PARADISE GAS CARRIERS CORP.Mothly Management Report March 2021

March 2021 3 m 1/1/21-31/3/21

From 01/01/2021 YTDTo 31/03/2021 90 days In USD

Financial Results PGC MARINA ASPROPYRGOS PGC ALEXANDRIA TOTAL TANKERS PGC ARATOS PGC STRIDENT FORCE PGC EIRINI PGC PATREAS PGC PERIKLIS PGC TAORMINA TOTAL LPGS PGC Holding GROUP consol$ $/d $ $/d $ $/d $ $/d $ $/d $ $/d $ $/d $ $/d $ $/d USD

OPERATING REVENUES (1) 746,370 8,293 768,960 8,664 1,028,134 11,424 2,543,464 469,622 11,881 960,000 #DIV/0! 821,226 9,650 918,722 10,208 915,272 10,170 1,398,859 15,543 5,483,701 8,027,165 Less: Voyage Expenses (2) (5,429) (60) (7,646) (86) (25,648) (285) (38,723) (157,741) (3,991) #DIV/0! (1,900) (22) (3,822) (42) (2,903) (32) (4,804) (53) (171,170) (209,893)Less: Commissions (3) (9,330) (104) (9,612) (108) (12,852) (143) (31,794) (962) (24) #DIV/0! (10,888) (128) (11,926) (133) (11,855) (132) (17,752) (197) (53,383) (85,177)

NET REVENUES 731,611 8,129 751,702 8,470 989,634 10,996 2,472,947 310,918 7,866 960,000 #DIV/0! 808,438 9,499 902,974 10,033 900,514 10,006 1,376,303 15,292 5,259,148 7,732,095

TCE ($/month, $/d), operating only 252,107 8,293 263,396 8,664 347,281 11,424 9,464 361,365 11,881 #DIV/0! #DIV/0! 293,349 9,650 310,324 10,208 309,159 10,170 472,503 15,543 422,429 Operating Expenses (631,186) (7,013) (607,910) (6,755) (636,613) (7,073) (1,875,709) (736,129) (8,179) 0 #DIV/0! (466,027) (5,178) (346,369) (3,849) (346,109) (3,846) (439,351) (4,882) (2,333,986) (4,209,695)Technical & financial Management fees (57,150) (635) (57,150) (635) (57,150) (635) (171,450) (57,150) (635) 0 #DIV/0! (57,150) (635) (57,150) (635) (57,150) (635) (57,150) (635) (285,750) (41,250) (498,450)Charter Hire Expenses 0 0 0 0 0 0 0 0 0 (960,003) #DIV/0! 0 0 0 0 0 0 0 0 (960,003) (960,003)G&A costs 0 0 0 0 0 0 0 0 0 0 #DIV/0! 0 0 0 0 0 0 0 0 0 (3,367) (3,367)

EBITDA 43,275 481 86,642 963 295,871 3,287 425,788 (482,361) (5,360) (3) #DIV/0! 285,261 3,170 499,455 5,550 497,255 5,525 879,802 9,776 1,679,409 (44,617) 2,060,580

Interest Income/Expense (net) * (53,954) (599) (52,906) (588) (58,359) (648) (165,219) (168,689) (1,874) (57,127) #DIV/0! (159,437) (1,772) (136,079) (1,512) (136,079) (1,512) (157,069) (1,745) (814,480) 1,131 (978,568)

Other finance expenses (4) (6,117) (68) (6,250) (69) (11,962) (133) (24,329) (1,476) (16) (2,228) #DIV/0! (10,357) (115) (637) (7) (882) (10) (387) (4) (15,967) (1,279) (41,575)Depreciation (212,412) (2,360) (240,958) (2,677) (162,712) (1,808) (616,082) (310,761) (3,453) 0 #DIV/0! (262,284) 9,627 (218,199) (2,424) (217,687) (2,419) (261,504) (2,906) (1,270,435) 0 (1,886,517)Amortization (deferred ss/dd) (126,668) (1,407) (112,321) (1,248) 0 0 (238,989) (93,634) (1,040) #DIV/0! 9,627 0 0 0 0 0 0 (93,634) 0 (332,623)Other income/expenses, net (5)* (10,060) (112) (1,374) (15) (1,058) (12) (12,492) (116) (1) (1,331) #DIV/0! (1,595) 8,992 (1,998) (22) (147) (2) (1,070) (12) (6,257) (16,309) (35,058)

NET (operating) EARNINGS (365,936) (4,066) (327,167) (3,635) 61,780 686 (631,323) (1,057,037) (11,745) (60,689) #DIV/0! (148,412) (1,649) 142,542 1,584 142,460 1,583 459,772 5,109 (521,364) (61,074) (1,213,761)

Prior Year and non-operating adjustments 0 0 0 0

Fair value of investments

Other extraordinary opex, previous months 0

Extra dep'n for new buildings (7,648) (6,495) (6,887) (6,522) (27,552) (27,552)

NET CONSOLIDATED EARNINGS (365,936) (4,066) (327,167) (3,635) 61,780 686 (631,323) (1,057,037) (11,745) (60,689) #DIV/0! (156,060) (1,734) 136,047 1,512 135,573 1,506 453,249 5,036 (548,916) (61,074) (1,241,313)

Comments/Notes 1205 Next SS PGC Marina Jun-20 2.20 $ mm

1. Hire or freight / Pool Adjustment / Address Commission 0 PGC Aratos "

2. Agency fees / Bunkers consumption (including bunkers on offhire) / DAs 411 PGC S.Force Jul-24 0.75 "

3. Brokerage commission / Commercial commission 0 PGC DK "

4. Amortization of borrowing cost / Loan expenses 1205 PGC Asprop Oct-19 2.20 "

5. Extraordinary items, f/x gains/losses, etc 0 PGC Ikaros n/a "

Actual Days (2020 YTD) 90.0 90.0 90.0 270.0 90.0 0.0 90.0 90.0 90.0 90.0 450.0 720

Empl.Days (2020 YTD) 90.0 88.8 90.0 268.8 39.5 0.0 85.1 90.0 90.0 90.0 394.6 663

offhire days 0.00 1.3 0.0 1.3 50.47 0.00 4.90 0.0 0.0 0.0 55.4 efficiency rate 92.1%

Total Investment (in usd million) 16.0 17.47 12.8 46.2 22.55 12.00 29.5 24.775 24.775 29.00 142.60 1.50 190.3

Initial Loan Facility 8.5 11.00 7.2 26.7 12.00 5.55 18.0 15.275 15.275 18.00 84.10 0.0 110.8

Equity invested 7.50 6.47 5.6 19.5 10.55 6.45 11.5 9.500 9.50 11.00 58.50 1.5 79.5

ROE (annualised) -19.8% -20.5% 4.5% -4.4% -40.6% net of def #DIV/0! -5.2% 6.1% 6.1% 17.0% -0.7% n/a -6.2%

Net Book Value (incl. def. charges) 14.7 14.33 11.71 40.75 14.16 0.00 27.45 22.32 22.41 26.81 113.14 0.00 153.9

Fair market Value 11.0 10.00 12.00 33.0 13.50 0.00 27.5 20.500 20.500 26.75 108.75 0.00 141.8

Outstanding Debt 31/03/2021 6.1 6.10 6.9 19.1 7.08 3.23 17.6 13.788 13.788 16.61 72.05 0.00 91.1

Leverage (Debt/FMV, excl. cash) 55.0% 61.0% n/a n/a 52.5% #DIV/0! 63.8% 67.3% 67.3% 62.1% n/a 0.0% 64.3%

NAV market 5.0 3.9 5.1 14.0 6.4 -3.2 9.9 6.7 6.7 10.1 36.7 0.0 50.7

cash ROB 7.18

Period 1 m Monthly

From 01/03/2021 Monthly ReportTo 31/03/2021 31 days In USD

Financial Results PGC MARINA ASPROPYRGOS PGC ALEXANDRIA TOTAL TANKERS PGC ARATOS PGC STRIDENT FORCE PGC EIRINI PGC PATREAS PGC PERIKLIS PGC TAORMINA TOTAL LPGS PGC Holding GROUP consol$ $/d $ $/d $ $/d $ $ $/d $ $/d $/d $ $/d $ $/d $ $/d $ $ USD

