Daily Summary of Baltic Exchange Dry Indices 1.march.2007

Subject: index as of 1.march.2007

Daily Summary of Baltic Exchange Dry Indices

1 March 2007

Baltic Exchange Dry Index TM 4818 (UP 53)

Baltic Exchange Capesize Index TM 6987 (UP 70)

Baltic Exchange Panamax Index TM 4696 (UP 56)

Baltic Exchange Supramax Index TM 2973 (UP 29)

Baltic Exchange Handysize Index TM 1505 (UP 23)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $79956 (UP 707)

BPI Average of the T/C routes $37882 (UP 448)

BSI Average of the T/C routes $31086 (UP 302)

BHSI Average of the T/C routes $22172 (UP 339)

Baltic Exchange Capesize Index 6987 (UP 70)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 24.425 0.125

C3 150000mt Tubarao - Beilun/Baoshan 15 40.460 0.296

C4 150000mt Richards Bay - Rotterdam 5 24.525 0.080

C5 150000mt W Australia - Beilun/Baoshan 15 17.220 0.270

C7 150000mt Bolivar - Rotterdam 5 24.955 0.140

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 88850 225

C9_03 172000mt Continent/Mediterranean trip Far East 5 98250 536

C10_03 172000mt Pacific RV 20 73775 1498

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 58950 568

C12 150000mt Gladstone - Rotterdam 10 31.535 0.249

Average of the T/C Routes 79956 707

Baltic Exchange Panamax Index 4696 (UP 56)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 40776 534

P2A_03 74000mt SKAW-GIB/FAR EAST 25 43295 656

P3A_03 74000mt Japan-SK/Pacific/RV 25 34521 457

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 32936 145

Average of the T/C Routes 37882 448

Baltic Exchange Handysize Index 1505 (UP 23)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 16950 279

HS2 Skaw - Passero trip Boston - Galveston 12.5 17421 257

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 29750 475

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 25158 522

HS5 SE Asia trip via Australia to Singapore - Japan 25 22586 172

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 21464 421

Average of the T/C Routes 22172 339

Baltic Exchange Supramax Index 2973 (UP 29)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 30661 516

S1B Canakkale Trip Far East 12.5 27969 259

S2 Japan - SK / NOPAC or Australia rv 25 30161 203

S3 Japan - SK Trip Gib - Skaw range 25 31273 250

S4A US Gulf - Skaw-Passero 12.5 43390 560

S4B Skaw-Passero - US Gulf 12.5 23802 177

Average of the T/C Routes 31086 302

S6 Jpn-SK trip via Aus/India 0 30035 385