ERITREA FREIGHT TENDER DATED JANUARY 21, 2005 - RESULTS

PL 480 TITLE II CRS
CCC: 5875
FIXED W/ LIBERTY SPIRIT CORPORATION

VESSEL: M/V LIBERTY SPIRIT, US FLAG GEARED BULK CARRIER
CARGO: 6,980 MT MIN/MAX SORGHUM IN BULK 
IN COMBO WITH 34,120 MT OF BULK WHEAT FOR ACCOUNT OF 
USAID FOR DISCHARGE AT DJIBOUTI 
L/P: 1/3 SB 1/2 SP U.S. GULF
D/P: 1/2 SB MASSAWA, ERITREA
LAYCAN: FEBRUARY 15-25, 2005

FREIGHT RATE: $ 94.86 PER MT
PLUS $ 90,000 LUMPSUM FOR EACH ADD'L LOAD BERTH
PLUS $ 150,000 LUMPSUM FOR EACH ADD'L LOAD PORT
PLUS $ 50,000 LUMPSUM FOR A SECOND DISCHARGE PORT
ALL PREMIUMS TO BE PRORATED BETWEEN CRS AND USAID PORTIONS

BAGGING / STACKING PREMIUMS:
$ 4.00 PMT EXTRA FOR BAGGING ALONGSIDE VESSEL AT DISCHARGE PORT