OPERATING REVENUES 357,582 11,535 373,070 12,035 156,768 5,057 887,420 359,356 11,592 320,000 #DIV/0! 224,742 8,609 334,719 10,797 326,508 10,533 478,451 15,434 2,043,776 0 2,931,196 Less: Voyage Expenses (3,401) (110) (4,519) (146) (1,163) (38) (9,083) (5,045) (163) 0 #DIV/0! (1,350) (52) (2,451) (79) (1,205) (39) (1,238) (40) (11,289) 0 (20,372)Less: Commissions (4,470) (144) (4,663) (150) (1,960) (63) (11,093) 474 15 0 #DIV/0! (3,287) (126) (4,337) (140) (4,229) (136) (6,073) (196) (17,452) 0 (28,545)NET REVENUES 349,711 11,281 363,888 11,738 153,645 4,956 867,244 354,785 11,445 320,000 220,105 8,432 327,931 10,578 321,074 10,357 471,140 15,198 2,015,035 0 2,882,279 TCE ($/month, $/d), operating only 350,853 11,535 366,050 12,035 153,818 5,057 9,542 352,594 11,592 #DIV/0! #DIV/0! 261,870 8,609 328,421 10,797 320,364 10,533 469,448 15,434 413,918 Operating Expenses (230,593) (7,438) (200,520) (6,468) (239,688) (7,732) (670,801) (166,465) (5,370) 0 #DIV/0! (172,528) (5,565) (129,021) (4,162) (113,305) (3,655) (134,095) (4,326) (715,414) 0 (1,386,215)Technical & financial Management fees (19,685) (635) (19,685) (635) (19,685) (635) (59,055) (19,685) (635) 0 #DIV/0! (19,685) (635) (19,685) (635) (19,685) (635) (19,685) (635) (98,425) (13,750) (171,230)Charter Hire Expenses 0 0 0 0 0 0 0 0 0 (320,001) #DIV/0! 0 0 0 0 0 0 0 0 (320,001) 0 (320,001)G&A costs 0 0 0 0 0 0 0 0 0 0 #DIV/0! 0 0 0 0 0 0 0 0 0 850 850 EBITDA 99,433 3,208 143,683 4,635 (105,728) (3,411) 137,388 168,635 5,440 (1) #DIV/0! 27,892 900 179,225 5,781 188,084 6,067 317,360 10,237 881,195 (12,900) 1,005,683 Interest expense/income (net) (18,555) (599) (18,757) (605) (19,570) (631) (56,882) (59,227) (1,911) (21,410) #DIV/0! (54,426) (1,756) (46,816) (1,510) (46,817) (1,510) (53,142) (1,714) (281,838) 974 (337,746)

Other finance expenses 0 0 0 0 (1,217) (39) (1,217) (8) (0) (25) #DIV/0! (3,026) (98) (15) (0) 0 0 0 0 (3,074) 0 (4,291)Depreciation (70,804) (2,284) (80,320) (2,591) (54,237) (1,750) (205,361) (109,752) (3,540) 0 #DIV/0! (87,428) (2,820) (72,733) (2,346) (72,562) (2,341) (87,168) (2,812) (429,643) 0 (635,004)Amortisation (deferred ss/dd) (30,837) (995) (38,689) (1,248) 0 0 (69,526) (47,161) (1,521) 0 #DIV/0! 0 0 0 0 0 0 0 0 (47,161) 0 (116,687)Other Income/ Expense, net 1,913 62 246 8 (982) (32) 1,177 1,800 58 (624) #DIV/0! (915) (30) 44 1 175 6 (315) (10) 165 6,951 8,293

NET (operating) EARNINGS (18,850) (608) 6,163 199 (181,734) (5,862) (194,421) (45,713) (1,475) (22,060) #DIV/0! (117,903) (3,803) 59,705 1,926 68,880 2,222 176,735 5,701 119,644 (4,975) (79,752)

Prior Year and non-operating adjustments 0 0 0 0 0 0 0 0 0 0 0 0 0

Fair value of investments 0 0 0 0 0 0 0 0 0 0 0 0

Other Extraordinary Opex, previous months 0 0 0 0 0 0 0 0 0 0 0 0 0

Extra dep'n for new buildings 0 0 0 0 0 0 (2,550) (2,165) (2,295) (2,174) (9,184) 0 (9,184)

NET CONSOLIDATED EARNINGS (18,850) (608) 6,163 199 (181,734) (5,862) (194,421) (45,713) (22,060) #DIV/0! (120,452) (3,886) 57,540 1,856 66,585 2,148 174,560 5,631 110,460 (4,975) (88,936)

days tce 30,42 days days tce 30,42 days days tce 30,42 days

Voy 2 BNG 31 359,356 Voy 4 REPSOL (TIME CHARTER)12.646 84,411

VOY 4 31 156,766 Voy 5 REPSOL (TIME CHARTER)13.458 140,330

Monthly TCE 31.0 153,816 31.0 352,594

26.1 261,878

Previous month adjustments (3,600) 4,476 (32,234) 33,850 (623) 25,120 3,171 775 7,956 (5,586) 33,305

Actual Days 31.0 31.0 31.0 93.0 31.0 0.0 31.0 31.0 31.0 31.0 155.0 248Empl.Days 31.0 31.0 31.0 93.0 31.0 0.0 26.1 31.0 31.0 31.0 150.1 243offhire days 0.00 0.0 0.0 0.0 0.0 0.0 4.9 0.0 0.0 0.0 4.9 effic. rate 98.0%

ROE (annualised) -3.0% 1.1% n/a n/a -5.1% #DIV/0! -12.1% n/a n/a n/a n/a n/a -1.2%

PGC Cumulative Earnings, Book and Market NAV

YearPaid-in

(common)P&L

Divies

(common)

Less: pref

coupons

Ret. Earn

(accum'd)Book NAV Fleet BV Fleet MV Market NAV

2013 49,000 -1,103 -1,103 47,897 38,031 40,000 49,8662014 61,500 1,503 400 61,900 93,693 104,200 72,4072015 68,750 10,729 -3,960 7,169 75,919 94,599 104,100 85,4202016 71,500 3,585 -3,217 7,537 79,037 98,882 94,090 74,2452017 71,500 -5,178 -84 2,275 73,775 146,143 136,510 64,1422018 71,500 -3,495 -303 -1,523 69,977 159,550 146,850 57,2772019 71,500 -284 -309 -2,116 69,384 149,859 138,175 57,7002020 71,500 2,378 -341 -79 71,421 154,716 141,750 58,455

3m 2021 71,500 -1,241 0 -75 -1,396 70,104 153,888 141,750 57,966YTD 71,500 6,893 -7,177 -1,112 64,323

Dec-17 Dec-18 Dec-19 Jun-20Paid in capital (common) 71,500 71,500 71,500 71,500Accumulated P&L profits 9,536 6,041 8,135 6,893Dividends Distributed (common) -7,177 -7,177 -7,177 -7,177Less coupons pref -84 -387 -1,037 -1,112

Book NAV 73,775 69,977 71,421 70,104

Fleet BV 146,143 159,550 149,859 153,888Fleet MV 136,510 146,850 138,175 141,750

Market NAV 64,142 57,277 59,737 57,966

Investment less Divies

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2013 2014 2015 2016 2017 2018 2019 2020 3m 2021

