PRELIMINARY VOYAGE ESTIMATING  
                 =============================== 
       DATE    : 23/05/02              VESSEL  : SOSNOVETS           
       SPEED L :  9.0  Knots           DAILY  L: 216.00 mls
             B :  9.2  Knots                  B: 220.80 mls
 
       BUNKER CONSUMPTION PER 24 hrs.
 
       F.O. at sea:    4.00  ts          at port:  0.00 ts
       D.O. at sea:    0.60  ts          at port:  0.80 ts
 
       STEAMING
 
       From: NAKHODKA              To: OMAEZAKI              D:    900.00 mls  l
       From: OMAEZAKI              To: POHANG                D:    669.00 mls  l
       From: POHANG                To:                       D:      0.00 mls   
       From:                       To:                       D:      0.00 mls   
                                              TOTAL DISTANCE :    1569.00 mls
       Steam.time :   7.26 days  Bunk.cons.:F.O.   29.056 ts.D.O.   14.758 ts.
       L. Time    :   6.00 days
       D. Time    :   5.00 days
       B. Time    :   2.00 days
       TOTAL      :  20.26 days
 
       EXPENSES
       F.O.   29.056  ts  X  U.S.D.   160.00  = U.S.D.    4648.89
       D.O.   14.758  ts  X  U.S.D.   243.00  = U.S.D.    3586.28
       D/A L.P.                      3200.00  = U.S.D.    3200.00
       D/A L.P.                      6000.00  = U.S.D.    6000.00
       D/A D.P.                      2550.00  = U.S.D.    2550.00
       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.   19985.16
 
             I N C O M E 
       Loded cargo   FRT P.M.T.   Gross FRT.     Comm.%     Comm.     NET FRT.
        1200.000         25.00     30000.00          2.50     750.00   29250.00
        1100.000         17.50     19250.00          2.50     481.25   18768.75
       VOY NET FRT      : U.S.D.   48018.75    VOY EXPENSES : U.S.D.   19985.16
       VOY T/C INCOMS   : U.S.D.   28033.59    VOY DURATION : DAYS        20.26
       DAILY T/C RATE   : U.S.D.    1383.43
 
                                          OPERATIONAL  MANAGER :