="top">There is a concentration of credit
risk with respect to cash and cash equivalents at December 31,
2014 to the extent that substantially all of the amounts are
deposited with three banks (2013; three banks). However, the
Company believes this risk is remote as the banks are high credit
quality financial institutions.</td>
</tr>
</table>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"></td>
<td valign="top" width="4%" align="left">(u)</td>
<td valign="top" align="left">Income taxes</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The Company and its Marshall Island subsidiaries are exempt from
taxation in the Marshall Islands. The Company’s vessels are
flagged in Bahamas, Cyprus, Hong Kong and Panama and are liable for
tax based on the tonnage of the vessel. The cost, which is included
within operating expenses, amounted to $126, $169 and $146 for the
years ended December 31, 2014, 2013 and 2012, respectively.
The Cyprus and Hong Kong subsidiaries are liable for income tax on
any interest income earned from non-shipping activity.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The Company has one subsidiary in the United Kingdom, where the
principal rate of corporate income tax is 21% (2013: 23%, 2012:
24%). This subsidiary earns management and other fees from fellow
group companies.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The Company accounts for deferred income taxes using the liability
method which requires the determination of deferred tax assets and
liabilities, based upon temporary timing differences that arise
between the financial statement and tax bases of recorded assets
and liabilities, using enacted tax rates in effect for the year in
which differences are expected to reverse. The net deferred tax
asset is adjusted by a valuation allowance where appropriate, if,
based on the weight of available evidence, it is more likely than
not that some portion or all of the net deferred tax asset will not
be realized. At December 31, 2014 a deferred tax liability of
$34 (2013: $43) was recognized relating to stock based compensation
costs charged to the Consolidated Statements of Income in respect
of unvested shares and timing differences between the carrying
amounts of assets for financial reporting purposes and their tax
bases.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The Company recognizes uncertain tax positions only if it is more
likely than not that the tax position will be sustained on
examination by the taxing authorities, based solely on the
technical merits of the position.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(j)</td>
<td valign="top" align="left">Long-lived assets</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Fixed assets such as vessels are reviewed individually for
impairment when events or changes in circumstances indicate that
their carrying amounts may not be recoverable. An impairment charge
is recognized when the sum of the expected undiscounted future cash
flows from the asset over its estimated remaining useful life is
less than its carrying amount and is recorded equal to the amount
by which the asset’s carrying amount exceeds its fair value.
Fair value is the net present value of future cash flows discounted
by an appropriate discount rate.</p>
<p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 6px">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 0pt">
Due to continuing poor industry conditions, impairment tests on a
vessel by vessel basis were performed as at December 31, 2013
and again as at December 31, 2014. No impairment was
recognised after either of these tests as, based on the assumptions
made, the expected undiscounted future cash flows exceeded the
vessels’ carrying amounts.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The agreement of new charters with effect from May 1, 2013 of
two of the Company’s vessels at rates below the previous
rates was seen as an indicator of potential impairment of their
carrying value. Accordingly, an impairment test, based on expected
undiscounted cash flows by vessel, was performed for these two
vessels as at March 31, 2013. Based on the assumptions made,
the expected undiscounted future cash flows exceeded the
vessels’ carrying amounts as at March 31, 2013 and
accordingly no impairment was recognised. The further agreement on
new charters of two of the Company’s vessels in May and July
2014 (see note 2(a)) was seen as an indicator of potential
impairment of their carrying value. Accordingly, an impairment
test, based on the expected undiscounted cash flows by vessel, was
performed for these two vessels as at June 30, 2014. Based on
the assumptions made, the expected undiscounted future cash flows
exceeded the vessels’ carrying amounts as at June 30,
2014 and accordingly no impairment was recognised.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The assumptions used involve a considerable degree of estimation.
Actual conditions may differ significantly from the assumptions and
thus actual cash flows may be significantly different to those
expected with a material effect on the recoverability of each
vessel’s carrying amount. The most significant assumptions
made for the determination of expected cash flows are
(i) charter rates on expiry of existing charters, which are
based on a reversion to the historical mean for each category of
vessel, adjusted to reflect current and expected market conditions
(ii) off-hire days, which are based on actual off-hire
statistics for the Company’s fleet (iii) operating
costs, based on current levels escalated over time based on long
term trends (iv) dry docking frequency, duration and cost and
(v) estimated useful life which is assessed as a total of 30
years from first delivery from the shipyard. In the case of an
indication of impairment, the results of a recoverability test
would also be sensitive to the discount rate applied.</p>
</div>
Accelerated Filer
No
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(d)</td>
<td valign="top" align="left">Restricted cash</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Cash and cash equivalents subject to restrictions are excluded from
cash and cash equivalents in the consolidated balance sheets and
are presented as restricted cash.</p>
</div>
P9M
60903000
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><b>11</b>.</td>
<td valign="top" align="left"><b>Related Party
Transactions</b></td>
</tr>
</table>
<!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
CMA CGM is considered to be a related party as it was, until the
merger referred to in note 1, the parent company of Global Ship
Lease, Inc. and at December 31, 2014 is a significant
shareholder of the Company, owning Class A and Class B common
shares representing a 44.43% voting interest in the Company.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Amounts due to and from CMA CGM companies are summarized as
follows:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="74%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>December 31,</b></p>
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>2014</b></p>
</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center">December 31,</p>
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center">2013</p>
</td>
<td valign="bottom"> </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Amounts due to CMA CGM companies presented within current
liabilities</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>2,366</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">1,969</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Amounts due from CMA CGM companies presented within current
assets</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>1,183</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">7,006</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
<!-- End Table Body --></table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 12pt">
The current account balances at December 31, 2014 and
December 31, 2013 relate to amounts payable to or recoverable
from CMA CGM group companies. The majority of the Company’s
charter arrangements are with CMA CGM and one of its subsidiaries
provides the Company with ship management services on all but one
of its vessels.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The Company has from time to time experienced delays in receiving
charterhire from CMA CGM. Under the charter contracts charterhire
is due to be paid every 15 days in advance on the 1st and 16th of
each month. Up to two instalments were outstanding at times during
2014. As at December 31, 2014, no charterhire was outstanding.
As at close of business on April 17, 2015, the latest practicable
date prior to the issuance of these consolidated financial
statements, no charterhire was outstanding.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
CMA CGM held all of the Series A preferred shares of the Company
until they were fully redeemed, at a discount, pursuant to a Share
Repurchase Agreement on August 22, 2014 (see note 13).
Dividends on these preferred shares for the year ended
December 31, 2014 amounted to $653 (2013: $1,037, 2012:
$1,161). Dividends on these preferred shares are included within
interest expense.</p>
<p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 6px">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 0pt">
<b>Time Charter Agreements</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The majority of the Company’s time charter arrangements are
with CMA CGM. Under these time charters, hire is payable in advance
and the daily rate is fixed for the duration of the charter. The
charters are for remaining periods as at December 31, 2014 of
between 3.00 and 11.00 years (see note 2(a)). Of the $871,639
maximum contracted future charter hire receivable for the fleet set
out in note 12, $832,492 relates to the 15 vessels that were
chartered to CMA CGM as at December 31, 2014. Revenues
generated from charters to CMA CGM are summarized as follows:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="70%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="10" align="center"><b>Year ended
December 31,</b></td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">2013</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">2012</td>
<td valign="bottom"> </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Revenue generated from charters to CMA CGM</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>133,426</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">143,212</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">153,205</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
<!-- End Table Body --></table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
<b>Ship Management Agreement</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The Company outsources day to day technical management of 17 of its
vessels to a ship manager, CMA Ships Limited, a wholly owned
subsidiary of CMA CGM. The Company pays CMA Ships Limited an annual
management fee of $123 per vessel (2013: $114, 2012: $114) and
reimburses costs incurred by CMA Ships on its behalf, mainly being
for the provision of crew, lubricating oils and routine
maintenance. Such reimbursement is subject to a cap of between $5.9
and $9.0 (2013: between $5.4 and $8.8) per day per vessel depending
on the vessel. The impact of the cap is determined annually on a
vessel by vessel basis for so long as the initial charters remain
in place. Ship management fees expensed for the year ended
December 31, 2014 amounted to $2,091 (2013: $1,938, 2012:
$1,938).</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Except for transactions with CMA CGM companies, the Company did not
enter into any other related party transactions.</p>
</div>
<div>
<p style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">
The fair value of derivative financial instruments contracted by
the Company is as follows:</p>
<p style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;">
 </p>
<table width="76%" align="center" style="font-family: Times New Roman; font-size: 8pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="73%"></td>
<td width="9%" valign="bottom"></td>
<td></td>
<td></td>
<td></td>
<td width="9%" valign="bottom"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="font-family: Times New Roman; font-size: 8pt;">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td align="center" valign="bottom" colspan="2">
<p align="center" style="font-family: Times New Roman; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;">
<b>December 31,</b></p>
<p align="center" style="font-family: Times New Roman; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt;">
<b>2014</b></p>
</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td align="center" valign="bottom" colspan="2">
December 31,<br />
2013</td>
<td valign="bottom"> </td>
</tr>
<tr style="font-family: Times New Roman; font-size: 10pt;" bgcolor="#CCEEFF">
<td valign="top">
<p style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-left: 1em;">
Fair value of interest rate swap hedging instruments - current and
non current portions</p>
</td>
<td valign="bottom">  </td>
<td nowrap="nowrap" valign="bottom">$</td>
<td align="right" nowrap="nowrap" valign="bottom">
—  </td>
<td nowrap="nowrap" valign="bottom">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td align="right" valign="bottom">21,289</td>
<td nowrap="nowrap" valign="bottom">  </td>
</tr>
<tr style="font-size: 1px;">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td> </td>
</tr>
</table>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(p)</td>
<td valign="top" align="left">Revenue recognition and related
operating expense</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The Company charters out its vessels on time charters which
involves placing a vessel at a charterer’s disposal for a
period of time during which the charterer uses the vessel in return
for the payment of a specified daily hire rate. Such charters are
accounted for as operating leases and therefore revenue is
recognized on a straight line basis as the average revenues over
the rental periods of such charter agreements, as service is
performed. Cash received in excess of earned revenue is recorded as
deferred revenue.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Under time charter arrangements the Company, as owner, is
responsible for all the operating expenses of the vessels, such as
crew costs, insurance, repairs and maintenance, and such costs are
expensed as incurred.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Revenues generated from charters to CMA CGM are summarized as
follows:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0">
<tr>
<td width="70%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="10" align="center"><b>Year ended
December 31,</b></td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">2013</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">2012</td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Revenue generated from charters to CMA CGM</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>133,426</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">143,212</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">153,205</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(k)</td>
<td valign="top" align="left">Derivative instruments</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Interest rate hedges</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Interest rate derivatives are initially recognized at fair value on
the date a derivative contract is entered into and are subsequently
re-measured at their fair value. The method of recognizing the
resulting gain or loss depends on whether the derivative is
designated and qualifies as a hedging instrument, and if so, the
nature of the item being hedged.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The Company’s interest rate derivative instruments do not
qualify for hedge accounting. Changes in the fair value are
recognized immediately in the Consolidated Statements of Income
within “Unrealized gain (loss) on interest rate
derivatives”. Cash settlements of interest rate derivative
instruments are recognized immediately in the Consolidated
Statements of Income within “Realized loss on interest rate
derivatives”. Cash flows related to interest rate derivatives
(including payments and periodic cash settlements) are included
within “Net cash used in investing activities”.</p>
<p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 6px">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 0pt">
The fair value of derivatives is presented on the face of the
Consolidated Balance Sheets under the line item “Derivative
instruments” and is split into current and non-current
portions based on the net cash flows expected within one year.</p>
</div>
2014-03-19
<div>
<table width="76%" align="center" style="font-family: Times New Roman; font-size: 10pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="74%"></td>
<td width="11%" valign="bottom"></td>
<td></td>
<td></td>
<td></td>
<td width="11%" valign="bottom"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="font-family: Times New Roman; font-size: 8pt;">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td align="center" valign="bottom" colspan="2">
<p align="center" style="font-family: Times New Roman; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;">
<b>December 31,</b></p>
<p align="center" style="font-family: Times New Roman; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt;">
<b>2014</b></p>
</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td align="center" valign="bottom" colspan="2">
December 31,<br />
2013</td>
<td valign="bottom"> </td>
</tr>
<tr style="font-family: Times New Roman; font-size: 10pt;" bgcolor="#CCEEFF">
<td valign="top">
<p style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-left: 1em;">
Software development:</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="font-family: Times New Roman; font-size: 10pt;">
<td valign="top">
<p style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-left: 1em;">
Opening balance</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td align="right" valign="bottom">95</td>
<td nowrap="nowrap" valign="bottom">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td align="right" valign="bottom">73</td>
<td nowrap="nowrap" valign="bottom">  </td>
</tr>
<tr style="font-family: Times New Roman; font-size: 10pt;" bgcolor="#CCEEFF">
<td valign="top">
<p style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-left: 1em;">
Additions</p>
</td>
<td valign="bottom">  </td>
<td nowrap="nowrap" valign="bottom"> </td>
<td align="right" nowrap="nowrap" valign="bottom">
—  </td>
<td nowrap="nowrap" valign="bottom">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td align="right" valign="bottom">43</td>
<td nowrap="nowrap" valign="bottom">  </td>
</tr>
<tr style="font-family: Times New Roman; font-size: 10pt;">
<td valign="top">
<p style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-left: 1em;">
Depreciation</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td align="right" valign="bottom">(28</td>
<td nowrap="nowrap" valign="bottom">) </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td align="right" valign="bottom">(21</td>
<td nowrap="nowrap" valign="bottom">) </td>
</tr>
<tr style="font-size: 1px;">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: solid;">
 </p>
</td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: solid;">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: solid;">
 </p>
</td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: solid;">
 </p>
</td>
<td> </td>
</tr>
<tr style="font-family: Times New Roman; font-size: 10pt;" bgcolor="#CCEEFF">
<td valign="top">
<p style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-left: 1em;">
<b>Closing balance</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td align="right" valign="bottom">67</td>
<td nowrap="nowrap" valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td align="right" valign="bottom">95</td>
<td nowrap="nowrap" valign="bottom">  </td>
</tr>
<tr style="font-size: 1px;">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td> </td>
</tr>
</table>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Amounts due to and from CMA CGM companies are summarized as
follows:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="74%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>December 31,</b></p>
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>2014</b></p>
</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center">December 31,</p>
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center">2013</p>
</td>
<td valign="bottom"> </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Amounts due to CMA CGM companies presented within current
liabilities</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>2,366</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">1,969</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Amounts due from CMA CGM companies presented within current
assets</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>1,183</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">7,006</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
</tr>
</table>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(b)</td>
<td valign="top" align="left">Use of estimates</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The preparation of consolidated financial statements in conformity
with U.S. GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at
the date of the consolidated financial statements and the reported
amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.</p>
</div>
2014-12-31
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(c)</td>
<td valign="top" align="left">Cash and cash equivalents</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Cash and cash equivalents include cash in hand, deposits held at
call with banks and other short-term highly liquid investments with
original maturities of three months or less.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><b>6.</b></td>
<td valign="top" align="left"><b>Derivative Instruments</b></td>
</tr>
</table>
<!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The fair value of derivative financial instruments contracted by
the Company is as follows:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="73%"></td>
<td valign="bottom" width="9%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="9%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>December 31,</b></p>
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>2014</b></p>
</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
December 31,<br />
2013</td>
<td valign="bottom"> </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Fair value of interest rate swap hedging instruments - current and
non current portions</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>—  </b></td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">21,289</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
<!-- End Table Body --></table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 12pt">
The Company had entered into certain derivative interest rate
agreements to fix the interest rate on debt drawn or anticipated to
be drawn under its secured credit facility. On March 19, 2014
the secured credit facility was fully repaid and was replaced with
the 10.0% First Priority Secured Notes due 2019 (the “2019
Notes”), which have a fixed interest rate (see note 9(b)).
