TELiX MSG: 66E18-00 12/06/08 12:47 NAVATRADE SA - GD DAY - PHONE: +30210 9213222

OZCAN/SOFOKLIS RE: REFIOGLU / INDAGRO C/P DD 12/6/08 == REF OUR PHONCONV BOTH OWS/CHRTS AGREED NEW LAYCAN 25/29 JUNE BSS WHICH CHRTS LIFTED ALL SUBS THEREFORE VSL IS NOW FULLY FIXED. FULL FIXTURE RECAP AS FOLL: - ACCT INDAGRO CONTRACTORS SA FRIBOURG SWITZERLAND OR GUARANTEED NOMINEE MV REFIOGLU Ex-name: SIR JACOB, BAY SISTER Summer DWAT: 10,106 mts on 8.023 m sw Turkish Flag, Singledeck, Bulkcarrier Built: March 1997 Class: BV P+I . North of England L.o.a / Beam/ Dm : 113.33 m / 19.40 m / 10.40 m Grt/Nrt : 6,000/3,541 Holds/hatches: 3/3 McGregor Hydraulic folding hatchcovers Grain Bale (cft) No1: 101,479 103,512 No2: 165,598 158,632 No3: 156,883 151,156 Ttl : 429,960 413,300 Hatch size (m) No1: 14.6 x 10.6 No2: 20.0 x 12.6 No3: 20.0 x 12.6 Holds at tank top: l x b-fwd x b-aft x h (in mtrs) No1: 22.39 x 2.80 x 15.40 x 9.00 No2: 28.49 x 15.40 x 15.40 x 9.00 No3: 28.49 x 15.40 x 7.00 x 9.00 All details "about" given in good faith without guarantee - OWNER'S FULL STYLE : "ODIN ORTADOGU INSAAT SANAYI TICARET VE TAS. A.S." BUYUKDERE CADDESI, NO:173, A. BLOK, KAT: 12 SISLI - ISTANBUL TURKEY PHONE : +90-212-283 89 49 FAX : +90-212-324 27 55 -MANAGERS: "ODIN SHIP MANAGEMENT, ISTANBUL" - CALL SIGN : TCTC5 - IMO NO :9146118

- H+M VALUE : USD 16.5 MILLION - LAST 3 CARGOES : FLOURSPAR (LAST) / MAP / PIG IRON - VSLS PRESENT POSITION/ITINERARY/ETA LOADPORT: ETA CAGLIARI , ITALY ON 15TH OF JUNE WP IAGW IN ORDER TO DISCHARGE 9525 MTONS BULK FLOUSPAR. ACCORDING TO AGENT ETC/S 18/19TH JUNE WP ETA NOVORISSISK 24TH JUNE 2008 WP IAGW -GEAR: 2 X 20 MT CRANES + 1 X 20 MT DERRICK VESSEL IS ONLY ALLOWED TO WORK SINGLE HOOK ON A SINGLE HOLD - FOR LOADPORT VSL TO BE CONSIDERED AS GEARLESS - CHRTS TO USE VSLS GEAR ONLY FOR DISCHPORT IN WHICH CASE OWS GUARANTEE VSL HAS 2 CRANES AND 1 DERRICK AND LIFTING CAPACITY (SWL) 20 TNS EACH. ALSO ADD FOLLOWING ; VESSEL HAS TWO CRANE AND ONE DERRICK AS DESCRIBED IN PARTICULAR OF SHIP. NO.1 CRANE IS IN BETWEEN NO.1 AND 2 HOLDS WHICH SERVES BOTH WITH OUTREACH ABOUT 3.5 METERS FROM SHIPRAILS AND MIN HEIGHT FROM WATERLINE TO HOOK IS 21.0 METERS. NO.2 CRANE IS IN BETWEEN NO.2 AND 3 HOLDS WHICH SERVES BOTH WITH OUT REACH ABOUT 6.5 METERS FROM SHIPRAILS AND MIN HEIGHT FROM WATERLINE TO HOOK IS 21.0 METERS. THE DERRICK IS IN FRONT OF ACCOMODATION WHICH SERVES TO ONLY NO.3 HOLD WITH OUT REACH 3.0 METERS FROM SHIPRAILS AND HEIGHT FROM WATERLINE TO HOOK IS ABT. 15.5 METERS. UNDER THE LIGHT OF ABOVE EXPLANATION, SHE HAS TO COMMENCE DISCHARGING WITH TWO GANG TO WORK IN NO.3 AND NO.1 AT THE BEGINNING AND LATER NO.2 IN ORDER TO GET DERRICK ON WORKING CONDITION. IT MEANS THAT SHE CAN ACCOMODATE 3 GANGS AFTER A WHILE IF DESIRED TO DO SO. FOR: - 9500 MTNS 3PCT MOLOO BLK NK (21/0/21) IMO CLASS 9 UNNO 2071 - 1SB NOVOROSSISK - 1SB PORT LOUIS MAURICIUS - ALWAYS AFLOAT BENDS - LAYCAN 25/29 JUNE 2008 - 3500 MTNS PWW DAY OF 24 CONS HRS SATSHEX EIU LOAD - 2000 MTNS PWW DAY OF 24 CONS HRS SHEX EIU DISCH - FRIDAY 5PM/PREHOLIDAY-MONDAY 8AM/POSTHOLIDAY NOT TO COUNT EIU AT LOADPORT - SATURDAY NOON/PREHOLIDAY-MONDAY 8AM/POSTHOLIDAY NOT TO COUNT EIU AT DISCHPORT - AT LOADPORT MASTER TO TENDER NOR SATSHEX, MONDAY TO FRIDAY BETWEEN 0800HRS-1700 HRS. AT DISCHPORT MASTER TO TENDER NOR SHEX MONDAY TO FRIDAY BETWEEN 0800HRS-1700HRS AND ON SATURDAYS BETWEEN 0800HRS-1200HRS - LAYTIME TO BE NON REVERSIBLE - FRT USD 129.00 PMT FIO - TRIMMING ONLY IN SO FAR AS LOADING FACILITIES CAN ACCOMODATE - FRT PAYABLE 95PCT LESS COMM AND ESTIMATED LOADPORT DESPATCH IF ANY, WITHIN 3 BANK WORKING DAYS OF SIGNING/RELEASING

