Baltic Exchange Dry Indices 20.mar.07

Daily Summary of Baltic Exchange Dry Indices

20 March 2007

Baltic Exchange Dry Index TM 5172 (UP 49)

Baltic Exchange Capesize Index TM 7223 (UP 147)

Baltic Exchange Panamax Index TM 5008 (DOWN 22)

Baltic Exchange Supramax Index TM 3394 (UP 14)

Baltic Exchange Handysize Index TM 1720 (UP 22)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $84823 (UP 2254)

BPI Average of the T/C routes $40448 (DOWN 170)

BSI Average of the T/C routes $35492 (UP 154)

BHSI Average of the T/C routes $25346 (UP 310)

Baltic Exchange Capesize Index 7223 (UP 147)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 25.965 0.325

C3 150000mt Tubarao - Beilun/Baoshan 15 44.417 0.462

C4 150000mt Richards Bay - Rotterdam 5 22.845 0.455

C5 150000mt W Australia - Beilun/Baoshan 15 16.625 0.395

C7 150000mt Bolivar - Rotterdam 5 26.514 0.309

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 99300 3250

C9_03 172000mt Continent/Mediterranean trip Far East 5 112182 2455

C10_03 172000mt Pacific RV 20 71218 1718

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 56591 1591

C12 150000mt Gladstone - Rotterdam 10 30.882 0.337

Average of the T/C Routes 84823 2254

Baltic Exchange Panamax Index 5008 (DOWN 22)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 42121 -247

P2A_03 74000mt SKAW-GIB/FAR EAST 25 44218 -271

P3A_03 74000mt Japan-SK/Pacific/RV 25 39687 -81

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 35764 -83

Average of the T/C Routes 40448 -170

Baltic Exchange Handysize Index 1720 (UP 22)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 19343 279

HS2 Skaw - Passero trip Boston - Galveston 12.5 20158 308

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 33344 181

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 28067 256

HS5 SE Asia trip via Australia to Singapore - Japan 25 26400 336

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 24529 393

Average of the T/C Routes 25346 310

Baltic Exchange Supramax Index 3394 (UP 14)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 36225 68

S1B Canakkale Trip Far East 12.5 35375 87

S2 Japan - SK / NOPAC or Australia rv 25 33217 246

S3 Japan - SK Trip Gib - Skaw range 25 33720 225

S4A US Gulf - Skaw-Passero 12.5 50548 28

S4B Skaw-Passero - US Gulf 12.5 27914 105

Average of the T/C Routes 35492 154

S6 Jpn-SK trip via Aus/India 0 34848 387

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

S5 Trial-W.Africa via ECSA to FarEast 0 39036 136