Page 1: UNITED STATES
Page 2: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of
Page 3: N/A
Page 4: CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Page 5: PART I
Page 6: N/A
Page 7: Company Specific Risk Factors
Page 8: N/A
Page 9: We are highly leveraged, anticipate that we will continue to have a high degree of leverage, and may
Page 10: We have historically derived a significant part of our revenue from a small number of charterers.
Page 11: Our vessels may be subject to periods of off-hire, which could materially adversely affect our busin
Page 12: The operation of oil tanker/asphalt carriers involves certain unique operational risks.
Page 13: If we are unable to fund our capital expenditures, we may not be able to operate our vessels, which
Page 14: It may not be possible for investors to enforce U.S. judgments against us.
Page 15: Being a foreign private issuer exempts us from certain SEC requirements.
Page 16: Industry Specific Risk Factors
Page 17: N/A
Page 18: Downturns in the oil tanker/asphalt carriers and dry bulk vessels charter markets may have an advers
Page 19: Changes in the economic and political environment in China and policies adopted by the government to
Page 20: The instability of the euro or the inability of countries to refinance their debts could have a mate
Page 21: An oversupply of dry bulk vessel capacity may lead to further reductions in charter rates, and dispr
Page 22: N/A
Page 23: Increases in fuel, or bunker prices, may adversely affect profits.
Page 24: We are subject to complex laws and regulations, including environmental and safety laws and regulati
Page 25: We could incur material liabilities, including cleanup obligations and natural resource damages, in
Page 26: Climate change and government laws and regulations related to climate change could negatively impact
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Page 28: We are subject to international safety regulations and the failure to comply with these regulations
Page 29: Our vessels and/or the cargoes carried on board our vessels may suffer damage due to the inherent op
Page 30: Our insurance may not be adequate to cover our losses that may result from our operations, which are
Page 31: Labor interruptions could disrupt our business.
Page 32: We are subject to vessel security regulations and will incur costs to comply with recently adopted r
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Page 35: We rely on our information systems to conduct our business, and failure to protect these systems aga
Page 36: Risks Relating to Our Coal Business
Page 37: Trends within the coal industry could put downward pressure on coal prices and, as a result, materia
Page 38: Changes in the export and import markets for coal products
Page 39: Extensive environmental regulations, including existing and potential future regulatory requirements
Page 40: Our ability to collect payments from our customers could be impaired if their creditworthiness deter
Page 41: Risks Relating to Our Common Shares
Page 42: Risks relating to our Series A-1 and Series B Preference Shares
Page 43: Our ability to pay dividends on and to redeem our Series A-1 and B Preference Shares is limited unde
Page 44: Name Change and Amended Bye-Laws
Page 45: N/A
Page 46: THE SHIPPING INDUSTRY
Page 47: International Maritime Organization
Page 48: N/A
Page 49: Ballast Water Requirements
Page 50: Safety Requirements
Page 51: Oil Pollution Liability
Page 52: United States Requirements
Page 53: N/A
Page 54: Additional U.S. Environmental Requirements
Page 55: European Union Restrictions
Page 56: Vessel Security Regulations
Page 57: Exchange Act Section 13(r) Activities
Page 58: The oil tanker/asphalt and
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Page 60: COAL BUSINESS
Page 61: Coal Pricing Trends, Uncertainties and Outlook
Page 62: Mining Permits and Approvals
Page 63: Surety Bonds
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Page 65: Black Lung Legislation
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Page 67: Climate Change
Page 68: Clean Water Act
Page 69: N/A
Page 70: Resource Conservation and Recovery Act
Page 71: Endangered Species
Page 72: N/A
Page 73: N/A
Page 74: Viking Mine
Page 75: Equipment, Infrastructure and Other Facilities
Page 76: Previous Operations
Page 77: Item 5. Operating and Financial Review and Prospects
Page 78: Overview
Page 79: Important Factors to Consider When Evaluating Our Historical and Future Results of Operations