BSL MARKED CLEAN ON BOARD AND 'FRT PAYABLE AS PER C/P' - CHOPT FOR 'FRT PREPAID' BSL IN WHICH CASE SAME TO BE RELEASED UPON RECEIPT OF TLX CONFIRMATION FRM CHRTS BANKERS TO OWS BANKERS THAT ADVANCE FRT HAS BEEN IRREVOCABLY REMITTED, OR UPON RECEIPT OF SWIFT COPY OF PAYMENT - MASTER'S RIGHT TO REJECT DAMAGED CARGO IF ANY WHICH MIGHT PREJUDICE THE ISSUANCE OF CLEAN ON BOARD BSL - IN CASE OF DEADFREIGHT THE LAYTIME ALLOWED FOR LOADING AND DISCHARGING, TO BE CALCULATED ON THE BASIS OF TONNAGE FOR WHICH FREIGHT AND DEADFREIGHT IS PAID AND NOT ON THE ACTUAL QUANTITY LOADED. - DEM USD 14000 PDPR/HDWTSBENDS - EXINS IF ANY DUE TO VSLS AGE TO BE FOR CHRTS ACCT - FULL FRT DEEMED EARNED ON SIGNING BSL DANRVAOCLONL - ANY TAXES/DUES ON VSL/FRT OWS ACC BENDS - ANY TAXES/DUES ON CGO CHRTS ACC BENDS - BIMCO STANDARD ISM CLAUSE TO APPLY - CHRTS AGENTS BENDS FOR DISCHPORT INTENTION TO USE FOLL Messrs Emcar Limited,Shipping Agents,Telex No 4223 Emcar IW,Telephone (230 ) 216 8200/1/2,Fax (230 ) 2168220,Contact Persons (a) Gaetan Finck e-mail address gfinck@emcar.mu (b) Jean Bernard Bahadoor email address jbbahadoor@emcar.mu - NO CARGO TO BE LOADED INTO DEEP TANKS OR OTHER INACCESSIBLE PLACES - OWS GUARANTEE VSL IS SUITABLE FOR GRAB DISCH - 3,75PCT TTL HERE - OWISE AS PER REFIOGLU C/P DD 14/4/08 WITH CHRTS TO READ INDAGRO AND LOGICALLY AMENDED AS PER MAIN TERMS AGREED ++ENDS REVERTING WITH NOTICES, MEANTIME FOR C/P PURPOSES PLS ADVISE OWS BANKERS. THKS FOR THE FIXTURE REGARDS

TELiX MSG: 66245-00 11/06/08 13:52 NAVATRADE SA - GD DAY - PHONE: +30210 9213222

OZCAN/SOFOKLIS RE: REFIOGLU / INDAGRO == PLS FIND BELOW CHRTS OFFER: - ACCT INDAGRO CONTRACTORS SA FRIBOURG SWITZERLAND OR GUARANTEED NOMINEE MV REFIOGLU Ex-name: SIR JACOB, BAY SISTER

