Fleet Deployment

Fleet Deployment & Gross Fixed Charter Revenue as of August 24, 2012

Vessel Name	DWT	Year Built	Type	Deployment	Expected Redelivery	Charter Hire
Mairaki	181.000	2011	Capesize	Period	Apr-16	$28,000 (1)
Christine	180.274	2010	Capesize	Period	Jan-16	$25,000 (1,2)
Sandra	180.274	2008	Capesize	Period	Nov-15	$26,500 (1)
Iron Miner	177.931	2007	Capesize	Period	Mar-13	$17,000
Kirmar	164.218	2001	Capesize	Period	May-13	$49,000 (Net)
Iron Beauty	164.218	2001	Capesize	Period	Dec-12	$12,250
Lowlands Beilun	170.162	1999	Capesize	Period	Nov-15	$28,000 (1)
Iron Manolis	82.269	2007	Kamsarmax	Period	Dec-12	$14,000
Iron Brooke	82.594	2007	Kamsarmax	Period	Mar-13	$11,250
Iron Lindrew	82.598	2007	Kamsarmax	Period	Jan-14	$12,000 (Floor) (3)
Pascha	82.574	2006	Kamsarmax	Period	Oct-12	$14,000
Coal Gypsy	82.221	2006	Kamsarmax	Period	May-13	$11,250
Iron Anne	82.220	2006	Kamsarmax	Period	Dec-12	$14,000
Iron Vassilis	82.257	2006	Kamsarmax	Period	Jul-13	$11,000
Iron Bill	82.187	2006	Kamsarmax	Period	Apr-13	$11,500
Ore Hansa	82.209	2006	Kamsarmax	Period	May-13	$11,250
Iron Kalypso	82.224	2006	Kamsarmax	Period	Jan-13	$11,500
Iron Fuzeyya	82.209	2006	Kamsarmax	Period	Nov-13	$12,750 (year 1) (6)
Santa Barbara	82.266	2006	Kamsarmax	Period	Jun-13	$14,000 (floor) (4)
Coal Hunter	82.298	2006	Kamsarmax	Period	Jun-13	$14,000 (floor) (4)
Iron Bradyn	82.769	2005	Kamsarmax	Period	Nov-12	$12,000
Grain Harvester	76.417	2004	Panamax	Period	Apr-13	$11,250
Grain Express	76.466	2004	Panamax	Period	Jul-13	$11,000
Iron Knight	76.429	2004	Panamax	Period	Jan-13	$12,250
Coal Pride	72.493	1999	Panamax	Spot
Isminaki	74.577	1998	Panamax	Period	Nov-12	$11,000 (Floor) (5)
Angela Star	73.798	1998	Panamax	Period	Nov-12	$11,000 (Floor) (5)
Elinakos	73.751	1997	Panamax	Spot
Happy Day	71.694	1997	Panamax	Spot
Powerful	70.083	1994	Panamax	Spot
First Endeavour	69.111	1994	Panamax	Spot
Rodon	73.656	1993	Panamax	Spot
Birthday	71.504	1993	Panamax	Spot
Renuar	70.155	1993	Panamax	Spot
Fortezza	69.634	1993	Panamax	Spot
July M	55.567	2005	Supramax	Period	Oct-12	$10,000
Mairouli	53.206	2005	Supramax	Period	Oct-12	$10,600
Emerald	45.588	1998	Handymax	Spot
Princess I	38.858	1994	Handymax	Period	Oct-12	$9,000

(1) The charter includes a 50% profit sharing over the indicated base daily time charter rate based on the monthly AV4 BCI Time Charter Rate, which is the Baltic Capesize Index Average of four specific time charter routes as published daily by the Baltic Exchange in London.
(2) The Company holds a 71.4% ownership interest in the joint venture that owns the vessel.
(3) Charter rate based on the average of the AV4 BPI rates, as published by the Baltic Exchange for the preceding 15 days prior to hire payment with a guaranteed minimum rate (floor) of $12,000 and profit sharing arrangements.
(4) Charter rate based on the average of the AV4 BPI rates, as published daily by the Baltic Exchange for the preceding 15 days prior to hire payment with a guaranteed minimum rate (floor) of $14,000 per day and profit sharing arrangements.
(5) Charter rate based on the average of the AV4 BPI rates, as published by the Baltic Exchange for the preceding 15 days prior to hire payment with a guaranteed minimum rate (floor) of $11,000 per day and profit sharing arrangements.
(6) First year charter rate of $12,750 per day. Second year charter rate based based on the average of the AV4 BPI rates, as published daily by the Baltic Exchange for the preceding 15 days prior to hire payment with a guaranteed minimum rate (floor) of $11,750 per day and profit sharing arrangements.
(^) These vessels were sold in 2007 and leased back on a bareboat charter through July 2015.