TENDER 05.272 / CRS / NICARAGUA / BULK WHEAT

NICARAGUA TENDER DATED - OCTOBER 27,2005
RESULTS

ARABELLA - MALTESE FLAG - BULK CARRIER
OWNER: THE RICE COMPANY
CARGO: 1,120 MT BULK WHEAT
LAYDAYS: NOVEMBER 15-25, 2005
L/P: 1/3 SB EACH 1/2 SP U.S. GULF
D/P: 1/2 SB CORINTO, NICARAGUA

FREIGHT RATE: USD 69.99 PMT BASIS ONE L/B , ONE L/P

PREMIUMS: USD 12.00 PMT EACH ADDL L/B;
USD 15.00 PMT EACH ADDL L/P;

DEMMURAGE: USD 15,000 PDPR / HALF DESPATCH
(AT L/P ONLY)