Baltic Exchange Dry Indices 5.march.07

Subject: index as of 5.march.07

Daily Summary of Baltic Exchange Dry Indices

5 March 2007

Baltic Exchange Dry Index TM 4908 (UP 36)

Baltic Exchange Capesize Index TM 7044 (DOWN 1)

Baltic Exchange Panamax Index TM 4847 (UP 83)

Baltic Exchange Supramax Index TM 3028 (UP 23)

Baltic Exchange Handysize Index TM 1543 (UP 17)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $80539 (DOWN 45)

BPI Average of the T/C routes $39120 (UP 683)

BSI Average of the T/C routes $31658 (UP 241)

BHSI Average of the T/C routes $22728 (UP 250)

Baltic Exchange Capesize Index 7044 (DOWN 1)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 24.600 0.050

C3 150000mt Tubarao - Beilun/Baoshan 15 40.695 0.013

C4 150000mt Richards Bay - Rotterdam 5 24.500 -0.095

C5 150000mt W Australia - Beilun/Baoshan 15 17.465 0.030

C7 150000mt Bolivar - Rotterdam 5 25.075 0.065

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 88965 -35

C9_03 172000mt Continent/Mediterranean trip Far East 5 98650 -32

C10_03 172000mt Pacific RV 20 75018 -100

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 59523 -13

C12 150000mt Gladstone - Rotterdam 10 31.650 -0.045

Average of the T/C Routes 80539 -45

Baltic Exchange Panamax Index 4847 (UP 83)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 41374 166

P2A_03 74000mt SKAW-GIB/FAR EAST 25 43897 144

P3A_03 74000mt Japan-SK/Pacific/RV 25 36807 1435

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 34400 986

Average of the T/C Routes 39120 683

Baltic Exchange Handysize Index 1543 (UP 17)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 17436 193

HS2 Skaw - Passero trip Boston - Galveston 12.5 18050 279

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 30550 394

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 25789 232

HS5 SE Asia trip via Australia to Singapore - Japan 25 23129 208

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 21871 242

Average of the T/C Routes 22728 250

Baltic Exchange Supramax Index 3028 (UP 23)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 31570 318

S1B Canakkale Trip Far East 12.5 28679 304

S2 Japan - SK / NOPAC or Australia rv 25 30656 216

S3 Japan - SK Trip Gib - Skaw range 25 31705 237

S4A US Gulf - Skaw-Passero 12.5 44065 205

S4B Skaw-Passero - US Gulf 12.5 24227 193

Average of the T/C Routes 31658 241

S6 Jpn-SK trip via Aus/India 0 30909 414