Summer DWAT: 10,106 mts on 8.023 m sw Turkish Flag, Singledeck, Bulkcarrier Built: March 1997 Class: BV P+I . North of England L.o.a / Beam/ Dm : 113.33 m / 19.40 m / 10.40 m Grt/Nrt : 6,000/3,541 Holds/hatches: 3/3 McGregor Hydraulic folding hatchcovers Grain Bale (cft) No1: 101,479 103,512 No2: 165,598 158,632 No3: 156,883 151,156 Ttl : 429,960 413,300 Hatch size (m) No1: 14.6 x 10.6 No2: 20.0 x 12.6 No3: 20.0 x 12.6 Holds at tank top: l x b-fwd x b-aft x h (in mtrs) No1: 22.39 x 2.80 x 15.40 x 9.00 No2: 28.49 x 15.40 x 15.40 x 9.00 No3: 28.49 x 15.40 x 7.00 x 9.00 All details "about" given in good faith without guarantee - PLS ADVISE OWS STYLE/CALL SIGN/IMO NO/H+M VALUE/LAST 3 CARGOES/VSLS PRESENT POSITION/ITINERARY/ETA LOADPORT - PLS ADVISE GEAR'S OUTREACH FRM SHIPS RAIL - PLS FAX VSLS P+I/CLASS/ISM/ISPS CERTIFICATES - FOR LOADPORT VSL TO BE CONSIDERED AS GEARLESS - CHRTS TO USE VSLS GEAR ONLY FOR DISCHPORT IN WHICH CASE OWS GUARANTEE VSL HAS 2 CRANES AND 1 DERRICK WHICH ARE ABLE TO SERVE ALL HOLDS SIMOULTANEOUSLY BASIS ONE GANG PER HOLD AND LIFTING CAPACITY (SWL) 20 TNS EACH - ON ARRIVAL DISCHPORT OWS CONFIRM VSLS MIN DISTANCE FRM WTRLINE TO HOOK OF VSLS GEAR AT THE NORMAL WORKING ANGLE OF VSLS GEAR IS: NO.1 CRANE : W/L TO HOOK 14.00 METERS NO.2 CRANE : W/L TO HOOK 16.50 METERS NO.3 DERRICK : W/L TO HOOK 15.00 METERS FOR: - 9500 MTNS 3PCT MOLOO BLK NK (21/0/21) IMO CLASS 9 UNNO 2071 - 1SB NOVOROSSISK - 1SB PORT LOUIS MAURICIUS - ALWAYS AFLOAT BENDS - LAYCAN 24/29 JUNE 2008 - 3500 MTNS PWW DAY OF 24 CONS HRS SATSHEX EIU LOAD - 2000 MTNS PWW DAY OF 24 CONS HRS SHEX EIU DISCH - FRIDAY 5PM/PREHOLIDAY-MONDAY 8AM/POSTHOLIDAY NOT TO COUNT EIU AT LOADPORT - SATURDAY NOON/PREHOLIDAY-MONDAY 8AM/POSTHOLIDAY NOT TO COUNT EIU AT DISCHPORT

