IFB NO. 05-053B
MADAGASCAR FREIGHT TENDER DATED OCTOBER 4, 2005
TENDER RESEULTS

M/V SERVER - CYPRUS FLAG - BULK CARRIER
OWNER: IMC MARITIME GROUP
CARGO: (A) 3,000 MT BULK WHEAT
       (B) 7,000 MT BULK SOYBEANS
L/P: 1/3 SB EACH 1/3 SP U.S. GULF
D/P: ONE OR TWO SB TOAMASINA, MADAGASCAR

FREIGHT RATE: USD 114.00 PMT BASIS GALVESTON LOADING;
LIGHTENING INCLUDED AT USD 1.00 PMT;
ADDL USD 5.00 PMT ANY OTHER TEXAS L/P;
ADDL USD 10.00 PMT FOR MISS. RVR. LOAD;
ADDL USD 5.00 PMT EACH ADDL L/P;

DEMURRAGE AT LP: USD 15,000 / HALF DESPATCH
DEMURRAGE AT DP: USD 8,000 / HALF DESPATCH