Page 80: Principal Factors that Affect Our Shipping Business
Page 81: Commissions
Page 82: Amortization of Special Survey and Dry-docking Costs
Page 83: Use of Estimates
Page 84: Share-based Compensation
Page 85: Results of Continuing Operations
Page 86: Voyage Expenses
Page 87: Other
Page 88: Year Ended December 31, 2014 and Year Ended December 31, 2013
Page 89: Vessel Operating Expenses
Page 90: Other income, net
Page 91: Overview
Page 92: Net cash
Page 93: Indebtedness
Page 94: (b) Portigon AG (formerly, West LB Bank) Credit Facility
Page 95: Convertible Notes
Page 96: (3) Financial Institutions 8%
Page 97: (5) 10% Notes
Page 98: Sale and Lease back
Page 99: EBITDA and adjusted EBITDA reconciliation to Net Loss
Page 100: C. Research and Development, Patents and Licenses
Page 101: N/A
Page 102: Commitments
Page 103: Recent Accounting Pronouncements
Page 104: Item 6. Directors, Senior Management and Employees
Page 105: Panagiotis Skiadas
Page 106: N/A
Page 107: N/A
Page 108: Board Classes
Page 109: N/A
Page 110: Item 7. Major Shareholders and Related Party Transactions
Page 111: Item 8. Financial Information
Page 112: Dividend Policy
Page 113: Item 9. The Offer and Listing
Page 114: Item 10. Additional Information
Page 115: N/A
Page 116: Alteration of Share Capital
Page 117: Treasury Shares
Page 118: Business Combinations
Page 119: Amendments to Bye-Laws
Page 120: N/A
Page 121: N/A
Page 122: D. Exchange controls
Page 123: Bermuda Tax Considerations
Page 124: United States Federal Income Taxation of Our Company
Page 125: Taxation in the Absence of Section 883 Exemption
Page 126: United States Taxation of Gain on Sale of Vessels
Page 127: Sale, Exchange or other Disposition of Common Shares
Page 128: Taxation of U.S. Holders Making a Timely QEF Election
Page 129: Taxation of U.S. Holders Not Making a Timely QEF or Mark-to-Market Election
Page 130: Dividends on Common Shares
Page 131: Information Reporting Regarding Non-U.S. Accounts
Page 132: Item 11. Quantitative and Qualitative Disclosures about Market Risk
Page 133: PART II
Page 134: Item 15. Controls and Procedures
Page 135: (c) Attestation report of the independent registered public accounting firm
Page 136: Item 16. [Reserved]
Page 137: Item 16G. Corporate Governance
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Page 139: Item 16H. Mine Safety Disclosure
Page 140: PART III
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Page 148: INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS
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Page 157: Going concern
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Page 160: N/A
Page 161: Basis of Presentation:
Page 162: Restricted Cash:
Page 163: Assets Held for Sale/Discontinued Operations:
Page 164: Mining Exploration and Development Costs:
Page 165: Discontinued
Page 166: Backlog Asset/Deferred Charter Revenue:
Page 167: Accounting for Available for Sale Investments:
Page 168: Accounting for Revenue and Expenses:
Page 169: Repairs and Maintenance:
Page 170: Loss per Share:
Page 171: N/A
Page 172: Acquisition of the Nepheli Marine Company, Aeolus Compania Naviera S.A. and Kastro Compania Naviera
Page 173: Acquisition of the Kentucky Property-Five Mile
Page 174: Acquisition of Viking Acquisition Group LLC and Viking Prep Plant LLC
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Page 176: N/A
Page 177: N/A
Page 178: Goodwill Impairment
Page 179: Acquisition of vessels
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Page 185: Other Information
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Page 194: Sale and Lease back
Page 195: Annual Future Minimum Lease Payments
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Page 197: N/A
Page 198: Segment Operating Revenue
Page 199: Equity Incentive Plan
Page 200: Employment and Severance Agreements
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Page 202: Share options
Page 203: Preference Shares
Page 204: N/A
Page 205: Dividends
Page 206: Fair Values
Page 207: Interest Rate Swaps
Page 208: N/A
Page 209: Warrants
Page 210: Concentration of Credit Risk
Page 211: Rental Agreements
Page 212: Joint Venture (26%) Contingencies
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Page 214: Terra Stabile S.A./Terra Norma S.A.
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Page 218: Asset Retirement Obligations
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Page 220: N/A
Page 221: SIGNATURES