Dry cargo fixture summary - 20 March 2007

Subject: T/C - 20.Mar.07 & FFA PMX

Dry cargo fixture summary - 20 March 2007

==========================

BDI Baltic Dry Index 5172 UP 49

BCI Baltic Capesize Index 7223 UP 147

BPI Baltic Panamax Index 5008 DOWN 22

BSI Baltic Supramax Index 3394 UP 14

BHSI Baltic Handysize Index 1720 UP 22

Timecharter

-----------

'Alina II' Swiss Marine relet 1986 179802 dwt dely Xingang ppt trip via

West Australia redel China $61500 daily - RTS

'Successor' 2007 173000 dwt dely Bohai end Mar 3 years trading redel

worldwide $53000 daily - North China Shipping

'Formosabulk Allstar' 1995 149435 dwt dely ARA rge 7/10 Apr transatlantic

round redel Skaw-Cape Passero $80000 daily - SK Shipping

'Lydia' 1981 141435 dwt dely S.Korea in d/c 29/31 Mar trip via Huasco

redel Cigading $42500 daily - Hyundai Merchant Marine

'Filomena Lembo' 2006 82790 dwt dely Lumut 25/28 Mar trip via Indonesia

redel Japan $44500 daily - NYK

'Te Ho' 2004 77834 dwt dely Taiwan 15/30 Apr 11/13 months trading redel

worldwide $34750 daily - Glory Wealth

'Nicole' newbuilding 77000 dwt - <reported 19/03 to CTP the business

failed>

'Prabhu Das' 2005 76015 dwt dely El Dekheila 23/26 Mar trip via Black Sea

redel Singapore-Japan rge int ore $47500 daily - Cargoport

'Mosteles' 1981 75395 dwt dely Lianyungang spot trip via N.China redel

Skaw- Cape Passero $27750 daily - Transfield

'Marina' 2000 75122 dwt dely Ghent 23/25 Mar trip via Ventspils redel

China int ferts $45000 daily - Transfield

'Naias' 2006 73664 dwt dely Taiwan 29/31 Mar trip via Indonesia redel Far

East $39000 daily - S.Korean chrtr

'Agios Efraim' 1998 73018 dwt dely Mundra 19/21 Mar 4/5 months trading

redel worldwide $38000 daily - Norden

'Yao Hai' 1986 69497 dwt dely Shekou 20/22 Mar trip via Indonesia redel

S.Korea $35000 daily - Hyundai Merchant Marine - <recent>

'Prem Poorva' 1994 69286 dwt dely Visakhapatnam 30 Mar/7 Apr trip via EC

India redel China $39000 daily -

'Double Fortune' 1997 69118 dwt dely Xingang 23/26 Mar trip via N.China

redel Philippines $36000 daily - Farenco

'Lavadara' 1996 69091 dwt dely Hamburg 23/27 Mar trip via EC South

America redel Singapore-Japan rge $41000 daily - Alfred C,Toepfer

'Maratha Explorer' 1990 68849 dwt dely Jintang 27/29 Mar 2 years trading

redel $26000 daily - Rizzo-Bottiglieri-De Carlini

'Avra' 1982 64854 dwt dely El Dekheila 14/16 Mar trip via Black Sea redel

Aden- PMO $33000 daily - grain house - <recent>

'Pos Harmony' 2005 55695 dwt dely Inchon 20/25 March 4/6 months trading

redel worldwide $36000 daily -

'JBU Levan' 53600 dwt dely South China spot trip via Indonesia redel

India $40000 daily - Indian Charterer

'Heron' 2001 52827 dwt dely USGulf spot trip redel India $46500 daily -

<Charterers as per report 19/03 are not Energy>

'Namrun' (tbr Koriana) 2001 52224 dwt dely Worldwide July/August 2007 2

years trading redel worldwide approx $27500 daily -

'Trident Destiny' 2000 52068 dwt dely Xingang spot trip via Australia

redel India $35000 daily -

'Nord Whale' 2004 50354 dwt dely Butterworth 25/27 March balance period

until 28 June/28 August 2007 redel worldwide $35000 daily - Cargill

'Pacific Emerald' 1996 49016 dwt dely Marmara spot trip redel Singapore-

Japan $34000 daily - Oldendorff

'Orfeas' 1983 48891 dwt dely North China spot 5/7 months trading redel

worldwide $30000 daily - Daewoo - <fixed end last week>

'Saga Voyager' 2001 (open hatch) 46882 dwt dely Houston 2/10 April trip

via USGulf redel $32000 daily - STX Pan Ocean

'Kaliakra' 1984 24105 dwt 12 on 24 + 2.5 dely Paranagua 29/31 March trip

via Brazil redel UKCont $25000 daily - Jetmar