THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 30/05/07

The Daily Fixtures Report - 30/05/2007
=========================

BDI 6023 DOWN 100
BCI 8477 DOWN 241
BPI 5620 DOWN 44
BSI 4097 DOWN 25

TIMECHARTER
'Metrostar TBN' 180000 dwt dely ex yard Imabari Feb 2008 5 years trading
redel worldwide $53750 daily - Cosco Hong Kong
'Andros Warrior' Swiss Marine relet 1986 171931 dwt - business
failed>
'Alpha Era' 2000 170387 dwt dely Luojing 2/4 June trip via West Australia
redel China $92500 daily - BHP Billiton 'Billion Trader II' 2007 82014 dwt
dely Cape Passero 28 May/1 June 2/3 laden legs redel Skaw-Cape Passero
$51500 daily - Cobelfret 'Ruby Indah' 1998 77755 dwt dely Kosichang 24/28
May trip via Southeast Asia redely Skaw-Cape Passero $40000 daily - Cargill
-
'Nordmosel' 2001 75323 dwt - C.Toepfer>
'Solana' 1995 75275 dwt dely Taiwan 1/5 June trip via Gladstone redel
Taiwan $37000 daily - STX Pan Ocean 'Cinzia D'Amato' CTP relet 2000 74716
dwt dely Praia Mole 9/11 June trip via Saudi Arabia redel PMO $57000 daily
+ $1.00 million bb - ETA Dubai 'Maddalena D'Amato' 2001 74710 dwt dely
China 10/15 June 4/6 months trading redel worldwide $43000 daily - Atlas
Bulk Shipping 'Lucia Bulker' CTP relet 1999 73807 dwt dely CJK 29/31 May
trip via EC Australia redel Taiwan $36500 daily - China Steel Express 'Toro'
1995 73035 dwt dely Muroran 30 May/2 June trip via NoPac redel Far East
$41500 daily - Crownland 'Christina IV' 2000 72493 dwt dely Dalian 31 May/2
June trip N.China redel Philippines $38000 daily - Daeyang
'Vogetrader' Golden Ocean relet 1996 72171 dwt - the business
failed>
'Gerasimos' 1996 70296 dwt dely Kunsan 28 May/1 June trip via NoPac redel
Aden-PMO $38500 daily - Medmar 'Yerotsakos' 1993 69220 dwt dely psg
Singapore ppt trip via EC India redel China $35000 daily - Benemar 'Maple
Grove' 2006 53556 dwt dely Qingdao spot trip via Philippines redel
Singapore-Japan approx $40500 daily - cnr 'Marylisa V' 2003 52428 dwt dely
USGulf spot 2 to 3 laden legs redel worldwide $49000 daily - Oceanbulk 'Cos
Lucky' 2003 52341 dwt dely Houston 1/5 June trip via USGulf redel India
$58000 daily - Cargill 'Rainbow' 2004 52000 dwt dely Shanghai 30 May/3 June
trip redel Skaw-Passero $43500 daily - Med Asia 'Luhai' 1998 46702 dwt dely
Xingang 1/2 June 4/6 months trading redel worldwide $38750 daily -
Oldendorff 'Shao Shan 1' 37000 dwt dely Gdansk 6/8 June trip via Continent
redel E Mediterranean approx $38000 daily - cnr 'Global Escort' 1998 28412
dwt dely Zhoushan spot trip via Australia redel Singapore-Japan $28500
daily - cnr - 'Hanjin Brisbane' 1997 27362 dwt dely Dumai spot 2 laden
legs $27750 daily option 1 laden leg $27250 daily - Austbulk

ORE
STX Pan Ocean TBN' 150000/10 Madras/Kwangyang and/or Pohang 25 June/8 July
$21.05 fio 65000sc/55000sc - POSCO

COAL
'Cape Mercury' Swiss Marine relet 1997 150000/10 Richards Bay/Rotterdam
1/10 July $25.50 fio scale/25000sc - BHP Billiton

The Baltic Dry Index index as of 29.may.07

Daily Summary of Baltic Exchange Dry Indices

29 May 2007

Baltic Exchange Dry Index TM 6123 (DOWN 89)

Baltic Exchange Capesize Index TM 8718 (DOWN 117)

Baltic Exchange Panamax Index TM 5664 (DOWN 117)

Baltic Exchange Supramax Index TM 4122 (DOWN 34)

Baltic Exchange Handysize Index TM 2031 (DOWN 30)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $101645 (DOWN 2017)

BPI Average of the T/C routes $45606 (DOWN 962)

BSI Average of the T/C routes $43104 (DOWN 350)

BHSI Average of the T/C routes $29657 (DOWN 437)

Baltic Exchange Capesize Index 8718 (DOWN 117)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 28.800 -0.368

C3 150000mt Tubarao - Beilun/Baoshan 15 53.392 -0.471

C4 150000mt Richards Bay - Rotterdam 5 27.523 -0.945

C5 150000mt W Australia - Beilun/Baoshan 15 21.118 -0.200

C7 150000mt Bolivar - Rotterdam 5 29.423 -0.282

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 103573 -1768

C9_03 172000mt Continent/Mediterranean trip Far East 5 130463 -3912

C10_03 172000mt Pacific RV 20 96392 -775

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 76154 -1613

C12 150000mt Gladstone - Rotterdam 10 38.541 -0.427

Average of the T/C Routes 101645 -2017

Baltic Exchange Panamax Index 5664 (DOWN 117)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 51633 -605

P2A_03 74000mt SKAW-GIB/FAR EAST 25 55047 -533

P3A_03 74000mt Japan-SK/Pacific/RV 25 38906 -1339

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 36836 -1375

Average of the T/C Routes 45606 -962

Baltic Exchange Handysize Index 2031 (DOWN 30)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 23243 -207

HS2 Skaw - Passero trip Boston - Galveston 12.5 24036 -300

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 41367 -1300

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 41530 -1000

HS5 SE Asia trip via Australia to Singapore - Japan 25 27500 -179

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26039 -168

Average of the T/C Routes 29657 -437

Baltic Exchange Supramax Index 4122 (DOWN 34)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 46402 -289

