Exhibit 1 Capital Expenditures Anticipated in Preparation for Special Surveys

2007 2012 2017 2022 2027

300,000 350,000 750,000 850,000 1,250,000

Exhibit 3 Current order book for dry bulk capesizes by delivery date

2001 2002 2003 2004

Number of vessels 63 33 21 9
Exhibit 4 Daily Hire Rate Adjustment Factor for Dry Bulk Capesizes Based on Age of Vessel

Over 24 years 20 to 24 years 15 to 19 years 10 to 14 years 5 to 9 years Under 5 years

0.65 0.75 0.8 1 1.05 1.15

Exhibit 5 Worldwide Iron Ore Vessel Shipments, Fleet Size and Average Daily Hire Rates for Capesize Charters, 1994-200

1994 1995 1996 1997 1998 1999 2000

Iron ore vessel shipments 375 397 385 424 420 410 440

Fleet size NA NA NA 540 523 523 552

Avg. spot rate $16,851 $20,149 $11,730 $14,794 $10,105 $9,427 $22,575

Avg. 3-yr charter rate $18,250 $18,544 $14,079 $16,063 $13,076 $12,626 $15,344
Capesize Charters, 1994-2001

2001E

436

612
Exhibit 6 Forecasted Daily Time Charter Rates for New Capesize Vessel

Iron Ore
Shipments Avg Daily Charter
Age of Ship Event Year Calendar Year (Millions of Tons) % Growth Rate

0 2000 440 7.30% 15,344

1 2001 436 -0.90% 14,747
2 2002 445 2.00% 15,072
1 3 2003 454 2.00% 15,403
2 4 2004 463 2.00% 15,742
3 5 2005 472 2.00% 16,088
4 6 2006 479 1.50% 16,273
5 7 2007 486 1.50% 16,460
6 8 2008 493 1.50% 16,650
7 9 2009 501 1.50% 16,841
8 10 2010 508 1.50% 17,035
9 11 2011 516 1.50% 17,231
10 12 2012 524 1.50% 17,429
11 13 2013 532 1.50% 17,629
12 14 2014 540 1.50% 17,832
13 15 2015 548 1.50% 18,037
14 16 2016 556 1.50% 18,245
15 17 2017 564 1.50% 18,454
16 18 2018 573 1.50% 18,667
17 19 2019 581 1.50% 18,881
18 20 2020 590 1.50% 19,098
19 21 2021 599 1.50% 19,318
20 22 2022 608 1.50% 19,540
21 23 2023 617 1.50% 19,765
22 24 2024 626 1.50% 19,992
23 25 2025 636 1.50% 20,222
24 26 2026 645 1.50% 20,455
25 27 2027 655 1.50% 20,690
 Adjustment Adjusted Expected No of Revenue
Factor for Daily Hire Daily Hire days in a Maintena earning
% Growth Hire Rate Rate Rate year nce days days

21.50%
-3.90%
2.20%
2.20% 1.15 17,713 20,000 365 8 357
2.20% 1.15 18,103 20,200 366 8 358
2.20% 1.15 18,501 20,400 365 8 357
1.20% 1.15 18,714 18,714 365 8 357
1.20% 1.05 17,283 17,283 365 8 357
1.20% 1.05 17,481 17,481 366 12 354
1.20% 1.05 17,682 17,682 365 12 353
1.20% 1.05 17,886 17,886 365 12 353
1.20% 1.05 18,092 18,092 365 12 353
1.20% 1.00 17,428 17,428 366 12 354
1.20% 1.00 17,628 17,628 365 16 349
1.20% 1.00 17,831 17,831 365 16 349
1.20% 1.00 18,036 18,036 365 16 349
1.20% 1.00 18,243 18,243 366 16 350
1.20% 0.80 14,762 14,762 365 16 349
1.20% 0.80 14,932 14,932 365 16 349
1.20% 0.80 15,104 15,104 365 16 349
1.20% 0.80 15,278 15,278 366 16 350
1.20% 0.80 15,454 15,454 365 16 349
1.20% 0.75 14,654 14,654 365 16 349
1.20% 0.75 14,823 14,823 365 16 349
1.20% 0.75 14,993 14,993 366 16 350
1.20% 0.75 15,166 15,166 365 16 349
1.20% 0.75 15,341 15,341 365 16 349
1.20% 0.65 13,448 13,448 365 16 349
 Annual
Annual Operating
Revenue Operating Cost Cost

7140000 4,000 1,460,000

7231600 4160 1,522,560
7282800 4326.4 1,579,136
6680898 4499.456 1,642,301
6170031 4679.43424 1,707,993
6188274 4866.6116096 1,781,180
6241746 5061.276073984 1,847,366
6313758 5263.727116943 1,921,260
6386476 5474.276201621 1,998,111
6169512 5693.247249686 2,083,728
6152172 5920.977139673 2,161,157
6223019 6157.81622526 2,247,603
6294564 6404.128874271 2,337,507
6385050 6660.294029242 2,437,668
5151938 6926.705790411 2,528,248
5211268 7203.774022028 2,629,378
5271296 7491.924982909 2,734,553
5347300 7791.601982225 2,851,726
5393446 8103.266061514 2,957,692
5114246 8427.396703975 3,076,000
5173227 8764.492572134 3,199,040
5247550 9115.072275019 3,336,116
5292934 9479.67516602 3,460,081
5354009 9858.862172661 3,598,485
4693352 10253.21665957 3,742,424
Event Year 2001 2002 2003 2003 2004 2005

