CRS / NICARAGUA / BULK WHEAT

NICARAGUA TENDER DATED DECEMBER 1, 2005
RESULTS

SHIN HSING - TAIWAN FLAG - BULK CARRIER
OWNER: GULF CHARTERING INC.
CARGO: 1,320 MT BULK WHEAT
LAYDAYS: DECEMBER 21 - 31, 2005
L/P: 1/3 SB EACH 1/2 SP U.S. GULF
D/P: 1/2 SB CORINTO, NICARAGUA

FREIGHT RATE: USD 94.94 PMT BASIS ONE LOAD PORT

PREMIUMS: USD 5.00 PMT DISCOUNT IF HOUSTON, TEXAS
ONLY LOAD PORT; USD 8.00 PMT EACH ADDL L/B;
USD 13.00 PMT EACH ADDL L/P.

DEMURRAGE: USD 10,000 PDPR