Baltic Exchange Dry Indices15.feb.07

Daily Summary of Baltic Exchange Dry Indices

15 February 2007

Baltic Exchange Dry Index TM 4352 (DOWN 14)

Baltic Exchange Capesize Index TM 6210 (DOWN 90)

Baltic Exchange Panamax Index TM 4253 (UP 12)

Baltic Exchange Supramax Index TM 2772 (UP 17)

Baltic Exchange Handysize Index TM 1360 (UP 13)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $70980 (DOWN 1330)

BPI Average of the T/C routes $34347 (UP 100)

BSI Average of the T/C routes $28988 (UP 184)

BHSI Average of the T/C routes $20011 (UP 189)

Baltic Exchange Capesize Index 6210 (DOWN 90)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 21.875 -0.185

C3 150000mt Tubarao - Beilun/Baoshan 15 38.141 -0.545

C4 150000mt Richards Bay - Rotterdam 5 21.780 -0.120

C5 150000mt W Australia - Beilun/Baoshan 15 14.990 -0.245

C7 150000mt Bolivar - Rotterdam 5 22.325 -0.220

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 78390 -1560

C9_03 172000mt Continent/Mediterranean trip Far East 5 92673 -2222

C10_03 172000mt Pacific RV 20 61250 -1055

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 51609 -482

C12 150000mt Gladstone - Rotterdam 10 29.486 -0.114

Average of the T/C Routes 70980 -1330

Baltic Exchange Panamax Index 4253 (UP 12)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 35879 174

P2A_03 74000mt SKAW-GIB/FAR EAST 25 38053 232

P3A_03 74000mt Japan-SK/Pacific/RV 25 32105 62

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 31350 -69

Average of the T/C Routes 34347 100

Baltic Exchange Handysize Index 1360 (UP 13)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 14450 193

HS2 Skaw - Passero trip Boston - Galveston 12.5 14971 214

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 26038 244

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 25389 -11

HS5 SE Asia trip via Australia to Singapore - Japan 25 20364 257

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 19257 182

Average of the T/C Routes 20011 189

Baltic Exchange Supramax Index 2772 (UP 17)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 27342 390

S1B Canakkale Trip Far East 12.5 25960 172

S2 Japan - SK / NOPAC or Australia rv 25 28546 121

S3 Japan - SK Trip Gib - Skaw range 25 29791 105

S4A US Gulf - Skaw-Passero 12.5 39698 293

S4B Skaw-Passero - US Gulf 12.5 22232 168

Average of the T/C Routes 28988 184

S6 Jpn-SK trip via Aus/India 0 28020 365

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

S5 Trial-W.Africa via ECSA to FarEast 0 29643 259