S1B Canakkale Trip Far East 12.5 43675 -46

S2 Japan - SK / NOPAC or Australia rv 25 39362 -319

S3 Japan - SK Trip Gib - Skaw range 25 39784 -198

S4A US Gulf - Skaw-Passero 12.5 60928 -1137

S4B Skaw-Passero - US Gulf 12.5 35539 -288

Average of the T/C Routes 43104 -350

S6 Jpn-SK trip via Aus/India 0 40789 -170

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

S5 Trial-W.Africa via ECSA to FarEast 0 49588 -375

The Baltic Dry Index Dry cargo fixture summary - 29 May 2007

Dry cargo fixture summary - 29 May 2007

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

BDI Baltic Dry Index 6123 DOWN 89

BCI Baltic Capesize Index 8718 DOWN 117

BPI Baltic Panamax Index 5664 DOWN 117

BSI Baltic Supramax Index 4122 DOWN 34

BHSI Baltic Handysize Index 2031 DOWN 30

Timecharter

-----------

'Quorn' 1996 179869 dwt dely retro Beilun 13 May trip via Brazil redel

S.Korea $94000 daily - STX Pan Ocean

'Gran Trader' Cargill relet 2001 172529 dwt dely retro Xingang 26 May 2/4

months trading redel worldwide $101250 daily - TMT

'Andros Warrior' Swiss Marine relet 1986 171931 dwt dely China early June

trip via West Australia redel China $85000 daily - Noble

'Mineral Azalea' 1999 171199 dwt dely Worldwide Oct/Nov 2008 5 years

trading redel worldwide $50000 daily - Glory Wealth

'Billion Trader II' 2007 82014 dwt - <reported 25/05 to Mittal failed>

'Nordmosel' 2001 75323 dwt dely Toyama 28 May/2 June trip via NoPac redel

Singapore-Japan rge $38000 daily - grain house

'Little Prince' 2001 74133 dwt dely Taiwan 3/5 June trip via Indonesia

redel Taiwan $40000 daily - OBS

'Coal Pride' 1999 72493 dwt dely Portbury 28/30 May trip via Orinoco

redel China $55000 daily - Transfield

'Vogetrader' Golden Ocean relet 1996 72171 dwt dely Taichung 7/9 June

trip via Australia redel Japan $40000 daily - MOSK

'Fu Da' 1997 71300 dwt dely Cape Passero 28/30 May trip via Rio Grande

redel China $55000 daily - Transgrain

'Full Sources' 1994 69573 dwt dely Santos 13/23 June via Jebel Ali redel

PMO int sugar $55000 daily $1.1 million bb - SK Shipping

'Jupiter Applause' 1997 69123 dwt dely Innoshima 29 May/1 June trip via

Newcastle redel Philippines $37000 daily - OBS

'Pearl C' Clipper relet 1987 65622 dwt dely Japan 28/30 May trip via

NoPac redel China int sulphur $31500 daily - Sinotrans Vancouver

'Natalie' 1981 64911 dwt dely N.China 3/12 June trip redel Med $40000

daily - China Ocean Transport - <fixed 24/05>

'Talisman' 2006 56019 dwt dely North China spot trip redel West Africa

approx $43000 daily - cnr

'Genco Wisdom' 1997 47000 dwt dely USGulf 10/15 June trip redel

Singapore-Japan $47000 daily - STX Pan Ocean

'UBC Svea' 1999 31828 dwt dely Pt Lisas spot trip via Venezuela redel

Cont $48500 daily - Bulk Trading - <fixed mid last week>

'Mathawee Naree' 1996 28364 dwt dely S.Korea 9/11 June 40/80 days trading

redel Singapore-Japan $28000 daily - Oldendorff

'Adventurer' 1984 27622 dwt dely West Africa spot trip via Brazil redel

West Med $27000 daily - Bunge - <recent>

Ore

---

'Taunton' 1986 160000/10 Ubu/Maji + Baoshan 9/15 June $53.00 fio

scale/30000sc - Baotrans

'Front Leader' 1991 160000/10 Esperance/Qingdao 5/15 June $26.00 fio

scale/25000sc - North China Shipping

'Swiss Marine TBN' 150000/10 Ponta da Madeira/Qingdao 1/10 July $54.15

fio scale/30000sc - Armada - <recent>

Coal

----

'Salandi' 1999 70000/10 Dalrymple/Rotterdam 10/20 June $44.00 fio 5 days

sc - Mittal

'Great Luck' 1998 70000/10 Hampton Roads/Eregli 16/23 June $35.50 fio

25000sc/15000sc - AGN Bulk Transport

'Grand Spartounta' CTM relet / - <reported 25/05 to China Steel Express

failed>

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 29/05/07

The Daily Fixtures Report - 29/05/2007
-------------------------

BDI 6123 DOWN 89
BCI 8718 DOWN 117
BPI 5664 DOWN 117
BSI 4122 DOWN 34

TIMECHARTER
'Quorn' 1996 179869 dwt dely retro Beilun 13 May trip via Brazil redel
S.Korea $94000 daily - STX Pan Ocean 'Gran Trader' Cargill relet 2001 172529
dwt dely retro Xingang 26 May
2/4
months trading redel worldwide $101250 daily - TMT 'Andros Warrior' Swiss
Marine relet 1986 171931 dwt dely China early June trip via West Australia
redel China $85000 daily - Noble 'Mineral Azalea' 1999 171199 dwt dely
Worldwide Oct/Nov 2008 5 years trading redel worldwide $50000 daily - Glory
Wealth
'Billion Trader II' 2007 82014 dwt -
'Nordmosel' 2001 75323 dwt dely Toyama 28 May/2 June trip via NoPac redel
Singapore-Japan rge $38000 daily - grain house 'Little Prince' 2001 74133
dwt dely Taiwan 3/5 June trip via Indonesia redel Taiwan $40000 daily -
OBS 'Coal Pride' 1999 72493 dwt dely Portbury 28/30 May trip via Orinoco
redel China $55000 daily - Transfield 'Vogetrader' Golden Ocean relet 1996
72171 dwt dely Taichung 7/9 June trip via Australia redel Japan $40000
daily - MOSK 'Fu Da' 1997 71300 dwt dely Cape Passero 28/30 May trip via
Rio Grande redel China $55000 daily - Transgrain 'Full Sources' 1994 69573
dwt dely Santos 13/23 June via Jebel Ali redel PMO int sugar $55000 daily
$1.1 million bb - SK Shipping 'Yerotsakos' 1993 69220 dwt dely Passing
Singapore 30/31 May trip via EC India redel China $35000 daily - Benemar
'Jupiter Applause' 1997 69123 dwt dely Innoshima 29 May/1 June trip via
Newcastle redel Philippines $37000 daily - OBS 'Pearl C' Clipper relet 1987
65622 dwt dely Japan 28/30 May trip via NoPac redel China int sulphur
$31500 daily - Sinotrans Vancouver 'Natalie' 1981 64911 dwt dely N.China
3/12 June trip redel Med $40000 daily - China Ocean Transport - 'Talisman'
2006 56019 dwt dely North China spot trip redel West Africa approx $43000
daily - cnr 'Genco Wisdom' 1997 47000 dwt dely USGulf 10/15 June trip
redel Singapore-Japan $47000 daily - STX Pan Ocean 'UBC Svea' 1999 31828 dwt
dely Pt Lisas spot trip via Venezuela redel Cont $48500 daily - Bulk
Trading - 'Mathawee Naree' 1996 28364 dwt dely S.Korea 9/11 June 40/80
days trading redel Singapore-Japan $28000 daily - Oldendorff 'Adventurer'
1984 27622 dwt dely West Africa spot trip via Brazil redel West Med $27000
daily - Bunge -

ORE
'Taunton' 1986 160000/10 Ubu/Maji + Baoshan 9/15 June $53.00 fio
scale/30000sc - Baotrans 'Front Leader' 1991 160000/10 Esperance/Qingdao
5/15 June $26.00 fio scale/25000sc - North China Shipping 'Swiss Marine TBN'
150000/10 Ponta da Madeira/Qingdao 1/10 July $54.15 fio scale/30000sc -
Armada -