Fleet MV Fleet BV Market NAV Book NAV

FLEET AVERAGE OPEX

March 2021 BUDGET

For 2021

OPEX BREAKDOWN Total Days: 31 Total Days: 59 Total Days: 90

USD $/pd USD Lumpsum $/pd USD Lumpsum $/pd USD/Day USD $/pd %age

Crew Manning 3,408 110 4,753 81 8,161 91 70 1,861 21 30%

Crew Medical 3,329 107 2,653 45 5,982 66 25 3,732 41 166%

Additional Overtime 804 26 2,426 41 3,230 36 60 (2,170) (24) -40%

Crew Other 16,797 542 13,392 227 30,189 335 135 18,039 200 148%

Crew Travel 12,453 402 17,428 295 29,880 332 185 13,230 147 79%

Victualling * 9,215 297 12,036 204 21,251 236 240 (349) (4) -2%

Basic Wages 95,608 3,084 184,200 3,122 279,809 3,109 3,300 (17,191) (191) -6%

CREW 141,614 4,568 236,889 4,015 378,503 4,206 4,015 17,153 191 5%

Cabin Stores 871 28 740 13 1,611 18 20 (189) (2) -11%

Chemicals & Gases 928 30 4,029 68 4,957 55 50 457 5 10%

Deck Stores 2,952 95 21,799 369 24,752 275 155 10,802 120 77%

Engine Stores 2,347 76 1,214 21 3,561 40 75 (3,189) (35) -47%

Lubricants 5,796 187 20,427 346 26,223 291 360 (6,177) (69) -19%

Paints 959 31 3,585 61 4,544 50 50 44 0 1%

Provisional account supplies - - - - - - - - n/a

SUPPLIES 13,854 447 51,794 878 65,648 729 710 1,748 19 3%

Deck Repairs & Spares - - 11,258 191 11,258 125 40 7,658 85 213%

Engine Repairs & Spares 1,909 62 54,908 931 56,816 631 500 11,816 131 26%

Navaids/Other Repairs & Spares 94 3 485 8 579 6 80 (6,621) (74) -92%

Survey Fees 9,513 307 23,998 407 33,511 372 250 11,011 122 49%

Superintendant Expenses 2,476 80 1,327 22 3,803 42 50 (697) (8) -15%

Repair Teams - - - - - - 10 (900) (10) -100%

Vetting Inspections - - 5,235 89 5,235 58 60 (165) (2) -3%

Provisional account technical - - - - - - - -

TECHNICAL 13,991 451 97,211 1,648 111,202 1,236 990 22,102 246 25%

ISM / ISO Expenses - - - - - - 0 - - n/a

Communication Expenses 2,131 69 4,611 78 6,742 75 90 (1,358) (15) -17%

Legal & Registry - - 236 4 236 3 5 (214) (2) -47%

Management Fees 19,685 635 37,465 635 57,150 635 635 - - 0%

Miscellaneous 131 4 1,370 23 1,501 17 10 601 7 67%

Tonnage Tax 2,160 70 4,111 70 6,271 70 70 -

OVERHEADS 24,108 778 47,793 740 71,901 799 810 (999) (11) -1%

- - -

RUNNING EXPENSES (excl Insurances) 193,567 6,244 433,687 7,281 627,254 6,969 6,525 40,004 444 7%

INSURANCES

FD&D 534 17 2,221 38 2,756 31 40 (844) (9) -23%

Hull & Machinery 4,147 134 7,892 134 12,039 134 150 (1,461) (16) -11%

Loss of Earnings 2,141 69 4,074 69 6,215 69 100 (2,785) (31) -31%

P&I 12,763 412 18,012 305 30,775 342 410 (6,125) (68) -17%

War Risks / Other 1,117 36 347 6 1,464 16 20 (336) (4) -19%

INSURANCE COSTS 20,701 668 32,547 552 53,248 592 720 (11,552) (128) -18%

TOTAL EXPENSES 214,268 6,912 466,234 7,833 680,502 7,561 7,245 28,452 316 4%

* PROVISIONS

M/E Steaming Hours 203 552 755

M/E Maneuvering Hours 55 69 124

Total Running Hours 258 621 879

8.60 11.50 16.28Ratio:

Lubricant cost per hour 22 33 30

M/T COMPANION

ACTUAL MONTH YTD previous YTD VARIANCES

March 2021 1/01/2021-28/02/2021 1/01/2021-31/03/2021 1/01/2021-31/03/2021

March 2021 BUDGET

, For 2021

OPEX BREAKDOWN Total Days: 31 Total Days: 59 Total Days: 90USD $/pd USD Lumpsum , USD Lumpsum $/pd USD/Day USD $/pd %age

Crew Manning 1,697 55 3,707 63 5,404 60 70 (896) (10) -14%

Crew Medical - - - - - - 25 (2,250) (25) -100%

Additional Overtime 1,553 50 3,068 52 4,621 51 60 (779) (9) -14%

Crew Other 1,730 56 2,960 50 4,690 52 135 (7,460) (83) -61%

Crew Travel - - 3,418 58 3,418 38 185 (13,232) (147) -79%

Victualling 6,937 224 13,500 229 20,437 227 240 (1,163) (13) -5%

Basic Wages 98,184 3,167 195,023 3,305 293,207 3,258 3,300 (3,793) (42) -1%

CREW 110,101 3,552 221,675 3,757 331,776 3,686 4,015 (29,574) (329) -8%

Cabin Stores 1,060 34 356 6 1,416 16 20 (384) (4) -21%

Chemicals & Gases 1,260 41 4,879 83 6,139 68 50 1,639 18 36%

Deck Stores 18,610 600 4,371 74 22,981 255 155 9,031 100 65%

Engine Stores 12,326 398 1,847 31 14,173 157 75 7,423 82 110%

Lubricants 11,551 373 12,354 209 23,905 266 360 (8,495) (94) -26%

Paints 1,135 37 5,492 93 6,627 74 50 2,127 24 47%

SUPPLIES 45,943 1,482 29,299 497 75,242 836 710 11,342 126 18%

Deck Repairs & Spares 7,600 245 9,508 161 17,108 190 40 13,508 150 375%

Engine Repairs & Spares 20,005 645 30,948 525 50,953 566 500 5,953 66 13%

Navaids/Other Repairs & Spares - - - - - - 80 (7,200) (80) -100%

Survey Fees 10,181 328 22,991 390 33,172 369 250 10,672 119 47%

Superintendant Expenses 644 21 1,327 22 1,970 22 50 (2,530) (28) -56%

Repair Teams - - - - - - 10 (900) (10) -100%

Vetting Inspections - - 6,246 106 6,246 69 60 846 9 16%

Provisional account technical - - - - - - - -

TECHNICAL 38,429 1,240 71,021 1,204 109,450 1,216 990 20,350 226 23%

ISM / ISO Expenses - - - - - - 0 - - n/a

Communication Expenses 2,159 70 4,774 81 6,933 77 90 (1,167) (13) -14%

Legal & Registry - - 236 4 236 3 5 (214) (2) -47%

Management Fees 19,685 635 37,465 635 57,150 635 635 - - 0%

Miscellaneous - - 1,370 23 1,370 15 10 470 5 52%

Tonnage Tax 2,160 70 4,111 70 6,271 70 70 -

OVERHEADS 24,004 774 47,957 743 71,961 800 810 (939) (10) -1%

- - -

RUNNING EXPENSES (excl Insurances) 218,477 7,048 369,952 6,201 588,429 6,538 6,525 1,179 13 0%

INSURANCES

FD&D 443 14 2,313 39 2,756 31 40 (844) (9) -23%

Hull & Machinery 4,184 135 7,963 135 12,147 135 150 (1,353) (15) -10%

Loss of Earnings 2,141 69 4,074 69 6,215 69 100 (2,785) (31) -31%

P&I 12,763 412 18,012 305 30,775 342 410 (6,125) (68) -17%

War Risks / Other 1,259 41 350 6 1,609 18 20 (191) (2) -11%

INSURANCE COSTS 20,789 671 32,712 554 53,501 594 720 (11,299) (126) -17%

TOTAL EXPENSES 239,267 7,718 402,664 6,755 641,931 7,133 7,245 (10,119) (112) -2%

M/E Steaming Hours 305 361 666

M/E Maneuvering Hours 54 119 173

Total Running Hours 359 480 839

11.97 8.88 15.53

Ratio:

