Bocimar: Sells 3; Orders 4

In addition, Bocimar has ordered two 176,000 dwt Capesize newbuildings from Jinhaiwan (China). The purchase price amounts to $88.5m per vessel and the delivery is

scheduled to take place in April 2009 and July 2010. Finally Bocimar, in joint venture with Wah Kwong (Hong Kong), has ordered two Postpanamax 93,000 dwt newbuildings from Shanhaiguan (China). The newbuilding price amounts to $52.8m per vessel. The vessels will be delivered in December 2010 and February 2011.