COAL
'Salandi' 1999 70000/10 Dalrymple/Rotterdam 10/20 June $44.00 fio 5 days sc
- Mittal 'Great Luck' 1998 70000/10 Hampton Roads/Eregli 16/23 June $35.50
fio 25000sc/15000sc - AGN Bulk Transport
'Grand Spartounta' CTM relet / - failed>

The Baltic Dry Index Dry cargo fixture summary - 25 May

Dry cargo fixture summary - 25 May 2007

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

BDI Baltic Dry Index 6212 DOWN 92

BCI Baltic Capesize Index 8835 DOWN 137

BPI Baltic Panamax Index 5781 DOWN 114

BSI Baltic Supramax Index 4156 DOWN 31

BHSI Baltic Handysize Index 2061 DOWN 30

Timecharter

-----------

'Mineral Tianjin' 2004 176000 dwt - <reported 24/05 failed>

'Cape Pioneer' Cargill relet 2005 170012 dwt dely Dunkirk 30/31 May trip

via Brazil redel China $132000 daily - Transfield

'Billion Trader II' 2007 82014 dwt dely Cape Passero 27/30 May trip via

Nouadhibou redel Dunkirk $54750 daily - Mittal

'Centurion' 2006 76838 dwt dely Kosichang 1/5 June trip via Dampier redel

Pakistan $48500 daily - Shadab

'Red Jasmine' CTP relet 2002 76596 dwt dely Zhoushan 26/28 May trip via

Indonesia redel Med $39500 daily - Cargill

'CMB Laetitia' 2006 76000 dwt - <reported 24/05 failed>

'Medi Rotterdam' 2002 75735 dwt dely ex drydock Shanghai 30/31 May NoPac

round redel Far East $40000 daily - cnr

'Century Star' CTP relet 2003 75316 dwt dely Shekou 28/30 May trip via

Indonesia redel Singapore-Japan rge approx $39000 daily - Cargill

'Amira' 2001 74400 dwt dely Taichung 24/28 May trip via Weipa redel Porto

Vesme $38500 daily - Cargill

'Anangel Enosis' 1995 73556 dwt dely Bilbao 28/30 May in d/c trip via

Kamsar redel San Ciprian $52000 daily - Cobelfret

'Bergen Max' Bunge relet 1994 73496 dwt dely San Nicolas 12/15 Jun trip

redel Spain $52000 daily + $1.15 million bb - Transgrain

'Vogevoyager' 1996 72171 dwt dely Worldwide Oct/Dec 2007 2 years trading

redel worldwide $35000 daily - Daeyang

'Edfu' 1997 71572 dwt dely Huelva 28/30 May trip via EC South America

redel China $55000 daily - Wilmar

'Double Fortune' 1997 69118 dwt dely Lumut 29 May/1 June trip via EC

India redel Singapore-Japan rge $48500 daily - Noble

'Aquitania' 2006 55932 dwt dely New Mangalore 1/5 June trip redel China

$42000 daily - cnr

'Nord Whale' 2004 50345 dwt dely North France spot trip via Continent

redel South-East Asia $49000 daily - Daewoo Logistics

'Katerina' 1983 49674 dwt - <reported 24/05 - the vessel has not fixed

and is still open>

'Ken Unity' 1999 48913 dwt - <reported 23/05 fixture failed>

'Shinyo Integrity' 1996 45653 dwt dely Kaohsiung spot 100/150 days

trading redel Singapore-Japan approx $38500 daily - Oldendorff

'Addu Star' 1996 24034 dwt - <reported 24/05 - the rate was incorrect>

Ore

---

'Cape Venus' 1996 160000/10 Port Hedland/Qingdao 10/20 June $22.00 fio

scale/25000sc - BHP Billiton - <amends from 24/05 report>

'Ferosa' 1992 150000/10 Port Hedland/14/23 June Qingdao $20.75 fio

scale/25000sc - BHP Billiton

Coal

----

'TMT TBN' 150000/10 Roberts Bank/Redcar 15/22 June $22.00 fio 6 days sc -

Corus - <amends from 24/05 report>

'Grand Spartounta' 1989 CTM relet 120000/10 Roberts Bank/Kaohsiung 22/30

June $25.20 fio scale/38000sc - China Steel Express

The Baltic Dry Index as of 25.may.07

Daily Summary of Baltic Exchange Dry Indices

25 May 2007

Baltic Exchange Dry Index TM 6212 (DOWN 92)

Baltic Exchange Capesize Index TM 8835 (DOWN 137)

Baltic Exchange Panamax Index TM 5781 (DOWN 114)

Baltic Exchange Supramax Index TM 4156 (DOWN 31)

Baltic Exchange Handysize Index TM 2061 (DOWN 30)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $103662 (DOWN 1632)

BPI Average of the T/C routes $46568 (DOWN 935)

BSI Average of the T/C routes $43454 (DOWN 325)

BHSI Average of the T/C routes $30094 (DOWN 437)

Baltic Exchange Capesize Index 8835 (DOWN 137)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 29.168 -0.387

C3 150000mt Tubarao - Beilun/Baoshan 15 53.863 -0.572

C4 150000mt Richards Bay - Rotterdam 5 28.468 -0.567

C5 150000mt W Australia - Beilun/Baoshan 15 21.318 -0.662

C7 150000mt Bolivar - Rotterdam 5 29.705 -0.435

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 105341 -1559

C9_03 172000mt Continent/Mediterranean trip Far East 5 134375 -2675

C10_03 172000mt Pacific RV 20 97167 -1033

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 77767 -1258

C12 150000mt Gladstone - Rotterdam 10 38.968 -0.482

Average of the T/C Routes 103662 -1632

Baltic Exchange Panamax Index 5781 (DOWN 114)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 52238 -433

P2A_03 74000mt SKAW-GIB/FAR EAST 25 55580 -395

P3A_03 74000mt Japan-SK/Pacific/RV 25 40245 -1726

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 38211 -1184

Average of the T/C Routes 46568 -935

Baltic Exchange Handysize Index 2061 (DOWN 30)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 23450 -271

HS2 Skaw - Passero trip Boston - Galveston 12.5 24336 -271

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 42667 -1227

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 42530 -1065

HS5 SE Asia trip via Australia to Singapore - Japan 25 27679 -200

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26207 -129

Average of the T/C Routes 30094 -437

Baltic Exchange Supramax Index 4156 (DOWN 31)

