Vessel Name	Charter Type	Charterer	Charter Latest Expiration Date	Daily Charter Rate (Gross)
Bremen Max	T/C	Glencore Grain Rotterdam (Glencore International)	Apr. 2012	$20,000
Hamburg Max	T/C	Mansel Ltd.	Oct. 2012	$21,500 (1)
Davakis G.	T/C	Bunge	Jan. 2013	$14,500
Delos Ranger	T/C	-	Feb. 2012	Spot Positioning
African Zebra	T/C	MUR shipping B.V.	Jun. 2013	$7,500 (2)
African Oryx	T/C	MUR shipping B.V.	Jun. 2013	$7,000 (2)
BET Commander	V/C	-	Jan. 2012	Spot Positioning
BET Fighter	T/C	Swissmarine	Aug. 2012	BCI linked(3)
BET Prince	T/C	Swissmarine	Dec. 2012	BCI linked(3)
BET Scouter	T/C	Swissmarine	Jul. 2012	BCI linked(3)
BET Intruder	T/C	Swissmarine	Oct. 2012	$12,250
Fiesta	B/B	Oldendorff Carriers GmbH & Co. KG	Nov. 2013	BHSI linked (4)
Pacific Fantasy	B/B	Oldendorff Carriers GmbH & Co. KG	Jan. 2014	BHSI linked (4)
Pacific Fighter	B/B	Oldendorff Carriers GmbH & Co. KG	Nov. 2013	BHSI linked (4)
Clipper Freeway	B/B	Oldendorff Carriers GmbH & Co. KG	Jan. 2014	BHSI linked (4)
African Joy	T/C	-	Mar. 2012	Spot Positioning
African Glory	T/C	MUR shipping B.V.	Nov. 2012	$7,000 (5)
Asian Grace	T/C	MUR shipping B.V.	Sep. 2012	$7,000 (6)
Clipper Glory	T/C	CF Bulk Carriers Ltd. (Clipper Bulk Shipping Limited)	Aug. 2012	$25,000
Clipper Grace	T/C	CF Bulk Carriers Ltd. (Clipper Bulk Shipping Limited)	Aug. 2012	$25,000

(1) Represents profit sharing arrangement at a floor rate of $21,500 per day and a ceiling of $25,500 per day, with a 50% profit sharing arrangement to apply to any amount in excess of the ceiling. The spread between floor and ceiling will accrue 100% to owners. The base used for the calculation of the rate is the Time Charter Average of Baltic Panamax Index. (2) Represents floor charter rates excluding a 50% profit share distributed equally between owners and charterers calculated on the adjusted Time Charter Average of Baltic Supramax Index. (3) Adjusted Time Charter Average of the Baltic Capesize Index. Owners have the option during the period of the charter to convert the floating rate into a fixed rate after mutual agreement with the charterers. (4) Time Charter Average of Baltic Handysize Index increased by 100.63% minus Opex (5) Represents profit sharing arrangement at a floor rate of $7,000 per day and a ceiling of $12,000 per day, with a profit sharing arrangement of 75% for owners and 25% for the charterer applicable between the $7,000 floor and $12,000 ceiling and, for any amount in excess of the ceiling, profit sharing of 50% for owners and 50% for the charterer. The calculation of the rate will be based on the adjusted Time Charter Average of Baltic Supramax Index. The two (2) year time charter agreement with a profit sharing arrangement is an open ended contract with a 6 months mutual notice following November 2012. (6) Represents profit sharing arrangement at a floor rate of $7,000 per day and a ceiling of $11,000 per day, with a profit sharing arrangement of 75% for owners and 25% for the charterer applicable between the $7,000 floor and $11,000 ceiling and, for any amount in excess of the ceiling, profit sharing of 50% for owners and 50% for the charterer. The calculation of the rate will be based on the adjusted Time Charter Average of Baltic Supramax Index. The two (2) year time charter agreement with a profit sharing arrangement is an open ended contract with a 6 months mutual notice following September 2012.