The $277,000 nominal amount of outstanding interest rate swaps
which had hedged the Company’s interest rate risk as at
December 31, 2013, were terminated accordingly. The cost of
the termination included an element of unsettled payments due under
the swap agreements up to March 19, 2014 amounting to $307.
This amount is included in the Consolidated Statements of Income as
a realised loss on derivative instruments.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
As at December 31, 2013, none of the Company’s
derivative instruments qualified for hedge accounting and the
maximum length of time over which the Company had hedged its
interest rate exposure was approximately three years.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><b>10</b>.</td>
<td valign="top" align="left"><b>Other Operating Income</b></td>
</tr>
</table>
<!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Other operating income is summarized as follows:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="82%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="10" align="center"><b>Year ended
December 31,</b></td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">2013</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">2012</td>
<td valign="bottom"> </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Sundry shipping income</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">420</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">411</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">329</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Other sundry income</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">90</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">13</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>510</b></td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">411</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">342</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
<!-- End Table Body --></table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 18pt; MARGIN-TOP: 0pt">
 </p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"></td>
<td valign="top" width="4%" align="left">(f)</td>
<td valign="top" align="left">Vessels</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Vessels acquired up to the date of the merger described in note 1,
were initially recorded at their acquisition cost, less an amount
allocated to drydock component, less accumulated depreciation. From
the date of the merger, these vessels have been recorded at their
fair value at the date of the merger, less a proportion of the
negative goodwill arising at the time of the merger allocated to
these vessels, less accumulated depreciation and impairment loss,
if any.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
In connection with the merger, the Company recognised an intangible
asset arising from the comparison of the acquisition prices in the
asset purchase agreement between the Company as buyer and CMA CGM
as seller and the estimated fair values at the merger date of the
vessels yet to be purchased. This intangible asset was transferred
to the cost of the appropriate vessel on delivery and as all such
vessels have now been delivered, no intangible asset remains in
respect of these vessels.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Vessels acquired after the merger are stated at acquisition cost,
less accumulated depreciation. The cost of the vessel consists of
the contract price and expenses incurred in connection with the
acquisition.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Subsequent expenditures for major improvements and upgrading are
capitalized, provided they appreciably extend the life, increase
the earning capacity or improve the efficiency or safety of the
vessels.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Borrowing costs incurred during the construction of vessels or as
part of the prefinancing of the acquisition of vessels are
capitalized. There was no capitalized interest for the years ended
December 31, 2014, 2013 and 2012. Other borrowing costs are
expensed as incurred.</p>
<!-- xbrl,n --><!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 0pt">
Vessels are depreciated to their estimated residual value using the
straight-line method over their estimated useful lives which are
reviewed on an ongoing basis to ensure they reflect current
technology, service potential and vessel structure. The useful
lives are estimated to be 30 years from first delivery from the
shipyard.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Prepayments and costs directly related to the future acquisition of
specific vessels are presented in the Consolidated Balance Sheets
as vessel deposits.</p>
</div>
P30Y
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0">
<tr>
<td width="74%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>December 31,</b></p>
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>2014</b></p>
</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
December 31,<br />
2013</td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Secured credit facility, at USD LIBOR + 3.75%</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap">$</td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">366,366</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Less current instalments</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(50,110</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap">$</td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">316,256</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><b>13</b>.</td>
<td valign="top" align="left"><b>Share Capital</b></td>
</tr>
</table>
<!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
At December 31, 2014 the Company had two classes of common
shares outstanding. The rights of holders of Class B common shares
are identical to those of holders of Class A common shares,
except that the dividend rights of holders of Class B common shares
are subordinated to those of holders of Class A common shares.
Dividends, when declared, must be paid as follows:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="9%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">firstly, to all Class A common
shares at the applicable rate for the quarter;</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="9%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">secondly, to all Class A common
shares until they have received payment for all preceding quarters
at the rate of $0.23 per share per quarter;</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="9%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">thirdly, to all Class B common shares
at the applicable rate for the quarter;</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="9%"> </td>
<td valign="top" width="3%" align="left">•</td>
<td valign="top" width="1%"> </td>
<td valign="top" align="left">then, to all Class A and B
common shares as if they were a single class.</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The Class B common shares remain subordinated until the Company has
paid a dividend at least equal to $0.23 per quarter per share on
both the Class A and Class B common shares for the immediately
preceding four-quarter period. Due to the requirements described
above, Class B common shares cannot receive any dividend until all
Class A common shares have received dividends representing
$0.23 per share per quarter for all preceding quarters. The last
quarter for which a dividend was paid was fourth quarter 2008.
Should the notional arrearages of dividend on the Class A
common shares be made up and a dividend at the rate of $0.23 per
share be paid for four consecutive quarters, the Class B common
shares convert to Class A common shares on a one-for-one
basis. Also, each Class B common share will convert into a
Class A common share on a change of control of the
Company.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Restricted stock units have been granted periodically to the
Directors and management, under the Company’s 2008 Equity
Incentive Plan, as part of their compensation arrangements (see
note 15).</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The Series A Preferred Shares ranked senior to the common shares
and were mandatorily redeemable in 12 quarterly instalments
commencing August 31, 2016. They were classified as a
long-term liability. The dividend that the Series A Preferred
shareholders were entitled to was presented as part of interest
expense. Total proceeds received in 2008, and recorded as
restricted cash, from the exercise of Public Warrants prior to
their expiry was $3,027. These proceeds were only to be used to
redeem the Series A Preferred Shares with a minimum redemption
amount of $5,000. As part of the replacement time charters agreed
in September 2012 for the Ville d’Aquarius and the Ville
d’Orion, the Company accelerated the redemption of 63 Series
A Preferred Shares of $48 each for $3,024. The remaining Series A
Preferred Shares, which had a liquidation value at maturity of
$44,976, were redeemed at a discount pursuant to a Share Repurchase
Agreement for $36,400 on August 22, 2014, using the proceeds
received from the issuance of the Series B Preferred Shares, the
balance of the restricted cash and cash on hand.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
On August 20, 2014, the Company issued 1,400,000 depositary
shares, each of which represents 1/100<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">th</sup> of one share of the
Company’s 8.75% Series B Cumulative Redeemable Perpetual
Preferred Shares (the “Series B Preferred Shares”).
Dividends are payable at 8.75% per annum in arrears on a
quarterly basis. At any time after August 20, 2019 (or within
180 days after the occurrence of a fundamental change), the Series
B Preferred Shares may be redeemed, at the discretion of the
Company, in whole or in part, at a redemption price of $2,500.00
per share (equivalent to $25.00 per depositary share). The net
proceeds from the offering were $33,497. These shares are
classified as Equity in the Consolidated Balance Sheet. The
dividends payable on the Series B Preferred Shares are presented as
a reduction of Retained Earnings in the Consolidated Statement of
Equity, when and if declared by the Board of Directors. A dividend
was declared on September 22, 2014 for the third quarter 2014
and on December 10, 2014 for the fourth quarter 2014.</p>
</div>
false
--12-31
2014
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(a)</td>
<td valign="top" align="left">Basis of consolidation</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The accompanying consolidated financial statements have been
prepared in accordance with United States Generally Accepted
Accounting Principles (“U.S. GAAP”) and include the
financial statements of the Company and its wholly owned
subsidiaries. All inter-company transactions and accounts have been
eliminated on consolidation.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(l)</td>
<td valign="top" align="left">Deferred financing costs</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Costs incurred in connection with obtaining long term debt and in
obtaining amendments to existing facilities are recorded as
deferred financing costs and are amortized to interest expense
using the effective interest method over the estimated duration of
the related debt. Such costs include fees paid to the lenders or on
the lenders’ behalf and associated legal and other
professional fees.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"></td>
<td valign="top" width="4%" align="left">(q)</td>
<td valign="top" align="left">Foreign currency transactions</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; MARGIN-TOP: 0pt">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 0pt">
The Company’s functional currency is the U.S. dollar as
substantially all revenues and a majority of expenditures are
denominated in U.S. dollars. Monetary assets and liabilities
denominated in foreign currencies are translated at the rate of
exchange at the balance sheet dates. Expenses paid in foreign
currencies are recorded at the rate of exchange at the transaction
date. Exchange gains and losses are included in the determination
of net income (loss).</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><b>9</b>.</td>
<td valign="top" align="left"><b>Long Term Debt</b></td>
</tr>
</table>
<!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left"><b>a)</b></td>
<td valign="top" align="left"><b>Credit Facility</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
From December 2007 the Company was financed by a senior secured
credit facility with a final maturity date of August 2016. This
credit facility was fully repaid and terminated on March 19,
2014 using the proceeds of the issue of the 2019 Notes (see note
9(b)).</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Amounts borrowed under the credit facility bore interest at USD
LIBOR plus a margin of between 2.50% and 3.75% depending on the
Leverage Ratio (being the ratio of the balance outstanding on the
credit facility to the aggregate charter free market value of the
secured vessels).</p>
<!-- xbrl,n --><!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 6px">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 0pt">
Due to the downturn after April 2011 in charter free market values
of containerships, the Company obtained waivers from its lenders of
the requirement to perform the Leverage Ratio test, the last of
which had extended the waiver to April 30, 2015. Under the
terms of the waivers, the Company paid a margin of 3.75% over USD
LIBOR and made quarterly repayments of the credit facility in an
amount equal to cash in excess of $20,000 determined as at the
previous month end, subject to a minimum of $40,000 repayment a
year on a rolling 12 month trailing basis. Additionally the Company
was unable to make dividend payments to common shareholders.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="74%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>December 31,</b></p>
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>2014</b></p>
</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
December 31,<br />
2013</td>
<td valign="bottom"> </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Secured credit facility, at USD LIBOR + 3.75%</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap">$</td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">366,366</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Less current instalments</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(50,110</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>—</b>  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">316,256</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
<!-- End Table Body --></table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left"><b>b)</b></td>
<td valign="top" align="left"><b>10.0% First Priority Secured Notes
Due 2019</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
On March 19, 2014 the Company completed the sale of $420,000
of 10.0% First Priority Secured Notes (the “2019
Notes”) which mature on April 1, 2019. Proceeds after
the deduction of the original issue discount, but before expenses,
amounted to $413,700.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Interest on the 2019 Notes is payable semi-annually on April 1
and October 1 of each year, commencing on October 1,
2014. The 2019 Notes are secured by first priority ship mortgages
on 17 of the Company’s 18 vessels (the “Mortgaged
Vessels”) and by assignments of earnings and insurances, a
pledge over certain bank accounts, as well as share pledges over
each subsidiary owning a Mortgaged Vessel. The 2019 Notes are fully
and unconditionally guaranteed, jointly and severally, by the
Company’s 18 vessel owning subsidiaries and Global Ship Lease
Services Limited.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="74%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>December 31,</b></p>
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>2014</b></p>
</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
December 31,<br />
2013</td>
<td valign="bottom"> </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
2019 Notes</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">420,000</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap">$</td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Less original issue discount</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(6,300</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Amortization of original issue discount</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">1,082</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Closing balance</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>414,782</b></td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap">$</td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
<!-- End Table Body --></table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 12pt">
The original issue discount is being amortised on an effective
interest rate basis over the life of the 2019 Notes.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Under the 2019 Notes we are required within 120 days following the
end of each financial year, in which we have at least $1,000 of
Excess Cash Flow, to offer to purchase up to a maximum offer amount
of $20,000, such amount being the aggregate of 102% of the
principal amount plus any accrued and unpaid interest to, but not
including, the purchase date.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 18pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left"><b>c)</b></td>
<td valign="top" align="left"><b>Revolving Credit Facility</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
On March 19, 2014, and in connection with the 2019 Notes, the
Company entered into a new $40.0 million senior secured revolving
credit facility with Citibank N.A. (the “Revolving Credit
Facility”). This facility matures on October 1, 2018.
