Baltic Exchange Dry Indices 16.mar.07 + FFA PMX

Daily Summary of Baltic Exchange Dry Indices

16 March 2007

Baltic Exchange Dry Index TM 5086 (UP 15)

Baltic Exchange Capesize Index TM 6969 (UP 24)

Baltic Exchange Panamax Index TM 5037 (DOWN 2)

Baltic Exchange Supramax Index TM 3374 (UP 11)

Baltic Exchange Handysize Index TM 1678 (UP 19)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $80798 (UP 645)

BPI Average of the T/C routes $40674 (DOWN 14)

BSI Average of the T/C routes $35280 (UP 115)

BHSI Average of the T/C routes $24725 (UP 296)

Baltic Exchange Capesize Index 6969 (UP 24)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 25.380 0.150

C3 150000mt Tubarao - Beilun/Baoshan 15 43.318 0.341

C4 150000mt Richards Bay - Rotterdam 5 22.160 0.050

C5 150000mt W Australia - Beilun/Baoshan 15 16.075 -0.095

C7 150000mt Bolivar - Rotterdam 5 25.905 0.145

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 93625 1315

C9_03 172000mt Continent/Mediterranean trip Far East 5 106636 2204

C10_03 172000mt Pacific RV 20 68523 -363

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 54409 -573

C12 150000mt Gladstone - Rotterdam 10 30.441 -0.177

Average of the T/C Routes 80798 645

Baltic Exchange Panamax Index 5037 (DOWN 2)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 42487 -116

P2A_03 74000mt SKAW-GIB/FAR EAST 25 44605 -279

P3A_03 74000mt Japan-SK/Pacific/RV 25 39811 335

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 35792 3

Average of the T/C Routes 40674 -14

Baltic Exchange Handysize Index 1678 (UP 19)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 18907 28

HS2 Skaw - Passero trip Boston - Galveston 12.5 19550 36

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 33088 169

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 27806 173

HS5 SE Asia trip via Australia to Singapore - Japan 25 25617 534

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 23608 450

Average of the T/C Routes 24725 296

Baltic Exchange Supramax Index 3374 (UP 11)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 36070 156

S1B Canakkale Trip Far East 12.5 35175 150

S2 Japan - SK / NOPAC or Australia rv 25 32913 123

S3 Japan - SK Trip Gib - Skaw range 25 33459 59

S4A US Gulf - Skaw-Passero 12.5 50518 83

S4B Skaw-Passero - US Gulf 12.5 27736 170

Average of the T/C Routes 35280 115

S6 Jpn-SK trip via Aus/India 0 34220 202

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

S5 Trial-W.Africa via ECSA to FarEast 0 38823 205