Route Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 46691 -93

S1B Canakkale Trip Far East 12.5 43721 -10

S2 Japan - SK / NOPAC or Australia rv 25 39681 -296

S3 Japan - SK Trip Gib - Skaw range 25 39982 -229

S4A US Gulf - Skaw-Passero 12.5 62065 -1253

S4B Skaw-Passero - US Gulf 12.5 35827 -196

Average of the T/C Routes 43454 -325

S6 Jpn-SK trip via Aus/India 0 40959 -216

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

S5 Trial-W.Africa via ECSA to FarEast 0 49963 -204

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 25/05/07

The Daily Fixtures Report - 25/05/2007
-------------------------

BDI 6212 DOWN 92
BCI 8835 DOWN 137
BPI 5781 DOWN 114
BSI 4156 DOWN 31

TIMECHARTER
'Mineral Tianjin' 2004 176000 dwt -
'Cape Pioneer' Cargill relet 2005 170012 dwt dely Dunkirk 30/31 May trip
via Brazil redel China $132000 daily - Transfield 'Billion Trader II' 2007
82014 dwt dely Cape Passero 27/30 May trip via Nouadhibou redel Dunkirk
$54750 daily - Mittal 'Centurion' 2006 76838 dwt dely Kosichang 1/5 June
trip via Dampier redel Pakistan $48500 daily - Shadab 'Red Jasmine' CTP
relet 2002 76596 dwt dely Zhoushan 26/28 May trip via Indonesia redel Med
$39500 daily - Cargill
'CMB Laetitia' 2006 76000 dwt -
'Medi Rotterdam' 2002 75735 dwt dely ex drydock Shanghai 30/31 May NoPac
round redel Far East $40000 daily - cnr 'Century Star' CTP relet 2003 75316
dwt dely Shekou 28/30 May trip via Indonesia redel Singapore-Japan rge
approx $39000 daily - Cargill 'Amira' 2001 74400 dwt dely Taichung 24/28
May trip via Weipa redel Porto Vesme $38500 daily - Cargill 'Anangel
Enosis' 1995 73556 dwt dely Bilbao 28/30 May in d/c trip via Kamsar redel
San Ciprian $52000 daily - Cobelfret 'Bergen Max' Bunge relet 1994 73496 dwt
dely San Nicolas 12/15 Jun trip redel Spain $52000 daily + $1.15 million bb
- Transgrain 'Vogevoyager' 1996 72171 dwt dely Worldwide Oct/Dec 2007 2
years trading redel worldwide $35000 daily - Daeyang 'Edfu' 1997 71572 dwt
dely Huelva 28/30 May trip via EC South America redel China $55000 daily -
Wilmar 'Double Fortune' 1997 69118 dwt dely Lumut 29 May/1 June trip via
EC India redel Singapore-Japan rge $48500 daily - Noble 'Aquitania' 2006
55932 dwt dely New Mangalore 1/5 June trip redel China $42000 daily - cnr
'Nord Whale' 2004 50345 dwt dely North France spot trip via Continent
redel South-East Asia $49000 daily - Daewoo Logistics
'Katerina' 1983 49674 dwt - is still open>
'Ken Unity' 1999 48913 dwt -
'Shinyo Integrity' 1996 45653 dwt dely Kaohsiung spot 100/150 days trading
redel Singapore-Japan approx $38500 daily - Oldendorff
'Addu Star' 1996 24034 dwt -

ORE
'Cape Venus' 1996 160000/10 Port Hedland/Qingdao 10/20 June $22.00 fio
scale/25000sc - BHP Billiton - 'Ferosa' 1992 150000/10 Port Hedland/14/23
June Qingdao $20.75 fio scale/25000sc - BHP Billiton

COAL
'TMT TBN' 150000/10 Roberts Bank/Redcar 15/22 June $22.00 fio 6 days sc
- Corus
-
'Grand Spartounta' 1989 CTM relet 120000/10 Roberts Bank/Kaohsiung 22/30
June $25.20 fio scale/38000sc - China Steel Express

The Baltic Dry Index 24.may.07

Subject: index as of 24.may.07

Daily Summary of Baltic Exchange Dry Indices

24 May 2007

Baltic Exchange Dry Index TM 6304 (DOWN 118)

Baltic Exchange Capesize Index TM 8972 (DOWN 209)

Baltic Exchange Panamax Index TM 5895 (DOWN 145)

Baltic Exchange Supramax Index TM 4187 (DOWN 18)

Baltic Exchange Handysize Index TM 2091 (DOWN 22)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $105294 (DOWN 2599)

BPI Average of the T/C routes $47503 (DOWN 1203)

BSI Average of the T/C routes $43779 (DOWN 189)

BHSI Average of the T/C routes $30531 (DOWN 316)

Baltic Exchange Capesize Index 8972 (DOWN 209)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 29.555 -0.372

C3 150000mt Tubarao - Beilun/Baoshan 15 54.435 -0.978

C4 150000mt Richards Bay - Rotterdam 5 29.035 -0.674

C5 150000mt W Australia - Beilun/Baoshan 15 21.980 -0.643

C7 150000mt Bolivar - Rotterdam 5 30.140 -0.528

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 106900 -2100

C9_03 172000mt Continent/Mediterranean trip Far East 5 137050 -2971

C10_03 172000mt Pacific RV 20 98200 -3142

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 79025 -2183

C12 150000mt Gladstone - Rotterdam 10 39.450 -0.845

Average of the T/C Routes 105294 -2599

Baltic Exchange Panamax Index 5895 (DOWN 145)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 52671 -341

P2A_03 74000mt SKAW-GIB/FAR EAST 25 55975 -430

P3A_03 74000mt Japan-SK/Pacific/RV 25 41971 -2372

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 39395 -1671

Average of the T/C Routes 47503 -1203

Baltic Exchange Handysize Index 2091 (DOWN 22)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 23721 -350

HS2 Skaw - Passero trip Boston - Galveston 12.5 24607 -222

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 43894 -928

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 43595 -575

HS5 SE Asia trip via Australia to Singapore - Japan 25 27879 -89

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26336 -139

Average of the T/C Routes 30531 -316

Baltic Exchange Supramax Index 4187 (DOWN 18)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 46784 -50

