SHIP SALE REPORT

SHIP SALE REPORT

Ship Sale Report appears on alternate Fridays. The information, compiled by Shipping Intelligence Inc., a New York maritime consulting firm, tracks sale prices of secondhand bulk carriers and tankers during a recent two-week period.

Actual Vessel Sale Evaluations

Sale Time

Date Vessel Year Price Charter

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

2/04/92 Mayfair Bulker 17,309 77 $ 3.75 $10.02

2/14/92 Atlanta Bulker 25,085 82 $16.30 $18.38

2/04/92 Thoruun Bulker 25,657 69 $ 1.50 $ 4.77

2/04/92 Pacific Star Bulker 27,515 79 $ 2.50 $ 5.27

2/04/92 Hansa Partner Bulker 26,030 74 $ 4.30 $ 6.65

2/03/92 Sun Hawk Bulker 39,697 84 $15.70 $11.31

2/03/92 Kelvin Enterprise Bulker 42,208 84 $18.00 $11.88

2/04/92 Gazia Bulker 59,519 69 $ 5.00 $ 3.39

2/03/92 Seafalcon Bulker 65,698 74 $ 5.25 $ 4.23

2/07/92 Lain Bulker 149,511 89 $44.50 $ 7.44

2/04/92 Jade Tanker 13,339 75 $ 5.75 $16.93

2/03/92 Ambra Baleen Tanker 39,697 87 $35.00 $22.63

2/14/92 Diamond Marine Tanker 227,305 74 $ 8.55 $ 1.32

(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.