Age Of ship 1 2 3

New Ship Payment -3900000 -3900000 -31200000

survey

Accumulated depreciation 1560000 3120000 4680000

Cost After Depreciation 37440000 35880000 34320000

Net Working 500000 515000 530450 546363.5 562754.4 579637

Change in net capital -500000 -15000 -15450 -15914 -16391 -16883

Total Cash Flow of Investment -4400000 -3915000 -31215450 -15914 -16391 -16883

cost of ship 39000000

first and second year 10%
ending 80%

scrap value 0
number of years 25
inflation 3%
net working capital 500000
 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

4 5 6 7 8 9 10 11 12 13

-300000 -350000

6240000 7800000 9360000 10920000 12480000 14040000 15600000 17160000 18720000 20280000

32760000 31200000 29640000 28080000 26520000 24960000 23400000 21840000 20280000 18720000

597026.1 614936.9 633385 652386.6 671958.2 692116.9 712880.4 734266.9 756294.9 778983.7

-17389 -17911 -18448 -19002 -19572 -20159 -20764 -21386 -22028 -22689

-317389 -17911 -18448 -19002 -19572 -20159 -370764 -21386 -22028 -22689
 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

14 15 16 17 18 19 20 21 22 23

-750,000 -850,000

21840000 23400000 24960000 26520000 28080000 29640000 31200000 32760000 34320000 35880000

17160000 15600000 14040000 12480000 10920000 9360000 7800000 6240000 4680000 3120000

802353.2 826423.8 851216.5 876753 903055.6 930147.3 958051.7 986793.3 1016397 1046889

-23370 -24071 -24793 -25536 -26303 -27092 -27904 -28742 -29604 -30492

-23370 -774071 -24793 -25536 -26303 -27092 -877904 -28742 -29604 -30492
 2026 2027

24 25

1,250,000
37440000 39000000

1560000 0

1078296 0

-31407

-31407 0
Event Year 2001 2002 2003 2004 2005

Age Of ship 1 2

Expected Annual Revenue 7140000 7231600

Expected Operating annual cost 1460000 1522560

Depreciation 1560000 1560000

Income Before Taxes 4120000 4149040

Tax 35% 2678000 2696876

Net Income 1442000 1452164

Adding back depreciation 3002000 3012164

cash inflows from 2004-202

2003 cash flow d

cash outflows from 2002

present va

total cas

net pres
 2006 2007 2008 2009 2010 2011 2012 2013

3 4 5 6 7 8 9 10

7282800 6680898 6170031 6188274 6241746 6313758 6386476 6169512

1579136 1642301 1707993 1781180 1847365.767004 1921260 1998111 2083728

1560000 1560000 1560000 1560000 1560000 1560000 1560000 1560000

4143664 3478597 2902038 2847094 2834380.232996 2832498 2828365 2525784

2693382 2261088 1886324 1850611 1842347.151447 1841123 1838437 1641759

1450282 1217509 1015713 996483 992033.0815485 991374.2 989927.8 884024.2

3010282 2777509 2575713 2556483 2552033.081549 2551374 2549928 2444024

cash inflows from 2004-2028 discounted to 2003 $24,552,119.84

2003 cash flow discounted to 2001 20665028.05913

cash outflows from 2002-2003 discounted to 2001 ($29,838,397.44)

present value in 2001 -3900000

total cash outflows ($33,738,397.44)

net present value ($13,073,369.38)

 2014 2015 2016 2017 2018 2019 2020 2021 2022

11 12 13 14 15 16 17 18 19

6152172 6223019 6294564 6385050 5151938 5211268 5271296 5347300 5393446

2161156.65598078 2247603 2337507 2437668 2528248 2629378 2734553 2851726 2957692

1560000 1560000 1560000 1560000 1560000 1560000 1560000 1560000 1560000

2431015.34401922 2415416 2397057 2387382 1063690 1021890 976743.4 935573.7 875753.9

1580159.97361249 1570020 1558087 1551799 691398.8 664228.8 634883.2 608122.9 569240

850855.370406726 845395.6 838969.9 835583.8 372291.6 357661.7 341860.2 327450.8 306513.9

2410855.37040673 2405396 2398970 2395584 1932292 1917662 1901860 1887451 1866514

 2023 2024 2025 2026 2027 2028

20 21 22 23 24 25

5114246 5173227 5247550 5292934 5354009 4693352

3076000 3199040 3336116 3460081 3598485 3742424

1560000 1560000 1560000 1560000 1560000 1560000

478246.2 414187.2 351433.5 272852.6 195524.3 -609072

310860 269221.7 228431.8 177354.2 127090.8 0

167386.2 144965.5 123001.7 95498.4 68433.51 -609072

1727386 1704966 1683002 1655498 1628434 950927.9

summary