S1B Canakkale Trip Far East 12.5 43731 6

S2 Japan - SK / NOPAC or Australia rv 25 39977 -100

S3 Japan - SK Trip Gib - Skaw range 25 40211 -116

S4A US Gulf - Skaw-Passero 12.5 63318 -960

S4B Skaw-Passero - US Gulf 12.5 36023 -77

Average of the T/C Routes 43779 -189

S6 Jpn-SK trip via Aus/India 0 41175 -73

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

S5 Trial-W.Africa via ECSA to FarEast 0 50167 -166

The Baltic Dry Index T/C - 23.may.07

Dry cargo fixture summary - 23 May 2007

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

BDI Baltic Dry Index 6422 DOWN 49

BCI Baltic Capesize Index 9181 DOWN 79

BPI Baltic Panamax Index 6040 DOWN 53

BSI Baltic Supramax Index 4205 DOWN 16

BHSI Baltic Handysize Index 2113 DOWN 16

Timecharter

-----------

'Chandris TBN' newbuilding 180000 dwt dely ex yard Daewoo July/Aug

2009 5 years trading redel worldwide $43000 daily - 'K' Line

'Paschalis D' 2002 170188 dwt dely China mid June 4/6 months trading

redel worldwide $102000 daily - TMT

'Golden Ocean TBN' newbuilding 170000 dwt dely ex yard Daehan Aug

2008 5 years trading redel worldwide $48000 daily nett

- Sanko - <recent>

'Golden Ocean TBN' newbuilding 170000 dwt dely ex yard Daehan Dec

2008 5 years trading redel worldwide $46000 daily nett - Sanko

'Golden Ocean TBN' newbuilding 170000 dwt dely ex yard Daehan Mar

2009 5 years trading redel worldwide $43800 daily nett

- Sanko - <recent>

'Alpha Cosmos' EdF relet 2001 169770 dwt dely Bayuquan 20/21 May

trip via Brazil redel China $100000 daily - North China Shipping

'Brisbane' ex Spring Brave' 1996 151066 dwt dely Pohang 22/23 May

trip via Brazil & PG redel PMO $86000 daily - Kleimar

'Iron Brooke' 1987 82191 dwt dely Rio Grande ppt trip redel Far

East $56000 daily + $1.25 million bb - Cargill

'Nobel Forum' obo 1983 78394 dwt dely Immingham 23/25 May trip via

Brazil redel China $53000 daily - China Ocean Transport

'Te Ho' 2004 77834 dwt dely Cadiz end May period up to 23 Oct/23 Nov

redel worldwide $54500 daily - Cosco

'Danae' Atlas Bulk Shipping relet 2005 75348 dwt dely Santander

22/24 May trip via Ponta Da Madeira redel Ghent $54500 daily

- Giuseppe Bottiglieri

'Danae' 2001 75106 dwt dely Fusina early June 11/12 months trading

redel worldwide $47000 daily

- Rizzo-Bottiglieri-de Carlini Armatori Spa

'Ernst Salamon' Swiss Marine relet 1999 74002 dwt dely Beilun 25/28

May trip via NoPac redel Far East $41500 daily - Dreyfus

'Golden Shadow' BHP Billiton relet 1997 73732 dwt dely Cape Passero

end May trip via EC South America redel Spain $53000 daily

- Transgrain

'Great Ambition' 1999 73725 dwt dely Taiwan 29 May/5 June trip via

Australia redel Taiwan $44500 daily - cnr

'Bulk Cedar' 1998 73330 dwt dely Immingham 23/25 May trip via NC

South America redel Spain int petcoke $54500 daily - SSM

'Rubin Power' MOSK relet 1998 72326 dwt dely Matsuura 24/26 May

trip via Indonesia redel Hawaii $32000 daily - Cobelfret

'Alpha Glory' 1999 72270 dwt dely PMO 22 May trip via Richards Bay

redel Continent $44000 daily - Swiss Marine

'Fu Le' 1998 71332 dwt dely Bremen 25/28 May 5/7 months trading

redel worldwide $53500 daily - Cosco USA

'Gianni D' Brittania Bulk Ltd relet 1998 69100 dwt dely Annaba spot

balance of period 25 Oct/25 Nov redel worldwide $50000 daily -

Rizzo-Bottiglieri-De Carlini Armatori Spa

'Silver Mei' 1984 68676 dwt dely El Ferrol 23/25 May trip via EC

South America redel Far East $53000 daily - Dreyfus

'Ikan Serong' 2006 56023 dwt dely Hazira 1/6 June trip via WC

India redel China $38500 daily - Glory Trans

'CMB Yangtze' 2006 53591 dwt dely Yangzhou 27 May/2 June min 5/abt 6

months trading redel worldwide $41500 daily - Daebo

'I Duckling' Norden relet 2003 52994 dwt dely Kinuura 25/28 May trip

via Groote Eylandt + PG redel PMO $42000 daily - Hawknet

'Ocean Queen' 2003 52384 dwt dely Qingdao 25/27 May trip via China +

North Australia redel Brest-Skaw rge $41000 daily - Hawknet

'Ken Unity' 1999 48913 dwt dely Zhoushan ex D/D 1/5 June trip redel

Mediterranean $40000 daily - cnr

'VOC Rose' 1998 47183 dwt dely N.China end May 14/16 months trading

redel worldwide $35500 daily - Sunwoo

'Syriotissa' 1985 45470 dwt dely Oran spot min 4/abt 6 months

trading redel worldwide $39000 daily - WAMOPL

ORE

---

'TBN' 170000/10 Tubarao/Rotterdam 10/20 June $30.00 fio 6 days sc -

Rogesa

COAL

----

'Tian Sheng Hai' 1997 / - <reported to Cargill 22/05 failed>

GRAIN

-----

'Hilal 1' 25000/10 sbm Upriver/Spain 1/10 June $66.00 fio 8000/6000 -

Glencore

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 24/05/2007

The Daily Fixtures Report - 24/05/2007
-------------------------

BDI 6304 DOWN 118
BCI 8972 DOWN 209
BPI 5895 DOWN 145
BSI 4187 DOWN 18

TIMECHARTER
'Mineral Shiikoku' 2006 205000 dwt dely Qingdao 31 May/1 June 12 months
trading redel worldiwde $101500 daily - SK Shipping 'Mineral Monaco'
Constellation relet 2005 180263 dwt dely Pohang 31 May trip via West
Australia redel China $100000 daily - Spot On 'Lowlands Orchid' 2005 176193
dwt dely Nantong 30/31 May trip via West Australia redel China $100000
daily - Glory Wealth 'Mineral Tianjin' 2004 176000 dwt dely Singapore 20-25
May trip via Brazil redel Far East $110000 daily - STX Pan Ocean 'Anangel
Innovation' EdF relet 2004 171680 dwt dely Yantai 1/5 June trip via West
Australia redel China $97000 daily - BHP Billiton 'Te Ho' Cosco relet 2004
77834 dwt dely Cadiz end May trip via Paranagua redel Continent $55500
daily - Azure 'Maple Valley' 2005 76633 dwt dely Swinoujscie 1/10 June 4/5
months trading redel worldwide $54000 daily - Panoceanic USA 'CMB Laetitia'
2006 76000 dwt dely La Coruna 31 May trip via US Gulf redel Skaw-Cape
Passero $54500 daily - cnr 'Great Wisdom' TMT relet 2000 74293 dwt dely
retro Immingham 9 May trip via River Plate redel China $59000 daily -
Chinatex Beijing 'Great Eagle' 2005 74143 dwt dely Gijon 4/6 June 1 or 2
laden legs redel Atlantic $54000 daily - CTP 'Great Century' 1999 73700 dwt
dely Misssissippi River 9/17 June trip via Eygpt redel Cape Passero $51500
daily + $900000 bb - National Navigation of Cairo 'Clio' Bunge relet 2005
73600 dwt dely Tarragona 28/30 May trip via EC South America redel Far
East $56500 daily - Transgrain 'Ever Blossom' GMI relet 1997 72517 dwt dely
San Cyprian end May balance of period up to September 2007 redel worldwide
$55000 daily - United - 'Primera' 1998 72495 dwt dely Shibushi end May
trip via NoPac redel Singapore-Japan rge $40000 daily - Dreyfus 'Rialto'
1996 70316 dwt dely Taiwan end May trip via Indonesia redel Japan $45000
daily - 'K' Line 'Tobata Max' 1993 69635 dwt dely Praia Mole 2/4 June trip
via Brazil & Iran redel PMO $54000 daily + $1.00 milllion bb - ETA Dubai
'Giovanni Della Gatta' 1987 64970 dwt dely Shanghai 31 May/1 June trip via
NoPac & Iraq redel PMO $46000 daily - Brave 'Mighty Michalis' Bunge relet
1983 62297 dwt dely Cape Passero 2/4 June trip via EC South America redel
Skaw-Cape Passero $41250 daily - Alfred C.Toepfer 'Great Well' 1981 61754
dwt dely Dangjin spot trip via N.China redel Taiwan $30000 daily - cnr
'Anassa Ioanna' 2003 53125 dwt dely Ravenna 24 May/5 June trip via East
Coast South America redel PMO-Aden (int Yemen) $50000 daily - cnr 'Katerina'
1983 49674 dwt dely Qingdao spot trip via PG redel PMO $40350 daily
- cnr
'Thor Horizon' 2002 47000 dwt dely Kohsichang spot trip redel West Coast
India approx $36000 daily - cnr 'Ocean Bridge' 1998 45766 dwt dely Paradip
1/5 June trip redel Singapore-Japan $42000 daily - Chinese charterer 'Sea
Mild' 1985 38888 dwt dely Nemrut spot trip via Black Sea redel Morocco
$32000 daily - Coil Line - 'Princess 1' 1994 38858 dwt dely Mangalia spot
trip redel USGulf $28000 daily
- cnr
'Addu Star' 1996 24034 dwt dely PMO 25/27 May trip via South Africa redel
UKCont $21000 daily - Island View Shipping

