Baltic Exchange Dry Indices 26.feb.07

Daily Summary of Baltic Exchange Dry Indices

26 February 2007

Baltic Exchange Dry Index TM 4609 (UP 64)

Baltic Exchange Capesize Index TM 6635 (UP 114)

Baltic Exchange Panamax Index TM 4483 (UP 61)

Baltic Exchange Supramax Index TM 2901 (UP 25)

Baltic Exchange Handysize Index TM 1440 (UP 16)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $76095 (UP 1498)

BPI Average of the T/C routes $36172 (UP 490)

BSI Average of the T/C routes $30332 (UP 260)

BHSI Average of the T/C routes $21204 (UP 261)

Baltic Exchange Capesize Index 6635 (UP 114)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 23.020 0.405

C3 150000mt Tubarao - Beilun/Baoshan 15 39.218 0.373

C4 150000mt Richards Bay - Rotterdam 5 23.795 0.315

C5 150000mt W Australia - Beilun/Baoshan 15 16.205 0.305

C7 150000mt Bolivar - Rotterdam 5 23.535 0.420

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 84225 2225

C9_03 172000mt Continent/Mediterranean trip Far East 5 95268 1563

C10_03 172000mt Pacific RV 20 68295 1318

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 56591 886

C12 150000mt Gladstone - Rotterdam 10 30.741 0.273

Average of the T/C Routes 76095 1498

Baltic Exchange Panamax Index 4483 (UP 61)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 38992 714

P2A_03 74000mt SKAW-GIB/FAR EAST 25 40750 597

P3A_03 74000mt Japan-SK/Pacific/RV 25 33053 336

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 31894 315

Average of the T/C Routes 36172 490

Baltic Exchange Handysize Index 1440 (UP 16)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 16264 200

HS2 Skaw - Passero trip Boston - Galveston 12.5 16864 114

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 28331 393

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 24400 -6

HS5 SE Asia trip via Australia to Singapore - Japan 25 21814 371

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 20071 321

Average of the T/C Routes 21204 261

Baltic Exchange Supramax Index 2901 (UP 25)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 29718 232

S1B Canakkale Trip Far East 12.5 27377 273

S2 Japan - SK / NOPAC or Australia rv 25 29427 260

S3 Japan - SK Trip Gib - Skaw range 25 30684 207

S4A US Gulf - Skaw-Passero 12.5 41905 480

S4B Skaw-Passero - US Gulf 12.5 23432 162

Average of the T/C Routes 30332 260

S6 Jpn-SK trip via Aus/India 0 29161 225