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.

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Vessels under Loading / Discharge:

Vessel Name

Load/Discharge Port

Position

Notes:

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

Vessel Name

Load/Discharge Port

Position

Notes:

ST CLAIRE

Yeisk-Direktoria, Azov Sea Port, Russian Federation.

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

Lay-Can Yeisk-Direktoria Port: April 4-7, 2006 WP AGW.

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

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 28, 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.

Presently under discharge at NEMRUT BAY HARBOR, Aliaga-Izmir Turkey Port March 27, 2006 WP AGW.

ETA Rostov-on-Don After Bridge Port, Russia: April 01-02, 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.

Vessel is presently in Rostov Port (Before Bridge), Azov Sea, Russia and loading her cargo for her previous charter by a 3rd Party to one main Black Sea Port.

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  14:00 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.