MADAGASCAR TENDER DATED NOVEMBER 21, 2005
RESULTS

GAYLE EUSTACE - U.S. FLAG - ITB BULK CARRIER
OWNER: TECO OCEAN SHIPPING
CARGO: 8,000 MT BULK SOYBEANS
LAYDAYS: DECEMBER 21-31, 2005
L/P: 1/3 SB EACH 1/3 SP U.S. GULF
D/P: 1/2 SB TOAMASINA, MADAGASCAR

FREIGHT RATE: USD 257.97 PMT BASIS LOADING ALL CARGO
(GOM/CRS) AT ONE L/B ONE L/P; USD 265.97 PMT LOADING 
ALL CARGO AT DIFFERENT L/B ONE L/P; USD 272.97 PMT
BASIS LOADING ALL CARGO DIFFERENT L/B DIFFERENT L/P;

PREMIUMS: ADDL USD 10.00 PMT FOR MISSISSIPPI RIVER LOAD;
ADDL USD 8.00 PMT EACH ADDL L/B; ADDL USD 15.00 PMT
EACH ADDL L/P;

ONE WAY RATE: USD 167.81 PMT

DEMURRAGE: L/P: USD 25,000
	   D/P: USD 8,000