- AT LOADPORT MASTER TO TENDER NOR SATSHEX, MONDAY TO FRIDAY BETWEEN 0800HRS-1700 HRS. AT DISCHPORT MASTER TO TENDER NOR SHEX MONDAY TO FRIDAY BETWEEN 0800HRS-1700HRS AND ON SATURDAYS BETWEEN 0800HRS-1200HRS - LAYTIME TO BE NON REVERSIBLE - FRT USD 128.00 PMT FIO - TRIMMING ONLY IN SO FAR AS LOADING FACILITIES CAN ACCOMODATE - FRT PAYABLE 95PCT LESS COMM AND ESTIMATED LOADPORT DESPATCH IF ANY, WITHIN 3 BANK WORKING DAYS OF SIGNING/RELEASING BSL MARKED CLEAN ON BOARD AND 'FRT PAYABLE AS PER C/P' - CHOPT FOR 'FRT PREPAID' BSL IN WHICH CASE SAME TO BE RELEASED UPON RECEIPT OF TLX CONFIRMATION FRM CHRTS BANKERS TO OWS BANKERS THAT ADVANCE FRT HAS BEEN IRREVOCABLY REMITTED, OR UPON RECEIPT OF SWIFT COPY OF PAYMENT - MASTER'S RIGHT TO REJECT DAMAGED CARGO IF ANY WHICH MIGHT PREJUDICE THE ISSUANCE OF CLEAN ON BOARD BSL - IN CASE OF DEADFREIGHT THE LAYTIME ALLOWED FOR LOADING AND DISCHARGING, TO BE CALCULATED ON THE BASIS OF TONNAGE FOR WHICH FREIGHT AND DEADFREIGHT IS PAID AND NOT ON THE ACTUAL QUANTITY LOADED. - DEM USD 14000 PDPR/HDWTSBENDS - EXINS IF ANY DUE TO VSLS AGE TO BE FOR CHRTS ACCT - FULL FRT DEEMED EARNED ON SIGNING BSL DANRVAOCLONL - ANY TAXES/DUES ON VSL/FRT OWS ACC BENDS - ANY TAXES/DUES ON CGO CHRTS ACC BENDS - BIMCO STANDARD ISM CLAUSE TO APPLY - CHRTS AGENTS BENDS FOR DISCHPORT INTENTION TO USE FOLL Messrs Emcar Limited,Shipping Agents,Telex No 4223 Emcar IW,Telephone (230 ) 216 8200/1/2,Fax (230 ) 2168220,Contact Persons (a) Gaetan Finck e-mail address gfinck@emcar.mu (b) Jean Bernard Bahadoor email address jbbahadoor@emcar.mu - NO CARGO TO BE LOADED INTO DEEP TANKS OR OTHER INACCESSIBLE PLACES - OWS GUARANTEE VSL IS SUITABLE FOR GRAB DISCH - 3,75PCT TTL HERE - OWISE AS PER REFIOGLU C/P DD 14/4/08 WITH CHRTS TO READ INDAGRO AND LOGICALLY AMENDED AS PER MAIN TERMS AGREED - SUB STEM/SHIPPERS/RCVRS APPROVAL TO BE LIFTED WITHIN ONE WORKING DAY AFTER FIXING ++ENDS PLS CHECK AND RECONFIRM REGARDS

TELiX MSG: 661F9-00 11/06/08 13:37 NAVATRADE SA - GD DAY - PHONE: +30210 9213222

CPT SENER/SOFOKLIS RE:REFIOGLU

--PLS DO ME A FAVOUR AND CHECK YOURSELF THE ATTACHED DIAGRAM REG DISCHPORT. MAYBE WE CAN INCREASE THE DISTANCE FRM WTRLINE TO HOOK IF CRANES CAN WORK ON 25 DEGREES AT LEAST FOR THE VSL TO START DISCHARGING FROM CRANE NO 2 AND THEN AS SHE DISCHARGES AUTOMATICALLY THE DISTANCE WILL BE IMPROVING. PLS ASSIST REGARDS TELiX MSG: 65FC5-00 11/06/08 12:00 NAVATRADE SA - GD DAY - PHONE: +30210 9213222

OZCAN/SOFOKLIS RE:NOVO/PORT LOUIS -PLS NOTE WE WILL ALSO NEED ON ARRIVAL DISCHPORT WITH FULL CARGO ON BOARD WHAT WILL BE THE MIN DISTANCE FROM WATERLINE TO THE TIP OF VSLS CRANES AT THE NORMAL WORKING ANGLE OF VSLS CRANES (CARGO WILL BE DISCHARGED INTO HOPPERS AND THEY WANT TO MAKE SURE THAT FROM THE BEGINNING VSLS GEAR WILL BE ABLE TO PASS ABOVE THE HOPPER) REGARDS

TELiX MSG: 65DB4-00 11/06/08 10:55 NAVATRADE SA - GD DAY - PHONE: +30210 9213222

OZCAN/SOFOKLIS HV FOLL FIRM: ACCT INDAGRO 10000 10 BLK NK IMO 5.1 NOVOROSSISK/PORT LOUIS ANY 5 DAYS IN JUNE 3500 SATSHEX/2000 SHEX 3,75 TTL REGARDS

TO : NAVATRADE SA SOFOKLIS / OZCAN

RE : MV REFIOGLU / ACC INDAGRO ----PLEASE BE INFORMED THAT WITH FULL CARGO ON BOARD ; NO.1 CRANE : W/L TO HOOK 14.00 METERS NO.2 CRANE : W/L TO HOOK 16.50 METERS NO.3 DERRICK : W/L TO HOOK 15.00 METERS BRGDS OZCAN KANAR ODIN SHIP MANAGEMENT, ISTANBUL TEL : +90 212 283 89 49 MOB : +90 533 731 11 45 FAX : +90 212 324 27 55 EMAIL : ozcan.kanar@odin.com.tr WEB : www.odin.com.tr