Lubricant cost per hour 32 26 29

PGC IKAROS

ACTUAL MONTH YTD previous YTD VARIANCES

March 2021 01/01/2021-28/02/2021 01/01/2021-31/03/2021 01/01/2021-31/03/2021

ASPROPYRGOS II MARITIME LTD

BUDGET

For 2021

COST BREAKDOWN Total Days: 31 Total Days: 59 Total Days: 90 RED FLAG

USD $/pd USD Lumpsum $/pd USD Lumpsum $/pd USD/Day USD $/pd Variance % of total 1.50%118.20

Crew Manning 2,422 78 3,934 67 6,356 71 80 (844) (9) -12% -0.12%

Crew Medical 1,995 64 1,858 31 3,853 43 20 2,053 23 114% 0.29%

Additional Overtime 1,288 42 2,768 47 4,056 45 60 (1,344) (15) -25% -0.19%

Crew Other 1,684 54 4,885 83 6,569 73 135 (5,581) (62) -46% -0.79%

Crew Travel 6,345 205 1,950 33 8,295 92 185 (8,355) (93) -50% -1.18%

Victualling 6,000 194 12,626 214 18,626 207 270 (5,674) (63) -23% -0.80%

Basic Wages 110,880 3,577 220,574 3,739 331,454 3,683 3,600 7,454 83 2% 1.05%

CREW 130,614 4,213 248,595 4,213 379,209 4,213 4,350 (12,291) (137) -3% -1.73%

Cabin Stores - - 488 8 488 5 20 (1,312) (15) -73% -0.18%

Chemicals & Gases 1,716 55 5,326 90 7,042 78 60 1,642 18 30% 0.23%

Deck Stores 2,782 90 11,166 189 13,948 155 165 (902) (10) -6% -0.13%

Engine Stores 474 15 2,842 48 3,316 37 75 (3,434) (38) -51% -0.48%

Lubricants 13,687 442 27,118 460 40,805 453 370 7,505 83 23% 1.06%

Paints 474 15 1,961 33 2,435 27 50 (2,065) (23) -46% -0.29%

Οther supplies (Launch, garbage etc) - - 1,605 27 1,605 18 40 (1,995) (22) -55% -0.28%

SUPPLIES 19,133 617 50,506 856 69,639 774 780 (561) (6) -1% 0.20%

FD&D 1,404 45 2,099 36 3,503 39 50 (95,000) (11) -22% -0.14%

Hull & Machinery 4,032 130 7,674 130 11,706 130 150 (1,794) (20) -13% -0.25%

Loss of Hire insurance premium 2,141 69 4,074 69 6,215 69 70 (85) (1) -1% -0.01%

P&I 13,968 451 20,890 354 34,858 387 435 (4,292) (48) -11% -0.61%

War Risks / Other 174 6 334 6 508 6 20 (1,292) (14) -72% -0.18%

INSURANCE 21,719 701 35,071 594 56,790 631 725 (8,460) (94) -13% -1.19%

Deck Repairs & Spares - - - - - - 30 (2,700) (30) -100% -0.38%

Engine Repairs & Spares 13,337 430 24,800 420 38,137 424 760 (30,263) (336) -44% -4.27%

Navaids/Other Repairs & Spares - - 3,177 54 3,177 35 75 (3,573) (40) -53% -0.50%

Survey Fees 2,841 92 32,863 557 35,704 397 225 15,454 172 76% 2.18% X

Superintendant Expenses 643 21 1,327 22 1,970 22 45 (2,080) (23) -51% -0.29%

Repair Teams - - - - - - 20 (1,800) (20) -100% -0.25%

Vetting Inspections - - - - - - 60 (5,400) (60) -100% -0.76%

TECHNICAL 16,821 543 62,167 1,054 78,988 878 1,215 (30,362) (337) -28% -4.28%

ISM / ISO Expenses - - - - - - 0 - n/a 0.00%

Communication Expenses 2,073 67 4,705 80 6,778 75 90 (1,322) (15) -16% -0.19%

Legal & Registry - - 236 4 236 3 5 (214) (2) -48% -0.03%

Management Fees 19,685 635 37,465 635 57,150 635 635 - - 0% 0.00%

Miscellaneous - - 2,000 34 2,000 22 10 1,100 12 122% 0.16%

Tonnage Tax 2,160 70 4,110 70 6,270 70 70 (30) (0) 0% 0.00%

OVERHEADS 23,918 772 48,516 822 72,434 805 810 (466) (5) -1% -0.07%

RUNNING EXPENSES (excl D/D provision) 212,205 6,845 444,855 7,540 657,060 7,301 7,880 (52,140) (579) -7.4% -7.07%

Extraordinary Costs/Damages - 0.0 - - - - - - n/a

TOTAL 212,205 6,845 444,855 7,540 657,060 7,301 7,880 (52,140) (579) -7.4% -7.07%TOTAL EXPENSES 212,205 6,845 444,855 7,540 657,060 7,301 7,880 (52,140) (579) -7%

ACTUAL MONTH YTD previous YTD

Total Running Hours 474 1036 1510

Indicative Ratio:

Lubricants consumption per running hour 29 26 27

1/1/2021-31/03/2021

Total Days: USD Lumpsum

MT ASPROPYRGOS

RUNNING COSTS (Unaudited Management Report)

ACTUAL MONTH YTD previous YTD DIFFERENCE

March 2021 1/1/2021-28/02/2021 1/1/2021-31/03/2021

MARINA MARITIME & TRADING LTD

BUDGET

For 2021

COST BREAKDOWN Total Days: 31 Total Days: 59 Total Days: 90 RED FLAG

USD $/pd USD Lumpsum $/pd USD Lumpsum $/pd USD/Day USD $/pd %age % of total 1.50%118.20

Crew Manning 2,640 85 5,364 91 8,004 89 80 804 9 11% 0.11%

Crew Medical 1,447 47 3,654 62 5,101 57 20 3,301 37 183% 0.47%

Additional Overtime - - 3,137 53 3,137 35 60 (2,263) (25) -42% -0.32%

Crew Other 1,479 48 6,813 115 8,292 92 135 (3,858) (43) -32% -0.54%

Crew Travel 4,234 137 12,475 211 16,709 186 185 59 1 0% 0.01%

Victualling (1) 6,500 210 12,681 215 19,181 213 270 (5,119) (57) -21% -0.72%

Basic Wages 107,730 3,475 217,112 3,680 324,842 3,609 3,600 842 9 0% 0.12%

CREW 124,030 4,001 261,236 4,428 385,266 4,281 4,350 (6,234) (69) -2% -0.88%

Cabin Stores - - 717 12 717 8 20 (1,083) (12) -60% -0.15%

Chemicals & Gases 3,973 128 1,767 30 5,740 64 60 340 4 6% 0.05%

Deck Stores 453 15 10,971 186 11,424 127 165 (3,426) (38) -23% -0.48%

Engine Stores 277 9 10,982 186 11,259 125 75 4,509 50 67% 0.64%

Lubricants 11,387 367 17,810 302 29,197 324 370 (4,103) (46) -12% -0.58%

Paints 3,613 117 4,163 71 7,776 86 50 3,276 36 73% 0.46% 0

Οther supplies (Launch, garbage etc) - - 780 13 780 9 40 (2,820) (31) -78% -0.40% 0

SUPPLIES 19,703 636 47,190 800 66,893 743 780 (3,307) (37) -5% -0.07% 0

FD&D 1,405 45 2,098 36 3,503 39 50 (95,000) (11) -22% -0.14%

Hull & Machinery 4,096 132 7,796 132 11,892 132 150 (1,608) (18) -12% -0.23%

Loss of Hire insurance premium 2,141 69 4,074 69 6,215 69 70 (85) (1) -1% -0.01%

P&I 13,968 451 20,890 354 34,858 387 435 (4,292) (48) -11% -0.61%

War Risks / Other 176 6 338 6 514 6 20 (1,286) (14) -71% -0.18%

INSURANCE 21,786 703 35,196 597 56,982 633 725 (8,268) (92) -13% -1.17%

Deck Repairs & Spares - - 2,013 34 2,013 22 30 (687) (8) -25% -0.10%

Engine Repairs & Spares 48,495 1,564 12,083 205 60,578 673 760 (7,822) (87) -11% -1.10%

