MADAGASCAR FREIGHT TENDER DATED NOVEMBER 1, 2004 - RESULTS 

PL480 TITLE II - CRS
FIXED W/ STOLT-NIELSEN TRANSPORTATION GROUP BV
M/T STOLT EXCELLENCE
LIBERIAN FLAG TANKER
4,830 MT CRUDE DEGUMMED SOYBEAN OIL IN BULK 
LAYDAYS: DECEMBER 1-10, 2004
L/P: 1/3 SB EACH 1/2 SP USG 
D/P: 1/2 SB TOAMASINA, MADAGASCAR

FREIGHT RATE: $ 172.25 PMT BASIS 1 LP / 1 DP
PLUS $ 25,000.00 LUMPSUM IF A SECOND LOAD PORT IS USED
PLUS $ 7,500.00 LUMPSUM FOR EACH ADDITIONAL LOAD BERTH