Baltic Exchange Dry Indices 13.feb.07

Daily Summary of Baltic Exchange Dry Indices

13 February 2007

Baltic Exchange Dry Index TM 4360 (UP 12)

Baltic Exchange Capesize Index TM 6375 (DOWN 7)

Baltic Exchange Panamax Index TM 4173 (UP 34)

Baltic Exchange Supramax Index TM 2740 (UP 8)

Baltic Exchange Handysize Index TM 1336 (UP 5)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $73394 (DOWN 23)

BPI Average of the T/C routes $33707 (UP 266)

BSI Average of the T/C routes $28654 (UP 89)

BHSI Average of the T/C routes $19648 (UP 79)

Baltic Exchange Capesize Index 6375 (DOWN 7)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 22.225 0.060

C3 150000mt Tubarao - Beilun/Baoshan 15 39.095 0.172

C4 150000mt Richards Bay - Rotterdam 5 22.145 -0.185

C5 150000mt W Australia - Beilun/Baoshan 15 15.430 -0.110

C7 150000mt Bolivar - Rotterdam 5 22.705 0.075

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 81050 450

C9_03 172000mt Continent/Mediterranean trip Far East 5 96477 659

C10_03 172000mt Pacific RV 20 63195 -532

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 52855 -668

C12 150000mt Gladstone - Rotterdam 10 29.745 -0.082

Average of the T/C Routes 73394 -23

Baltic Exchange Panamax Index 4173 (UP 34)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 35047 511

P2A_03 74000mt SKAW-GIB/FAR EAST 25 36900 550

P3A_03 74000mt Japan-SK/Pacific/RV 25 31711 67

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 31169 -63

Average of the T/C Routes 33707 266

Baltic Exchange Handysize Index 1336 (UP 5)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 14150 7

HS2 Skaw - Passero trip Boston - Galveston 12.5 14643 7

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 25406 118

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 25422 -34

HS5 SE Asia trip via Australia to Singapore - Japan 25 19868 218

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 18914 47

Average of the T/C Routes 19648 79

Baltic Exchange Supramax Index 2740 (UP 8)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 26796 37

S1B Canakkale Trip Far East 12.5 25731 -60

S2 Japan - SK / NOPAC or Australia rv 25 28279 138

S3 Japan - SK Trip Gib - Skaw range 25 29486 231

S4A US Gulf - Skaw-Passero 12.5 39300 15

S4B Skaw-Passero - US Gulf 12.5 21873 -22

Average of the T/C Routes 28654 89

S6 Jpn-SK trip via Aus/India 0 27595 -3

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

S5 Trial-W.Africa via ECSA to FarEast 0 29223 8