UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

Case No. 12-10968 (BLS) In re FastS hip, Inc. eta/
Debtors
Reporting Period: March 20 - March 3 I, 20 t 2
MONTHLY OPERATING REPORT
File wilb Court and submit copy to United States Trustee within 20 days after end of montb.
Submit copy of report to any official committee appointed in the case.
Doeamelll
IVV'I '
I I ~ ForaaNo. Altllchd
Schedule of Cash Re.ceipts and Disbursements MOR-1 ./
Bank Reconciliation (or copies of debtor's bank reconciliations) MOR-Ia ./
Schedule of Professional Fees Paid MOR-Ib ./
Copies of bank statements
Cash disbursements journals
Statement of Operations MOR-2 ./
Balance Sheet MOR-3 ./
Status ofPostpetition Taxes MOR-4 ./
Copies of IRS Form 6123 or payment receipt
Copies of tax returns filed during reporting period
Summary of Unpaid Postpetition Debts MOR-4 ./
Listing of aged accounts payable MOR-4 ./
Accounts Receivable Reconciliation and Aging MOR-5 ./
Debtor Questionnaire MOR-5 ./
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents
are true and correct to the best of my knowledge and belief.
Signature of Debtor
Signature of Joint Debtor
lsi Kathryn Riepe Chambers
Signature of Authorized Individual*
Kathryn Riepe Chambers
Printed Name of Authorized Individual
Date
Date
Apdl20 2012
Date
Executive Vice President
Title of Authorized Individual
Authorized individual must be an officer, director or shareholder if debtor is a corporation: a partner if debtor
is a partnership: a manager or member if debtor is a limited liability company.
Note: This report is being filed for FastShip, Inc. and its wholly owned subsidiaries, FastShip Atlantic,
Inc. (Case No. 12-10970 (BLS)) and Thomycroft, Giles & Co. , Inc. (Case No. 12-10971 (BLS)). Given
that these cases are administratively consolidated, we are filing one Monthly Operating Report.
Esplaudoll "
Auadlcd
:---:-
............
MOR
(04/07)
Cas< No. IZ-10%3 (BLS) I re. Fa.stSh.ip,lnc. t.t aJ
Deb ton Rtportin& Marcb 20 Mard11 31,2012
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor's books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the
first report, the amount should be the balance on the date the petition was filed. The amounts reported in the "CURRENT MONTH- ACTUAL" colunm must
equal the sum of the four bank account colunms. The amounts reported in the "PROJECTED" columns should be taken from the SMALL BUSINESS !NmAL
REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal . The total disbursements listed in the disbursements journal
must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. (See MOR-1 (CONI))
l Ofll. PAYIOU. 01HD
........ MONnl

CASH BEGINNING OF MONTH 3283 0 0 oil 3283 Jmll 3 283 32al
r....,.
