Daily Summary of Baltic Exchange Dry Indices 23.Mar.07

Daily Summary of Baltic Exchange Dry Indices

23 March 2007

Baltic Exchange Dry Index TM 5330 (UP 55)

Baltic Exchange Capesize Index TM 7642 (UP 96)

Baltic Exchange Panamax Index TM 5038 (UP 67)

Baltic Exchange Supramax Index TM 3437 (UP 11)

Baltic Exchange Handysize Index TM 1760 (UP 11)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $90530 (UP 1005)

BPI Average of the T/C routes $40675 (UP 529)

BSI Average of the T/C routes $35934 (UP 107)

BHSI Average of the T/C routes $25929 (UP 172)

Baltic Exchange Capesize Index 7642 (UP 96)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 26.630 0.170

C3 150000mt Tubarao - Beilun/Baoshan 15 45.245 0.345

C4 150000mt Richards Bay - Rotterdam 5 24.235 0.385

C5 150000mt W Australia - Beilun/Baoshan 15 18.030 0.275

C7 150000mt Bolivar - Rotterdam 5 27.140 0.170

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 102800 700

C9_03 172000mt Continent/Mediterranean trip Far East 5 115182 409

C10_03 172000mt Pacific RV 20 79500 2091

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 64636 818

C12 150000mt Gladstone - Rotterdam 10 32.314 0.364

Average of the T/C Routes 90530 1005

Baltic Exchange Panamax Index 5038 (UP 67)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 42816 803

P2A_03 74000mt SKAW-GIB/FAR EAST 25 44839 826

P3A_03 74000mt Japan-SK/Pacific/RV 25 39318 223

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 35725 261

Average of the T/C Routes 40675 529

Baltic Exchange Handysize Index 1760 (UP 11)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 19979 150

HS2 Skaw - Passero trip Boston - Galveston 12.5 20757 150

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 33925 281

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 28700 217

HS5 SE Asia trip via Australia to Singapore - Japan 25 26979 165

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 25057 125

Average of the T/C Routes 25929 172

Baltic Exchange Supramax Index 3437 (UP 11)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 36723 116

S1B Canakkale Trip Far East 12.5 35615 69

S2 Japan - SK / NOPAC or Australia rv 25 34094 215

S3 Japan - SK Trip Gib - Skaw range 25 34202 109

S4A US Gulf - Skaw-Passero 12.5 50310 -83

S4B Skaw-Passero - US Gulf 12.5 28234 104

Average of the T/C Routes 35934 107

S6 Jpn-SK trip via Aus/India 0 35691 234

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

S5 Trial-W.Africa via ECSA to FarEast 0 39345 79

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