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	The Fleet Fleet Profile Vessel Name Vessel Type Year Built DWT Age Lowlands Beilun Capesize 1999 170,162 10.9 Years Iron Miner Capesize 2007 177,931 3.1 Years Kirmar Capesize 2001 164,218 8.5 Years Iron Beauty Capesize 2001 164,218 8.8 Years Sandra Capesize 2008 180,274 2.1 Years Christine Capesize 2010 180,000 0.1 Years Iron Manolis Kamsarmax 2007 82,269 3 Years Iron Brooke Kamsarmax 2007 82,594 3.1 Years Iron Lindrew Kamsarmax 2007 82,598 3.2 Years Coal Hunter Kamsarmax 2006 82,298 3.4 Years Pascha Kamsarmax 2006 82,574 3.4 Years Coal Gypsy Kamsarmax 2006 82,221 3.4 Years Iron Anne Kamsarmax 2006 82,220 3.6 Years Iron Vassilis Kamsarmax 2006 82,257 3.8 Years Iron Bill Kamsarmax 2006 82,187 3.9 Years Santa Barbara Kamsarmax 2006 82,266 4.1 Years Ore Hansa Kamsarmax 2006 82,209 4.1 Years Iron Kalypso Kamsarmax 2006 82,224 3.6 Years Iron Fuzeyya Kamsarmax 2006 82,209 4.3 Years Iron Bradyn Kamsarmax 2005 82,769 5.2 Years Grain Harvester Panamax 2004 76,417 5.7 Years Grain Express Panamax 2004 76,466 6 Years Iron Knight Panamax 2004 76,429 5.9 Years Coal Pride Panamax 1999 72,493 10.4 Years Iron Man Panamax 1997 72,861 12.9 Years Coal Age Panamax 1997 72,824 12.9 Years Fearless I Panamax 1997 73,427 12.9 Years Barbara Panamax 1997 73,307 13 Years Linda Leah Panamax 1997 73,317 13.2 Years King Coal Panamax 1997 72,873 13.3 Years Coal Glory Panamax 1995 73,670 15.1 Years Isminaki Panamax 1998 74,577 12.1 Years Angela Star Panamax 1998 73,798 12.3 Years Elinakos Panamax 1997 73,751 12.5 Years Rodon Panamax 1993 73,656 16.8 Years Happy Day Panamax 1997 71,694 12.9 Years Birthday Panamax 1993 71,504 16.6 Years Renuar Panamax 1993 70,155 16.4 Years Powerful Panamax 1994 70,083 16.3 Years Fortezza Panamax 1993 69,634 17 Years First Endeavor Panamax 1994 69,111 16 Years July M Supramax 2005 55,567 5.3 Years Mairouli Supramax 2005 53,206 4.9 Years Emerald Handymax 1998 45,588 11.8 Years Marybelle Handymax 1987 42,552 22.4 Years Attractive Handymax 1985 41,524 25 Years Lady Handymax 1985 41,090 24.8 Years Princess I Handymax 1994 38,858 16.1 Years Total  48   4,040,130 9.70 Newbuildings Vessel Name Vessel Type Yard Built Estimated Delivery DWT Hope Capesize 2010 Nov-10 181,000 Fritz Capesize 2010 May-10 180,000 Benthe Capesize 2010 Jun-10 180,000 Gayle Frances Capesize 2010 Jul-10 180,000 Iron Lena Capesize 2010 Aug-10 180,000 Total 5     901,000 No refund guarantees have yet been received for the 4 joint venture vessels, Fritz, Benthe, Gayle Frances and Iron Lena. These vessels may be delayed in delivery or may never be delivered at all.

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