EXHIBIT 99.12

DEBTOR: GREAT INDEPENDENCE SHIP CO.                  CASE NUMBER: 01-10969 (JCA)

                            MONTHLY OPERATING REPORT
                              AS OF JULY 31, 2002
                                      AND
                            FOR THE MONTH THEN ENDED

In accordance with title 28, section 1746, of the United States Code, I declare
under penalty of perjury that Great Independence Ship Co. was inactive for the
above referenced period and, to the best of my knowledge, the foregoing is true
and correct.



/s/ STEVE MOELLER
-----------------------------
Steve Moeller
Director, Accounting