The interest rate under the facility is USD LIBOR plus a margin of
3.25% and is payable at least quarterly. A commitment fee of
1.30% per annum is due quarterly on undrawn amounts.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The collateral provided to the 2019 Notes also secures on a first
priority basis the Revolving Credit Facility. There is a Cash
Balance financial covenant which is tested each six months,
commencing June 30, 2014. Up to and including
December 31, 2015, the Company must have a minimum cash
balance of $15,000 on each test date. After this date, the minimum
cash balance on each test date increases to $20,000.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 0pt">
Amounts outstanding under this facility can be prepaid without
penalty, other than breakage costs in certain circumstances. At
December 31, 2014 no amounts had been drawn down under the
Revolving Credit Facility.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><b>2</b>.</td>
<td valign="top" align="left"><b>Nature of Operations and Basis of
Preparation</b></td>
</tr>
</table>
<!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left"><b>(a)</b></td>
<td valign="top" align="left"><b>Nature of Operations</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The Company owns and charters out containerships. With the
exception of three vessels which are on short to medium term time
charters to unrelated parties, all vessels are time chartered to
CMA CGM S.A. (“CMA CGM”) for remaining terms as at
December 31, 2014 ranging from 3.00 to 11.00 years (see note
11).</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The following table provides information about the 18 vessels owned
as at December 31, 2014:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="49%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td width="3%"></td>
<td valign="bottom" width="2%"></td>
<td width="11%"></td>
<td valign="bottom" width="2%"></td>
<td width="11%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom" nowrap="nowrap">
<p style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-BOTTOM: rgb(0,0,0) 1pt solid; WIDTH: 43.3pt">
<b>Vessel Name</b></p>
</td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Capacity</b><br />
<b>in TEUs <sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center">
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>Year<br />
Built</b></p>
</td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>Purchase Date</b></p>
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>by GSL</b></p>
</td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center">
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>Charterer</b></p>
</td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Charter<br />
Remaining<br />
Duration<br />
(years) <sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Daily</b><br />
<b>Charter</b><br />
<b>Rate</b></td>
<td valign="bottom"> </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Ville d’Orion</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">4,113</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">1997</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">Sea Consortium</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">0.30</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">8.000</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Ville d’Aquarius</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">4,113</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">1996</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">Sea Consortium</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">0.30</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">8.390</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM Matisse <sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,262</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">1999</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">5.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">15.300</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM Utrillo <sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,262</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">1999</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">5.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">15.300</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Delmas Keta</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,207</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2003</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">18.465</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Julie Delmas <sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup></p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,207</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2002</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">18.465</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Kumasi</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,207</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2002</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">18.465</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Marie Delmas</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,207</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2002</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">18.465</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM La Tour <sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,272</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2001</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">5.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">15.300</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM Manet <sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,272</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2001</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">5.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">15.300</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM Alcazar</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">5,089</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">January 2008</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">6.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">33.750</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM Château d’lf</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">5,089</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">January 2008</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">6.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">33.750</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM Thalassa</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">11,040</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2008</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2008</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">11.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">47.200</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM Jamaica</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">4,298</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2006</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2008</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">8.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">25.350</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM Sambhar</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">4,045</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2006</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2008</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">8.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">25.350</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM America</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">4,045</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2006</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2008</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">8.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">25.350</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM Berlioz</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">6,621</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2001</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">August 2009</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">6.75</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">34.000</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
OOCL Tianjin</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">8,063</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2005</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">October 2014</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">OOCL</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">34.500</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<!-- End Table Body --></table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><i>(1)</i></td>
<td valign="top" align="left"><i>Twenty-foot Equivalent
Units.</i></td>
</tr>
</table>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><i>(2)</i></td>
<td valign="top" align="left"><i>Plus or minus 90 days, other than
(i) Ville d’Orion which is between January 17 and
July 17, 2015, (ii) Ville d’Aquarius which is
between April 3 and June 3, 2015, and (iii) OOCL
Tianjin which is between October 28, 2017 and January 28,
2018, all at charterer’s option.</i></td>
</tr>
</table>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><i>(3)</i></td>
<td valign="top" align="left"><i>The charters on these four vessels
were extended in February 2014 by three years with new expiry dates
in December 2019 at an amended daily charter rate of $15.300 per
day with effect from February 1, 2014.</i></td>
</tr>
</table>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><i>(4)</i></td>
<td valign="top" align="left"><i>One of the cranes on-board Julie
Delmas was found to be damaged in January 2014 and was out of
service. The Company agreed with CMA CGM to reduce the daily
charter rate pro-rata, from $18,465 to $10,000 per day from
February 9, 2014, to reflect the diminished performance of the
vessel, for as long as the crane was not operational. The crane was
repaired with effect from July 14, 2014 when the daily charter
rate reverted to $18,465.</i></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
<b>Segment Information</b></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The activity of the Company currently consists solely of the
ownership and chartering out of containerships.</p>
<!-- xbrl,n --><!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 18px">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left"><b>(b)</b></td>
<td valign="top" align="left"><b>Basis of Preparation</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left"><b><i>(i)</i></b></td>
<td valign="top" align="left"><b><i>Counterparty risk</i></b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Most of the Company’s revenues are derived from charters to
CMA CGM. The Company is consequently highly dependent on the
performance by CMA CGM of its obligations under these charters. The
container shipping industry is volatile and is currently
experiencing a sustained cyclical downturn. Many container shipping
companies have reported losses.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
If CMA CGM ceases doing business or fails to perform its
obligations under the charters, the Company’s business,
financial position and results of operations would be materially
adversely affected as it is probable that, even if the Company was
able to find replacement charters, such replacement charters would
be at significantly lower daily rates and shorter durations. If
such events occur, there would be significant uncertainty about the
Company’s ability to continue as a going concern.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The Company has from time to time experienced delays in receiving
charterhire from CMA CGM. Under the charter contracts charterhire
is due to be paid every 15 days in advance on the 1st and 16th of
each month. Up to two instalments were outstanding at times during
2014. As at December 31, 2014, no charterhire was outstanding.
As at close of business on April 17, 2015, the latest
practicable date prior to the issuance of these consolidated
financial statements, no charterhire was outstanding.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
These consolidated financial statements have been prepared on a
going concern basis, which contemplates the realization of assets
and the satisfaction of liabilities in the normal course of
business. The consolidated financial statements do not include any
adjustments relating to the recoverability and classification of
recorded assets, nor to the amounts and classification of
liabilities that may be necessary should the Company be unable to
continue as a going concern.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
For the years ended December 31, 2014, December 31,
2013 and December 31, 2012, the diluted weighted average
number of shares includes the incremental effect of outstanding
stock based incentive awards.</p>
<p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="62%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom">(In thousands, except share data)</td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center"><b>Year ended<br />
December 31,<br />
2014</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center"><b>Year ended<br />
December 31,<br />
2013</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center"><b>Year ended<br />
December 31,<br />
2012</b></td>
<td valign="bottom"> </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Class A common shares</b></p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Weighted average number of common shares outstanding (B)</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">47,541,409</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">47,513,846</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">47,481,766</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Weighted average number of RSU’s without service conditions
(note 15) (B)</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">168,904</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">93,904</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">18,904</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Dilutive effect of share-based awards</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">113,423</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">159,516</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">110,987</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Common shares and common share equivalents (F)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">47,823,736</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">47,767,266</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">47,611,657</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Class B common shares</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Weighted average number of common shares outstanding (D)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">7,405,956</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">7,405,956</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">7,405,956</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Dilutive effect of share-based awards</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Common shares (H)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">7,405,956</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">7,405,956</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">7,405,956</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Basic Earnings per Share</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Net income available to common shareholders</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">4,996</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">32,518</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">31,928</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1pt">
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Available to:</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
- Class A shareholders for period</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">4,996</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">32,518</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">31,928</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
- Class A shareholders for arrears</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
- Class B shareholders for period</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
- allocate pro-rata between Class A and B</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1pt">
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Net income available for Class A (A)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">4,996</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">32,518</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">31,928</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Net income available for Class B (C)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1pt">
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Basic Earnings per share:</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em">
Class A (A/B)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">0.10</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">0.68</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">0.67</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em">
Class B (C/D)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1pt">
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Diluted Earnings per Share</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Net income available to common shareholders</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">4,996</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">32,518</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">31,928</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1pt">
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Available to:</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
- Class A shareholders for period</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">4,996</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">32,518</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">31,928</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
- Class A shareholders for arrears</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
- Class B shareholders for period</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
- allocate pro rata between Class A and B</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1pt">
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Net income available for Class A (E)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">4,996</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">32,518</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">31,928</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Net income available for Class B (G)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1pt">
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Diluted Earnings per share:</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em">
Class A (E/F)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">0.10</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">0.68</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">0.67</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em">
Class B (G/H)</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
</table>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><b>3.</b></td>
<td valign="top" align="left"><b>Significant Accounting
Policies</b></td>
</tr>
</table>
<!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(a)</td>
<td valign="top" align="left">Basis of consolidation</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The accompanying consolidated financial statements have been
prepared in accordance with United States Generally Accepted
Accounting Principles (“U.S. GAAP”) and include the
financial statements of the Company and its wholly owned
subsidiaries. All inter-company transactions and accounts have been
eliminated on consolidation.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(b)</td>
<td valign="top" align="left">Use of estimates</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The preparation of consolidated financial statements in conformity
with U.S. GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at
the date of the consolidated financial statements and the reported
amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(c)</td>
<td valign="top" align="left">Cash and cash equivalents</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Cash and cash equivalents include cash in hand, deposits held at
call with banks and other short-term highly liquid investments with
original maturities of three months or less.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(d)</td>
<td valign="top" align="left">Restricted cash</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Cash and cash equivalents subject to restrictions are excluded from
cash and cash equivalents in the consolidated balance sheets and
are presented as restricted cash.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(e)</td>
<td valign="top" align="left">Accounts receivable</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The Company carries its accounts receivable at cost less, if
appropriate, an allowance for doubtful accounts, based on a
periodic review of accounts receivable, taking into account past
write-offs, collections and current credit conditions. The Company
does not generally charge interest on past-due accounts. Allowances
for doubtful accounts amount to $ nil as of December 31, 2014
(2013: $ nil).</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(f)</td>
<td valign="top" align="left">Vessels</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Vessels acquired up to the date of the merger described in note 1,
were initially recorded at their acquisition cost, less an amount
allocated to drydock component, less accumulated depreciation. From
the date of the merger, these vessels have been recorded at their
fair value at the date of the merger, less a proportion of the
negative goodwill arising at the time of the merger allocated to
these vessels, less accumulated depreciation and impairment loss,
if any.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
In connection with the merger, the Company recognised an intangible
asset arising from the comparison of the acquisition prices in the
asset purchase agreement between the Company as buyer and CMA CGM
as seller and the estimated fair values at the merger date of the
vessels yet to be purchased. This intangible asset was transferred
to the cost of the appropriate vessel on delivery and as all such
vessels have now been delivered, no intangible asset remains in
respect of these vessels.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Vessels acquired after the merger are stated at acquisition cost,
less accumulated depreciation. The cost of the vessel consists of
the contract price and expenses incurred in connection with the
acquisition.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Subsequent expenditures for major improvements and upgrading are
capitalized, provided they appreciably extend the life, increase
the earning capacity or improve the efficiency or safety of the
vessels.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Borrowing costs incurred during the construction of vessels or as
part of the prefinancing of the acquisition of vessels are
capitalized. There was no capitalized interest for the years ended
December 31, 2014, 2013 and 2012. Other borrowing costs are
expensed as incurred.</p>
<!-- xbrl,n --><!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 0pt">
Vessels are depreciated to their estimated residual value using the
straight-line method over their estimated useful lives which are
reviewed on an ongoing basis to ensure they reflect current
technology, service potential and vessel structure. The useful
lives are estimated to be 30 years from first delivery from the
shipyard.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Prepayments and costs directly related to the future acquisition of
specific vessels are presented in the Consolidated Balance Sheets
as vessel deposits.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(g)</td>
<td valign="top" align="left">Drydocking costs</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
An element of the purchase price of a vessel is allocated to a
drydock component which is amortized on a straight line basis to
the anticipated next drydocking date. Vessels are drydocked
approximately every five years for major repairs and maintenance
that cannot be performed while the vessels are operating. Costs
directly associated with a drydocking, including the required
regulatory inspection of the vessel, its hull and its machinery and
for the defouling and repainting of the hull are capitalized as
they are incurred and depreciated on a straight line basis over the
period between drydocks. Capitalized drydocking costs are
classified within investing activities in the Consolidated
Statements of Cash Flows.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(h)</td>
<td valign="top" align="left">Intangible assets</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
<i>Vessel purchase options</i></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Cash consideration for the acquisition of purchase options to
acquire vessels at a fixed purchase price are recognized as
intangible assets in an amount up to the difference, as at the
transaction date, between (i) the amount paid for the options
plus the purchase price of the vessels and (ii) the fair value
of the vessels plus the fair value of attached charters. The fair
value of the vessel is assessed based on independent broker
valuations. The fair value of a charter attached to the vessel is
assessed based on market rates compared to the contracted attached
charter rates for the life of the charter.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
<i>Impairment</i></p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Intangible assets are reviewed individually for impairment annually
or more frequently due to events or changes in circumstances that
indicate that the asset might be impaired. If the estimated cash
flows from the use of the asset and its eventual disposal are below
the asset’s net book value, then the asset is deemed to be
impaired and written down to its fair value.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(i)</td>
<td valign="top" align="left">Intangible liabilities –
charter agreements</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
In connection with the merger (see note 1), the Company recognised
an intangible liability using the market approach whereby the
Company’s actual charter rates were compared to market rates
at the merger date. These intangible liabilities, recognizing the
below market rates as at the date of merger, are amortized giving
rise to an increase of time charter revenue over the remaining term
of the relevant charters.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(j)</td>
<td valign="top" align="left">Long-lived assets</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Fixed assets such as vessels are reviewed individually for
impairment when events or changes in circumstances indicate that
their carrying amounts may not be recoverable. An impairment charge
is recognized when the sum of the expected undiscounted future cash
flows from the asset over its estimated remaining useful life is
less than its carrying amount and is recorded equal to the amount
by which the asset’s carrying amount exceeds its fair value.
