SHIP SALE REPORT

SHIP SALE REPORT

RECENT VESSEL SALES

SALE DATE VESSEL YEAR PRICE

REPORTED VESSEL NAME TYPE DWT. BUILT (MILLIONS)

4/24/98 Muhittin Ozturk Bulker 41,284 86 $ 9.300

4/24/98 Gts Aurora Bulker 46,056 85 $ 9.200

4/17/98 United Hope Bulker 69,011 83 $ 8.000

4/24/98 Halla Giant Bulker 73,300 97 $22.500

4/17/98 Ioannis Tanker 149,999 89 $38.000

4/17/98 Assimina Tanker 254,735 74 $11.500

4/17/98 Erica Tanker 298,896 95 $75.000