Fleet Deployment

Fleet Deployment & Gross Fixed Charter Revenue as of December 12th, 2011

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-11 $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 Dec-12 $14,000
Coal Gypsy 82.221 2006 Kamsarmax Period Apr-13 $11,250
Iron Anne 82.220 2006 Kamsarmax Period Dec-12 $14,000 (Floor)
Iron Vassilis 82.257 2006 Kamsarmax Period Aug-12 $14,000
Iron Bill 82.187 2006 Kamsarmax Period Jun-12 $14,500 (Floor) (3)
Ore Hansa 82.209 2006 Kamsarmax Period Apr-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 $15,000 (year 1) (4)
Coal Hunter 82.298 2006 Kamsarmax Period Jun-13 $15,000 (year 1) (4)
Iron Bradyn 82.769 2005 Kamsarmax Period Nov-12 $12,000
Grain Harvester 76.417 2004 Panamax Period Mar-13 $11,250
Grain Express 76.466 2004 Panamax Period Jan-12 $24,000
Iron Knight 76.429 2004 Panamax Period Jan-13 $12,250
Coal Pride 72.493 1999 Panamax Period Apr-12 $16,750
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 Period Aug-12 $13,000
Iron Man 72.861 1997 Panamax Spot (^)
Coal Age 72.824 1997 Panamax Spot (^)
Fearless I 73.427 1997 Panamax Period Apr-12 $15,000 (^)
Barbara 73.307 1997 Panamax Spot (^)
Linda Leah 73.390 1997 Panamax Period Oct-12 $11,000 (Floor) (5,^)
King Coal 72.873 1997 Panamax Spot (^)
Coal Glory 73.670 1995 Panamax Period Apr-12 $16,750 (^)
Powerful 70.083 1994 Panamax Period Jun-12 $10,500
First Endeavour 69.111 1994 Panamax Period Jan-12 $17,500
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 Feb-12 $14,500
Mairouli 53.206 2005 Supramax Spot
Emerald 45.588 1998 Handymax Spot
Princess I 38.858 1994 Handymax Spot
Attractive 41.524 1985 Handymax Spot

(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) ranging from $14,500 to $15,000 per day.
(4) First year charter rate of $15,000 per day. Second year 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.