index as of 24.apr.07

Subject: index as of 24.apr.07

Daily Summary of Baltic Exchange Dry Indices

24 April 2007

Baltic Exchange Dry Index TM 6029 (UP 107)

Baltic Exchange Capesize Index TM 8795 (UP 190)

Baltic Exchange Panamax Index TM 5661 (UP 115)

Baltic Exchange Supramax Index TM 3828 (UP 29)

Baltic Exchange Handysize Index TM 1938 (UP 24)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $102052 (UP 2086)

BPI Average of the T/C routes $45735 (UP 927)

BSI Average of the T/C routes $40026 (UP 307)

BHSI Average of the T/C routes $28209 (UP 330)

Baltic Exchange Capesize Index 8795 (UP 190)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 28.810 0.430

C3 150000mt Tubarao - Beilun/Baoshan 15 48.982 0.814

C4 150000mt Richards Bay - Rotterdam 5 30.230 1.310

C5 150000mt W Australia - Beilun/Baoshan 15 22.360 0.480

C7 150000mt Bolivar - Rotterdam 5 29.755 0.615

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 107850 2100

C9_03 172000mt Continent/Mediterranean trip Far East 5 120182 1364

C10_03 172000mt Pacific RV 20 100700 2382

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 79477 2500

C12 150000mt Gladstone - Rotterdam 10 38.300 1.186

Average of the T/C Routes 102052 2086

Baltic Exchange Panamax Index 5661 (UP 115)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 47066 1175

P2A_03 74000mt SKAW-GIB/FAR EAST 25 49627 887

P3A_03 74000mt Japan-SK/Pacific/RV 25 45110 798

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 41139 850

Average of the T/C Routes 45735 927

Baltic Exchange Supramax Index 3828 (UP 29)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 40873 353

S1B Canakkale Trip Far East 12.5 39027 187

S2 Japan - SK / NOPAC or Australia rv 25 38296 208

S3 Japan - SK Trip Gib - Skaw range 25 38436 356

S4A US Gulf - Skaw-Passero 12.5 55303 518

S4B Skaw-Passero - US Gulf 12.5 31541 271

Average of the T/C Routes 40026 307

S6 Jpn-SK trip via Aus/India 0 39805 164

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

S5 Trial-W.Africa via ECSA to FarEast 0 43664 448

Baltic Exchange Handysize Index 1938 (UP 24)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 23450 421

HS2 Skaw - Passero trip Boston - Galveston 12.5 24264 435

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 39494 613

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 38494 716

HS5 SE Asia trip via Australia to Singapore - Japan 25 25750 150

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 24236 79

Average of the T/C Routes 28209 330