Daily Summary of Baltic Exchange Dry Indices 22.mar.07

Daily Summary of Baltic Exchange Dry Indices

22 March 2007

Baltic Exchange Dry Index TM 5275 (UP 49)

Baltic Exchange Capesize Index TM 7546 (UP 135)

Baltic Exchange Panamax Index TM 4971 (UP 2)

Baltic Exchange Supramax Index TM 3426 (UP 14)

Baltic Exchange Handysize Index TM 1749 (UP 14)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $89525 (UP 2125)

BPI Average of the T/C routes $40146 (UP 17)

BSI Average of the T/C routes $35827 (UP 155)

BHSI Average of the T/C routes $25757 (UP 193)

Baltic Exchange Capesize Index 7546 (UP 135)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 26.460 0.200

C3 150000mt Tubarao - Beilun/Baoshan 15 44.900 0.173

C4 150000mt Richards Bay - Rotterdam 5 23.850 0.470

C5 150000mt W Australia - Beilun/Baoshan 15 17.755 0.445

C7 150000mt Bolivar - Rotterdam 5 26.970 0.140

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 102100 700

C9_03 172000mt Continent/Mediterranean trip Far East 5 114773 409

C10_03 172000mt Pacific RV 20 77409 2573

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 63818 4818

C12 150000mt Gladstone - Rotterdam 10 31.950 0.595

Average of the T/C Routes 89525 2125

Baltic Exchange Panamax Index 4971 (UP 2)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 42013 199

P2A_03 74000mt SKAW-GIB/FAR EAST 25 44013 141

P3A_03 74000mt Japan-SK/Pacific/RV 25 39095 -174

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 35464 -98

Average of the T/C Routes 40146 17

Baltic Exchange Handysize Index 1749 (UP 14)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 19829 258

HS2 Skaw - Passero trip Boston - Galveston 12.5 20607 200

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 33644 131

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 28483 205

HS5 SE Asia trip via Australia to Singapore - Japan 25 26814 264

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 24932 112

Average of the T/C Routes 25757 193

Baltic Exchange Supramax Index 3426 (UP 14)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 36607 127

S1B Canakkale Trip Far East 12.5 35546 66

S2 Japan - SK / NOPAC or Australia rv 25 33879 386

S3 Japan - SK Trip Gib - Skaw range 25 34093 165

S4A US Gulf - Skaw-Passero 12.5 50393 -115

S4B Skaw-Passero - US Gulf 12.5 28130 62

Average of the T/C Routes 35827 155

S6 Jpn-SK trip via Aus/India 0 35457 157

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

S5 Trial-W.Africa via ECSA to FarEast 0 39266 78