PARTICULARS OF OVERSEAS ASSOCIATION   Asian Transport Partners Co. Ltd                                Hong Kong Bolten Aug Wm Millers Nechbolger                              Germany Black Sea Shipping Co.                                                London Transocean Grabbulk Pool Pte. Ltd.                             Singapore Clyde Maritime Shipping Co.                                        Odessa IMC Shipping Co.td.                                                     Singapore Star Galaxy Inc.                                                            Malaysia Intertrade Shipping Corporation Ltd.                           Korea Kyma Shipping Co. Ltd.                                                London Kawasaki Kinksi Kisen KK                                             Japan Big Birds Shipping Co. Ltd.                                           Korea D/S. Norden A/S                                                           Denmark Sea World Management & Trading Inc.                        Greece Ship Management & Trading GMBH                              Germany Barber International A/S Oslo                                      Norway