Vessl's Name FEDERAL MACKINAC Condition LoadedFlag MARSHALL ISLANDS Requested by

Port of Registry MAJURO Of Built 14.04.2004 On behalf of

Number of Holds 5 CargoGross Tonnage 18,825.00 Start Date/Hour

INITIALNet Tonnage 8,565.00 Finish Date/Hour

LBP 177.04 BerthBreth Moulded 23.50 Port Depth Moulded 14.10 Start Date/Hour

FINALSummer Draft 9.800 Finish Date/HourSummer DWT 27,638.10 Berth

Light Ship 7,710.53 PortINITIAL FINAL INITIAL FINAL

Fwd Port draft 4.580 9.450 MOM 5.295 MOM 9.663Fwd Stbd draft 4.580 9.450 Tabulated Draft 5.295 Tabulated Draft 9.663 Mid Port draft 5.280 9.660 Increment in m - Increment in m

Mid Stbd draft 5.280 9.660 Tabulated Displ 18,391.10 Tabulated Displ 34,805.58 Aft Port draft 6.020 9.870 Displ. Correction 0.00 Displ. Correction 0.00Aft Stbd draft 6.020 9.870 TPC Interpolation TPC Interpolation

Fwd Draft Mark 0.800 0.800 5.250 36.200 9.650 39.600Mid Draft Mark 5.295 36.200 9.663 39.600Aft Draft Mark 9.800 9.800 5.300 36.200 9.700 39.600

Fwd Keelthickness LCF Interpolation LCF InterpolationMid Keelthickness 5.250 -4.709 7.600 -1.950Aft Keelthickness 5.295 -4.683 7.638 -1.866

Apparent Trim 1.440 0.420 5.300 -4.680 7.650 -1.840M O M 5.295 9.663 MTC (+0,50) MTC (+0,50)

True trim 1.532 0.447 5.750 404.800 10.000 527.200

Flexion in centimetres 2.00 0.00 5.795 405.250 10.163 530.756(at draft marks) HOGGING SAGGING 5.800 405.300 11.985 570.500

List in degrees 0.000 0.000 MTC (-0,50) MTC (-0,50) Stbd List Stbd List 4.750 395.500 9.150 499.700

Means of Means Displ. 18,391.10 34,805.58 4.795 395.860 9.163 500.272TPC 36.200 39.600 4.800 395.900 9.200 501.900

LCF (<0 for'd midship) -4.683 -1.866 Water density 1.0210 Water density 1.0220 MTC + 50 405.250 530.756 Others 32.00 Others 32.00 MTC - 50 395.860 500.272 K Declared 104.00 K found 137.47

MTC Difference 9.390 30.484 Cargo on board - K diff 33.47 Deductibles Initial Final

Ballast 9,651.00 100.00 Draft Survey 26,158.92FW 178.00 100.00

IFO 419.50 397.00 Shore scale 26,200.00 DO 50.90 50.90

LO - - Cargo Diff -41.08Others 32.00 32.00 Percentage -0.1568%

Total deductibles 10,331.40 679.90

Affecting Circumstances None.-INITIAL AND FINAL SURVEY WAS CARRIED OUT WHITH SWELL OF ABT. 0.100 Mts.

Comments Attached to this survey report please find the sounding sheet.

30 30th 12 December 18991 1st 1 January2 2nd 2 February 30th December 1899 3 3rd 3 March4 4th 4 April5 5th 5 May6 6th 6 June7 7th 7 July8 8th 8 August9 9th 9 September

10 10th 10 October11 11th 11 November12 12th 12 December13 13th14 14th15 15th16 16th17 17th18 18th19 19th20 20th21 21st22 22nd23 23rd24 24th25 25th26 26th27 27th28 28th29 29th30 30th31 31st

30-Dec-99

30-Dec-99

30-Dec-99

30-Dec-99

DRAUGHT SURVEY REPORT

Vessl's Name FEDERAL MACKINAC LBP 177.04 m Nro of Holds 5Flag MARSHALL ISLANDS M. B. 23.50 m Condition LoadedPort MAJURO M. D. 14.10 m Cargo - Built 14.04.2004 Sum. Draft 9.80 m Requested by - GRT 18,825.00 Sum. DW 27,638.10 Mt Of - NRT 8,565.00 Light Ship 7,710.53 Mt On Behalf of 0

