CRS / MADAGASCAR / BULK WHEAT

MADAGASCAR TENDER DATED NOVEMBER 29, 2005
RESULTS

GAYLE EUSTACE - U.S. FLAG - ITB BULK CARRIER
OWNER: TECO OCEAN SHIPPING
CARGO: 5,000 MT BULK WHEAT
LAYDAYS: DECEMBER 15 - 25, 2005
L/P: 1/3 SB EACH 1/2 SP U.S. GULF
D/P: 1/2 SB TOAMASINA, MADAGASCAR

FREIGHT RATE: USD 278.25 PMT BASIS LOADING ALL CARGO
(GOM / CRS) AT ONE L/P ONE L/P; USD 286.25 PMT BASIS
ALL CARGO LOAD DIFFERENT L/B, ONE L/P;
USD 293.25 PMT BASIS ALL CARGO LOAD DIFFERENT L/B AND
DIFFERENT L/P;

PREMIUMS: ADDL USD 10.00 PMT FOR MISSISSIPPI RIVER LOAD;
ADDL USD 5.00 PMT FOR MYRTLE GROVE LOAD; ADDL 8.00 PMT
ON ENTIRE CARGO EACH ADDL L/B; ADDL USD 15.00 PMT
ON ENTIRE CARGO FOR EACH ADDL L/P.
ONE WAY RATE: USD 181.00 PMT

DEMURRAGE: USD 25,000 PDPR / HALF DESPATCH
(LOADPORT ONLY)