CASH SALES 0 0 0 0 0 0 0 0
ACCOUNTS RECEIVABLE 0 0 0 0 0 0 0 0
LOANS AND ADVANCES 150000 0 0 0 160.000 150000 150 000 150 000
SAlE OF ASSETS 0 0 u u u 0 0 0
OlliER IATIACH LISTI 0 0 0 0 0 0 0 0
TRANSFERS (FROM DIP ACCTS} 0 0 0 0 0 0 0 0
TOTAL Rt:CEI PTS 150000 0 0 0 150.000 150.000 150 000 150000
NET PAYROLL 1006 0 0 0 1 ace 10CG 1006 1006
PA VROLL TAXES 0 0 0 0 0 0 0 0
SALES USE & OTHER TAXES 0 0 0 0 0 0 0 0
INVENTORY PURCHASES 0 0 0 0 0 0 0 0
SECURED/ RENT AU LEASES 1448 0 0 0 1 448 1 448 1448
INSURANCE 0 0 0 0 0 0 0 0
ADM!NlSTRA TIVE 15 0 0 0 15 15 15 15
SELLING 0 0 0 0 0 0 0 0
OTHER IATIACH LISTI 0 0 0 0 0 0 0 0
OWNER DRAW' 0 0 0 0 0 0 0 0
TRANSFERS ffO DIP ACCTS) 0 0 0 0 0 0 0 0
PROFESSIONAL FEES 0 0 0 0 0 0 0 0
U.S. TRUSTEE QUARTERLY FEES 0 0 0 0 0 0 0 0
COURT COSTS 0 0 0 0 0 0 0 0
TOTAL DISBURS&\1 E..'iTS (1\ 2 469 0 0 0 2 4111 2,4111 2469 2469
NET CASH FLOW 147 531 0 0 oil 531 1<17 53111 147 531 147 531
l rlJ:CEIPTS LE$S II II
CASH - END OF MONTH
COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE
THE FOLLOWING SECTION MUST BE COMPLETED

: ll.S.. ftllftD ,.,...,..., v na, ,_ AC'IVAI.COUIIIIII
TOTAL DISBURSEMENTS (I) 2469
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS 0
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i e. from escrow accounts) 0
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES (I) 2 469
Note 1:
AU post-petition disbursements in the stub portion of March, other than a $15 administrative bank fee, were checks that were written before filing, but deared the old PNC account after the filing date.
The circumstances of these disbursements were discussed with the US Trustee and staff on March 30, 2012
FORMMOR-1
(04107)
In re FastShip, Inc. et al
Debtors
BANK RECONCILIATIONS
Continuation Sheet for MOR-1
Case No. 12-10968 (BLS)
Reporting Period: March 20- March 31,2012
A bank rec<Jncil iation must be included for each bank accowll. The debtor's bank reconciliation may be substituted for this page.
I acct# 7684241768
BALANCE PER BOOKS 1'1 3/3112012 150,814
BANK BALANCE 150,8 14
II+) DEPOSITS IN TRANSIT (ATIACH LI ST) 0
ll-) OUTSTANDING CHECKS (ATIACH LIST) 0
OTHER (A IT ACH EXPLANATION) 0
ADJUSTED BANK BALANCE !50 814
Adjusted bank oaiance must equal
balance per books
DEPOSITS IN TRANSIT Date Amount
CHECKS OUTSTANDING Ck. # Amount
OTHER
PatTOII Tax
N/A N/A
Date Amount Date
Ch. # Amount Ck. #
N/A
Amount Date
Amount Ck. #
Odler
Amount
Amount
FORM MOR-Ia
(04/07)
In re FastShip, Inc. et al
Debtors
Case No. 12-10968 (BLS)
Reporting Period: March 20- March 31,2012
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule is to include all retained professional payments from case inception to curre,nt month.
!No: ~ - - ~ :;;; I - 1-.Io. l ~ ~ L ~ -v--f-= I
FORMMOR-lb
(04/07)
Business Checking
Account number: 1768 March 23, 2012- March 31, 2012 Page 1 of 3
FASTSHIP, INC
DEBTOR IN POSSESSION
CH 11 CASE# 12-10968 (BLS}
1608 WALNUT ST STE 501
PHILADELPHIA PA 19103-5446
Your Business and Wells Fargo
As our way of saying thank you to our business customers, Wells Fargo is
extending money-saving offers on many of our business accounts and services
between April 16 and June 30, 2012. For details on these limited-time offers, stop
by any Wells Fargo location, visit us online at wellsfargo.com/appreciation, or call
us at 877-436-4170.
Activity summary
Beginning balance on 3/23
Deposits/Credits
Withdrawals/Debits
Ending balance on 3/31
Average ledger balance this period
Overdraft Protection
$0.00
150,829.08
- 15.00
$150,814.08
$150,261 .36
This account is not currently covered by Overdraft Protection. If you
would like more information regarding Overdraft Protection and
eligibility requirements please call the number listed at the top of
your statement or visit your Wells Fargo branch.