Fair value is the net present value of future cash flows discounted
by an appropriate discount rate.</p>
<!-- xbrl,n --><!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 6px">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 0pt">
Due to continuing poor industry conditions, impairment tests on a
vessel by vessel basis were performed as at December 31, 2013
and again as at December 31, 2014. No impairment was
recognised after either of these tests as, based on the assumptions
made, the expected undiscounted future cash flows exceeded the
vessels’ carrying amounts.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The agreement of new charters with effect from May 1, 2013 of
two of the Company’s vessels at rates below the previous
rates was seen as an indicator of potential impairment of their
carrying value. Accordingly, an impairment test, based on expected
undiscounted cash flows by vessel, was performed for these two
vessels as at March 31, 2013. Based on the assumptions made,
the expected undiscounted future cash flows exceeded the
vessels’ carrying amounts as at March 31, 2013 and
accordingly no impairment was recognised. The further agreement on
new charters of two of the Company’s vessels in May and July
2014 (see note 2(a)) was seen as an indicator of potential
impairment of their carrying value. Accordingly, an impairment
test, based on the expected undiscounted cash flows by vessel, was
performed for these two vessels as at June 30, 2014. Based on
the assumptions made, the expected undiscounted future cash flows
exceeded the vessels’ carrying amounts as at June 30,
2014 and accordingly no impairment was recognised.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The assumptions used involve a considerable degree of estimation.
Actual conditions may differ significantly from the assumptions and
thus actual cash flows may be significantly different to those
expected with a material effect on the recoverability of each
vessel’s carrying amount. The most significant assumptions
made for the determination of expected cash flows are
(i) charter rates on expiry of existing charters, which are
based on a reversion to the historical mean for each category of
vessel, adjusted to reflect current and expected market conditions
(ii) off-hire days, which are based on actual off-hire
statistics for the Company’s fleet (iii) operating
costs, based on current levels escalated over time based on long
term trends (iv) dry docking frequency, duration and cost and
(v) estimated useful life which is assessed as a total of 30
years from first delivery from the shipyard. In the case of an
indication of impairment, the results of a recoverability test
would also be sensitive to the discount rate applied.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(k)</td>
<td valign="top" align="left">Derivative instruments</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Interest rate hedges</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Interest rate derivatives are initially recognized at fair value on
the date a derivative contract is entered into and are subsequently
re-measured at their fair value. The method of recognizing the
resulting gain or loss depends on whether the derivative is
designated and qualifies as a hedging instrument, and if so, the
nature of the item being hedged.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The Company’s interest rate derivative instruments do not
qualify for hedge accounting. Changes in the fair value are
recognized immediately in the Consolidated Statements of Income
within “Unrealized gain (loss) on interest rate
derivatives”. Cash settlements of interest rate derivative
instruments are recognized immediately in the Consolidated
Statements of Income within “Realized loss on interest rate
derivatives”. Cash flows related to interest rate derivatives
(including payments and periodic cash settlements) are included
within “Net cash used in investing activities”.</p>
<!-- xbrl,n --><!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 6px">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 0pt">
The fair value of derivatives is presented on the face of the
Consolidated Balance Sheets under the line item “Derivative
instruments” and is split into current and non-current
portions based on the net cash flows expected within one year.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(l)</td>
<td valign="top" align="left">Deferred financing costs</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Costs incurred in connection with obtaining long term debt and in
obtaining amendments to existing facilities are recorded as
deferred financing costs and are amortized to interest expense
using the effective interest method over the estimated duration of
the related debt. Such costs include fees paid to the lenders or on
the lenders’ behalf and associated legal and other
professional fees.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(m)</td>
<td valign="top" align="left">Preferred shares</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Series A Preferred shares were included within Liabilities in the
Consolidated Balance Sheets and preferred share dividends included
within interest expense in the Consolidated Statements of Income as
their nature was similar to that of a liability rather than equity.
Holders of these mandatorily redeemable preferred shares were
entitled to receive a dividend equal to 3-month U.S. dollar LIBOR
plus 2% on the original issue price and ranked senior to the
Class A and Class B common shares with respect to dividend
rights and rights upon liquidation, dissolution or winding up of
the Company.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Series B Preferred shares have been included within Equity in the
Consolidated Balance Sheets and preferred share dividends are
presented as a reduction of Retained Earnings in the Consolidated
Statement of Stockholders’ Equity as their nature is similar
to that of an equity instrument rather than a liability. Holders of
these redeemable perpetual preferred shares, which may only be
redeemed at the discretion of the company, are entitled to receive
a dividend equal to 8.75% on the original issue price and rank
senior to the Class A and Class B common shares with respect
to dividend rights and rights upon liquidation, dissolution or
winding up of the Company.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(n)</td>
<td valign="top" align="left">Classification of long term debt</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Long term debt is classified within current liabilities unless the
Company has an unconditional right to defer settlement of the
liability for at least 12 months after the balance sheet date.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(o)</td>
<td valign="top" align="left">Other comprehensive income
(loss)</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Other comprehensive income (loss), which is reported in the
Consolidated Statement of Stockholders’ Equity, consists of
net income (loss) and other gains and losses affecting equity that,
under U.S. GAAP, are excluded from net income (loss). Under ASU
2011-05, an entity reporting comprehensive income in a single
continuous financial statement shall present its components in two
sections, net income and other comprehensive income. As the Company
does not, to date, have other comprehensive income, the
accompanying consolidated financial statements only include
Consolidated Statements of Income.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(p)</td>
<td valign="top" align="left">Revenue recognition and related
operating expense</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The Company charters out its vessels on time charters which
involves placing a vessel at a charterer’s disposal for a
period of time during which the charterer uses the vessel in return
for the payment of a specified daily hire rate. Such charters are
accounted for as operating leases and therefore revenue is
recognized on a straight line basis as the average revenues over
the rental periods of such charter agreements, as service is
performed. Cash received in excess of earned revenue is recorded as
deferred revenue.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Under time charter arrangements the Company, as owner, is
responsible for all the operating expenses of the vessels, such as
crew costs, insurance, repairs and maintenance, and such costs are
expensed as incurred.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; MARGIN-TOP: 0pt">
 </p>
<p><!-- xbrl,n --><!-- xbrl,body --></p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(q)</td>
<td valign="top" align="left">Foreign currency transactions</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; MARGIN-TOP: 0pt">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 0pt">
The Company’s functional currency is the U.S. dollar as
substantially all revenues and a majority of expenditures are
denominated in U.S. dollars. Monetary assets and liabilities
denominated in foreign currencies are translated at the rate of
exchange at the balance sheet dates. Expenses paid in foreign
currencies are recorded at the rate of exchange at the transaction
date. Exchange gains and losses are included in the determination
of net income (loss).</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(r)</td>
<td valign="top" align="left">Repairs and maintenance</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
All expenditures relating to routine maintenance and repairs are
expensed when incurred.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(s)</td>
<td valign="top" align="left">Insurance</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The Company maintains hull and machinery insurance, war risks
insurance, protection and indemnity insurance coverage, increased
value insurance, and freight, demurrage and defence insurance
coverage in amounts considered prudent to cover normal risks in the
ordinary course of its operations. Premiums paid in advance to
insurance providers are recognized as prepaid expenses and are
expensed over the period covered by the insurance contract.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(t)</td>
<td valign="top" align="left">Share based compensation</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The Company awards restricted stock units to its management and
Directors as part of their compensation.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The fair value of restricted stock unit grants is determined by
reference to the quoted stock price on the date of grant, adjusted
for estimated dividends forgone until the restricted stock units
vest. Compensation expense is recognized based on a graded expense
model over the expected vesting period.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(u)</td>
<td valign="top" align="left">Income taxes</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The Company and its Marshall Island subsidiaries are exempt from
taxation in the Marshall Islands. The Company’s vessels are
flagged in Bahamas, Cyprus, Hong Kong and Panama and are liable for
tax based on the tonnage of the vessel. The cost, which is included
within operating expenses, amounted to $126, $169 and $146 for the
years ended December 31, 2014, 2013 and 2012, respectively.
