commissions payable to third-party chartering brokers for commercial services rendered. Both address and brokerage commissions are

recognized on a straight-line basis over the duration of the voyage or the time charter period, and are reflected under Revenue and

exercise and concluded that the expected credit losses calculated were immaterial.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from

suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating

incurred and depreciated over the estimated period to the next scheduled special survey/dry-docking. The Group’s vessels are required

to undergo special survey/dry-docking approximately every 5 years, until a vessel reaches 10 years of age, after which a vessel is

required to be specially surveyed/dry-docked approximately every

2.5 years. If a special survey or dry-docking is performed prior to

the scheduled date, any remaining balances are written-off and reflected in depreciation in the statements of profit or loss and other

Advances for vessels under construction comprise the cumulative amount of instalments paid to shipyards for vessels under

construction, other pre-delivery expenses directly related to the construction of the vessel and capitalized interest at the statements of

financial position date. On delivery of a vessel, the balance is transferred to vessels, net, in the consolidated statements of financial

Borrowings are initially recognized at fair value, being the fair value of the consideration received net of issue costs associated

with the borrowing. After initial recognition, interest-bearing borrowings are subsequently measured at amortized cost using the

effective interest method and classified as current and non-current based on their repayment profile. The Company derecognizes a

borrowing when it is repaid or refinanced (in case of the latter, when its terms are modified and the cash flows of the modified

borrowing liability are substantially different, the new liability is being recognised based on the modified terms and is recognized at

The Group considers highly liquid investments such as time deposits and certificates of deposit with original maturities of

three months or less to be cash equivalents. For the purposes of the consolidated cash flow statement, cash and cash equivalents

Restricted cash represents pledged cash deposits or minimum liquidity to be maintained with certain banks under the Group’s

borrowing arrangements. In the event that the borrowing relating to such deposits is expected to be terminated within the next

twelve months from the statements of financial position date, they are classified under current assets otherwise they are classified as

non-current assets on the statements of financial position. The Group classifies restricted cash separately from cash and cash

equivalents in the consolidated statements of financial position. Restricted cash does not include general minimum liquidity

are not based on observable market data (unobservable inputs).

Cash and cash equivalents and restricted cash are considered Level 1 financial instruments. Variable rate long-term borrowings,

interest rate swaps and forward agreements are considered Level 2 financial instruments. There are no financial instruments in Level

3, nor any transfers between fair value hierarchy levels during the periods presented.

The carrying amounts reflected in the consolidated statements of financial position for cash and cash equivalents, restricted cash,

trade and other receivables, claims receivable, current accounts due from/ (due to) related parties and other current liabilities,

U.S. dollar SOFR (that substituted LIBOR from July 1, 2023 onwards) and due to the fact that financing institutions have the ability to

pass on their funding cost to the Group under certain circumstances, which reflects their current assessed risk. The terms of the

Group’s long-term borrowings are similar to those that could be procured as of December 31, 2022. SOFR rates are observable at

commonly quoted intervals for the full term of the loans and hence variable rate long-term borrowings are considered Level 2

Interest income comprise interest receivable from available bank balances and short-term deposits. Financing costs comprise

interest payable on borrowings, various banks charges and bank related fees. Interest income and finance costs are recognized in the

We evaluate the carrying amounts of our vessels to determine whether there is any indication that they have suffered an

impairment loss by considering both internal and external sources of information. If any such indication exists, their recoverable

amounts are estimated in order to determine the extent of the impairment loss, if any.

Likewise, if there is an indication that an impairment loss recognized in prior periods no longer exists or may have decreased, the

need for recognizing an impairment reversal is assessed by comparing the carrying amount of the vessels to the latest estimate of

recoverable amount.

Recoverable amount is the higher of fair value less costs to sell and value in use. As part of this evaluation, we consider both

internal and external indicators of potential impairment, in accordance with IAS 36. Indicators of possible impairment may include,

but are not limited to, comparing the carrying amount of net assets to market capitalization, changes in interest rates, changes in the

technological, market, economic, or legal environments in which we operate, changes in forecasted charter rates, and movements in

external broker valuations. We also assess whether any evidence suggests the obsolescence or physical damage of our assets, whether

we have any plans to dispose of an asset before the end.

In assessing value-in- use, the estimated future cash flows are discounted to their present value, using a discount rate that reflects

current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows

have not been adjusted. The projection of cash flows related to the vessel is complex and requires management to make various

estimates, including future vessel earnings, operating expenses, dry-docking costs, management fees, commissions, and discount rates.