TO : NAVATRADE SA OZCAN/SOFOKLIS RE: REFIOGLU / INDAGRO === THANKS FOR CHRTRS FIRM OFFER WHICH OWS A/E FOR REPLY 30 MINS ; PLEASE ADD VESSEL'S DESCRIPTION FOLLOWING ; -GEAR: 2 X 20 MT CRANES + 1 X 20 MT DERRICK VESSEL IS ONLY ALLOWED TO WORK SINGLE HOOK ON A SINGLE HOLD PLEASE AMEND FOLLOWING AND READ AS FOLLOWS ; - FOR LOADPORT VSL TO BE CONSIDERED AS GEARLESS - CHRTS TO USE VSLS GEAR ONLY FOR DISCHPORT IN WHICH CASE OWS GUARANTEE VSL HAS 2 CRANES AND 1 DERRICK AND LIFTING CAPACITY (SWL) 20 TNS EACH. ALSO ADD FOLLOWING ; VESSEL HAS TWO CRANE AND ONE DERRICK AS DESCRIBED IN PARTICULAR OF SHIP. NO.1 CRANE IS IN BETWEEN NO.1 AND 2 HOLDS WHICH SERVES BOTH WITH OUT REACH ABOUT 3.5 METERS FROM SHIPRAILS AND MAX. HEIGHT FROM WATERLINE TO HOOK IS ABT. 22.5 METERS. NO.2 CRANE IS IN BETWEEN NO.2 AND 3 HOLDS WHICH SERVES BOTH WITH OUT REACH ABOUT 6.5 METERS FROM SHIPRAILS AND MAX. HEIGHT FROM WATERLINE TO HOOK IS ABT. 25.0 METERS. THE DERRICK IS IN FRONT OF ACCOMODATION WHICH SERVES TO ONLY NO.3 HOLD WITH OUT REACH 3.0 METERS FROM SHIPRAILS AND MAX. HEIGHT FROM WATERLINE TO HOOK IS ABT. 15.5 METERS.

UNDER THE LIGHT OF ABOVE EXPLANATION, SHE HAS TO COMMENCE DISCHARGING WITH TWO GANG TO WORK IN NO.3 AND NO.1 AT THE BEGINNING AND LATER NO.2 IN ORDER TO GET DERRICK ON WORKING CONDITION. IT MEANS THAT SHE CAN ACCOMODATE 3 GANGS AFTER A WHILE IF DESIRED TO DO SO. - OWNER'S FULL STYLE : "ODIN ORTADOGU INSAAT SANAYI TICARET VE TAS. A.S." BUYUKDERE CADDESI, NO:173, A. BLOK, KAT: 12 SISLI - ISTANBUL TURKEY PHONE : +90-212-283 89 49 FAX : +90-212-324 27 55 -MANAGERS: "ODIN SHIP MANAGEMENT, ISTANBUL" - CALL SIGN : TCTC5 - IMO NO :9146118 - H+M VALUE : USD 16.5 MILLION - LAST 3 CARGOES : FLOURSPAR (LAST) / MAP / PIG IRON - VSLS PRESENT POSITION/ITINERARY/ETA LOADPORT: ETA CAGLIARI , ITALY ON 15TH OF JUNE WP IAGW IN ORDER TO DISCHARGE 9525 MTONS BULK FLOUSPAR. ACCORDING TO AGENT ETC/S 18/19TH JUNE WP ETA NOVORISSISK 24TH JUNE 2008 WP IAGW - ON ARRIVAL DISCHPORT OWS CONFIRM VSLS MIN DISTANCE FRM WTRLINE TO HOOK OF VSLS GEAR AT THE NORMAL WORKING ANGLE OF VSLS GEAR IS: NO.1 CRANE : W/L TO HOOK 14.00 METERS NO.2 CRANE : W/L TO HOOK 16.50 METERS NO.3 DERRICK : W/L TO HOOK 15.00 METERS FOR: - FRT USD 129.50.- PMT FIO - SUB STEM/SHIPPERS/RCVRS APPROVAL TO BE LIFTED TILL 1300 HRS ISTANBUL TIME ON 12TH JUNE 2008 P.S.: SOFOKLIS, YOU HAVE DISCRETION TO FIX AT USD 129.- PMT FIO BRGDS ODIN SHIP MANAGEMENT, ISTANBUL TO : NAVATRADE SA SOFOKLIS / OZCAN RE : MV REFIOGLU / ACC INDAGRO - CP DD 12.06.2008 ------ NOVO / PORT LOUIS PLEASE NOTE THAT VESSEL'S TPC IS 18,70 MTON BASIS FULL LOAD BRGDS

OZCAN KANAR ODIN SHIP MANAGEMENT, ISTANBUL