The Cyprus and Hong Kong subsidiaries are liable for income tax on
any interest income earned from non-shipping activity.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The Company has one subsidiary in the United Kingdom, where the
principal rate of corporate income tax is 21% (2013: 23%, 2012:
24%). This subsidiary earns management and other fees from fellow
group companies.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The Company accounts for deferred income taxes using the liability
method which requires the determination of deferred tax assets and
liabilities, based upon temporary timing differences that arise
between the financial statement and tax bases of recorded assets
and liabilities, using enacted tax rates in effect for the year in
which differences are expected to reverse. The net deferred tax
asset is adjusted by a valuation allowance where appropriate, if,
based on the weight of available evidence, it is more likely than
not that some portion or all of the net deferred tax asset will not
be realized. At December 31, 2014 a deferred tax liability of
$34 (2013: $43) was recognized relating to stock based compensation
costs charged to the Consolidated Statements of Income in respect
of unvested shares and timing differences between the carrying
amounts of assets for financial reporting purposes and their tax
bases.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The Company recognizes uncertain tax positions only if it is more
likely than not that the tax position will be sustained on
examination by the taxing authorities, based solely on the
technical merits of the position.</p>
<!-- xbrl,n --><!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 6px">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(v)</td>
<td valign="top" align="left">Inventories</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Inventories consist of bunkers and lubricants on board certain of
the vessels. Inventories are stated at the lower of cost or market
value as determined using the first-in, first-out method.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(w)</td>
<td valign="top" align="left">Dividends</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Dividends are recorded in the period in which they are declared by
the Company’s Board of Directors. Dividends to be paid are
presented in the Consolidated Balance Sheets in the line item
“Dividends payable”.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(x)</td>
<td valign="top" align="left">Earnings per share</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Basic earnings per common share are based on income available to
common shareholders divided by the weighted-average number of
common shares outstanding during the period, excluding unvested
restricted stock units. Diluted earnings per common share are
calculated by applying the treasury stock method. All unvested
restricted stock units that have a dilutive effect are included in
the calculation. The basic and diluted earnings per share for the
period are presented for each category of participating common
shares under the two-class method.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(y)</td>
<td valign="top" align="left">Recently issued accounting
standards</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
In May 2014, the Financial Accounting Standards Board
(“FASB”) issued an accounting standards update in
respect of revenue from contracts with customers (Topic 606). The
update is effective for annual periods beginning after
December 15, 2016 and early application is not permitted. The
Company is currently assessing the impact of adopting this update
on its financial statements.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
In June 2014, FASB issued an update in respect of Stock
Compensation (Topic 718). The amendment requires that a performance
target that affects vesting and that could be achieved after the
requisite service period be treated as a performance condition. The
performance condition should not be reflected in estimating the
grant-date fair value of the award and the compensation cost should
be recognized in the period in which it becomes probable that the
performance target will be achieved and should represent the
compensation cost attributable to the periods for which the
requisite service has already been rendered. The amendment is
effective for annual periods beginning after December 15, 2015
and early adoption is permitted. The adoption of this amendment is
not expected to lead to any changes to the Company’s
financial statements.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Management do not believe that any other recently issued, but not
yet effective accounting pronouncements, if currently adopted,
would have a material impact on the consolidated financial
statements of the Company.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><b>18</b>.</td>
<td valign="top" align="left"><b>Subsequent events</b></td>
</tr>
</table>
<!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The Company acquired an 8,063 TEU containership from Orient
Overseas Container Lines Limited (“OOCL”) on
March 11, 2015. The vessel, OOCL Qingdao, had a purchase price
of $53.6 million, which was settled by fully utilising the $40.0
million Revolving Credit Facility and existing cash on hand. The
vessel was immediately time chartered back to OOCL for a period of
36 to 39 months, at charterer’s option, at a gross rate of
$34,500 per day.</p>
</div>
0001430725
0
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><b>15</b>.</td>
<td valign="top" align="left"><b>Share-Based Compensation</b></td>
</tr>
</table>
<!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
In August 2008, the Company’s Board adopted the 2008 Equity
Incentive Plan (the “Plan”), which enables management,
consultants and Directors of the Company and its subsidiaries to
receive options, stock appreciation rights, stock grants, stock
units and dividend equivalents.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The Plan is administered by the Board or a committee of the Board.
The maximum aggregate number of Class A common shares that may
be delivered pursuant to awards granted under the Plan during the
10-year term of the Plan is 1,500,000. The maximum number of
Class A common shares with respect to which awards may be
granted to any participant in the Plan in any fiscal year is
500,000. As at December 31, 2014, the remaining number of
Class A common shares available to be awarded under the Plan
was 1,877.</p>
<!-- xbrl,n --><!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 0pt">
The holder of a stock grant awarded under the Plan shall have the
same voting, dividend and other rights as the Company’s other
Class A common shareholders when the grant vests and the
shares are issued.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Under the plan, the Company has issued the following share based
awards since January 1, 2012:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="58%"></td>
<td valign="bottom" width="6%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="6%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="6%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="6%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="14" align="center"><b>Restricted Stock Units</b></td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="6" align="center">Number of Units</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" rowspan="2" colspan="2" align="center">
Weighted<br />
Average<br />
Fair Value<br />
on Grant Date</td>
<td valign="bottom" rowspan="2"> </td>
<td valign="bottom">  </td>
<td valign="bottom" rowspan="2" colspan="2" align="center">
Actual<br />
Fair Value<br />
on Vesting Date</td>
<td valign="bottom" rowspan="2"> </td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">Management</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">Directors</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom">  </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Unvested as at January 1, 2012</b></p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>150,000</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom">  </td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>17,886</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom">  </td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>3.40</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom">  </td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>n/a</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Vested in January 2012</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(17,886</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">6.15</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">1.75</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Granted on March 13, 2012</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">75,000</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">32,070</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.43</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">n/a</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Unvested as at December 31, 2012</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>225,000</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>32,070</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>3.22</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>n/a</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Vested in January 2013</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(32,070</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.43</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.07</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Granted on March 7, 2013</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">75,000</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">27,550</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.43</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">n/a</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Unvested as at December 31, 2013</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>300,000</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>27,550</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>3.26</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>n/a</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Vested in January 2014</p>
</td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(27,550</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.43</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">5.85</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Unvested as at December 31, 2014</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>300,000</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap"><b> </b></td>
<td valign="bottom" nowrap="nowrap" align="right">
<b>—  </b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>3.25</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom"><b> </b></td>
<td valign="bottom" align="right"><b>n/a</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
<!-- End Table Body --></table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 12pt">
The restricted stock units granted to Directors on March 17,
2011, March 13, 2012 and March 7, 2013 vested in
January 2012, January 2013 and January 2014 respectively.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The restricted stock units granted to four members of management on
September 2, 2011 were to vest over two years; half during
September and October 2012 and the remaining half during September
and October 2013. In March 2012, these grants were amended and
restated to provide that vesting would occur only when the
individual leaves employment, for whatever reason, provided that
this was after September 30, 2012 in respect of half of the
grant and after September 30, 2013 for the other half of the
grant. The restricted stock units granted to management on
March 13, 2012 are expected to vest when the individual leaves
employment, provided that this is after September 30, 2014 and
is not as a result of resignation or termination for cause. The
restricted stock units granted to management on March 7, 2013
are expected to vest when the individual leaves employment,
provided that this is after September 30, 2015 and is not as a
result of resignation or termination for cause.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Using the graded vesting method of expensing the restricted stock
unit grants, the weighted average fair value of the stock units is
recognized as compensation costs in the consolidated statement of
income over the vesting period. The fair value of the restricted
stock units for this purpose is calculated by multiplying the
number of stock units by the fair value of the shares at the grant
date, which is discounted for dividends forfeited over the vesting
period. The Company has not factored any anticipated forfeiture
into these calculations based on the limited number of
participants.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
For the grants issued on September 2,
2011, March 13, 2012 and March 7, 2013, the fair
value at the grant date was the closing price for the common stock
on that date. The share value has not been discounted as no
dividends were expected to be paid on the common stock at that
time.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
During the year ended December 31, 2014 the Company recognized
a total of $177 (2013: $360, 2012: $460) in respect of share based
compensation costs. As at December 31, 2014 there was a total
of $75 (2013: $252) unrecognized compensation costs relating to the
above share based awards. The remaining costs are expected to be
recognized over a period of nine months.</p>
</div>
<div>
<table width="100%" style="font-family: Times New Roman; font-size: 10pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="4%" align="left" valign="top"><b>5</b>.</td>
<td align="left" valign="top"><b>Intangible Assets</b></td>
</tr>
</table>
<p style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;">
 </p>
<table width="76%" align="center" style="font-family: Times New Roman; font-size: 10pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="74%"></td>
<td width="11%" valign="bottom"></td>
<td></td>
<td></td>
<td></td>
<td width="11%" valign="bottom"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="font-family: Times New Roman; font-size: 8pt;">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td align="center" valign="bottom" colspan="2">
<p align="center" style="font-family: Times New Roman; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;">
<b>December 31,</b></p>
<p align="center" style="font-family: Times New Roman; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt;">
<b>2014</b></p>
</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td align="center" valign="bottom" colspan="2">
December 31,<br />
2013</td>
<td valign="bottom"> </td>
</tr>
<tr style="font-family: Times New Roman; font-size: 10pt;" bgcolor="#CCEEFF">
<td valign="top">
<p style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-left: 1em;">
Software development:</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="font-family: Times New Roman; font-size: 10pt;">
<td valign="top">
<p style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-left: 1em;">
Opening balance</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td align="right" valign="bottom">95</td>
<td nowrap="nowrap" valign="bottom">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td align="right" valign="bottom">73</td>
<td nowrap="nowrap" valign="bottom">  </td>
</tr>
<tr style="font-family: Times New Roman; font-size: 10pt;" bgcolor="#CCEEFF">
<td valign="top">
<p style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-left: 1em;">
Additions</p>
</td>
<td valign="bottom">  </td>
<td nowrap="nowrap" valign="bottom"> </td>
<td align="right" nowrap="nowrap" valign="bottom">
—  </td>
<td nowrap="nowrap" valign="bottom">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td align="right" valign="bottom">43</td>
<td nowrap="nowrap" valign="bottom">  </td>
</tr>
<tr style="font-family: Times New Roman; font-size: 10pt;">
<td valign="top">
<p style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-left: 1em;">
Depreciation</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td align="right" valign="bottom">(28</td>
<td nowrap="nowrap" valign="bottom">) </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td align="right" valign="bottom">(21</td>
<td nowrap="nowrap" valign="bottom">) </td>
</tr>
<tr style="font-size: 1px;">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: solid;">
 </p>
</td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: solid;">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: solid;">
 </p>
</td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: solid;">
 </p>
</td>
<td> </td>
</tr>
<tr style="font-family: Times New Roman; font-size: 10pt;" bgcolor="#CCEEFF">
<td valign="top">
<p style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-left: 1em;">
<b>Closing balance</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td align="right" valign="bottom">67</td>
<td nowrap="nowrap" valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td align="right" valign="bottom">95</td>
<td nowrap="nowrap" valign="bottom">  </td>
</tr>
<tr style="font-size: 1px;">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td> </td>
</tr>
</table>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(y)</td>
<td valign="top" align="left">Recently issued accounting
standards</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
In May 2014, the Financial Accounting Standards Board
(“FASB”) issued an accounting standards update in
respect of revenue from contracts with customers (Topic 606). The
update is effective for annual periods beginning after
December 15, 2016 and early application is not permitted. The
Company is currently assessing the impact of adopting this update
on its financial statements.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
In June 2014, FASB issued an update in respect of Stock
Compensation (Topic 718). The amendment requires that a performance
target that affects vesting and that could be achieved after the
requisite service period be treated as a performance condition. The
performance condition should not be reflected in estimating the
grant-date fair value of the award and the compensation cost should
be recognized in the period in which it becomes probable that the
performance target will be achieved and should represent the
compensation cost attributable to the periods for which the
requisite service has already been rendered. The amendment is
effective for annual periods beginning after December 15, 2015
and early adoption is permitted. The adoption of this amendment is
not expected to lead to any changes to the Company’s
financial statements.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Management do not believe that any other recently issued, but not
yet effective accounting pronouncements, if currently adopted,
would have a material impact on the consolidated financial
statements of the Company.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><b>4</b>.</td>
<td valign="top" align="left"><b>Vessels in Operation, less
Accumulated Depreciation</b></td>
</tr>
</table>
<!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="74%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>December 31,</b></p>
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>2014</b></p>
</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
December 31,<br />
2013</td>
<td valign="bottom"> </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Cost</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">1,070,627</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">1,014,473</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Accumulated Depreciation</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(234,146</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(196,598</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Drydock expenditure – in progress</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">56</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Net book value</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>836,537</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>817,875</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