ORE
'Armada TBN' 70000/10 Port Cartier/Hansaport 1/15 June $22.00 fio 3.5 days
sc - Cobelfret

COAL
'Cape Venus' 150000/10 Roberts Bank/Redcar 15/22 Jun $47.00 fio 6 days -
Crous 'TBN' 70000/10 Drummond/Mobile 10/20 June $12.50 fio 25000/25000 -
Augustea 'Domina' 2007 70000/10 Abbot Point/Taiwan 3/16 June $23.00 fio
35000/22000sc - Daeyang

Baltic Dry Index THE DAILY FIXTURES REPORT 23/05/07

The Daily Fixtures Report - 23/05/2007
-------------------------

BDI 6422 DOWN 49
BCI 9181 DOWN 79
BPI 6040 DOWN 53
BSI 4205 DOWN 16

TIMECHARTER
'Chandris TBN' newbuilding 180000 dwt dely ex yard Daewoo July/Aug 2009
5 years
trading redel worldwide $43000 daily - 'K' Line 'Paschalis D' 2002 170188
dwt dely China mid June 4/6 months trading redel worldwide $102000 daily -
TMT 'Golden Ocean TBN' newbuilding 170000 dwt dely ex yard Daehan Aug 2008
5 years
trading redel worldwide $48000 daily nett - Sanko - 'Golden Ocean TBN'
newbuilding 170000 dwt dely ex yard Daehan Dec 2008
5 years
trading redel worldwide $46000 daily nett - Sanko 'Golden Ocean TBN'
newbuilding 170000 dwt dely ex yard Daehan Mar 2009
5 years
trading redel worldwide $43800 daily nett - Sanko - 'Alpha Cosmos' EdF relet
2001 169770 dwt dely Bayuquan 20/21 May trip via Brazil redel China
$100000 daily - North China Shipping 'Brisbane' ex Spring Brave' 1996 151066
dwt dely Pohang 22/23 May trip via Brazil & PG redel PMO $86000 daily -
Kleimar 'Iron Brooke' 1987 82191 dwt dely Rio Grande ppt trip redel Far
East $56000 daily + $1.25 million bb - Cargill 'Nobel Forum' obo 1983 78394
dwt dely Immingham 23/25 May trip via Brazil redel China $53000 daily -
China Ocean Transport 'Te Ho' 2004 77834 dwt dely Cadiz end May period up
to 23 Oct/23 Nov redel worldwide $54500 daily - Cosco 'Danae' Atlas Bulk
Shipping relet 2005 75348 dwt dely Santander 22/24 May trip via Ponta Da
Madeira redel Ghent $54500 daily - Giuseppe Bottiglieri 'Danae' 2001 75106
dwt dely Fusina early June 11/12 months trading redel worldwide $47000
daily - Rizzo-Bottiglieri-de Carlini Armatori Spa 'Ernst Salamon' Swiss
Marine relet 1999 74002 dwt dely Beilun 25/28 May trip via NoPac redel Far
East $41500 daily - Dreyfus 'Golden Shadow' BHP Billiton relet 1997 73732
dwt dely Cape Passero end May trip via EC South America redel Spain $53000
daily - Transgrain 'Great Ambition' 1999 73725 dwt dely Taiwan 29 May/5
June trip via Australia redel Taiwan $44500 daily - cnr 'Bulk Cedar' 1998
73330 dwt dely Immingham 23/25 May trip via NC South America redel Spain
int petcoke $54500 daily - SSM 'Rubin Power' MOSK relet 1998 72326 dwt dely
Matsuura 24/26 May trip via Indonesia redel Hawaii $32000 daily - Cobelfret
'Alpha Glory' 1999 72270 dwt dely PMO 22 May trip via Richards Bay redel
Continent $44000 daily - Swiss Marine 'Fu Le' 1998 71332 dwt dely Bremen
25/28 May 5/7 months trading redel worldwide $53500 daily - Cosco USA
'Gianni D' Brittania Bulk Ltd relet 1998 69100 dwt dely Annaba spot balance
of period 25 Oct/25 Nov redel worldwide $50000 daily - Rizzo-Bottiglieri-De
Carlini Armatori Spa 'Silver Mei' 1984 68676 dwt dely El Ferrol 23/25 May
trip via EC South America redel Far East $53000 daily - Dreyfus 'Ikan
Serong' 2006 56023 dwt dely Hazira 1/6 June trip via WC Indiia redel
China $38500 daily - Glory Trans 'CMB Yangtze' 2006 53591 dwt dely Yangzhou
27 May/2 June min 5/abt 6 months trading redel worldwide $41500 daily -
Daebo 'I Duckling' Norden relet 2003 52994 dwt dely Kinuura 25/28 May trip
via Groote Eylandt + PG redel PMO $42000 daily - Hawknet 'Ocean Queen' 2003
52384 dwt dely Qingdao 25/27 May trip via China + North Australia redel
Brest-Skaw rge $41000 daily - Hawknet 'Ken Unity' 1999 48913 dwt dely
Zhoushan ex D/D 1/5 June trip redel Mediterranean $40000 daily - cnr 'VOC
Rose' 1998 47183 dwt dely N.China end May 14/16 months trading redel
worldwide $35500 daily - Sunwoo 'Syriotissa' 1985 45470 dwt dely Oran spot
min 4/abt 6 months trading redel worldwide $39000 daily - WAMOPL

ORE
'TBN' 170000/10 Tubarao/Rotterdam 10/20 June $30.00 fio 6 days sc - Rogesa

COAL
'Tian Sheng Hai' 1997 / -

GRAIN
'Hilal 1' 25000/10 sbm Upriver/Spain 1/10 June $66.00 fio 8000/6000 -
Glencore

