Baltic Exchange Dry Indices 21.Mar-07 & FFA PMX

Subject: Index as of 21.Mar-07 & FFA PMX

Daily Summary of Baltic Exchange Dry Indices

21 March 2007

Baltic Exchange Dry Index TM 5226 (UP 54)

Baltic Exchange Capesize Index TM 7411 (UP 188)

Baltic Exchange Panamax Index TM 4969 (DOWN 39)

Baltic Exchange Supramax Index TM 3412 (UP 18)

Baltic Exchange Handysize Index TM 1735 (UP 15)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $87400 (UP 2577)

BPI Average of the T/C routes $40129 (DOWN 319)

BSI Average of the T/C routes $35672 (UP 180)

BHSI Average of the T/C routes $25564 (UP 218)

Baltic Exchange Capesize Index 7411 (UP 188)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 26.260 0.295

C3 150000mt Tubarao - Beilun/Baoshan 15 44.727 0.310

C4 150000mt Richards Bay - Rotterdam 5 23.380 0.535

C5 150000mt W Australia - Beilun/Baoshan 15 17.310 0.685

C7 150000mt Bolivar - Rotterdam 5 26.830 0.316

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 101400 2100

C9_03 172000mt Continent/Mediterranean trip Far East 5 114364 2182

C10_03 172000mt Pacific RV 20 74836 3618

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 59000 2409

C12 150000mt Gladstone - Rotterdam 10 31.355 0.473

Average of the T/C Routes 87400 2577

Baltic Exchange Panamax Index 4969 (DOWN 39)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 41814 -307

P2A_03 74000mt SKAW-GIB/FAR EAST 25 43872 -346

P3A_03 74000mt Japan-SK/Pacific/RV 25 39269 -418

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 35562 -202

Average of the T/C Routes 40129 -319

Baltic Exchange Handysize Index 1735 (UP 15)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 19571 228

HS2 Skaw - Passero trip Boston - Galveston 12.5 20407 249

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 33513 169

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 28278 211

HS5 SE Asia trip via Australia to Singapore - Japan 25 26550 150

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 24820 291

Average of the T/C Routes 25564 218

Baltic Exchange Supramax Index 3412 (UP 18)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 36480 255

S1B Canakkale Trip Far East 12.5 35480 105

S2 Japan - SK / NOPAC or Australia rv 25 33493 276

S3 Japan - SK Trip Gib - Skaw range 25 33928 208

S4A US Gulf - Skaw-Passero 12.5 50508 -40

S4B Skaw-Passero - US Gulf 12.5 28068 154

Average of the T/C Routes 35672 180

S6 Jpn-SK trip via Aus/India 0 35300 452

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

S5 Trial-W.Africa via ECSA to FarEast 0 39188 152