ERITREA FREIGHT TENDER DATED DECEMBER 28, 2004 - RESULTS

PL 480 TITLE II CRS
CCC: 5818
FIXED W/ GLOBAL CONTAINER LINE LTD.

VESSEL: BUFFALO SOLDIER, GEARED MULTI-PURPOSE RO-RO/TWEEN
CARGO: 20,000 MT MIN/MAX SORGHUM IN BULK 
L/P: 1 SB GALVESTON, TEXAS
D/P: 1/2 SB MASSAWA, ERITREA
LAYCAN: JANUARY 21-31, 2005

FREIGHT RATE: $ 162.51 PER MT BASIS 1 LP / 1 DP

BAGGING / STACKING PREMIUMS:
USD 5.00 PMT EXTRA FOR BAGGING ALONGSIDE VESSEL AND RECEIVERS TAKING
DELIVERY AT END OF BAGGING LINE; OR
USD 7.50 PMT EXTRA FOR BAGGING ALONGSIDE VESSEL AND STACKED ON TO 
TRUCKS / CONVEYANCES; OR
USD 12.00 PMT EXTRA FOR BAGGING ALONGSIDE VESSEL AND STACKED INTO 
PORT WAREHOUSES.