Questions?
Available by phone 24 hours a day, 7 days a week:
1-800-CALL-WELLS (1-800-225-5935)
TTY: 1-800-877-4833
En espaflol: 1-877-337-7454
Online: weilsfargo.coorJbiz:
Write: Wells Fargo Bank, N.A. (336)
P.O. Box 6995
Portland, OR 97228-6995
Account options
A check mark in the box indicates you have these convenient
services with your account. Go to welfsfargo.com/biz or calf
the number above if you have questions or if you would like
to add new services.
Business Online Banking
Rewards for Business Check Card
Online Statements
Business Bill Pay
Business Spending Report
Overdraft Protection
Account number:
FASTSHIP, INC
-1768
DEBTOR IN POSSESSION
CH 11 CASE# 12-10968 (BLS)
Maryland account terms and conditions apply
For Direct Deposit and Automatic Payments use
Routing Number (RTN): 055003201
For Wire Transfers use
Routing Number (RTN): 121000248
0
D
D
0
0
D
Account number: 1768 March23, 2012-March31,2012 Page2of3
Transaction history
Date
3/23
Check
Number Description
WT Fed#02912 Ubs AG /Org=lpco LLC Srf# US01083Ku0194326
Tm#120323099784 Rib# 00728620120323Pw
------ _, ________ ------- .. ------ ._ _ .. - .... - -- --. -----
3/23 Wire Trans Svc Charge - Sequence: 120323099784 Srf#
US01083Ku0194326 Tm#120323099784 Rib#
00728620120323Pw
Deposits/
Credits
150,000.00
Withdrawals/
Debits
15.00
Ending daily
balance
149,985.00
3129 - __ ___ __
Ending balance on 3/31 150,814.08
Totals $150,829.08 $15.00
The Ending Daily Balance does not reflect any pending withdrawals or holds on deposited funds that may have been outstanding on your account when your
transactions posted. If you had insufficient available funds when a transaction posted, fees may have been assessed.
Account transaction fees summary
Service charge description
Paid and Deposited Items
Total service charges
Units used
Units
included
150
ACCOUNT INFORMATION
Excess
unfts
0
Service charge per
excess units ($)
0.50
Effective May 10, 2012, your account may be charged an A TM surcharge fee when you make a withdrawal with your Wells Fargo
Business Debit or ATM Card at non-Wells Fargo ATMs that display the Instant Cash network logo. This fee is determined by the ATM
owner or operator. As a reminder, Wells Fargo may assess a $2.50 per transaction fee when you make a transaction with your card at
non-Wells Fargo ATMs that display the Instant Cash network logo.
For fee waiver details, refer to your Wells Fargo Business Account Fee & Information Schedule, or other applicable account disclosure.
If you have any questions, please contact your local banker or call the phone number at the top of your statement. Thank you.
Total service
charge($)
0.00
$0.00
Account number: 1768 March 23, 2012- March 31,2012 Page 3 of 3
General statement policies for Wells Fargo Bank
Notice: Wells Fargo Bank, N.A. may furnish information about accounts
belonging to individuals, including sole proprietorships, to consumer
reporting agencies. If this applies to you, you have the right to dispute the
accuracy of information that we have reported by writing to us at: Overdraft
Collections and Recovery, P.O. Box 5058, Portland. OR 97208-5058.
Account Balance Calculation Worksheet
1. Use the following worksheet to calculate your overall account balance.
2. Go through your register and mark each check, withdrawal, ATM
transaction, payment, deposit or ether credit !isted on your statement.
Be sure that your register shows any interest paid into your account and
any service charges, automatic payments or ATM transactions withdrawn
from your account during this statement period.
3. Use the chart to the right to list any deposits, transfers to your account,
outstanding checks, ATM withdrawals, ATM payments or any other
withdrawals (including any from previous months) which are listed in
your register but not shown on your statement.