<!-- End Table Body --></table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 12pt">
On October 28, 2014, the Company acquired an 8,063 TEU
containership (OOCL Tianjin) from OOCL for a purchase price of $55
million.</p>
<p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 6px">
 </p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 0pt">
Variations in net book value of vessels, including drydocking, are
presented below:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="74%"></td>
<td valign="bottom" width="6%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="6%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>December 31,</b></p>
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>2014</b></p>
</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
December 31,<br />
2013</td>
<td valign="bottom"> </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Opening balance</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">817,875</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">856,394</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Additions in the period</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">59,721</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">1,866</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Depreciation expense</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(41,059</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(40,385</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Closing balance</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>836,537</b></td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">817,875</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
<!-- End Table Body --></table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 12pt">
As of December 31, 2014, 17 of the 18 vessels were pledged as
collateral under the 2019 Notes and Revolving Credit Facility (see
note 9).</p>
</div>
FY
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"></td>
<td valign="top" width="4%" align="left">(e)</td>
<td valign="top" align="left">Accounts receivable</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The Company carries its accounts receivable at cost less, if
appropriate, an allowance for doubtful accounts, based on a
periodic review of accounts receivable, taking into account past
write-offs, collections and current credit conditions. The Company
does not generally charge interest on past-due accounts. Allowances
for doubtful accounts amount to $ nil as of December 31, 2014
(2013: $ nil).</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"></td>
<td valign="top" width="4%" align="left">(n)</td>
<td valign="top" align="left">Classification of long term debt</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Long term debt is classified within current liabilities unless the
Company has an unconditional right to defer settlement of the
liability for at least 12 months after the balance sheet date.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(r)</td>
<td valign="top" align="left">Repairs and maintenance</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
All expenditures relating to routine maintenance and repairs are
expensed when incurred.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="74%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>December 31,</b></p>
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>2014</b></p>
</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
December 31,<br />
2013</td>
<td valign="bottom"> </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Cost</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">1,070,627</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">1,014,473</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Accumulated Depreciation</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(234,146</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(196,598</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Drydock expenditure – in progress</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">56</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Net book value</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>836,537</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>817,875</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
<!-- End Table Body --></table>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(t)</td>
<td valign="top" align="left">Share based compensation</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The Company awards restricted stock units to its management and
Directors as part of their compensation.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The fair value of restricted stock unit grants is determined by
reference to the quoted stock price on the date of grant, adjusted
for estimated dividends forgone until the restricted stock units
vest. Compensation expense is recognized based on a graded expense
model over the expected vesting period.</p>
</div>
Yes
1944000
35000000
7000
4996000
64000
-3000
11000
177000
366366000
55162000
138615000
510000
553000
-9458000
42274000
80000
6185000
15779000
4996000
6110000
177000
0
41059000
462000
43872000
5732000
8759000
75000
27936000
1503000
-80080000
96341000
59721000
1114000
7022000
7225000
177000
26298000
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(s)</td>
<td valign="top" align="left">Insurance</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
The Company maintains hull and machinery insurance, war risks
insurance, protection and indemnity insurance coverage, increased
value insurance, and freight, demurrage and defence insurance
coverage in amounts considered prudent to cover normal risks in the
ordinary course of its operations. Premiums paid in advance to
insurance providers are recognized as prepaid expenses and are
expensed over the period covered by the insurance contract.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><b>7</b>.</td>
<td valign="top" align="left"><b>Deferred Financing Costs</b></td>
</tr>
</table>
<!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Costs amounting to $4,800 incurred up to December 31, 2013 in
connection with the Company’s refinancing were recorded
within prepaid expenses as at that date. On March 19, 2014,
the Company completed this refinancing by the issue of 10.0% First
Priority Secured Notes due 2019 disclosed in note 9(b) and by
agreeing the Revolving Credit Facility disclosed in note 9(c). On
completion of the refinancing, these deferred financing costs were
reclassified from prepaid expenses to deferred financing costs,
together with additional costs incurred during the first
quarter.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="73%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>December 31,</b></p>
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>2014</b></p>
</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
December 31,<br />
2013</td>
<td valign="bottom"> </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Opening balance</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">3,273</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">4,659</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Reclassification from prepaid expenses</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">4,800</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Expenditure in the period</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">10,979</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Amortization included within interest expense</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(5,732</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(1,386</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Closing balance</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>13,320</b></td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">3,273</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
<!-- End Table Body --></table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 12pt">
The deferred finance costs are being amortised on an effective
interest rate basis over the life of the financings for which they
were incurred.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The remaining unamortized balance of deferred financing costs
relating to the credit facility which was fully repaid and
terminated on March 19, 2014 amounting to $2,986 was written
off and recorded within interest expense within the Consolidated
Statements of Income.</p>
</div>
<div>
<table width="76%" align="center" style="font-family: Times New Roman; font-size: 10pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="74%"></td>
<td width="7%" valign="bottom"></td>
<td></td>
<td></td>
<td></td>
<td width="7%" valign="bottom"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="font-family: Times New Roman; font-size: 8pt;">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td align="center" valign="bottom" colspan="2">
<p align="center" style="font-family: Times New Roman; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;">
<b>December 31,</b></p>
<p align="center" style="font-family: Times New Roman; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt;">
<b>2014</b></p>
</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td align="center" valign="bottom" colspan="2">
December 31,<br />
2013</td>
<td valign="bottom"> </td>
</tr>
<tr style="font-family: Times New Roman; font-size: 10pt;" bgcolor="#CCEEFF">
<td valign="top">
<p style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-left: 1em;">
Opening balance</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td align="right" valign="bottom">17,931</td>
<td nowrap="nowrap" valign="bottom">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td align="right" valign="bottom">20,050</td>
<td nowrap="nowrap" valign="bottom">  </td>
</tr>
<tr style="font-family: Times New Roman; font-size: 10pt;">
<td valign="top">
<p style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-left: 1em;">
Amortization in period</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td align="right" valign="bottom">(2,119</td>
<td nowrap="nowrap" valign="bottom">) </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td align="right" valign="bottom">(2,119</td>
<td nowrap="nowrap" valign="bottom">) </td>
</tr>
<tr style="font-size: 1px;">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: solid;">
 </p>
</td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: solid;">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: solid;">
 </p>
</td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: solid;">
 </p>
</td>
<td> </td>
</tr>
<tr style="font-family: Times New Roman; font-size: 10pt;" bgcolor="#CCEEFF">
<td valign="top">
<p style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-left: 1em;">
<b>Closing balance</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td align="right" valign="bottom">15,812</td>
<td nowrap="nowrap" valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td align="right" valign="bottom">17,931</td>
<td nowrap="nowrap" valign="bottom">  </td>
</tr>
<tr style="font-size: 1px;">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td> </td>
</tr>
</table>
</div>
28000
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 0pt">
Variations in net book value of vessels, including drydocking, are
presented below:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="74%"></td>
<td valign="bottom" width="6%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="6%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>December 31,</b></p>
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>2014</b></p>
</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
December 31,<br />
2013</td>
<td valign="bottom"> </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Opening balance</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">817,875</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">856,394</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Additions in the period</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">59,721</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">1,866</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Depreciation expense</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(41,059</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(40,385</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Closing balance</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>836,537</b></td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">817,875</td>
<td valign="bottom" nowrap="nowrap"></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
</tr>
</table>
</div>
20000000
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><b>14</b>.</td>
<td valign="top" align="left"><b>Interest Rate Derivatives and Fair
Value Measurements</b></td>
</tr>
</table>
<!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Prior to the issue of the 2019 Notes (see note 9(b)) the Company
had been exposed to the impact of changes to interest rates on the
floating rate debt drawn under the credit facility (see note 9(a))
which also required the Company to hedge at least 50% of any
drawings. Accordingly, the Company entered into interest rate swap
agreements to manage the exposure.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
On March 19, 2014 the secured credit facility was fully repaid
and was replaced with the 2019 Notes, which have a fixed interest
rate. The $277,000 nominal amount of outstanding interest rate
swaps which had hedged the Company’s interest rate risk were
terminated accordingly. The cost of the termination included an
element of unsettled payments due under the swap agreements up to
March 19, 2014 amounting to $307. This amount is included in
the Consolidated Statements of Income as a realised loss on
derivative instruments.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
During the periods when the interest rate swaps were outstanding,
they were “marked to market” at each reporting date end
and recorded at their fair values. This generated unrealized gains
and losses. The unrealized gain on interest rate derivatives for
the year ended December 31, 2014 was $1,944 (2013: $14,302,
2012: $9,725).</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
None of the Company’s interest rate agreements qualified for
hedge accounting and therefore the net changes in the fair value of
the interest rate derivative assets and liabilities at each
reporting period were reflected in the current period operations as
unrealized gains and losses on derivatives. Cash flows related to
interest rate derivatives (initial payments for the derivatives,
periodic cash settlements and termination payments) are included
within cash flows from investing activities in the Consolidated
Statements of Cash Flows.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The fair value hierarchy has three levels based on the reliability
of the inputs used to determine fair value as follows:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<div align="right">
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="96%" border="0">
<!-- Begin Table Head -->
<tr>
<td width="6%"></td>
<td valign="bottom" width="3%"></td>
<td width="91%"></td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 1pt">
<td height="8"></td>
<td height="8" colspan="2"></td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top" nowrap="nowrap">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align="left">Level 1.</p>
</td>
<td valign="bottom">
<p align="left"> </p>
</td>
<td valign="top">
<p align="left">Observable inputs such as quoted prices in active
markets;</p>
</td>
</tr>
<tr style="FONT-SIZE: 1pt">
<td height="8">
<p align="left"> </p>
</td>
<td height="8" colspan="2">
<p align="left"> </p>
</td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top" nowrap="nowrap">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align="left">Level 2.</p>
</td>
<td valign="bottom">
<p align="left"> </p>
</td>
<td valign="top">
<p align="left">Inputs, other than the quoted prices in active
markets, that are observable either directly or indirectly; and</p>
</td>
</tr>
<tr style="FONT-SIZE: 1pt">
<td height="8">
<p align="left"> </p>
</td>
<td height="8" colspan="2">
<p align="left"> </p>
</td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top" nowrap="nowrap">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em" align="left">Level 3.</p>
</td>
<td valign="bottom">
<p align="left"> </p>
</td>
<td valign="top">
<p align="left">Unobservable inputs in which there is little or no
market data, which require the reporting entity to develop its own
assumptions.</p>
</td>
</tr>
<!-- End Table Body --></table>
</div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The Company’s derivative instruments were categorized as
level 2 in the fair value hierarchy. Due to the termination of
these instruments in the current year, the fair value at the
reporting date was $ nil (December 31, 2013: liability of $21,289).
Within the consolidated balance sheets, there are no offsets of
recognized assets or liabilities related to these derivatives.</p>
</div>
2765000
48770000
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(w)</td>
<td valign="top" align="left">Dividends</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Dividends are recorded in the period in which they are declared by
the Company’s Board of Directors. Dividends to be paid are
presented in the Consolidated Balance Sheets in the line item
“Dividends payable”.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(i)</td>
<td valign="top" align="left">Intangible liabilities –
charter agreements</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
In connection with the merger (see note 1), the Company recognised
an intangible liability using the market approach whereby the
Company’s actual charter rates were compared to market rates
at the merger date. These intangible liabilities, recognizing the
below market rates as at the date of merger, are amortized giving
rise to an increase of time charter revenue over the remaining term
of the relevant charters.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The maximum contracted annual future charter hire receivable (not
allowing for any offhire and assuming expiry at the mid-point
between the earliest and latest possible end dates) for the 18
vessels subject to charters as at December 31, 2014 is as
follows:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0">
<tr>
<td width="84%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"><b>Year ending December 31,</b></td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center"><b>Fleet as at<br />
December 31,<br />
2014</b></td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
2015</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">145,811</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
2016</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">144,317</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
2017</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">142,189</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
2018</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">104,372</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
2019</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">103,285</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Thereafter</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">231,665</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>871,639</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"></td>
<td valign="top" width="4%" align="left">(m)</td>
<td valign="top" align="left">Preferred shares</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Series A Preferred shares were included within Liabilities in the
Consolidated Balance Sheets and preferred share dividends included
within interest expense in the Consolidated Statements of Income as
their nature was similar to that of a liability rather than equity.
