Dry cargo fixture summary - 23 March 2007

Subject: T/C - 23.mar.07 & FFA PMX & baltic spot

Dry cargo fixture summary - 23 March 2007

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

BDI Baltic Dry Index 5330 UP 55

BCI Baltic Capesize Index 7642 UP 96

BPI Baltic Panamax Index 5038 UP 67

BSI Baltic Supramax Index 3437 UP 11

BHSI Baltic Handysize Index 1760 UP 11

Timecharter

-----------

'Mineral Kyushu' 2004 180310 dwt - <reported 21/03 the charterer is BHP

Billiton>

'CIC Elli S' 2003 171218 dwt dely China end Mar trip via Australia redel

S.Korea $80000 daily - Constellation

'Alpha Era' 2000 170387 dwt dely Pohang 3/5 Apr trip via West Australia

redel China $77500 daily - BHP Billiton

'Iron Queen' 1996 161183 dwt dely Qingdao 4/6 Apr trip via West Australia

redel China approx $73500 daily - RTS

'Savina' 1996 157600 dwt - <reported 22/03 to RTS redel is redel north of

Shanghai>

'Princess Susana' Swiss Marine relet 1986 152295 dwt dely Rotterdam 6/8

Apr trip via Brazil redel China approx $92500 daily - Cosco Qingdao

'Lowlands Ghent' 2004 76801 dwt dely Kashima ppt trip via NoPac redel

Japan $42000 daily - MOSK

'Million Trader II' Rizzo-Bottiglieri-De Carlini Armatori relet 2004

76466 dwt dely Oran 30/31 Mar trip via Brazil redel Far East $47500 daily

- Shourong

'Santa Victoria' 2002 75971 dwt dely Taiwan 23/27 Mar trip via Australia

redel Taiwan $34000 daily - Sunwoo - <recent>

'Ocean Lyra' NSC relet 2005 75656 dwt dely PMO 30/31 Mar 5/7 months

trading redel worldwide $38500 daily - Pacific Bulk

'Yasa Team' 2006 75621 dwt dely Hadong 22/24 Mar 5/7 months trading redel

worldwide $39000 daily - Norden

'Seaguardian' 1999 75462 dwt dely retro Japan 21 Mar trip via Indonesia

redel Skaw-Cape Passero $33000 daily - Cargill

'Cupid Feather' 1999 75462 dwt dely Tanjung Bin 9/12 Apr trip via West

Australia redel China $42000 daily - Pioneer Metals

'Amalia' Cosco Europe relet 2000 75100 dwt dely Piombino ppt 4/6 months

trading redel worldwide $43250 daily - CTP

'Angelic Grace' 2001 74764 dwt dely Vietnam ely Apr 2 years trading redel

worldwide approx $29000 daily - Pioneer Navigation

'Cinzia D'Amato' 2000 74500 dwt dely Hong Kong 27/30 Mar 5/7 months

trading redel worldwide $38000 daily - CTP

'Navios Magellan' 2000 74333 dwt dely Butterworth 3/5 Apr trip via

Indonesia redel China $42000 daily-

'Gallia Graeca' 2001 74133 dwt dely retro Ghent 17 Mar 2 years trading

redel worldwide $30000 daily - Cargill

'Nicos L' 2002 74002 dwt dely Fujairah end Mar/ely Apr 2 years trading

redel worldwide approx $28750 daily - STX Pan Ocean

'Bruno Salamon' 1998 73965 dwt dely Kashima 26/27 Mar 4/6 months trading

redel worldwide $38750 daily - Swiss Marine

'Navios Felicity' 1997 73867 dwt dely San Ciprian 5/9 Apr 11/13 months

trading redel worldwide $36750 daily - Pioneer Metals

'Hamburg Max' 1994 73498 dwt dely Shanghai 2/3 Apr 4/6 months trading

redel worldwide $39000 daily - Baumarine

'Ever Blossom' 1999 72517 dwt dely worldwide September 2007 2 years

trading redel worldwide approx $27250 daily - Korea Line

'Salmas' 1995 72345 dwt dely Taiwan 30 Mar/3 Apr trip via Indonesia redel

Taiwan $39000 daily - OBS

'Fu Le' 1998 71332 dwt dely Cadiz 30/31 Mar 45 days transatlantic round

voyage $43000 daily option redel SIngapore-Japan rge $45000 daily -

Armada

'Renuar' Rizzo-Bottiglieri-De Carlini Armatori Spa relet 1993 70123 dwt

dely Liverpool spot trip via Kamsar redel Hamburg $43000 daily -

Baumarine

'Yerotsakos' 1993 69220 dwt dely Taichung 23/27 Mar 2 laden legs redel

worldwide approx $37250 daily - Norden

'Ilenao' 1987 64425 dwt dely Carboneras 3/7 Apr trip via EC South America

redel China $39000 daily - Dreyfus

'Fratzescos M' 1981 63408 dwt dely Shuaiba 2/8 Apr trip via Bandar Abbas

redel China $31000 daily -

'Medi Lisbon' 2007 58700 dwt dely Magdalla spot trip redel China $37500

daily -

'Ocean Glory' 2006 56039 dwt dely North China 1/7 April 4/6 months

trading redel worldwide $36000 daily - European charterer

'Yasa Ilhan' 2007 56000 dwt dely Japan 28/31 March 4/6 months trading

redel worldwide approx $35500 daily -

'Ikan Serong' 2006 56000 dwt dely Chennai spot trip redel China $35500

daily -

'Navios Mercator' 2002 53553 dwt dely Rizhao 27 March/2 April 3/5 months

trading redel worldwide $35800 daily - Chinese charterer

'Syriotissa' 1986 45470 dwt dely Ningbo spot trip redel Cont-Med $29500

daily - China Ocean Transport

'Hanjin Istanbul' 1997 27369 dwt dely Tunisia spot trip redel Singapore-

Japan $20000 daily - PCL

Ore

---

'Cape Island' Cargill relet 2004 160000/10 Narvik/El Dekheila 5/7 Apr

$20.50 fio scale/30000sc option $35000sc $19.95 - Cargill