Daily Summary of Baltic Exchange Dry Indices 28 February 2007

Daily Summary of Baltic Exchange Dry Indices

28 February 2007

Baltic Exchange Dry Index TM 4765 (UP 61)

Baltic Exchange Capesize Index TM 6917 (UP 83)

Baltic Exchange Panamax Index TM 4640 (UP 78)

Baltic Exchange Supramax Index TM 2944 (UP 24)

Baltic Exchange Handysize Index TM 1482 (UP 21)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $79249 (UP 947)

BPI Average of the T/C routes $37434 (UP 630)

BSI Average of the T/C routes $30784 (UP 250)

BHSI Average of the T/C routes $21833 (UP 310

Baltic Exchange Capesize Index 6917 (UP 83)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 24.300 0.290

C3 150000mt Tubarao - Beilun/Baoshan 15 40.164 0.282

C4 150000mt Richards Bay - Rotterdam 5 24.445 0.195

C5 150000mt W Australia - Beilun/Baoshan 15 16.950 0.260

C7 150000mt Bolivar - Rotterdam 5 24.815 0.350

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 88625 1150

C9_03 172000mt Continent/Mediterranean trip Far East 5 97714 846

C10_03 172000mt Pacific RV 20 72277 1304

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 58382 491

C12 150000mt Gladstone - Rotterdam 10 31.286 0.150

Average of the T/C Routes 79249 947

Baltic Exchange Panamax Index 4640 (UP 78)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 40242 555

P2A_03 74000mt SKAW-GIB/FAR EAST 25 42639 997

P3A_03 74000mt Japan-SK/Pacific/RV 25 34064 495

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 32791 472

Average of the T/C Routes 37434 630

Baltic Exchange Handysize Index 1482 (UP 21)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 16671 264

HS2 Skaw - Passero trip Boston - Galveston 12.5 17164 193

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 29275 537

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 24636 136

HS5 SE Asia trip via Australia to Singapore - Japan 25 22414 293

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 21043 379

Average of the T/C Routes 21833 310

Baltic Exchange Supramax Index 2944 (UP 24)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 30145 261

S1B Canakkale Trip Far East 12.5 27710 172

S2 Japan - SK / NOPAC or Australia rv 25 29958 268

S3 Japan - SK Trip Gib - Skaw range 25 31023 214

S4A US Gulf - Skaw-Passero 12.5 42830 497

S4B Skaw-Passero - US Gulf 12.5 23625 105

Average of the T/C Routes 30784 250

S6 Jpn-SK trip via Aus/India 0 29650 243