MADAGASCAR FREIGHT TENDER DATED FEBRUARY 2, 2005 - RESULTS 

PL480 TITLE II - CRS
CCC: 5421
FIXED W/ IMC MARITIME GROUP, KINGWOOD, TEXAS
M/V SUN BULKER - PHIL FLAG BULK CARRIER

CARGO: 7,600 MT WHEAT IN BULK
VESSEL IS ALSO BEING CONTRACTED TO LIFT ADDITIONAL PART CARGOES OF 
BULK WHEAT FOR DISCHARGE AT MOMBASA, KENYA (CRS KENYA AND ACDI 
UGANDA) AND FOR DELIVERY TO ETHIOPIA VIA DJIBOUTI (CRS ETHIOPIA) 
UNDER SEPARATE PL480 TITLE II CHARTER PARTIES AND WHICH CARGOES WILL 
BE DULY SEPARATED FROM CRS MADAGASCAR'S WHEAT CARGO.

LAYDAYS: MARCH 1-10, 2005

L/P: 1/3 SB EACH 1/2 SP USG 
D/P: 1/2 SB TOAMASINA, MADAGASCAR

FREIGHT RATE: USD 74.50 PMT BASIS LOADING ALL CARGOES (CRS MADAGASCAR 
+ CRS KENYA + CRS ETHIOPIA + ACDI UGANDA) AT ONE LOAD BERTH / ONE 
LOAD PORT AND LOADING U.S. GULF EXCLUDING MISSISSIPPI RIVER; 
ADDITIONAL USD 65,000 LUMPSUM (PRO-RATED OVER ENTIRE 46,640 MT OF CRS 
+ ACDI CARGOES) FOR MISSISSIPPI RIVER LOADING; ADDITIONAL USD 25,000 
LUMPSUM FOR EACH ADDITIONAL LOAD BERTH USED IN LOADING THE ENTIRE 
46,640 MT OF CRS + ACDI CARGOES AND PRO-RATED OVER THE ENTIRE 
QUANTITY; ADDITIONAL USD 125,000 LUMPSUM FOR EACH ADDITIONAL LOAD 
PORT USED IN LOADING THE ENTIRE 46,640 MT OF CRS + ACDI CARGOES AND 
PRO-RATED OVER THE ENTIRE QUANTITY.