Baltic Exchange Dry Indices 12.feb.07

Daily Summary of Baltic Exchange Dry Indices

12 February 2007

Baltic Exchange Dry Index TM 4348 (UP 20)

Baltic Exchange Capesize Index TM 6382 (UP 42)

Baltic Exchange Panamax Index TM 4139 (UP 25)

Baltic Exchange Supramax Index TM 2732 (DOWN 5)

Baltic Exchange Handysize Index TM 1331 (UP 7)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $73417 (UP 792)

BPI Average of the T/C routes $33441 (UP 197)

BSI Average of the T/C routes $28565 (DOWN 57)

BHSI Average of the T/C routes $19569 (UP 107)

Baltic Exchange Capesize Index 6382 (UP 42)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 22.165 0.175

C3 150000mt Tubarao - Beilun/Baoshan 15 38.923 0.691

C4 150000mt Richards Bay - Rotterdam 5 22.330 -0.005

C5 150000mt W Australia - Beilun/Baoshan 15 15.540 -0.040

C7 150000mt Bolivar - Rotterdam 5 22.630 0.140

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 80600 1100

C9_03 172000mt Continent/Mediterranean trip Far East 5 95818 2363

C10_03 172000mt Pacific RV 20 63727 -250

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 53523 -45

C12 150000mt Gladstone - Rotterdam 10 29.827 -0.028

Average of the T/C Routes 73417 792

Baltic Exchange Panamax Index 4139 (UP 25)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 34536 322

P2A_03 74000mt SKAW-GIB/FAR EAST 25 36350 269

P3A_03 74000mt Japan-SK/Pacific/RV 25 31644 108

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 31232 88

Average of the T/C Routes 33441 197

Baltic Exchange Handysize Index 1331 (UP 7)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 14143 -7

HS2 Skaw - Passero trip Boston - Galveston 12.5 14636 -21

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 25288 -100

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 25456 0

HS5 SE Asia trip via Australia to Singapore - Japan 25 19650 243

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 18867 253

Average of the T/C Routes 19569 107

Baltic Exchange Supramax Index 2732 (DOWN 5)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 26759 0

S1B Canakkale Trip Far East 12.5 25791 -114

S2 Japan - SK / NOPAC or Australia rv 25 28141 -91

S3 Japan - SK Trip Gib - Skaw range 25 29255 -35

S4A US Gulf - Skaw-Passero 12.5 39285 -71

S4B Skaw-Passero - US Gulf 12.5 21895 -15

Average of the T/C Routes 28565 -57

S6 Jpn-SK trip via Aus/India 0 27598 -47

The route(s) below do not form part of the index calculation

S5 Trial-W.Africa via ECSA to FarEast 0 29215 -10

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