SHIP SALE REPORT

SHIP SALE REPORT

ACTUAL VESSEL SALE EVALUATIONS

Sale TimeDate Vessel Year Price Charter

Reported Vessel Name Type Dwt. Built (Millions) Rate (1)

1/17/92 Alexander's Daring Bulker 27,606 77 $ 6/30 $ 8.44

1/24/92 Jovian Liberty Bulker 47,893 84 $16.50 $ 9.73

1/17/92 Polycrest Bulker 118,054 75 $14.50 $ 3.58

1/17/92 Kortank Tanker 24,290 68 $ 2.50 $ 6.24

1/24/92 Kirillis Anna Tanker 60,962 78 $ 9.50 $ 5.14

1/24/92 Trade Independence Tanker 211,067 71 $ 7.25 $ 1.28

(1) For each sale, a hypothetical timecharter rate was calculated that would earn a 15% internal rate of return for the buyer. Typical or market rates were used in estimating financing and operating costs. Rates are expressed in

dollars per deadweight ton per month. These hypothetical rates are not necessarily the rate an actual owner would demand.

Source: Shipping Intelligence Inc. and Knight-Ridder Transportation News Ticker.