Baltic Exchange Dry Indices 7.Mar.07

Subject: index as of 7.Mar.07 + pmx ffa

Daily Summary of Baltic Exchange Dry Indices

7 March 2007

Baltic Exchange Dry Index TM 4937 (UP 16)

Baltic Exchange Capesize Index TM 6924 (DOWN 50)

Baltic Exchange Panamax Index TM 4988 (UP 62)

Baltic Exchange Supramax Index TM 3077 (UP 29)

Baltic Exchange Handysize Index TM 1571 (UP 12)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $79267 (DOWN 427)

BPI Average of the T/C routes $40271 (UP 504)

BSI Average of the T/C routes $32169 (UP 303)

BHSI Average of the T/C routes $23121 (UP 175)

Baltic Exchange Capesize Index 6924 (DOWN 50)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 24.455 -0.075

C3 150000mt Tubarao - Beilun/Baoshan 15 40.464 -0.063

C4 150000mt Richards Bay - Rotterdam 5 23.955 -0.215

C5 150000mt W Australia - Beilun/Baoshan 15 16.890 -0.290

C7 150000mt Bolivar - Rotterdam 5 24.895 -0.085

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 88215 -135

C9_03 172000mt Continent/Mediterranean trip Far East 5 97786 -205

C10_03 172000mt Pacific RV 20 72532 -1073

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 58536 -296

C12 150000mt Gladstone - Rotterdam 10 31.295 -0.178

Average of the T/C Routes 79267 -427

Baltic Exchange Panamax Index 4988 (UP 62)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 42226 423

P2A_03 74000mt SKAW-GIB/FAR EAST 25 44716 398

P3A_03 74000mt Japan-SK/Pacific/RV 25 38536 644

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 35608 552

Average of the T/C Routes 40271 504

Baltic Exchange Handysize Index 1571 (UP 12)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 17807 150

HS2 Skaw - Passero trip Boston - Galveston 12.5 18550 186

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 31181 287

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 26250 266

HS5 SE Asia trip via Australia to Singapore - Japan 25 23442 171

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 22150 86

Average of the T/C Routes 23121 175

Baltic Exchange Supramax Index 3077 (UP 29)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 32275 395

S1B Canakkale Trip Far East 12.5 29471 563

S2 Japan - SK / NOPAC or Australia rv 25 30942 136

S3 Japan - SK Trip Gib - Skaw range 25 32000 123

S4A US Gulf - Skaw-Passero 12.5 44735 445

S4B Skaw-Passero - US Gulf 12.5 24991 509

Average of the T/C Routes 32169 303

S6 Jpn-SK trip via Aus/India 0 31709 359