PRELIMINARY VOYAGE ESTIMATING  
                 =============================== 
       DATE    : 14/09/07              VESSEL  : A. DOVZHENKO        
       SPEED L : 10.0  Knots           DAILY  L: 240.00 mls
             B : 10.0  Knots                  B: 240.00 mls
 
       BUNKER CONSUMPTION PER 24 hrs.
 
       F.O. at sea:   14.00  ts          at port:  0.00 ts
       D.O. at sea:    1.20  ts          at port:  1.20 ts
 
       STEAMING
 
       From: VARNA                 To: MARIUPOL              D:    527.00 mls  b
       From: MARIUPOL              To: RAVENNA               D:   1676.00 mls  l
       From: RAVENNA               To: VARNA                 D:   1278.00 mls  b
       From: VARNA                 To:                       D:      0.00 mls   
                                              TOTAL DISTANCE :    3481.00 mls
       Steam.time :  14.50 days  Bunk.cons.:F.O.  203.058 ts.D.O.   26.405 ts.
       L. Time    :   3.00 days
       D. Time    :   2.50 days
       B. Time    :   2.00 days
       TOTAL      :  22.00 days
 
       EXPENSES
       F.O.  203.058  ts  X  U.S.D.   409.00  = U.S.D.   83050.86
       D.O.   26.405  ts  X  U.S.D.   689.00  = U.S.D.   18193.05
       D/A L.P.                     12000.00  = U.S.D.   12000.00
       D/A L.P.                         0.00  = U.S.D.       0.00
       D/A D.P.                     15000.00  = U.S.D.   15000.00
       D/A D.P.                         0.00  = U.S.D.       0.00
       CANAL DUES                       0.00  = U.S.D.       0.00
       EX. INSURANCE                    0.00  = U.S.D.       0.00
       EXTRA (OTHER) EXPENSES           0.00  = U.S.D.       0.00
             TOTAL EXPENSES                   = U.S.D.  128243.90
 
             I N C O M E 
       Loded cargo   FRT P.M.T.   Gross FRT.     Comm.%     Comm.     NET FRT.
       10000.000         26.00    260000.00          2.50    6500.00  253500.00
       VOY NET FRT      : U.S.D.  253500.00    VOY EXPENSES : U.S.D.  128243.90
       VOY T/C INCOMS   : U.S.D.  125256.10    VOY DURATION : DAYS        22.00
       DAILY T/C RATE   : U.S.D.    5692.38
 
                                          OPERATIONAL  MANAGER : DPP