CRS / GHANA / BULK WHEAT

GHANA TENDER DATED JANUARY 31, 2006
RESULTS

PACIFIC LOGGER - HONG KONG FLAG - GEARED BULK CARRIER
OWNER: TRADEWINDS SHIPPING
CARGO: 6,800 MT BULK WHEAT
LAYDAYS: FEBRUARY 21 - MARCH 2, 2006
L/P: 1/3 SB EACH 1/2 SP, U.S. TEXAS GULF
D/P: 1/2 SB TEMA AND/OR TAKORADI, GHANA

FREIGHT RATE: USD 45.75 PMT BASIS ONE LOAD PORT,
ONE LOAD BERTH, TO ONE DISCHARGE PORT GHANA

PREMIUMS: USD 1.25 PMT EACH ADDL LOAD BERTH;
USD 8.00 PMT EACH ADDL LOAD PORT;
USD 2.50 PMT EACH ADDL DISCHARGE PORT.

DEMURRAGE: USD 12,000 PDPR