Vessels under Voyage

Vessel Name

Load/Discharge Port

Position

Notes:

ONIX

ASTRAKHAN Port, Streletskiy Terminal, Russia.

Bandar Anzali Port, I.R. of IRAN.

Vessel completed loading of her completion cargo and sailed on March 23, 2006.

ETA Bandar Anzali Port, I.R. of Iran: March 28, 2006.

Loaded 422,870 MTS Gross / 418.500 MTS Net CRC from Strel-etky Terminal.

Completed loading and sailed for destination port.

EUROMED

Directoria-Yeisk, Azov Sea Port, Russia,

One main Black Sea or Marmara Sea or Nemrut Bay port(s) of Turkey.

Vessel sailed from Ege Celik Pier, Nemrut Bay, Aliaga - Izmir Turkey on March 24, 2006 at 06:30 AM hrs LT TR after completion of discharge of full cargo on board.

A3 Steel Scrap.

B/L dd. 14.03.2006 No: 1

2828.438 MTS Gross & Net.

Discharged Weight:

2757,500 MTS Weight Bridge.

2767,912 MTS Draft Survey

Shortage:

70,938 MTS Weight Bridge

60,526 MTS Draft Survey

Inspectors: INSPECTORATE, Turkey

Completed discharging and our Charter ended.

ESPADA 1

Novorossiysk Port, Russia

Porto Monfalcone, Italy

Completed discharging of full B/L cargo on March 23, 2006 at 19:30 PM hrs LT IT and sailed.

Steel Semi-Finished Products packed in bundles of Max: 6 Metric Tons.

B/L dd. March 10, 2006 No: 1 covering 9036,020 Metric Tons of Prime Concast Steel Billets .

Completed discharging and our Charter ended.

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Vessels under Loading / Discharge:

Vessel Name

Load/Discharge Port

Position

Notes:

ESPADA 1

Novorossiysk Port, Russia

Porto Monfalcone, Italy

Discharging started at March 20, 2006 at 08:00 AM hrs LT IT.

As by March 23, 2006 at 19:30 PM hrs LT IT, total quantity discharged: 9036,020 MTS.

Discharging completed on March 23, 2006 at 19:30 PM hrs LT IT.

Steel Semi-Finished Products packed in bundles of Max: 6 Metric Tons.

B/L dd. March 10, 2006 No: 1 covering 9036,020 Metric Tons of Prime Concast Steel Billets in size:

125 x 125 x 11700 mm (+/- 100 mm).

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Vessel(s) Expected to Arrive Load Port(s) Under our Charter

Vessel Name

Load/Discharge Port

Position

Notes:

IGARKA

Novorossiysk Port, Black Sea - Russian Federation.

Porto Marghera, Adriatic Port, Italy

Lay-Can Novorossiysk Port, Russia March 28-31, 2006 WP AGW.

Presently at Mariupol Port, Ukraine under discharge.

13000 MTS Steel Billets in size of 125 x 125 x 1100 mm in Grade 3 PS in Bundles of about 6 MTS each.

3000 MTS Wire Rods in Coils of 1200 to 1500 kgs.

FRONT

[EX-NAME AUKUBA]

Azov Port, Azov Sea, Russia.

One main Black Sea or Marmara Sea or Nemrut Bay port(s) of Turkey.

Lay-Can Azov Port March 28-31, 2006.

ETA Azov Port, Russia: March 29, 2006 WP AGW.

Approx. 2700 MTS Iron & Steel Scrap in Grade A3.

ARAS-9

Rostov-on-Don Port (After Bridge), Azov Sea, Russia.

One main Black Sea or Marmara Sea or Nemrut Bay port(s) of Turkey.

Lay-Can Rostov-on-Don Port (After Bridge) March 29 / April 02, 2006.

Sailed from NEMRUT BAY HARBOR, Aliaga-Izmir Turkey Port March 25, 2006 WP AGW.

ETA Rostov-on-Don After Bridge Port, Russia: March 30, 2006 WP AGW.

Approx. 2900 MTS Iron & Steel Scrap in Grade A3.

SORMOVSKIY 116

Azov Port (Azov Sea), Russia.

One main Black Sea or Marmara Sea or Nemrut Bay port(s) of Turkey.

Lay-Can Azov Port (Azov Sea) Russia March 26-30, 2006 WP AGW.

Vessel is presently at AZOV - Ship Yard for repairs.

ET of completion of repairs and transfer to our Loading Pier under our Charter March 27, 2006 AGW.

Approx. 2720 MTS Iron & Steel Scrap in Grade A3.

RESUL RZA

or Sub

Sormovskiy or

Omskiy or

V-Balt Type.

Rostov-on-Don Port (After Bridge), Azov Sea, Russia.

One main Black Sea or Marmara Sea or Nemrut Bay port(s) of Turkey.

Lay-Can Rostov-on-Don Port (After Bridge) March 05-10 April, 2006.

Approx. 2720 MTS Iron & Steel Scrap in Grade A3.

VOLGO-BALT 238

Rostov-on-Don Port (After Bridge), Azov Sea, Russia.

One main Black Sea or Marmara Sea or Nemrut Bay port(s) of Turkey.

Lay-Can Rostov-on-Don Port (After Bridge) March 29 / April 02, 2006.

ETA Rostov-on-Don After Bridge Port, Russia: March 25, 2006  11:00 AM hrs LT RU WP AGW.

Vessel shall enter under our charter after completion of discharging of on-board cargo. ET of completion of discharge and entering into our charter after 2 days of discharge job, at or around March 27, 2006 AGW.

Approx. 2900 MTS Iron & Steel Scrap in Grade A3.