Navaids/Other Repairs & Spares - - 11,294 191 11,294 125 75 4,544 50 67% 0.64%

Survey Fees 2,842 92 19,808 336 22,650 252 225 2,400 27 12% 0.34%

Superintendant Expenses 644 21 1,327 22 1,971 22 45 (2,079) (23) -51% -0.29%

Repair Teams - - - - - - 20 (1,800) (20) -100% -0.25%

Vetting Inspections - - 1,293 22 1,293 14 60 (4,107) (46) -76% -0.58%

TECHNICAL 51,981 1,677 47,818 810 99,799 1,109 1,215 (9,551) (106) -9% -1.35%

59

ISM / ISO Expenses - - - - - - 0 - n/a 0.00% 59

Communication Expenses 2,496 81 2,795 47 5,291 59 90 (2,809) (31) -35% -0.40%

Legal & Registry 431 14 236 4 667 7 5 217 2 48% 0.03%

Management Fees 19,685 635 37,465 635 57,150 635 635 - - 0% 0.00%

Miscellaneous - - 2,000 34 2,000 22 10 1,100 12 122% 0.16%

Tonnage Tax 2,166 70 4,122 70 6,288 70 70 (12) (0) 0% 0.00%

OVERHEADS 24,778 799 46,618 790 71,396 793 810 (1,504) (17) -2% -0.21%

RUNNING EXPENSES (excl D/D provision) 242,278 7,815 438,058 7,425 680,336 7,559 7,880 (28,864) (321) -4.1% -3.67%

Extraordinary Costs/Damages - 0.0 - - - - - - n/a

TOTAL 242,278 7,815 438,058 7,425 680,336 7,559 7,880 (28,864) (321) -4.1% -3.67%TOTAL EXPENSES 242,278 7,815 438,058 7,425 680,336 7,559 7,880 (28,864) (321) -4%

Notes

1) provisions

ACTUAL MONTH YTD previous YTD

Total Running Hours 310 894 1204

Indicative Ratio:

Lubricants consumption per running hour 37 20 24

March 21 1/1/2021-28/02/2021 1/1/2021-31/03/2021 1/1/2021-31/03/2021

Total Days: USD Lumpsum

PGC MARINA

RUNNING COSTS (Unaudited Management Report)

ACTUAL MONTH YTD previous YTD DIFFERENCE

ARATOS MARITIME LTD

BUDGET

For 2021

Total Days: 31 Total Days: 59 Total Days: 90 RED FLAG

COST BREAKDOWN USD $/pd USD Lumpsum $/pd USD Lumpsum $/pd USD/Day USD $/pd %age % of total 1.50%108.90

Crew Manning 1,939 63 4,829 82 6,768 75 70 468 5 7% 0.07%

Crew Medical 426 14 377 6 803 9 10 (97) (1) -11% -0.01%

Additional Overtime - - - - - - 0 - - #DIV/0! 0.00%

Crew Other 80 3 849 14 929 10 80 (6,271) (70) -87% -0.96%

Crew Travel - - 9,256 157 9,256 103 175 (6,494) (72) -41% -0.99%

Victualling 5,346 172 11,535 196 16,881 188 200 (1,119) (12) -6% -0.17%

Basic Wages 97,875 3,157 196,632 3,333 294,507 3,272 3,350 (6,993) (78) -2% -1.07%

CREW 105,666 3,409 223,478 3,788 329,144 3,657 3,885 (20,506) (228) -6% -3.14%

Cabin Stores 98 3 275 5 373 4 10 (527) (6) -59% -0.08%

Chemicals & Gases 1,889 61 1,878 32 3,767 42 90 (4,333) (48) -53% -0.66%

Deck Stores 5,197 168 9,087 154 14,284 159 140 1,684 19 13% 0.26%

Engine Stores 729 24 3,481 59 4,210 47 80 (2,990) (33) -42% -0.46%

Lubricants 12,314 397 26,203 444 38,517 428 350 7,017 78 22% 1.07%

Paints 1,475 48 1,769 30 3,244 36 35 94 1 3% 0.01% 0

Οther supplies (Launch, garbage etc) - - - - - - 90 (8,100) (90) -100% -1.24% 0

SUPPLIES 21,702 700 42,693 724 64,395 716 795 (7,155) (80) -10% 0.14% 0

FD&D 1,318 43 1,880 32 3,198 36 35 (95,000) 1 2% 0.01%

Hull & Machinery 4,648 150 8,844 150 13,492 150 160 (908) (10) -6% -0.14%

Loss of Hire insurance premium 2,143 69 4,079 69 6,222 69 70 (78) (1) -1% -0.01%

P&I 5,450 176 5,556 94 11,006 122 140 (1,594) (18) -13% -0.24%

War Risks / Other 160 5 303 5 463 5 15 (887) (10) -66% -0.14%

INSURANCE 13,719 443 20,662 350 34,381 382 420 (3,419) (38) -9% -0.52%

Deck Repairs & Spares - - 86,396 1,464 86,396 960 40 82,796 920 2300% 12.67% X

Engine Repairs & Spares 5,249 169 136,126 2,307 141,375 1,571 750 73,875 821 109% 11.31% X

Navaids/Other Repairs & Spares 3,867 125 - - 3,867 43 50 (633) (7) -14% -0.10%

Survey Fees 2,023 65 29,602 502 31,625 351 250 9,125 101 41% 1.40%

Superintendant Expenses 643 21 1,327 22 1,970 22 60 (3,430) (38) -64% -0.52%

Repair Teams - - 301 5 301 3 10 (599) (7) -67% -0.09%

Vetting Inspections 5,000 161 7,913 134 12,913 143 80 5,713 63 79% 0.87%

TECHNICAL 16,782 541 261,665 4,435 278,447 3,094 1,240 166,847 1,854 150% 25.54%

ISM / ISO Expenses - - - - - - 0 - n/a 0.00%

Communication Expenses - - 2,769 47 2,769 31 60 (2,631) (29) -49% -0.40%

Legal & Registry - - 15,893 269 15,893 177 200 (2,107) (23) -12% -0.32%

Management Fees 19,685 635 37,465 635 57,150 635 635 - - 0% 0.00%

Miscellaneous - - 1,370 23 1,370 15 5 920 10 204% 0.14%

Tonnage Tax 596 19 1,134 19 1,730 19 20 (70) (1) -4% -0.01%

OVERHEADS 20,281 654 58,631 994 78,912 877 920 (3,888) (43) -5% -0.60%

RUNNING EXPENSES (excl D/D provision) 178,150 5,747 607,129 10,290 785,279 8,725 7,260 131,879 1,465 20.2% 21.42%

Extraordinary Costs/Damages - 0.0 - - - - - - - n/a

TOTAL EXPENSES 178,150 5,747 607,129 10,290 785,279 8,725 7,260 131,879 1,465 20% 21.42%

ACTUAL MONTH YTD previous YTD

Total Running Hours 602.4 568.5 1170.9

Indicative Ratio:

Lubricants consumption per running hour 20 46 33

,

1/1/2021-31/03/2021

Total Days: USD Lumpsum

PGC ARATOS

RUNNING COSTS (Unaudited Management Report)

ACTUAL MONTH YTD previous YTD DIFFERENCE

March 31 1/1/2021-28/02/2021 1/1/2021-31/03/2021

PATREAS MARITIME LTD

BUDGET

For 2021

COST BREAKDOWN Total Days: 31 Total Days: 59 Total Days: 90 RED FLAG

USD $/pd USD Lumpsum $/pd USD Lumpsum $/pd USD/Day USD $/pd %age % of total 1.50%70.28