Holders of these mandatorily redeemable preferred shares were
entitled to receive a dividend equal to 3-month U.S. dollar LIBOR
plus 2% on the original issue price and ranked senior to the
Class A and Class B common shares with respect to dividend
rights and rights upon liquidation, dissolution or winding up of
the Company.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Series B Preferred shares have been included within Equity in the
Consolidated Balance Sheets and preferred share dividends are
presented as a reduction of Retained Earnings in the Consolidated
Statement of Stockholders’ Equity as their nature is similar
to that of an equity instrument rather than a liability. Holders of
these redeemable perpetual preferred shares, which may only be
redeemed at the discretion of the company, are entitled to receive
a dividend equal to 8.75% on the original issue price and rank
senior to the Class A and Class B common shares with respect
to dividend rights and rights upon liquidation, dissolution or
winding up of the Company.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
The following table provides information about the 18 vessels owned
as at December 31, 2014:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="49%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td width="3%"></td>
<td valign="bottom" width="2%"></td>
<td width="11%"></td>
<td valign="bottom" width="2%"></td>
<td width="11%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom" nowrap="nowrap">
<p style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-BOTTOM: rgb(0,0,0) 1pt solid; WIDTH: 43.3pt">
<b>Vessel Name</b></p>
</td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Capacity</b><br />
<b>in TEUs <sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center">
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>Year<br />
Built</b></p>
</td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>Purchase Date</b></p>
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>by GSL</b></p>
</td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center">
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>Charterer</b></p>
</td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Charter<br />
Remaining<br />
Duration<br />
(years) <sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Daily</b><br />
<b>Charter</b><br />
<b>Rate</b></td>
<td valign="bottom"> </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Ville d’Orion</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">4,113</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">1997</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">Sea Consortium</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">0.30</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">8.000</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Ville d’Aquarius</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">4,113</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">1996</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">Sea Consortium</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">0.30</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">8.390</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM Matisse <sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,262</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">1999</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">5.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">15.300</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM Utrillo <sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,262</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">1999</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">5.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">15.300</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Delmas Keta</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,207</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2003</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">18.465</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Julie Delmas <sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup></p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,207</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2002</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">18.465</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Kumasi</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,207</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2002</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">18.465</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Marie Delmas</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,207</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2002</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">18.465</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM La Tour <sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,272</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2001</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">5.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">15.300</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM Manet <sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,272</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2001</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">5.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">15.300</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM Alcazar</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">5,089</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">January 2008</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">6.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">33.750</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM Château d’lf</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">5,089</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2007</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">January 2008</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">6.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">33.750</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM Thalassa</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">11,040</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2008</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2008</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">11.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">47.200</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM Jamaica</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">4,298</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2006</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2008</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">8.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">25.350</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM Sambhar</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">4,045</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2006</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2008</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">8.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">25.350</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM America</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">4,045</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2006</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">December 2008</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">8.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">25.350</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
CMA CGM Berlioz</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">6,621</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2001</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">August 2009</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">CMA CGM</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">6.75</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">34.000</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
OOCL Tianjin</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">8,063</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" align="right">2005</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">October 2014</td>
<td valign="bottom">  </td>
<td valign="bottom" align="center">OOCL</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3.00</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">34.500</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<!-- End Table Body --></table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><i>(1)</i></td>
<td valign="top" align="left"><i>Twenty-foot Equivalent
Units.</i></td>
</tr>
</table>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><i>(2)</i></td>
<td valign="top" align="left"><i>Plus or minus 90 days, other than
(i) Ville d’Orion which is between January 17 and
July 17, 2015, (ii) Ville d’Aquarius which is
between April 3 and June 3, 2015, and (iii) OOCL
Tianjin which is between October 28, 2017 and January 28,
2018, all at charterer’s option.</i></td>
</tr>
</table>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><i>(3)</i></td>
<td valign="top" align="left"><i>The charters on these four vessels
were extended in February 2014 by three years with new expiry dates
in December 2019 at an amended daily charter rate of $15.300 per
day with effect from February 1, 2014.</i></td>
</tr>
</table>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><i>(4)</i></td>
<td valign="top" align="left"><i>One of the cranes on-board Julie
Delmas was found to be damaged in January 2014 and was out of
service. The Company agreed with CMA CGM to reduce the daily
charter rate pro-rata, from $18,465 to $10,000 per day from
February 9, 2014, to reflect the diminished performance of the
vessel, for as long as the crane was not operational. The crane was
repaired with effect from July 14, 2014 when the daily charter
rate reverted to $18,465.</i></td>
</tr>
</table>
</div>
2119000
2
17
P5Y
2119000
5.85
2801000
10979000
126000
2016-08
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><b>1</b>.</td>
<td valign="top" align="left"><b>General</b></td>
</tr>
</table>
<!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
On August 14, 2008, Global Ship Lease, Inc. (the
“Company”) merged indirectly with Marathon Acquisition
Corp. (“Marathon”), a company then listed on The
American Stock Exchange. Under the merger agreement, Marathon, a
U.S. corporation, first merged with its wholly owned Marshall
Islands subsidiary, GSL Holdings, Inc. (“Holdings”),
with Holdings continuing as the surviving company. Global Ship
Lease, Inc., at that time a subsidiary of CMA CGM S.A. (“CMA
CGM”), then merged with Holdings, with Holdings again being
the surviving company. Holdings was renamed Global Ship Lease, Inc.
and became listed on the New York Stock Exchange on August 15,
2008.</p>
</div>
18
0
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Other operating income is summarized as follows:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0">
<tr>
<td width="82%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="10" align="center"><b>Year ended
December 31,</b></td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">2013</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">2012</td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Sundry shipping income</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">420</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">411</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">329</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Other sundry income</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">90</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">13</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>510</b></td>
<td valign="bottom" nowrap="nowrap"><b>  </b></td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">411</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">342</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
</div>
0
<div>
<table width="76%" align="center" style="font-family: Times New Roman; font-size: 10pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="73%"></td>
<td width="8%" valign="bottom"></td>
<td></td>
<td></td>
<td></td>
<td width="8%" valign="bottom"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="font-family: Times New Roman; font-size: 8pt;">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td align="center" valign="bottom" colspan="2">
<p align="center" style="font-family: Times New Roman; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;">
<b>December 31,</b></p>
<p align="center" style="font-family: Times New Roman; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt;">
<b>2014</b></p>
</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td align="center" valign="bottom" colspan="2">
December 31,<br />
2013</td>
<td valign="bottom"> </td>
</tr>
<tr style="font-family: Times New Roman; font-size: 10pt;" bgcolor="#CCEEFF">
<td valign="top">
<p style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-left: 1em;">
Opening balance</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td align="right" valign="bottom">3,273</td>
<td nowrap="nowrap" valign="bottom">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td align="right" valign="bottom">4,659</td>
<td nowrap="nowrap" valign="bottom">  </td>
</tr>
<tr style="font-family: Times New Roman; font-size: 10pt;">
<td valign="top">
<p style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-left: 1em;">
Reclassification from prepaid expenses</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td align="right" valign="bottom">4,800</td>
<td nowrap="nowrap" valign="bottom">  </td>
<td valign="bottom">  </td>
<td nowrap="nowrap" valign="bottom"> </td>
<td align="right" nowrap="nowrap" valign="bottom">
—  </td>
<td nowrap="nowrap" valign="bottom">  </td>
</tr>
<tr style="font-family: Times New Roman; font-size: 10pt;" bgcolor="#CCEEFF">
<td valign="top">
<p style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-left: 1em;">
Expenditure in the period</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td align="right" valign="bottom">10,979</td>
<td nowrap="nowrap" valign="bottom">  </td>
<td valign="bottom">  </td>
<td nowrap="nowrap" valign="bottom"> </td>
<td align="right" nowrap="nowrap" valign="bottom">
—  </td>
<td nowrap="nowrap" valign="bottom">  </td>
</tr>
<tr style="font-family: Times New Roman; font-size: 10pt;">
<td valign="top">
<p style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-left: 1em;">
Amortization included within interest expense</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td align="right" valign="bottom">(5,732</td>
<td nowrap="nowrap" valign="bottom">) </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td align="right" valign="bottom">(1,386</td>
<td nowrap="nowrap" valign="bottom">) </td>
</tr>
<tr style="font-size: 1px;">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: solid;">
 </p>
</td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: solid;">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: solid;">
 </p>
</td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 1px; border-top-style: solid;">
 </p>
</td>
<td> </td>
</tr>
<tr style="font-family: Times New Roman; font-size: 10pt;" bgcolor="#CCEEFF">
<td valign="top">
<p style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-left: 1em;">
<b>Closing balance</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td align="right" valign="bottom">13,320</td>
<td nowrap="nowrap" valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td align="right" valign="bottom">3,273</td>
<td nowrap="nowrap" valign="bottom">  </td>
</tr>
<tr style="font-size: 1px;">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td valign="bottom">
<p style="border-top-color: rgb(0, 0, 0); border-top-width: 3px; border-top-style: double;">
 </p>
</td>
<td> </td>
</tr>
</table>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(g)</td>
<td valign="top" align="left">Drydocking costs</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
An element of the purchase price of a vessel is allocated to a
drydock component which is amortized on a straight line basis to
the anticipated next drydocking date. Vessels are drydocked
approximately every five years for major repairs and maintenance
that cannot be performed while the vessels are operating. Costs
directly associated with a drydocking, including the required
regulatory inspection of the vessel, its hull and its machinery and
for the defouling and repainting of the hull are capitalized as
they are incurred and depreciated on a straight line basis over the
period between drydocks. Capitalized drydocking costs are
classified within investing activities in the Consolidated
Statements of Cash Flows.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td valign="top" width="4%" align="left"><b>8.</b></td>
<td valign="top" align="left"><b>Intangible Liability –
Charter Agreements</b></td>
</tr>
</table>
<!-- xbrl,body -->
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"><!-- Begin Table Head -->
<tr>
<td width="74%"></td>
<td valign="bottom" width="7%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="7%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>December 31,</b></p>
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>2014</b></p>
</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
December 31,<br />
2013</td>
<td valign="bottom"> </td>
</tr>
<!-- End Table Head --><!-- Begin Table Body -->
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Opening balance</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">17,931</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">20,050</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Amortization in period</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(2,119</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(2,119</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
<b>Closing balance</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"><b>$</b></td>
<td valign="bottom" align="right"><b>15,812</b></td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">17,931</td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
<!-- End Table Body --></table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 12pt">
Intangible liabilities relate to management’s estimate of the
fair value of below-market charters on August 14, 2008, the
date of the merger (see note 1). The intangible liabilities are
being amortized for each vessel over the remaining life of the
associated charter. The fair value was estimated by management
based on its experience with regard to availability of similar
vessels, costs to build new vessels and current market demand. The
contracted lease rates were compared to the estimated market lease
rates for similar vessels. The intangible liabilities were
determined by discounting the difference in the projected lease
cash flows using a discount rate of 8.0% and the remaining length
of the charter as the relevant time period.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt">
Amortization of the intangible liabilities for the 12 initial
vessels began on the date following the merger and for the
remaining five vessels delivered to the Company after the merger,
amortization commenced upon delivery. These intangible liabilities
are amortized as an increase of time charter revenue over the
remaining term of the relevant charter.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr>
<td width="4%"> </td>
<td valign="top" width="4%" align="left">(o)</td>
<td valign="top" align="left">Other comprehensive income
(loss)</td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt">
Other comprehensive income (loss), which is reported in the
Consolidated Statement of Stockholders’ Equity, consists of
net income (loss) and other gains and losses affecting equity that,
under U.S. GAAP, are excluded from net income (loss). Under ASU
2011-05, an entity reporting comprehensive income in a single
continuous financial statement shall present its components in two
sections, net income and other comprehensive income. As the Company
does not, to date, have other comprehensive income, the
accompanying consolidated financial statements only include
Consolidated Statements of Income.</p>
</div>
4800000
22146000
12
5
9000
P11Y
40000000
5900
P3Y
3.43
0
27550
1
0.21
Cash Balance financial covenant which is tested each six months, commencing June 30, 2014
Cash Balance financial covenant which is tested each six months, commencing June 30, 2014
90000
420000
4
15300
0.0325
0.0130
2014-03-19
2018-10-01
15300
2007-12
P5Y
2001
2272
18465
2007-12
P3Y
2002
2207
47200
2008-12
P11Y
2008
11040
25350
2008-12
P8Y
2006
4045
34000
2009-08
P6Y9M
2001
6621
33750
2008-01
P6Y
2007
5089
15300
2007-12
P5Y
1999
2262
25350
2008-12
P8Y
2006
4298
18465
2007-12
P3Y
2003
2207
18465
2007-12
P3Y
2002
2207
8390
2007-12
P3M18D
1996
4113
33750
2008-01
P6Y
2007
5089
25350
2008-12
P8Y
2006
4045
8000
2007-12
P3M18D
1997
4113
15300
2007-12
P5Y
1999
2262
15300
2007-12
P5Y
2001
2272
18465
2007-12
P3Y
2002
2207
34500
2014-10
P3Y
2005
8063
2014-10-28
P3Y
2019-12
8576000
36400000
3-month U.S. dollar LIBOR plus 2% on the original issue price
12
2016-08-31
7405956
7405956
0.10
113423
47823736
0.10
47710313
4996000
4996000
47541409
0.23
P10Y
0
168904
500000
14000
0.0875
1114000
33892000
1114000
25.00
On August 20, 2014, the Company issued 1,400,000 depositary shares, each of which represents 1/100th of one share of the Company's 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares (the "Series B Preferred Shares").
2014-09-22
2014-12-10
6110000
1114000
27550
35000000
177000
1503000
133426000
15
0.4443
653000
Every 15 days in advance on the 1st and 16th of each month
123000
17
2091000
3
Interest on the 2019 Notes is payable semi-annually on April 1 and October 1 of each year, commencing on October 1, 2014.