ENTER
A. The ending balance
shown on your statement ..................... $ -------
ADD
B. Any deposits listed in your
register or transfers into
your account which are not
shown on your statement.
$ ____ _
$ _____ _
$ ____ _
+ $ ______ _
....... . ................ . . . . . .. ..... ro:rAL$ _____ _
CALCULATE THE SUBTOTAL
{Add Parts A and B)
........... . ...... .. . .. . .. . .. .. ... TO:rAL $ ------
SUBTRACT
c. The total outstanding checks and
withdrawals from the chart above ... . .. ... . .. $ -------
CALCULATE THE ENDING BALANCE
(Part A+ Part B Part C)
This amount should be the same
as the current balance shown in I
your check register .. .... .. .. ... . . ....... .. . L$..;...;; ======-.J
2010 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. NMLSR 10 399801
You must describe the specific information that is inaccurate or in dispute
and the basis for any dispute with supporting documentation. In the case of
information that relates to an identity theft, you will need to provide us with
an identity theft report.
Number Items Outstanding Amount
Total amount $
In re FastShip, Inc. et al
Debtors
Case No. 12-10968 (BLS)
Reporting Period: March 20- March 31,2012
STATEMENT OF OPERATIONS
(Income Statement)
The Statement of Operations is to be prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it is
realized and expenses when they are incurred, regardless of when cash is actually received or paid.
*"Insider" is defined in II US.C. Section 101(31).
NOTES:
(I) Out-of-pocket expenses for Bullard and Chambers include reimbursement for travel, office supplies, and VOIP service for the FastS hip office
(2) "Other expenses" are the post-petition disbursements in the stub portion of March that were checks written before filing, but that
cleared the old PNC account after the filing date. The circumstances of these disbursements were discussed with the US Trustee and
staff on March 30, 2012. These expenses are included here because the book value of the cash asset on the petition date reflected the
fact that these checks had not yet cleared the account
FORMMOR-2
(04/07)
Case No. 12-10968 (BLS) In re FastShip, Inc. et al
Debtors Reporting Period: March 20 - March 31, 2012
STATEMENT OF OPERATIONS- continuation sheet
BDJU.
OJI'"OTHER"CATEGORY Molltll
OtlaerCOib
~ .
Otlaer l_come
rotlaer
Otber lzatlo
ReorgamzatJOn Items - Interest Earned on Accumulated Cash from Chapter 11:
Interest earned on cash accumulated during the chapter 11 case, which would not have been earned but for the
bankruptcy proceeding, should be reported as a reorganization item.
c .......
. Filill.l to Date
FORM MOR-2 CONTD
(04/07)
In re FastShip, Inc. et al
Debtors
BALANCE SHEET
The Balance Sheet is to be completed on an accrual basis only P r e ~ petition liabilities must be classified separately from postpetition obligations
'"Insider" is defined in II U.S.C. Section !01(31)
Case No. 12-10968 (BLS)
Reporting Period: March 20- March 31, 2012
NOTE: Balance sheet is consolidated, with assets and liabilities for FastShip, Inc. and its wholly owned subsidiaries, FastShip Atlantic, Inc. and Thornycroft, Giles & Co., Inc., with
eliminations to avoid doublecounting of obligations for which FastShip, Inc. and Thornycroft, Giles & Co, Inc. are codebtors
FORMMOR-3
(04/07)
In re FastShip, Inc. et a! Case No. 12-10968 (BLS)
Debtors Reporting Period: March 20 - March 31, 2012
BALANCE SHEET -continuation sheet
Restricted Cash is cash that is restricted for a specific use and not available to fund operations. Typically, restricted cash is segregated
into a separate account, such as an escrow account.
FORM MOR-3 CONT'D
(04107)
Case No. 12-10968 (BLS) In re FastShip, Inc. et al
Debtors Reporting Period: March 20 - March 31, 2012
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero.
Attach photocopies of IRS Form 6123 or payment receipt to verifY payment or deposit of federal payroll taxes.
