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Table of Contents




Changes in and compliance with laws and regulations relating to the protection of persons with disabilities, employment, health, safety, security
and other regulations under which we operate could increase our costs.






Changes in and compliance with income tax laws and regulations and income tax treaties may adversely affect the taxation of our shipping
income and our profitability.








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Our inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments on terms that are favorable or
consistent with our expectations could reduce our profitability. In addition, we expect increases to our repairs and maintenance expenses and
refurbishment costs as our fleet ages.




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