2014-03-19
2019-04-01
-1082000
2019
413700000
1.02
P120D
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0">
<tr>
<td width="74%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>December 31,</b></p>
<p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>2014</b></p>
</td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td valign="bottom" colspan="2" align="center">
December 31,<br />
2013</td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
2019 Notes</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">420,000</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap">$</td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Less original issue discount</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(6,300</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Amortization of original issue discount</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">1,082</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<td valign="top">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em">
Closing balance</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">414,782</td>
<td valign="bottom" nowrap="nowrap">  </td>
<td valign="bottom"></td>
<td valign="bottom" nowrap="nowrap">$</td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap">  </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: rgb(0,0,0) 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
</div>
3027000
83698000
0
9725000
31928000
79000
-3024000
-11000
460000
57936000
153205000
342000
810000
61832000
69000
32056000
1115000
31928000
31928000
460000
40343000
21178000
1250000
331000
128000
-59051000
-24316000
91373000
5784000
3958000
460000
20105000
5914000
45588000
2119000
1.75
18402000
146000
0
0
18402000
3.43
6.15
0
75000
17886
32070
1
0.24
13000
329000
3024000
7405956
7405956
0.67
110987
47611657
0.67
47500670
31928000
31928000
47481766
0
18904
31928000
17886
460000
153205000
1161000
114000
1938000
0001430725
gsl:CmaCgmMember
2012-01-01
2012-12-31
0001430725
us-gaap:AdditionalPaidInCapitalMember
2012-01-01
2012-12-31
0001430725
us-gaap:CommonStockMember
2012-01-01
2012-12-31
0001430725
us-gaap:RetainedEarningsMember
2012-01-01
2012-12-31
0001430725
us-gaap:CommonClassAMember
2012-01-01
2012-12-31
0001430725
us-gaap:CommonClassBMember
2012-01-01
2012-12-31
0001430725
us-gaap:SeriesAPreferredStockMember
2012-01-01
2012-12-31
0001430725
gsl:SundryShippingIncomeMember
2012-01-01
2012-12-31
0001430725
us-gaap:OtherIncomeMember
2012-01-01
2012-12-31
0001430725
country:GB
2012-01-01
2012-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMemberus-gaap:DirectorMember
2012-01-01
2012-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ManagementMember
2012-01-01
2012-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMember
2012-01-01
2012-12-31
0001430725
2012-01-01
2012-12-31
0001430725
gsl:PublicWarrantsMember
2008-01-01
2008-12-31
0001430725
gsl:TenPointFirstPrioritySecuredNotesDueTwoThousandNineetenMember
2014-01-01
2014-12-31
0001430725
gsl:TenPointZeroPercentFirstPrioritySecuredNotesDue2019Member
2014-01-01
2014-12-31
0001430725
gsl:ShortToMediumTermTimeChartersMember
2014-01-01
2014-12-31
0001430725
gsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
us-gaap:AdditionalPaidInCapitalMember
2014-01-01
2014-12-31
0001430725
us-gaap:CommonStockMember
2014-01-01
2014-12-31
0001430725
us-gaap:RetainedEarningsMember
2014-01-01
2014-12-31
0001430725
gsl:Installment4FY2014Memberus-gaap:SeriesBPreferredStockMember
2014-01-01
2014-12-31
0001430725
gsl:Installment3FY2014Memberus-gaap:SeriesBPreferredStockMember
2014-01-01
2014-12-31
0001430725
us-gaap:SeriesBPreferredStockMember
2014-01-01
2014-12-31
0001430725
us-gaap:CommonClassAMember
2014-01-01
2014-12-31
0001430725
us-gaap:CommonClassBMember
2014-01-01
2014-12-31
0001430725
us-gaap:SeriesAPreferredStockMember
2014-01-01
2014-12-31
0001430725
gsl:CmaCgmMatisseUtrilloLaTourManetMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
gsl:OoclMembergsl:OoclTianjinMember
2014-01-01
2014-12-31
0001430725
gsl:KumasiMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
gsl:CmaCgmManetMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
gsl:CmaCgmMatisseMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
gsl:SeaConsortiumMembergsl:VilleDOrionMember
2014-01-01
2014-12-31
0001430725
gsl:CmaCgmSambharMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
gsl:CmaCgmChateauDlfMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
gsl:SeaConsortiumMembergsl:VilleDAquariusMember
2014-01-01
2014-12-31
0001430725
gsl:MarieDelmasMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
gsl:DelmasKetaMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
gsl:CmaCgmJamaicaMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
gsl:CmaCgmUtrilloMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
gsl:CmaCgmAlcazarMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
gsl:CmaCgmBerliozMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
gsl:CmaCgmAmericaMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
gsl:CmaCgmThalassaMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
gsl:JulieDelmasMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
gsl:CmaCgmLaTourMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
us-gaap:RevolvingCreditFacilityMember
2014-01-01
2014-12-31
0001430725
gsl:CmaCgmMatisseUtrilloLaTourManetMembergsl:EffectiveFromFebruaryOneTwoThousandFourteenMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
gsl:CmaCgmMatisseUtrilloLaTourManetMembergsl:DecemberTwoThousandNineteenExpirationPeriodMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
gsl:SundryShippingIncomeMember
2014-01-01
2014-12-31
0001430725
us-gaap:OtherIncomeMember
2014-01-01
2014-12-31
0001430725
us-gaap:RevolvingCreditFacilityMembergsl:AfterDecemberTwoThousandFifteenMember
2014-01-01
2014-12-31
0001430725
us-gaap:RevolvingCreditFacilityMembergsl:UpToDecemberTwoThousandFifteenMember
2014-01-01
2014-12-31
0001430725
country:GB
2014-01-01
2014-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMemberus-gaap:DirectorMember
2014-01-01
2014-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ManagementMember
2014-01-01
2014-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMember
2014-01-01
2014-12-31
0001430725
us-gaap:MinimumMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
us-gaap:MinimumMember
2014-01-01
2014-12-31
0001430725
us-gaap:MaximumMembergsl:CmaCgmMember
2014-01-01
2014-12-31
0001430725
us-gaap:MaximumMember
2014-01-01
2014-12-31
0001430725
gsl:AfterMembergsl:AmortizationMember
2014-01-01
2014-12-31
0001430725
gsl:AtMergerMembergsl:AmortizationMember
2014-01-01
2014-12-31
0001430725
2014-01-01
2014-12-31
0001430725
gsl:CmaCgmMember
2013-01-01
2013-12-31
0001430725
us-gaap:AdditionalPaidInCapitalMember
2013-01-01
2013-12-31
0001430725
us-gaap:CommonStockMember
2013-01-01
2013-12-31
0001430725
us-gaap:RetainedEarningsMember
2013-01-01
2013-12-31
0001430725
us-gaap:CommonClassAMember
2013-01-01
2013-12-31
0001430725
us-gaap:CommonClassBMember
2013-01-01
2013-12-31
0001430725
gsl:SundryShippingIncomeMember
2013-01-01
2013-12-31
0001430725
country:GB
2013-01-01
2013-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMemberus-gaap:DirectorMember
2013-01-01
2013-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ManagementMember
2013-01-01
2013-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMember
2013-01-01
2013-12-31
0001430725
us-gaap:MinimumMember
2013-01-01
2013-12-31
0001430725
us-gaap:MaximumMember
2013-01-01
2013-12-31
0001430725
2013-01-01
2013-12-31
0001430725
2013-03-29
2013-03-31
0001430725
2014-12-31
2014-12-31
0001430725
us-gaap:SecuredDebtMember
2013-12-31
2013-12-31
0001430725
us-gaap:SecuredDebtMemberus-gaap:MinimumMember
2013-12-31
2013-12-31
0001430725
us-gaap:SecuredDebtMemberus-gaap:MaximumMember
2013-12-31
2013-12-31
0001430725
gsl:OoclMembergsl:OoclTianjinMember
2014-10-28
2014-10-28
0001430725
2011-09-02
2011-09-02
0001430725
gsl:JulieDelmasMembergsl:EffectiveFromJulyFourteenTwoThousandFourteenMembergsl:CmaCgmMember
2014-07-14
2014-07-14
0001430725
2014-06-30
2014-06-30
0001430725
gsl:OoclMemberus-gaap:SubsequentEventMember
2015-03-11
2015-03-11
0001430725
gsl:OoclMemberus-gaap:MinimumMemberus-gaap:SubsequentEventMember
2015-03-11
2015-03-11
0001430725
gsl:OoclMemberus-gaap:MaximumMemberus-gaap:SubsequentEventMember
2015-03-11
2015-03-11
0001430725
2014-03-19
2014-03-19
0001430725
us-gaap:SeriesAPreferredStockMember
2014-08-22
2014-08-22
0001430725
us-gaap:SeriesBPreferredStockMember
2014-08-20
2014-08-20
0001430725
gsl:JulieDelmasMembergsl:EffectiveFromFebruaryNineTwoThousandFourteenMembergsl:CmaCgmMember
2014-02-09
2014-02-09
0001430725
gsl:TenPointZeroPercentFirstPrioritySecuredNotesDue2019Member
2014-12-31
0001430725
gsl:CmaCgmMember
2014-12-31
0001430725
us-gaap:AdditionalPaidInCapitalMember
2014-12-31
0001430725
us-gaap:CommonStockMember
2014-12-31
0001430725
us-gaap:RetainedEarningsMember
2014-12-31
0001430725
us-gaap:SeriesBPreferredStockMember
2014-12-31
0001430725
us-gaap:CommonClassAMember
2014-12-31
0001430725
us-gaap:CommonClassBMember
2014-12-31
0001430725
us-gaap:SeriesAPreferredStockMember
2014-12-31
0001430725
gsl:CurrentLiabilitiesMembergsl:CmaCgmMember
2014-12-31
0001430725
gsl:CurrentAssetsMembergsl:CmaCgmMember
2014-12-31
0001430725
us-gaap:RevolvingCreditFacilityMember
2014-12-31
0001430725
us-gaap:SecuredDebtMember
2014-12-31
0001430725
us-gaap:RevolvingCreditFacilityMembergsl:AfterDecemberTwoThousandFifteenMember
2014-12-31
0001430725
us-gaap:RevolvingCreditFacilityMembergsl:UpToDecemberTwoThousandFifteenMember
2014-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMemberus-gaap:DirectorMember
2014-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ManagementMember
2014-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMember
2014-12-31
0001430725
gsl:TenPointZeroPercentFirstPrioritySecuredNotesDue2019Memberus-gaap:MinimumMember
2014-12-31
0001430725
us-gaap:MinimumMember
2014-12-31
0001430725
gsl:TenPointZeroPercentFirstPrioritySecuredNotesDue2019Memberus-gaap:MaximumMember
2014-12-31
0001430725
2014-12-31
0001430725
us-gaap:AdditionalPaidInCapitalMember
2013-12-31
0001430725
us-gaap:CommonStockMember
2013-12-31
0001430725
us-gaap:RetainedEarningsMember
2013-12-31
0001430725
us-gaap:SeriesBPreferredStockMember
2013-12-31
0001430725
us-gaap:CommonClassAMember
2013-12-31
0001430725
us-gaap:CommonClassBMember
2013-12-31
0001430725
gsl:CurrentLiabilitiesMembergsl:CmaCgmMember
2013-12-31
0001430725
gsl:CurrentAssetsMembergsl:CmaCgmMember
2013-12-31
0001430725
us-gaap:SecuredDebtMember
2013-12-31
0001430725
us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember
2013-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMemberus-gaap:DirectorMember
2013-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ManagementMember
2013-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMember
2013-12-31
0001430725
2013-12-31
0001430725
us-gaap:AdditionalPaidInCapitalMember
2012-12-31
0001430725
us-gaap:CommonStockMember
2012-12-31
0001430725
us-gaap:RetainedEarningsMember
2012-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMemberus-gaap:DirectorMember
2012-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ManagementMember
2012-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMember
2012-12-31
0001430725
2012-12-31
0001430725
us-gaap:AdditionalPaidInCapitalMember
2011-12-31
0001430725
us-gaap:CommonStockMember
2011-12-31
0001430725
us-gaap:RetainedEarningsMember
2011-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMemberus-gaap:DirectorMember
2011-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ManagementMember
2011-12-31
0001430725
us-gaap:RestrictedStockUnitsRSUMember
2011-12-31
0001430725
2011-12-31
0001430725
us-gaap:SeriesAPreferredStockMember
2008-12-31
0001430725
gsl:CmaCgmMemberus-gaap:ScenarioForecastMember
2015-04-17
0001430725
gsl:TenPointZeroPercentFirstPrioritySecuredNotesDue2019Member
2014-03-19
0001430725
us-gaap:RevolvingCreditFacilityMember
2014-03-19
0001430725
2014-03-19
0001430725
us-gaap:SeriesAPreferredStockMember
2014-08-22
iso4217:USD
pure
iso4217:USD
shares
shares
gsl:Bank
iso4217:USD
utr:D
gsl:Unit
gsl:Members
gsl:Vessel
gsl:Subsidiary
iso4217:USD
utr:Y
gsl:ClassOfCommonStock
gsl:Installment
gsl:ship