The advance cash payment of $23.5 million will be refunded to the Company in accordance with the terms of the letter of intent, and the Company will have no further obligations with respect to this potential transaction. The Company intends to deploy the capital released towards its tanker business.

The decision was made by the special committee of independent members of the Company’s board of directors, taking into account the continued instability in the Gulf region as well as the Company’s appetite for further growth of its tanker fleet.