Baltic Dry Index THE DAILY FIXTURES REPORT 22/05/2007

The Daily Fixtures Report - 22/05/2007
-------------------------

BDI 6471 DOWN 50
BCI 9260 DOWN 102
BPI 6093 DOWN 36
BSI 4221 DOWN 20

TIMECHARTER
'SG Prosperity' 1997 211201 dwt dely Caofeidian end May/ely June 3/5 months
trading redel worldwide approx $116000 daily - Pacific Bulk 'Castillo de San
Juan' 1990 173198 dwt dely Rotterdam 22/24 May transatlantic round redel
Skaw-Cape Passero $102000 daily - SK Shipping - ago> 'Anangel Destiny' BHP
Billiton relet 1999 171997 dwt dely Dunkirk 6/10 June trip via Brazil redel
Far East $141000 daily - SK Shipping
'Tian Fu Hai' 1998 149315 dwt - daily>
'Yasa Fortune' Rizzo-Bottiglieri-De Carlini Armatori Spa relet 2006
82849 dwt
dely Fukuyama 5/10 June 4/6 months trading redel worldwide $49500 daily
- Bunge
'Mommy Duckling' TMT relet 1983 78585 dwt dely dlosp Porto Marghera
30-31 May
trip via Brazil redel China int ore $54000 daily - China Ocean Transport
'Ajax' 3006 77326 dwt dely El Dekheila 5/14 June 4/6 months trading redel
worldwide $54000 daily - CTP 'Botafogo' Norden relet 2001 76623 dwt dely
Cartagena 27/29 May trip via EC South America redel China $56000 daily -
Grand Ocean 'Federica' ex Maritime Suzana' 2005 76619 dwt dely Constanza 30
May/8 June trip via Yuzhnyy redel WC India $61000 daily - Aquavita - week>
'Red Jasmine' 2006 76596 dwt dely Zhoushan 26/28 May trip via China redel
Continent int clinker $45000 daily - cnr 'Pontovremon' AWB relet 2001 76318
dwt dely retro Fos 19 May trip via Sepetiba redel China $59500 daily -
Pioneer Metals 'Efrossini' 2003 76015 dwt dely Skaw 25/30 May trip via
Baltic redel UKC abt
10-15 days $56000 daily chop 2nd leg redel Singapore-Japan rge $55000 daily
- Brittania Bulk Ltd 'Maritime Hareshio' 2006 75740 dwt dely Nanjing 18/20
May trip via Indonesia redel Taiwan $45000 daily - U-Ming - 'Grazia
Bottiglieri' 1999 75181 dwt dely Philippines end May trip via Indonesia
redel Japan $48000 daily - Shinwa 'Riruccia' 1997 74002 dwt dely Ningbo
24/26 May trip redel Skaw-Cape Passero $41000 daily - North China Shipping
'Lucia Bulker' 1999 73807 dwt dely CJK, China 30/31 May 4/6 months trading
redel approx $48250 daily - CTP 'Pole' 1997 73409 dwt dely S.Korea 25/27
May trip via Indonesia redel S.Korea $40000 daily - Jin Yang 'La Jolla'
Rizzo-Bottiglieri-De Carlini Armatori Spa relet 1997 72196 dwt dely
Baltimore mid June trip via Norfolk & Egypt redel Cape Passero $51000 daily
+ $700000 bb - NNC 'Amfialos' Bunge relet 1990 71749 dwt dely Aden 25/27
May trip via EC South America redel Singapore-Japan rge $49500 daily -
Cargill 'Sun Sea' Cosco relet 1994 69149 dwt dely Tsuruga 23/25 May trip
via Indonesia redel S.Korea $32000 daily - Chokang 'Maratha Explorer'
Rizzo-Bottgilieri-De Carlini Armatori Spa relet 1990
68649
dwt dely S.Korea spot 3/5 months trading redel worldwide $42250 daily -
Swiss Marine 'Stamos' 1985 63875 dwt dely retro Cape Passero 13 May trip
via EC South America redel Skaw-Cape Passero approx $44000 daily - Bunge -
'Go Trader' 1996 45693 dwt dely Lagos 21/25 May trip via Brazil redel
USGulf $37000 daily - cnr 'Drake' 1985 42842 dwt dely Kinuura 22/24 May
trip redel West Africa $38000 daily - IMT 'Alma' 2002 28738 dwt dely Lagos
spot trip via East Coast South America redel Med $35000 daily - cnr -
'Stentor' 2006 28445 dwt dely Vietnam 26/31 May 1/2 laden legs redel
Singapore/Japan $32500 daily - BTI 'Clipper Lis' 1996 26412 dwt dely USGulf
spot trip redel UKCont including Denmark $40000 daily - Atlas

ORE
'Kildare' 1996 190000/10 Guaiba/Qingdao 10/20 June $54.80 fio scale/30000sc
- Pioneer Metals 'Gencor Vigour' 1999 70000/10 Narvik/El Dekheila 27 May/5
June $24.95 fio scale/30000fc - EZDK 'Lotus Blossom' 2005 70000/10
Tubarao/Dunkirk east 2/16 June $31.25 fio
4 days -
Mittal

COAL
'Tian Sheng Hai' 1997 150000/10 Richards Bay/Rotterdam 1/10 June $30.00 fio
scale/25000sc - Cargill

The Baltic Dry Index THE DAILY FIXTURES REPORT 21/05/2007

The Daily Fixtures Report - 21/05/2007
-------------------------

BDI 6521 DOWN 33
BCI 9362 DOWN 53
BPI 6129 DOWN 25
BSI 4241 DOWN 28

TIMECHARTER
'Tian Fu Hai' 1998 149315 dwt dely Far East July 3 years trading redel
worldwide $52500 daily - NYK
'Epson Trader' 2001 75933 dwt dely Surabaya trip via Indonesia redel
S.China
$54000 daily - Danzas
'Global F' 1998 73035 dwt dely Inchon 17/20 May trip via North.China redel
Skaw-Cape Passero int steels $40250 daily - Refined Success 'Aoyama 2006
56013 dwt dely North China 19/25 May trip redel West Coast India $45500
daily - cnr 'Clementine' 2004 50238 dwt dely Qingdao 20/23 May trip redel
Cont/Med $39000 daily - Daewoo 'Moorgate' 1990 45875 dwt dely USGulf spot
2/3 laden legs redel Atlantic $53000 daily - Clipper

ORE
'Swiss Marine TBN' 150000/10 San Nicolas/Kwangyang a/o Pohang 24 June/8
July
$43.95 fio 42000sc/55000sc - POSCO

COAL
'SK TBN' 150000/10 Bolivar/Rotterdam 15/24 June $31.80 option Gijon
$28.50 fio
50000sc/25000sc - CTM
'Lowlands Erica' RTS relet 2007 150000/10 Richards Bay/Rotterdam 15/30
June
$30.25 fio scale/25000sc - Cargill