Crew Manning 1,530 49 3,110 53 4,640 52 60 (760) (8) -14% -0.18%

Crew Medical - - 1,363 23 1,363 15 15 13 0 1% 0.00%

Additional Overtime - - - - - - 0 - - #DIV/0! 0.00%

Crew Other 1,742 56 4,704 80 6,446 72 70 146 2 2% 0.03%

Crew Travel - - - - - - 90 (8,100) (90) -100% -1.92%

Victualling 4,500 145 8,959 152 13,459 150 160 (941) (10) -7% -0.22%

Basic Wages 71,826 2,317 143,617 2,434 215,443 2,394 2,350 3,943 44 2% 0.94%

CREW 79,598 2,568 161,753 2,742 241,351 2,682 2,745 (5,699) (63) -2% -1.35%

Cabin Stores 132 4 1,006 17 1,138 13 10 238 3 26% 0.06%

Chemicals & Gases - - 197 3 197 2 15 (1,153) (13) -85% -0.27%

Deck Stores 2,609 84 3,835 65 6,444 72 80 (756) (8) -11% -0.18%

Engine Stores 1,677 54 2,882 49 4,559 51 30 1,859 21 69% 0.44%

Lubricants 2,646 85 2,782 47 5,428 60 90 (2,672) (30) -33% -0.63%

Paints 1,003 32 1,986 34 2,989 33 25 739 8 33% 0.18% 0

Οther supplies (Launch, garbage etc) 273 9 1,611 27 1,884 21 20 84 1 5% 0.02% 0

SUPPLIES 8,340 269 14,299 242 22,639 252 270 (1,661) (18) -7% -0.41% 0

FD&D 837 27 1,598 27 2,435 27 30 (95,000) (3) -10% -0.06%

Hull & Machinery 3,601 116 6,855 116 10,456 116 125 (794) (9) -7% -0.19%

Loss of Hire insurance premium 1,382 45 2,630 45 4,012 45 45 -38 (0) (0) -0.01%

P&I 3,455 111 4,853 82 8,308 92 105 (1,142) (13) -12% -0.27%

War Risks / Other 169 5 322 5 491 5 15 (859) (10) -64% -0.20%

INSURANCE 9,444 305 16,258 276 25,702 286 320 (3,098) (34) -11% -0.73%

Deck Repairs & Spares 32 1 77 1 109 1 10 (791) (9) -88% -0.19%

Engine Repairs & Spares 5,941 192 6,741 114 12,682 141 250 (9,818) (109) -44% -2.33%

Navaids/Other Repairs & Spares 6,889 222 1,081 18 7,970 89 25 5,720 64 254% 1.36%

Survey Fees 1,584 51 7,539 128 9,123 101 200 (8,877) (99) -49% -2.11%

Superintendant Expenses 644 21 1,327 22 1,971 22 30 (729) (8) -27% -0.17%

Repair Teams - - 861 15 861 10 10 (39) (0) -4% -0.01%

Vetting Inspections - - - - - - 65 (5,850) (65) -100% -1.39%

TECHNICAL 15,090 487 17,626 299 32,716 364 590 (20,384) (226) -38% -4.83%

ISM / ISO Expenses - - - - - - 0 - n/a 0.00%

Communication Expenses 1,610 52 3,164 54 4,774 53 70 (1,526) (17) -24% -0.36%

Legal & Registry 6,634 214 2,299 39 8,933 99 40 5,333 59 148% 1.26%

Management Fees 19,685 635 37,465 635 57,150 635 635 - - 0% 0.00%

Miscellaneous - - 1,370 23 1,370 15 5 920 10 204% 0.22%

Tonnage Tax 305 10 579 10 884 10 10 (16) (0) -2% 0.00%

OVERHEADS 28,234 911 44,877 761 73,111 812 760 4,711 52 7% 1.12%

RUNNING EXPENSES (excl D/D provision) 140,706 4,539 254,813 4,319 395,519 4,395 4,685 (26,131) (290) -6.2% -6.22%

Extraordinary Costs/Damages - 0.0 - - - - - - n/a

TOTAL 140,706 4,539 254,813 4,319 395,519 4,395 4,685 (26,131) (290) -6.2%

TOTAL EXPENSES 140,706 4,539 254,813 4,319 395,519 4,395 4,685 (26,131) (290) -6% -6.22%

ACTUAL MONTH YTD previous YTD

Total Running Hours 588 529 1117

Indicative Ratio:

Lubricants consumption per running hour 5 5 5

PGC PATREAS

RUNNING COSTS (Unaudited Management Report)

ACTUAL MONTH YTD previous YTD DIFFERENCE

March 2021 1/1/2021-28/02/2021 1/1/2021-31/03/2021 1/1/2021-31/03/2021

Total Days: USD Lumpsum

PERIKLIS MARITIME LTD

BUDGET

For 2021

COST BREAKDOWN Total Days: 31 Total Days: 59 Total Days: 90 RED FLAG

USD $/pd USD Lumpsum $/pd USD Lumpsum $/pd USD/Day USD $/pd %age % of total 1.50%70.28

Crew Manning 1,900 61 4,950 84 6,850 76 60 1,450 16 27% 0.34%

Crew Medical - - 1,696 29 1,696 19 15 346 4 26% 0.08%

Additional Overtime - - - - - - 0 - - #DIV/0! 0.00%

Crew Other - - 1,495 25 1,495 17 70 (4,805) (53) -76% -1.14%

Crew Travel - - 10,246 174 10,246 114 90 2,146 24 26% 0.51%

Victualling (1) 4,500 145 8,811 149 13,311 148 160 (1,089) (12) -8% -0.26%

Basic Wages 63,609 2,052 132,302 2,242 195,911 2,177 2,350 (15,589) (173) -7% -3.70%

CREW 70,009 2,258 159,500 2,703 229,509 2,550 2,745 (17,541) (195) -7% -4.16%

Cabin Stores 86 3 499 8 585 7 10 (315) (4) -35% -0.07%

Chemicals & Gases 498 16 1,255 21 1,753 19 15 403 4 30% 0.10%

Deck Stores 995 32 5,631 95 6,626 74 80 (574) (6) -8% -0.14%

Engine Stores 217 7 1,909 32 2,126 24 30 (574) (6) -21% -0.14%

Lubricants 3,540 114 5,158 87 8,698 97 90 598 7 7% 0.14%

Paints 647 21 2,089 35 2,736 30 25 486 5 22% 0.12% 0

Οther supplies (Launch, garbage etc) - - 610 10 610 7 20 (1,190) (13) -66% -0.28% 0

SUPPLIES 5,983 193 17,151 291 23,134 257 270 (1,166) (13) -5% 0.01% 0

FD&D 837 27 1,598 27 2,435 27 30 (265) (3) -10% -0.06%

Hull & Machinery 3,601 116 6,855 116 10,456 116 125 (794) (9) -7% -0.19%

Loss of Hire insurance premium 1,382 45 2,630 45 4,012 45 45 -38 (0) (0) -0.01%

P&I 3,454 111 4,854 82 8,308 92 105 (1,142) (13) -12% -0.27%

War Risks / Other 169 5 322 5 491 5 15 (859) (10) -64% -0.20%

INSURANCE 9,443 305 16,259 276 25,702 286 320 (3,098) (34) -11% -0.73%

Deck Repairs & Spares 86 3 647 11 733 8 10 (167) (2) -19% -0.04%

Engine Repairs & Spares 14,265 460 22,166 376 36,431 405 250 13,931 155 62% 3.30% X

Navaids/Other Repairs & Spares 280 9 - - 280 3 25 (1,970) (22) -88% -0.47%

Survey Fees 739 24 12,256 208 12,995 144 200 (5,005) (56) -28% -1.19%

Superintendant Expenses 644 21 1,327 22 1,971 22 30 (729) (8) -27% -0.17%

Repair Teams - - - - - - 10 (900) (10) -100% -0.21%

Vetting Inspections - - - - - - 65 (5,850) (65) -100% -1.39%

TECHNICAL 16,014 517 36,396 617 52,410 582 590 (690) (8) -1% -0.16%

ISM / ISO Expenses - - - - - - 0 - n/a 0.00%

Communication Expenses 2,551 82 1,312 22 3,863 43 70 (2,437) (27) -39% -0.58%

Legal & Registry - - 236 4 236 3 40 (3,364) (37) -93% -0.80%

Management Fees 19,685 635 37,465 635 57,150 635 635 - - 0% 0.00%

Miscellaneous - - 1,370 23 1,370 15 5 920 10 204% 0.22%

Tonnage Tax 305 10 580 10 885 10 10 (15) (0) -2% 0.00%

OVERHEADS 22,541 727 40,963 694 63,504 706 760 (4,896) (54) -7% -1.16%

RUNNING EXPENSES (excl D/D provision) 123,990 4,000 270,269 4,581 394,259 4,381 4,685 (27,391) (304) -6.5% -6.21%