Initial FinalDraught

Initial FinalReadings

Fwd Draught Mark 0.800 m 0.800 m Fwd Port 4.580 m 9.450 m

Mid Draught Mark - m - m Fwd Stbd 4.580 m 9.450 m

Aft Draught Mark 9.800 m 9.800 m Fwd P/S Average 4.580 m 9.450 m

Keel Thickness Initial Final Bow Correction -0.007 m -0.002 m

K. Thick. Fwd - m - m Fwd Mean Draft 4.573 m 9.448 m

K. Thick. Mid - m - m Mid Port 5.280 m 9.660 m

K. Thick. Aft - m - m Mid Stbd 5.280 m 9.660 m

Initial FinalMid P/S Average 5.280 m 9.660 m

Midship Correction - m - m

TPC 36.200 Mt/cm 39.600 Mt/cm Midship Mean Draft 5.280 m 9.660 m

LCF -4.683 m -1.866 m Aft Port 6.020 m 9.870 m

MTC + 50 405.250 Mtm 530.756 Mtm Aft Stbd 6.020 m 9.870 m

MTC - 50 395.860 Mtm 500.272 Mtm Aft P/S Average 6.020 m 9.870 m

Diff. M.T.C. 9.390 Mtm 30.484 Mtm Stem Correction 0.085 m 0.025 m

Water Density 1.0210 Mt/m3 1.0220 Mt/m3 Aft Mean Draft 6.105 m 9.895 m

Variable WeightsInitial Final

Hydrostatic's Calculation Initial FinalMean of Means draft 5.295 m 9.663 m

Ballast 9,651.00 MT 100.00 MT Corrected trim 1.532 m 0.447 m Fresh Water 178.00 MT 100.00 MT M.O.M. Displacement 18,391.10 MT 34,805.58 MT

IFO 419.50 MT 397.00 MT -146.70 MT -18.66 MT DO 50.90 MT 50.90 MT 6.22 MT 1.72 MT LO - MT - MT Density Correction -71.22 MT -101.82 MT

Others 32.00 MT 32.00 MT Corrected Displacement 18,179.40 MT 34,686.82 MT

10,331.40 MT 679.90 MTTotal Variable Weights 10,331.40 MT 679.90 MT Net displacement 7,848.00 MT 34,006.92 MT

TOTAL OF CARGO CALCULATIONVessel's Figures ( Difference of Initial and Final Net Displacement ) 26,158.92 MTShore Scale / Bill of loading Figures 26,200.00 MTDifference -41.08 MT

Time Table Date Time Place Affecting circumstances / Comments

30-12-99 0 30-Dec-99

30-12-99 0 30-Dec-99

30-12-99 0 30-Dec-99 Attached to this survey report please find the sounding sheet.30-12-99 0 30-Dec-99

Vessel's Stamp Surveyor's Stamp

Draught Mark's Position

Hydrostatic's Particulars

1st trim correction2nd trim correction

Total Variable Weights

1st Survey None.-INITIAL AND FINAL SURVEY WAS CARRIED OUT WHITH SWELL OF ABT. 0.100 Mts.

2nd Survey

DRAUGHT SURVEY REPORT

of the port of MAJURO and 18,825.00 gross registerd tonsSURVEY INITIAL FINAL

FORWARD READINGPort draft 4.580 m 9.450 mStbd draft 4.580 m 9.450 mP/S for'd average 4.580 m 9.450 mBow correction -0.007 m -0.002 mFor'd mean draft 4.573 m 9.448 m

MIDSHIP READINGSPort draft 5.280 m 9.660 mStbd draft 5.280 m 9.660 mP/S midship average 5.280 m 9.660 mMidship correction - m - mMidship mean draft 5.280 m 9.660 m

AFT READINGSPort draft 6.020 m 9.870 mStbd draft 6.020 m 9.870 mP/S aft average 6.020 m 9.870 mStem correction 0.085 m 0.025 mAft mean draft 6.105 m 9.895 m

HYDROSTATIC CALCULATIONMean draft corrected for hull deflection 5.295 m 9.663 mTrim (>0 by stern; <0 by head) 1.532 m 0.447 mDisplacement in sea water for mean draft 18,391.10 MT 34,805.58 MTFirst trim correction -146.70 MT -18.66 MTSecond trim correction 6.22 MT 1.72 MTDensity Correction (Observ. Dens.: Initial: 1.0210 / Final: 1.0220) -71.22 MT -101.82 MTCorrected Displacement 18,179.40 MT 34,686.82 MTTotal liquids to deduct 10,331.40 MT 679.90 MTDisplacement exclusive of liquids 7,848.00 MT 34,006.92 MT

TOTAL OF CARGO LOADEDDifference of initial and final displacement exclusive of liquids 26,158.92 MTTotal of cargo loaded according to shore scale 26,200.00 MTDifference -41.08 MT

Remarks: None.-INITIAL AND FINAL SURVEY WAS CARRIED OUT WHITH SWELL OF ABT. 0.100 Mts.