The key assumption, to which the outcome of the impairment assessment is most sensitive, is the estimate of long-term charter rates

for non-contracted revenue days. Each vessel’s future cash flows from revenue are estimated, based on a combination of the current

contracted charter rates until their expiration and thereafter, until the end of the vessel’s useful life, the estimated daily hire rate for the

first 5 years (from 2022 to 2026) is based on the prevailing spot and time charter market as of date of this report for year 1 and then

linearly moving to the newbuilding parity curve in year 5, while being onwards estimated using the simple historical average rate. This

change in estimate was effectuated from the fourth quarter of 2021. As part of the process of assessing the fair value less cost to sell

for a vessel, the Group obtains valuations from independent ship brokers on a quarterly basis or when there is an indication that an

asset or assets may be impaired. If an indication of impairment is identified, the need for recognizing an impairment loss is assessed

Vessel operating expenses are analyzed as follows:

$44.0 Million Secured Credit Term Loan Facility

On July 8, 2020, we, through one of our vessel-owning subsidiaries, Omega Three Marine Corp., entered into a $44.0 million

secured credit facility with ABN AMRO Bank N.V. to refinance then-existing indebtedness on our vessel,

Kimolos

. The facility bore

interest at LIBOR plus a margin of 2.50% per annum and had a final maturity date of July 9, 2026. We drew down $42.2 million of

this facility. The facility was repayable in 24 equal quarterly installments of $695,000, with a balloon payment of $25,488,750 due

upon maturity. This facility was secured by, among other things, a first priority mortgage on

Kimolos

and was guaranteed by us. This

loan was prepaid in June 2023.

$40.0 Million Secured Term Loan Facility

On July 7, 2020, we, through one of our vessel-owning subsidiaries, Omega Four Marine Corp., entered into a $40.0 million

secured term loan facility with BNP Paribas to refinance then-existing indebtedness on our vessel,

Folegandros

. The facility bore

interest at LIBOR plus a margin of 2.60% per annum and had a final maturity date of July 9, 2026. This loan was prepaid in June

2023.

$103.2 Million Secured Term Loan Facility

On September 9, 2020, we, through two of our vessel-owning subsidiaries, Omega Six Marine Corp. and Omega Ten Marine

Corp., entered into an approximately $103.2 million secured term loan facility with KEXIM Bank (UK) Limited to finance our

acquisition of vessels

Nissos Sikinos

and

Nissos Sifnos

, which we amended and restated on July 6, 2023 to amend the provisions in

relation to the calculation of interest from LIBOR to the term SOFR reference rate administered by CME Group Benchmark

Administration Limited (“Term SOFR”), subject to (i) a mandatory switch mechanism to the daily non-cumulative compounded

SOFR (“Compounded SOFR”) and (ii) the borrowers’ option to switch the interest rate to Compounded SOFR. The facility was

comprised of a KEXIM facility of up to $61,924,800 and a commercial facility of up to $41,283,200. Each of the two tranches of the

KEXIM facility bore interest at Term SOFR (previously LIBOR) plus a margin of 1.80% per annum and a CAS of 0.26161% per

annum relating to the transition from LIBOR, was repayable in 48 equal consecutive quarterly installments of $645,050, and had a

final maturity date of September 11 and September 23, 2032 (each tranche respectively). This loan was prepaid in September 2023.

$125.7 Million Secured Term Loan Facility

In May 23, 2022, we, through two of our vessel-owning subsidiaries, Anassa Navigation S.A. and Nellmare Marine Ltd., entered

into an approximately $125.7 million secured term loan facility with the National Bank of Greece to refinance the then-existing

indebtedness on our vessels,

Nissos Kythnos

and

Nissos Donoussa

, which agreement we amended on June 29, 2023 to amend the

provisions in relation to the calculation of interest from LIBOR to Term SOFR, subject to the borrowers’ option to switch the interest

rate to the cumulative compounded SOFR. The facility has a final maturity date of May 25, 2029 and bears interest at SOFR

(previously LIBOR) plus a margin of 2.50% per annum. The margin may be increased following discussions between the lender and

the borrowers if it is determined that, pursuant to the sustainability certificate provided by ourselves to the lender annually, (1) the

weighted average of the efficiency ratio of all fleet vessels (using the parameters of fuel consumption, distance travelled and

deadweight at maximum summer draught, reported in unit grams of CO

2

per ton per mile) for that calendar year, as certified by an

approved classification society, is equal to or above the target set for the relevant year and (2) the weighted average percentage of the

total waste incinerated on board for all fleet vessels in that calendar year (calculated in line with Class Approved Plans & Record

Books, MARPOL Annex I — “Oil Record Book” (endorsed by Flag Administration) & “Fuel Management Plan” (approved by class)

and MARPOL Annex V — “Garbage Record Book” & “Garbage Management Plan” (approved by class)) is equal to or above the

target set for the relevant year. The amount of any increase in the margin will be based on discussions between the lender and the

borrowers. Other than as set out above, there will be no other assessment of the information contained in any sustainability certificate

and the sustainability certificates themselves will not be made publicly available unless we deem them to be material. Each of the two

tranches of the facility is repayable in 28 quarterly installments, the first 8 of which are $750,000 and the next 20 of which are

$850,000, with a balloon payment of $39,835,000 due upon maturity. This facility is secured by, among other things, a first priority

mortgage on each of

Nissos Kythnos

and

Nissos Donoussa

and is guaranteed by us.

