PRELIMINARY VOYAGE ESTIMATING  
                 =============================== 
       DATE    :   /  /                VESSEL  : A. DOVZHENKO        
       SPEED L :  7.5  Knots           DAILY  L: 180.00 mls
             B :  8.5  Knots                  B: 204.00 mls
 
       BUNKER CONSUMPTION PER 24 hrs.
 
       F.O. at sea:    3.30  ts          at port:  0.00 ts
       D.O. at sea:    0.00  ts          at port:  0.50 ts
 
       STEAMING
 
       From: BOURGAS               To: SEVILLE               D:   2055.00 mls  l
       From: SEVILLE               To: VALENCIA              D:    516.00 mls  b
       From: VALENCIA              To: CYPRUS                D:   1643.00 mls  l
       From: CYPRUS                To: PIRAEUS               D:    525.00 mls  b
                                              TOTAL DISTANCE :    4739.00 mls
       Steam.time :  25.65 days  Bunk.cons.:F.O.   84.636 ts.D.O.    6.500 ts.
       L. Time    :   4.00 days
       D. Time    :   4.00 days
       B. Time    :   5.00 days
       TOTAL      :  38.65 days
 
       EXPENSES
       F.O.   84.636  ts  X  U.S.D.   600.00  = U.S.D.   50781.82
       D.O.    6.500  ts  X  U.S.D.   600.00  = U.S.D.    3900.00
       D/A L.P.                      4400.00  = U.S.D.    4400.00
       D/A L.P.                      5000.00  = U.S.D.    5000.00
       D/A D.P.                      5000.00  = U.S.D.    5000.00
       D/A D.P.                      2000.00  = U.S.D.    2000.00
       CANAL DUES                       0.00  = U.S.D.       0.00
       EX. INSURANCE                  800.00  = U.S.D.     800.00
       EXTRA (OTHER) EXPENSES           0.00  = U.S.D.       0.00
             TOTAL EXPENSES                   = U.S.D.   71881.82
 
             I N C O M E 
       Loded cargo   FRT P.M.T.   Gross FRT.     Comm.%     Comm.     NET FRT.
                                   90000.00          3.75    3375.00   86625.00
        1100.000         27.00     29700.00          5.00    1485.00   28215.00
       VOY NET FRT      : U.S.D.  114840.00    VOY EXPENSES : U.S.D.   71881.82
       VOY T/C INCOMS   : U.S.D.   42958.18    VOY DURATION : DAYS        38.65
       DAILY T/C RATE   : U.S.D.    1111.54
 
                                          OPERATIONAL  MANAGER : RB