Extraordinary Costs/Damages - 0.0 - - - - - - n/a

TOTAL 123,990 4,000 270,269 4,581 394,259 4,381 4,685 (27,391) (304) -6.5%

TOTAL EXPENSES 123,990 4,000 270,269 4,581 394,259 4,381 4,685 (27,391) (304) -6% -6.21%

Notes:

1) provision

ACTUAL MONTH YTD previous YTD

Total Running Hours 330 674.3 1004.3

Indicative Ratio:

Lubricants consumption per running hour 11 8 9

March 2021 1/1/2021-28/02/2021 1/1/2021-31/03/2021 1/1/2021-31/03/2021

Total Days: USD Lumpsum

PGC PERIKLIS

RUNNING COSTS (Unaudited Management Report)

ACTUAL MONTH YTD previous YTD DIFFERENCE

TAORMINA MARITIME LTD

BUDGET

For 2021

COST BREAKDOWN Total Days: 31 Total Days: 59 Total Days: 90 RED FLAG

USD $/pd USD Lumpsum $/pd USD Lumpsum $/pd USD/Day USD $/pd %age % of total 1.50%83.81

Crew Manning 1,914 62 3,874 66 5,788 64 60 388 4 7% 0.08%

Crew Medical - - - - - - 10 (900) (10) -100% -0.18%

Additional Overtime - - - - - - 0 - - #DIV/0! 0.00%

Crew Other 620 20 1,371 23 1,991 22 80 (5,209) (58) -72% -1.04%

Crew Travel - - 2,995 51 2,995 33 120 (7,805) (87) -72% -1.55%

Victualling 5,343 172 10,155 172 15,498 172 170 198 2 1% 0.04%

Basic Wages 86,505 2,790 189,488 3,212 275,993 3,067 3,150 (7,507) (83) -3% -1.49%

CREW 94,382 3,045 207,883 3,523 302,265 3,359 3,590 (20,835) (232) -6% -4.14%

Cabin Stores 289 9 684 12 973 11 10 73 1 8% 0.01%

Chemicals & Gases 1,706 55 2,861 48 4,567 51 20 2,767 31 154% 0.55%

Deck Stores 3,693 119 4,471 76 8,164 91 65 2,314 26 40% 0.46%

Engine Stores 767 25 2,446 41 3,213 36 40 (387) (4) -11% -0.08%

Lubricants 1,778 57 3,211 54 4,989 55 75 (1,761) (20) -26% -0.35%

Paints 735 24 91 2 826 9 15 (524) (6) -39% -0.10% 0

Οther supplies (Launch, garbage etc) - - 3,978 67 3,978 44 70 (2,322) (26) -37% -0.46% 0

SUPPLIES 8,968 289 17,742 301 26,710 297 295 160 2 1% 0.49% 0

FD&D 871 28 1,662 28 2,533 28 30 (95,000) (2) -6% -0.03%

Hull & Machinery 3,845 124 7,317 124 11,162 124 130 (538) (6) -5% -0.11%

Loss of Hire insurance premium 1,759 57 3,347 57 5,106 57 60 -294 (3) (0) -0.06%

P&I 3,564 115 5,005 85 8,569 95 110 (1,331) (15) -13% -0.26%

War Risks / Other 178 6 338 6 516 6 10 (384) (4) -43% -0.08%

INSURANCE 10,217 330 17,669 299 27,886 310 340 (2,714) (30) -9% -0.54%

Deck Repairs & Spares 2,983 96 - - 2,983 33 15 1,633 18 121% 0.32%

Engine Repairs & Spares - - 31,964 542 31,964 355 300 4,964 55 18% 0.99%

Navaids/Other Repairs & Spares - - 1,033 18 1,033 11 25 (1,217) (14) -54% -0.24%

Survey Fees 5,860 189 15,687 266 21,547 239 170 6,247 69 41% 1.24%

Superintendant Expenses 1,287 42 2,654 45 3,941 44 30 1,241 14 46% 0.25%

Repair Teams - - - - - - 10 (900) (10) -100% -0.18%

Vetting Inspections - - 5,000 85 5,000 56 50 500 6 11% 0.10%

TECHNICAL 10,130 327 56,338 955 66,468 739 600 12,468 139 23% 2.48%

ISM / ISO Expenses - - - - - n/a 0.00%

Communication Expenses 2,046 66 2,745 47 4,791 53 70 (1,509) (17) -24% -0.30%

Legal & Registry - - 839 14 839 9 40 (2,761) (31) -77% -0.55%

Management Fees 19,685 635 37,465 635 57,150 635 635 - - 0% 0.00%

Miscellaneous - - 1,370 23 1,370 15 5 920 10 204% 0.18%

Tonnage Tax 352 11 670 11 1,022 11 12 (58) (1) -0.01%

OVERHEADS 22,083 712 43,089 730 65,172 724 762 (3,408) (38) -5% -0.68%

RUNNING EXPENSES (excl D/D provision) 145,780 4,703 342,721 5,809 488,501 5,428 5,587 (14,329) (159) -2.8% -2.39%

Extraordinary Costs/Damages - 0.0 - - - - - - n/a

TOTAL 145,780 4,703 342,721 5,809 488,501 5,428 5,587 (14,329) (159) -2.8%

TOTAL EXPENSES 145,780 4,703 342,721 5,809 488,501 5,428 5,587 (14,329) (159) -3% -2.39%

ACTUAL MONTH YTD previous YTD

Total Running Hours 291 561 852

Indicative Ratio:

Lubricants consumption per running hour 6 6 6

March 2021 1/1/2021-28/02/2021 1/1/2021-31/03/2021 1/1/2021-31/03/2021

Total Days: USD Lumpsum

PGC TAORMINA

RUNNING COSTS (Unaudited Management Report)

ACTUAL MONTH YTD previous YTD DIFFERENCE

EIRINI MARITIME LTD

BUDGET

For 2021

COST BREAKDOWN Total Days: 31 Total Days: 59 Total Days: 90 RED FLAG

USD $/pd USD Lumpsum $/pd USD Lumpsum $/pd USD/Day USD $/pd %age % of total 1.50%83.81

Crew Manning 1,952 63 5,001 85 6,953 77 60 1,553 17 29% 0.31%

Crew Medical 3,742 121 269 5 4,011 45 10 3,111 35 346% 0.62%

Additional Overtime - - - - - - 0 - - #DIV/0! 0.00%

Crew Other 9,827 317 5,330 90 15,157 168 80 7,957 88 111% 1.58% X

Crew Travel 3,731 120 8,846 150 12,577 140 120 1,777 20 16% 0.35%

Victualling 4,600 148 9,815 166 14,415 160 170 (885) (10) -6% -0.18%

Basic Wages 93,516 3,017 183,601 3,112 277,117 3,079 3,150 (6,383) (71) -2% -1.27%

CREW 117,368 3,786 212,862 3,608 330,230 3,669 3,590 7,130 79 2% 1.42%

Cabin Stores - - 415 7 415 5 10 (485) (5) -54% -0.10%

Chemicals & Gases 1,817 59 3,721 63 5,538 62 20 3,738 42 208% 0.74%

Deck Stores 1,396 45 9,180 156 10,576 118 65 4,726 53 81% 0.94%

Engine Stores 1,086 35 3,941 67 5,027 56 40 1,427 16 40% 0.28%

Lubricants 2,013 65 10,737 182 12,750 142 75 6,000 67 89% 1.19%

Paints 360 12 742 13 1,102 12 15 (248) (3) -18% -0.05% 0

Οther supplies (Launch, garbage etc) 931 30 1,309 22 2,240 25 70 (4,060) (45) -64% -0.81% 0