On Behalf of 0

L&LMHead Office: Corrientes Av. 1623 10th floor - 2000 - Rosario - Argentina // (/fax: 54-41-4487063 // e-mail: captlqth1@ciudad.com.arBranch Office: Bme Mitre 2028 9th floor Dt."B" - 2000 - Rosario- Argentina // (/fax: 54-41-4829818 // e-mail: jaconti@ciudad.com.ar

LIQUIDS ON BOARD INITIAL FINALBALLAST 9,651.00 MT 100.00 MTFRESH WATER 178.00 MT 100.00 MTFUEL OIL 419.50 MT 397.00 MTDIESEL OIL 50.90 MT 50.90 MTLUBRICANTS I.K. MT I.K. MTSLUDGE NIL NIL MISC I.K. I.K. Others 32.00 MT 32.00 MTTOTAL 10,331.40 MT 679.90 MT

HYDROSTATIC PARTICULARS INITIAL FINALTPC 36.200 MT/cm 39.600 MT/cmLCF (<0 for'd midship) -4.683 m -1.866 mMTC + 50 405.25 Mtm/m 530.76 Mtm/mMTC - 50 395.86 Mtm/m 500.27 Mtm/mMTC (Difference) 9.39 Mtm/m 30.49 Mtm/mWater density 1.0210 1.0220

POSITION OF DRAFT MARKS INITIAL FINALFORWARD 0.800 m 0.800 mMIDSHIP(< 0 for'd midship) - m - mAFT 9.800 m 9.800 m

KEEL THICKNESS INITIAL FINALFORWARD - m - mMIDSHIP - m - mAFT - m - m

GENERAL PARTICULARS OF THE VESSELYear of built 14.04.2004Port of Registry MAJUROLBP 177.04 mMB 23.50 mMD 14.10 mGross Tonnage 18,825.00 RTNet Tonnage 8,565.00 RTSummer Draft 9.80 mSummer Deadweight 27,638.10 MTLight Ship weight 7,710.53 MTNumber of Holds 5

TIME TABLE OF SURVEY: DATE TIME PLACE1st Survey commenced 30-12-99 0 01st Survey completed 30-12-99 0 02nd Survey commenced 30-12-99 0 02nd Survey completed 30-12-99 0 0

Special circumstancy affecting the accuracy of this surveyNone.-INITIAL AND FINAL SURVEY WAS CARRIED OUT WHITH SWELL OF ABT. 0.100 Mts.

Comments:Attached to this survey report please find the sounding sheet.

Mt/m3 Mt/m3

Sounding Sheet Trim 1.532 0.447

BALLAST INITIAL FINALTanks Sounding Volume Density Weight Sounding Volume Density Weight

Number Meter Metric Ton Meter Metric TonFPT - 0.23 1.017 0.2339100 - 1 FWD P 0.03 2.68 1.017 2.7255600 - 1 FWD S 0.05 3.14 1.017 3.1933800 - 1 AFT P 0.07 5.89 1.017 5.9901300 - 1 AFT S 0.10 8.36 1.017 8.5021200 - 2DB P 0.19 24.32 1.017 24.7334400 - 2DB S 0.09 7.14 1.017 7.2613800 - 2 ST TK P 0.07 2.40 1.017 2.4408000 - 2 ST TK S 0.07 2.40 1.017 2.4408000 - 3 ST TK P 0.06 4.49 1.017 4.5663300 - 3 ST TK S 0.06 4.49 1.017 4.5663300 - 4ST TK P 0.08 3.63 1.017 3.6917100 - 4ST TK S 0.04 1.87 1.017 1.9017900 - 5DB P 0.23 21.80 1.017 22.1706000 - 5DB S 0.11 4.70 1.017 4.7799000 - 5ST TK P 0.07 0.42 1.017 0.4271400 - 5ST TK S 0.08 3.64 1.017 3.7018800 - APT 0.17 2.71 1.017 2.7560700 -

- - - - - - - - - - - - - - - - - - - - - - - - - -

Ttl. Ballast 9,651.00 9,651.00 - 100.00

FRESH WATER INITIAL FINALTanks Sounding Volume Density Weight Sounding Volume Density Weight

Number Meter Metric Ton Meter Metric TonFW P GAUGE 100.00 1.000 100.00 - - FW S GAUGE 70.00 1.000 70.00 - - DW P - - - - DW S - - - -

- - - - - - Ttl. F.W. 170.00 178.00 - 100.00

BUNKERS INITIAL FINAL

TanksWeight Weight

Metric Ton Metric TonI.F.O. 419.50 397.00 M.D.O. 50.90 50.90 L.O. I.K. I.K.

M3 MT / M3 M3 MT / M3

M3 MT / M3 M3 MT / M3

simple interpolation

Sound/Ullage 1 9.000 Volume 1 11.400

Sound/Ullage 2 10.000 Volume 2 10.600

Find 9.590 Answer 10.93

double interpolation

TRIM Requested Trim

1.000 1.250

Sound/Ullage 1 19.400 Volume 1 3,101.400 3,115.080 Volume 3

Find 19.460 Answer 3,106.175

Sound/Ullage 2 19.500 Volume 2 3,124.200 Volume 4

double interpolation

TRIM

2.000

3,060.800 3079.460

3,091.900