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: ODESSA                D:    275.00 mls  b
       From: ODESSA                To: DILISKILISI           D:    377.00 mls  l
       From: DILISKILISI           To:                       D:      0.00 mls   
       From:                       To:                       D:      0.00 mls   
                                              TOTAL DISTANCE :     652.00 mls
       Steam.time :   2.72 days  Bunk.cons.:F.O.   38.033 ts.D.O.   20.060 ts.
       L. Time    :   6.00 days
       D. Time    :   5.00 days
       B. Time    :   3.00 days
       TOTAL      :  16.72 days
 
       EXPENSES
       F.O.   38.033  ts  X  U.S.D.   425.00  = U.S.D.   16164.17
       D.O.   20.060  ts  X  U.S.D.   720.00  = U.S.D.   14443.20
       D/A L.P.                         0.00  = U.S.D.       0.00
       D/A L.P.                     10000.00  = U.S.D.   10000.00
       D/A D.P.                         0.00  = U.S.D.       0.00
       D/A D.P.                     12000.00  = U.S.D.   12000.00
       CANAL DUES                    3200.00  = U.S.D.    3200.00
       EX. INSURANCE                    0.00  = U.S.D.       0.00
       EXTRA (OTHER) EXPENSES           0.00  = U.S.D.       0.00
             TOTAL EXPENSES                   = U.S.D.   55807.37
 
             I N C O M E 
       Loded cargo   FRT P.M.T.   Gross FRT.     Comm.%     Comm.     NET FRT.
       10000.000         15.00    150000.00          3.75    5625.00  144375.00
       VOY NET FRT      : U.S.D.  144375.00    VOY EXPENSES : U.S.D.   55807.37
       VOY T/C INCOMS   : U.S.D.   88567.63    VOY DURATION : DAYS        16.72
       DAILY T/C RATE   : U.S.D.    5298.16
 
                                          OPERATIONAL  MANAGER : DPP