$58.2 Million Secured Term Loan Facility

On January 24, 2019, we, through one of our vessel-owning subsidiaries, Arethusa Shipping Corp., entered into an approximately

$58.2 million secured term loan facility with BNP Paribas to finance our acquisition of vessel

Nissos Keros

. The facility bore interest

at LIBOR plus a margin of 2.25% per annum and had a final maturity date of October 16, 2025. The facility was repayable in 24 equal

quarterly installments of $808,000, with a balloon payment of $38,783,000 due upon maturity. This facility was secured by, among

other things, a first priority mortgage on

Nissos Keros

and is guaranteed by us. This loan was prepaid in June 2023.

$58.0 Million Secured Term Loan Facility

On February 27, 2019, we, through one of our vessel-owning subsidiaries, Moonsprite Shipping Corp., entered into a $58.0

million secured term loan facility with Crédit Agricole Corporate and Investment Bank (“CACIB”) and the Export-Import Bank of

Korea (“KEXIM”) to finance our acquisition of

Nissos Anafi

, which agreement we amended and restated on November 11, 2020 in

order to include a hedging mechanism and further amended and restated again on June 16, 2023 to amend the provisions in relation to

the calculation of interest from LIBOR to Term SOFR. The facility consisted of a commercial facility by CACIB in the amount of $38

million and a KEXIM facility loan in the amount of $20 million. The commercial facility bore interest at Term SOFR (previously

LIBOR) plus a margin of 2.25% per annum and the applicable CAS relating to the transition from LIBOR depending on the applicable

interest period (namely, 0.26161% per annum for interest periods exceeding month and up to three months, 0.42826% per annum for

interest periods exceeding three months and up to six months, or 0.71513% per annum for interest periods exceeding six months and

up to twelve months), was repayable in 32 equal quarterly installments of $275,000, with a balloon payment of $29,200,000 due upon

maturity and had a final maturity date of January 3, 2028. The KEXIM facility loan bore interest at Term SOFR (previously LIBOR)

plus a margin of 1.80% per annum and a CAS of 0.26161% per annum relating to the transition from LIBOR, was repayable in 32

equal quarterly installments of $625,000 and had a final maturity date of January 3, 2028. The facility was secured by, among other

things, a first priority mortgage on

Nissos Anafi

and was guaranteed by us. In December 2020, through an assignment agreement,

CACIB transferred to Siemens Financial Services, Inc. 50% of its outstanding loan balance, i.e., $18,587,500. This loan was prepaid

in February 2024.

$113.0 Million Secured Term Loan Facility

On June 27, 2023, we, through three of our vessel-owning subsidiaries, Omega Three Marine Corp., Omega Four Marine Corp.

and Arethusa Shipping Corp., entered into a $113.0 million senior secured credit facility with ABN AMRO Bank N.V. to refinance

then-existing indebtedness on our vessels,

Kimolos, Folegandros

and

Nissos Keros

. The facility bears interest at Term SOFR, subject

to a mandatory switch mechanism to Compounded SOFR, plus a margin of 1.90% per annum and has a final maturity date of June 30,

2028. The facility is repayable in 20 equal consecutive quarterly installments of $2,200,000, with a balloon payment of $69,000,000

due upon maturity. This facility is secured by, among other things, a first priority mortgage on each of

Kimolos, Folegandros

and

Nissos Keros

and is guaranteed by us.

$84.0 Million Secured Term Loan Facility

On September 8, 2023, we, through two of our vessel-owning subsidiaries, Omega Six Marine Corp. and Omega Ten Marine

Corp., entered into an $84.0 million senior secured credit facility with CACIB to refinance the then-existing indebtedness on our

vessels,

Nissos Sikinos

and

Nissos Sifnos

. The facility bears interest at Term SOFR, plus a margin of 1.85% per annum, and has a final

maturity date in September 2029. Each of the two tranches is repayable in 24 equal consecutive quarterly installments of $787,500,

with a balloon payment of $23,100,000 due upon maturity. This facility is secured by, among other things, a first priority mortgage on

each of

Nissos Sikinos

and

Nissos Sifnos

Interest and finance related costs are presented below:

Interest rate swaps

During the year ended December 31, 2022, the Group terminated all interest rate swap agreements it had entered into in 2021 and

2020. The net cash received from the said terminations amounted to $12.3 million in total and was recognized in Realized gain/(loss),

net on derivatives in the consolidated statements of profit or loss and other comprehensive income.

Measurement.

Effect on the Consolidated Statements of Profit or Loss and Other Comprehensive Income