SUPPLIES 7,603 245 30,045 509 37,648 418 295 11,098 123 42% 3.01% 0

FD&D 872 28 1,661 28 2,533 28 30 (95,000) (2) -6% -0.03%

Hull & Machinery 3,845 124 7,317 124 11,162 124 130 (538) (6) -5% -0.11%

Loss of Hire insurance premium 1,885 61 3,586 61 5,471 61 60 71 1 1% 0.01%

P&I 3,562 115 5,007 85 8,569 95 110 (1,331) (15) -13% -0.26%

War Risks / Other 327 11 621 11 948 11 10 48 1 5% 0.01%

INSURANCE 10,491 338 18,192 308 28,683 319 340 (1,917) (21) -6% -0.38%

Deck Repairs & Spares 5,752 186 - - 5,752 64 15 4,402 49 326% 0.88%

Engine Repairs & Spares 9,887 319 7,990 135 17,877 199 300 (9,123) (101) -34% -1.81%

Navaids/Other Repairs & Spares 2,593 84 2,948 50 5,541 62 25 3,291 37 146% 0.65%

Survey Fees 7,577 244 11,973 203 19,550 217 170 4,250 47 28% 0.85%

Superintendant Expenses 785 25 1,327 22 2,112 23 30 (588) (7) -22% -0.12%

Repair Teams - - - - - - 10 (900) (10) -100% -0.18%

Vetting Inspections - - 3,880 66 3,880 43 50 (620) (7) -14% -0.12%

TECHNICAL 26,594 858 28,118 477 54,712 608 600 712 8 1% 0.14%

ISM / ISO Expenses - - - - - - 0 - n/a 0.00%

Communication Expenses 2,120 68 2,009 34 4,129 46 70 (2,171) (24) -34% -0.43%

Legal & Registry - - 236 4 236 3 40 (3,364) (37) -93% -0.67%

Management Fees 19,685 635 37,465 635 57,150 635 635 - - 0% 0.00%

Miscellaneous - - 1,370 23 1,370 15 5 920 10 204% 0.18%

Tonnage Tax 351 11 668 11 1,019 11 12 (61) (1) -6% -0.01%

OVERHEADS 22,156 715 41,748 708 63,904 710 762 (4,676) (52) -7% -0.93%

RUNNING EXPENSES (excl D/D provision) 184,213 5,942 330,965 5,610 515,177 5,724 5,587 12,347 137 2.5% 3.26%

Extraordinary Costs/Damages - - - - - - - - n/a

TOTAL 184,213 5,942 330,965 5,610 515,177 5,724 5,587 12,347 137 2.5%TOTAL EXPENSES #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 3.26%

Note:

ACTUAL MONTH YTD previous YTD

Total Running Hours 443 891 1334

Indicative Ratio:

Lubricants consumption per running hour 5 12 10

March 2021 1/1/2021-28/02/2021 1/1/2021-31/03/2021 1/1/2021-31/03/2021

Total Days: USD Lumpsum

PGC EIRINI

RUNNING COSTS (Unaudited Management Report)

ACTUAL MONTH YTD previous YTD DIFFERENCE

PGC ALEXANDRIA MARITIME LTD

BUDGET

For 2021

COST BREAKDOWN Total Days: 31 Total Days: 59 Total Days: 90 RED FLAG

USD $/pd USD Lumpsum $/pd USD Lumpsum $/pd USD/Day USD $/pd %age % of total 1.50%120.90

Crew Manning 2,119 68 5,182 88 7,301 81 80 101 1 1% 0.01%

Crew Medical - - - - - - 20 (1,800) (20) -100% -0.25%

Additional Overtime - - - - - - 60 (5,400) (60) -100% -0.74%

Crew Other - - 5,114 87 5,114 57 135 (7,036) (78) -58% -0.97%

Crew Travel - - 2,040 35 2,040 23 185 (14,610) (162) -88% -2.01%

Victualling 8,000 258 16,040 272 24,040 267 270 (260) (3) -1% -0.04%

Basic Wages 114,454 3,692 239,097 4,052 353,551 3,928 3,675 22,801 253 7% 3.14% X

CREW 124,573 4,018 267,473 4,533 392,046 4,356 4,425 (6,204) (69) -2% -0.86%

Cabin Stores 946 31 1,032 17 1,978 22 20 178 2 10% 0.02%

Chemicals & Gases 30 1 4,332 73 4,362 48 60 (1,038) (12) -19% -0.14%

Deck Stores 3,136 101 11,669 198 14,805 165 175 (945) (11) -6% -0.13%

Engine Stores 1,549 50 4,153 70 5,702 63 75 (1,048) (12) -16% -0.14%

Lubricants 5,615 181 23,760 403 29,375 326 380 (4,825) (54) -14% -0.67%

Paints 383 12 1,177 20 1,560 17 50 (2,940) (33) -65% -0.41%

Οther supplies (Launch, garbage etc) - - 1,907 32 1,907 21 30 (793) (9) -29% -0.11%

SUPPLIES 11,659 376 48,030 814 59,689 663 790 (11,411) (127) -16% -1.46%

FD&D 743 24 1,698 29 2,441 27 50 (95,000) (23) -46% -0.28%

Hull & Machinery 4,226 136 8,042 136 12,268 136 150 (1,232) (14) -9% -0.17%

Loss of Hire insurance premium 2,141 69 4,074 69 6,215 69 70 (85) (1) -1% -0.01%

P&I 11,633 375 19,021 322 30,654 341 435 (8,496) (94) -22% -1.17%

War Risks / Other 741 24 1,410 24 2,151 24 20 351 4 20% 0.05%

INSURANCE 19,484 629 34,245 580 53,729 597 725 (11,521) (128) -18% -1.59%

Deck Repairs & Spares - - - - - - 60 (5,400) (60) -100% -0.74%

Engine Repairs & Spares 55,060 1,776 8,171 138 63,231 703 800 (8,769) (97) -12% -1.21%

Navaids/Other Repairs & Spares 233 8 5,718 97 5,951 66 80 (1,249) (14) -17% -0.17%

Survey Fees 8,549 276 20,305 344 28,854 321 230 8,154 91 39% 1.12%

Superintendant Expenses - - 1,832 31 1,832 20 60 (3,568) (40) -66% -0.49%

Repair Teams - - - - - - 10 (900) (10) -100% -0.12%

Vetting Inspections 7,721 249 - - 7,721 86 70 1,421 16 23% 0.20%

TECHNICAL 71,563 2,308 36,026 611 107,589 1,195 1,310 (10,311) (115) -9% -1.42%

ISM / ISO Expenses - - - - - 0 - n/a 0.00%

Communication Expenses 1,749 56 4,483 76 6,232 69 90 (1,868) (21) -23% -0.26%

Legal & Registry - - 236 4 236 3 5 (214) (2) -48% -0.03%

Management Fees 19,685 635 37,465 635 57,150 635 635 - - 0% 0.00%

Miscellaneous - - 1,370 23 1,370 15 10 470 5 52% 0.06%

Tonnage Tax 2,660 86 5,062 86 7,722 86 70 1,422 16 23% 0.20%

OVERHEADS 24,094 777 48,616 824 72,710 808 810 (190) (2) 0% -0.03%

RUNNING EXPENSES (excl D/D provision) 251,373 8,109 434,390 7,363 685,763 7,620 8,060 (39,637) (440) -5.5% -5.35%

Extraordinary Costs/Damages - - - - - - - - n/a

TOTAL 251,373 8,109 434,390 7,363 685,763 7,620 8,060 (39,637) (440) -5.5%TOTAL EXPENSES #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -5.35%

Note:

ACTUAL MONTH YTD previous YTD

Total Running Hours 540 1090.8 1630.8

Indicative Ratio:

Lubricants consumption per running hour 10 22 18

March 2021 01/01/2021-28/02/2021 01/01/2021-31/03/2021 01/01/2021-31/03/2021

Total Days: USD Lumpsum

PGC ALEXANDRIA

RUNNING COSTS (Unaudited Management Report)

ACTUAL MONTH YTD previous YTD DIFFERENCE