Baltic Exchange Dry Indices 9.mar.07 & FFA pmx

Daily Summary of Baltic Exchange Dry Indices

9 March 2007

Baltic Exchange Dry Index TM 5000 (UP 37)

Baltic Exchange Capesize Index TM 6955 (UP 41)

Baltic Exchange Panamax Index TM 5034 (UP 20)

Baltic Exchange Supramax Index TM 3176 (UP 49)

Baltic Exchange Handysize Index TM 1606 (UP 14)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $79939 (UP 763)

BPI Average of the T/C routes $40644 (UP 167)

BSI Average of the T/C routes $33206 (UP 508)

BHSI Average of the T/C routes $23625 (UP 198)

Baltic Exchange Capesize Index 6955 (UP 41)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 24.665 0.150

C3 150000mt Tubarao - Beilun/Baoshan 15 40.805 0.332

C4 150000mt Richards Bay - Rotterdam 5 24.000 0.060

C5 150000mt W Australia - Beilun/Baoshan 15 16.800 0.025

C7 150000mt Bolivar - Rotterdam 5 25.115 0.140

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 89525 745

C9_03 172000mt Continent/Mediterranean trip Far East 5 98905 1373

C10_03 172000mt Pacific RV 20 72182 250

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 59145 686

C12 150000mt Gladstone - Rotterdam 10 31.365 0.060

Average of the T/C Routes 79939 763

Baltic Exchange Panamax Index 5034 (UP 20)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 42632 171

P2A_03 74000mt SKAW-GIB/FAR EAST 25 45118 52

P3A_03 74000mt Japan-SK/Pacific/RV 25 39021 300

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 35806 145

Average of the T/C Routes 40644 167

Baltic Exchange Handysize Index 1606 (UP 14)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 18279 265

HS2 Skaw - Passero trip Boston - Galveston 12.5 19007 264

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 31738 225

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 27306 256

HS5 SE Asia trip via Australia to Singapore - Japan 25 23821 192

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 22514 93

Average of the T/C Routes 23625 198

Baltic Exchange Supramax Index 3176 (UP 49)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 33600 698

S1B Canakkale Trip Far East 12.5 31425 1096

S2 Japan - SK / NOPAC or Australia rv 25 31542 275

S3 Japan - SK Trip Gib - Skaw range 25 32498 171

S4A US Gulf - Skaw-Passero 12.5 46410 835

S4B Skaw-Passero - US Gulf 12.5 26136 545

Average of the T/C Routes 33206 508

S6 Jpn-SK trip via Aus/India 0 32375 323