Attach photocopies of any tax returns filed during the reporting period.
....... I
Tu WIWieldor I
Llalllllly Accnlld hid ..... or
"
1,...,..
Withholding -
I 767 -
FICA-Employee - 550 -
FICA-Employer - 745 -
Unemployment - Employer - 33 -
Income - - -
Other: - - -
Total Federal Taxes - 3,094 -
Slllfead I-..
Withholding - 459 -
Sales - - -
Excise - - -
Unemployment - Employee - 8 -
Unemployment - Employer - 656 -
Real Property - - -
Personal Property - -
Other: Philadelphia Wage Tax 243 -
Total State and Local - I 366 -
Total Taxes - 4 460 -

I 767
550
745
33
-
-
3 094
459
-
-
8
656
-
-
243
I 366
4 460
NOTE: taxes shown are an accrual for taxes associated with compensation covering the period 3/20/12-4/19/12 that was paid on 4/10/ 12; taxes were paid at that tim
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable .
.....

CUrrent
().3()
61-90 Over90 Talal
., r .:_t
Accounts Payable 5 928 - - - 5 928
Wages Payable - - - - - -
Taxes Payable (accrual) 4460 - - - - 4 460
Rent/Leases-Building - 491 - - - 491
Rent/Leases-Equipment - - - - - -
Secured Debt/ Adequate Protection Payments - - - - - -
Professional Fees - - - - - -
Amounts Due to Insiders 7 749 - - - - 7 749
Other: US Trustee fee accrual 975 - - - - 975
Other: - - - - - -
Total Postpetition Debts (1) 19 112 491 - - - 19 603
Explain how and when the Debtor in tends to pay any past-due postpetition debts.
NOTE: Funds are available and payables are being brought current as revised payment procedures are being put in place.
(1) Total Postpetition Debts shown here differ from total Postpetition Liabilities Not Subject to Compromise on MOR 3 by the amount of
the DIP loan, which will be extinguished upon successful completion of the bankruptcy in favor of a share of any award from the pending
patent infringement litigation against the US Government.
*"Insider" is defined in I I U.S.C. Section 101(31).
FORMMOR-4
(04/07)
e.
FORMMOR-4
(04/07)
Case No. 12-10968 (BLS) In re FastS hip, Inc. et al
Debtors Reporting Period: March 20- March 31 , 2012
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
1.&
Recoadllatloa
Total Accounts Receivable at the beginning of the reporting period
+Amounts billed during the period
- Amounts collected during the period
Total Accounts Receivable at the end of the reporting period
1.&

0 - 30 days old
31 - 60 days old
61 -90 days old
91+daysold
Total Accounts Receivable
Amount considered uncollectible (Bad Debt)
Accounts Receivable (Net)
DEBTOR QUESTIONNAIRE
course or business
2
IICCOunt this repontng period? If yes. prov1de an e pi
3. Hove 411 po tpetition tax rc:tums bn umely lilc:tl1 If no, pro 1dc an expiWllltion
below
4. Are
coverages in effect" If no, provide an c. pi
S H
docwnent uon Jdtnufying the opened ccount(s) I fan mvcstmcnt c:count luu been opened ./
pro ide the rrqutrcd docwn n uon 10 the Del \\"llrl: Loc Rule: 4001-3
Amoaat

(2) Seven checks totaling $2,454.02 were written before filing, but cleared the old PNC account after the filing date.
The circumstances of these disbursements were discussed with the US Trustee and staff on March 30, 2012
(3) Taxes for 2011 have not been filed yet, but are in the process of being prepared. No taxes are owed.
11,416
-
-
11,416
-
5,859
5,557
-
11,416
-
11,416
(5) The FastShip, Inc. Debtor in Possession account was opened at Wells Fargo on March 23, 2012. Account# 7684241768.
Documentation was provided to the US Trustee as part of the Initial Debtor Interview information package.
FORMMOR-5
(04/07)