Backhaul routes position vessels for cargo discharge in typical loading areas. COAs and voyage charters provide voyage revenue to the Company. 8226;Experienced management team. Annex VI, separately adopted by the IMO in September of 1997, relates to air emissions. As of the date of this filing, each of its vessels is ISM code-certified. The cost of compliance with these requirements may be material. Amendments to MLC 2006 entered into force on January 18, 2017. The most common are time charters, spot charters, and voyage charters. The general terms typically found in these types of contracts are described below. ITEM 1A. RISK FACTORSAn investment in our securities involves a high degree of risk. The value of our common shares could be substantially reduced under these circumstances. Prior to 1978, the Chinese economy was a "planned economy". Acts of piracy on ocean-going vessels could adversely affect our business. The operation of drybulk carriers entails certain unique operational risks. The BWM Convention entered into force on September 8, 2017. Changes in fuel prices may adversely affect profits. A significant portion of our revenues are derived from COAs. Moreover, factors beyond our control may cause a COA to become unprofitable. Accordingly, our success will depend on the continued service of these individuals.