The Baltic Dry Index THE DAILY FIXTURES REPORT 18/05/2007

The Daily Fixtures Report - 18/05/2007
-------------------------

BDI 6554 DOWN 49
BCI 9415 DOWN 72
BPI 6154 DOWN 66
BSI 4269 DOWN 23

TIMECHARTER
'CSK Fortune' 2003 175526 dwt dely Baoshan 23/25 May trip via Hay Point &
Eregli redel Cape Passero $81000 daily 1st 55 days and $105000 daily
thereafter
- Cerraghil
'Anangel Eternity' IVS relet 1999 171101 dwt dely Immingham 19/20 May
transatlantic round voyage redel Skaw-Cape Passero $103000 daily - SK
Shipping 'Crown Star' Transfield relet 2002 76662 dwt dely Butterworth spot
trip via Indonesia redel Spain $40000 daily - Morgan Stanley 'Nirefs' AWB
2001 75311 dwt dely retro Piombino 10 May trip via Brazil redel China
$58500 daily - Pioneer Metals 'Alkyon' 2001 74875 dwt dely Malaga 15/16 May
trip via EC South America redel Far East $62000 daily - Agrenco 'Alexandra'
2001 74756 dwt dely S.Korea 24/26 May 4/6 months trading redel worldwide
$48000 daily - Bunge - 'General Guisan' Glory Wealth relet 1999 73035 dwt
dely dop Qingdao
25/27 May
trip N.China redel Skaw-Passero int clinker $45000 daily - Ark Shipping
'Hanjin New Orleans' 1994 70337 dwt dely Ijmuiden 20/22 May trip via
Ventsplis redel China int ferts $57000 daily - Transfield - 'Ariana' 1984
69401 dwt dely Amsterdam 30/31 May in d/c trip via Santarem redel
Amsterdam $47000 daily - Cargill 'Sun' 1983 66894 dwt dely Cadiz 1/10 June
trip via Recalada redel Skaw-Cape Passero $46000 daily - cnr - 'Sweet Lady
II' 1981 65592 dwt dely PMO 25/28 May trip via South Africa & PG redel PMO
$46000 daily - Holchim 'Decurion' 1988 64211 dwt dely retro Cape Passero 14
May trip via Brazil redel Far East $53500 daily - Dreyfus 'Lake Connie'
2005 53299 dwt dely Haldia 18/21 May trip redel China $50000 daily - Noble
'Kadmos' 1983 38913 dwt dely North China spot trip via Persian Gulf redel
PMO $36000 daily - cnr 'IVS Kite' 2002 32556 dwt dely Inchon 20/22 May 2/3
laden legs redel worldwide $30000 daily - STX Pan Ocean
'Saranya Naree' 1991 28584 dwt - voyage basis on private terms>
'Aretousa' 1979 24715 dwt dely River Plate 10/20 June trip redel Morocco
$25000 daily + $550000 bb - cnr - 'Ace Dragon' 1997 24280 dwt dely
Singapore 20/22 May 2 laden legs redel Singapore-Japan $24750 daily - cnr

ORE
'Cape Riviera' Cargill relet 2005 170000/10 Tubarao/Dallian 1/10 June $55.00
fio scale/35000sc - Cosco Qingdao

COAL
'Cerraghil TBN' 150000/10 Hay Point/Eregli 1/10 June $46.50 fio
50000sc/25000sc
- Erdemir

GRAIN
TBN 35000/10 corn Up River Plate/Algeria 1/10 June $73.00 fio 12000/6000
- Toepfer

The Baltic Dry Index Daily Fixtures Report - 17/05/2007

The Daily Fixtures Report - 17/05/2007
-------------------------

BDI 6603 DOWN 47
BCI 9487 DOWN 75
BPI 6220 DOWN 63
BSI 4292 DOWN 18

TIMECHARTER
'Cape Stork' 1996 171039 dwt dely Fukuyama 18/20 May trip via Roberts Bank
redel Redcar $80000 daily - Corus 'Rizzo-Bottiglieri-De Carlini Armatori Spa
TBN' 87000 dwt dely ex yard Hudong Shanghai Apr/Sept 2010 60/64 months
trading redel worldwide $25750 daily
-
Samsun
'Yasa Nesilhan' 2005 82849 dwt dely Sparrows Point 27/30 May trip via
Norflok & Egypt redel Cape Passero int coal $57000 daily + $700000 bb - EBC
'Betis'2004 76801 dwt dely Zhanjiangang 23/25 May 4/6 months trading redel
worldwide $48250 daily - Swiss Marine 'Mulberry Wilton' 2004 76453 dwt dely
Goa 1/5 June trip redel Japan $52000 daily - MOSK 'Solana' 1950 75275 dwt
dely Nantong spot trip via Indonesia redel Taiwan $41000 daily - STX Pan
Ocean
'Altair' 2001 74665 dwt - not fix the ship on timecharter but on
voyage but details were private>
'Anny Petrakis' Bunge relet 2006 74600 dwt dely PMO spot trip via EC South
America redel China $51000 daily - Grand Ocean 'Seajoy' ABT relet 2000 73454
dwt dely Mississippi River 5/6 June trip via Egypt redel Cape Passero
$52000 daily + $1.00 million - Cosbulk 'Happy Clipper' 2001 73414 dwt dely
Maizura 18/21 May trip via NoPac redel Singapore-Japan rge $47000 daily -
Cargill 'Waimea' 1997 73039 dwt dely Haldia 25 May/2 June trip via EC
India redel China $59000 daily - Noble 'Silvergate' Augustea relet 1987
68158 dwt dely US Gulf 27/30 May trip via Turkey redel full Med $47250
daily + $850000 bb - Bunge 'Amadeus' 1984 66916 dwt dely Shanghai ppt trip
via China redel Italy int steels $40000 daily - Oldendorff - 'Darya Shakti'
2004 56050 dwt dely Visakhaptnam 21/23 May trip redel China $53000 daily -
Chinese charterer 'Helene Selmer' 2005 55740 dwt dely South China 20/30 May
trip redel USGulf $39500 daily - Cargo-Levant 'Dubai Knight' 2007 55300 dwt
dely North China spot trip redel Haldia $42950 daily - cnr 'Rosita' Eastern
Ocean relet 2004 52338 dwt dely Shekhou 16/18 May trip via Indonesia redel
China $47000 daily - Chinese charterer - report of 16/05> 'Kanpur' 1986
47195 dwt dely Point Lisas 20/22 May trip via North Coast South America
redel Med $62000 daily - cnr 'Sea Pearl' 1987 38792 dwt dely Ilichevsk
20/22 May trip via Black Sea redel USGulf $27500 daily - cnr 'Saranya
Naree' 1991 28584 dwt dely Oran spot trip via Morocco redel USGulf $25000
daily - Minfreight 'Dobrush' 1982 28136 dwt dely Lagos spot trip via East
Coast South America redel Morocco $28000 daily - Atlas -

ORE
'Cargill TBN' 150000/10 Ponta Da Madeira/Rotterdam 20 June/5 July $27.30 fio
scale 6 days sc - TKS 'Genco Knight' 70000/10 Nouadhibou/Rotterdam 23/27 May
$16.50 fio 4 days sc - Cobelfret

COAL
Vogebulker' Cargill relet 1999 150000/10 Richards Bay/Rotterdam 8/22 June
$30.90 fio scale/25000sc - BHP Billiton 'Fantastiks' Cargill relet 2005
150000/10 Richards Bay/Rotterdam 5/13 June $30.90 fio scale/25000sc - BHP
Billiton

Baltic Dry Index Dry cargo fixture summary - 17 May

Subject: Dry cargo fixture summary - 17 May 2007

Dry cargo fixture summary - 17 May 2007

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

BDI Baltic Dry Index 6603 DOWN 47

BCI Baltic Capesize Index 9487 DOWN 75

BPI Baltic Panamax Index 6220 DOWN 63

BSI Baltic Supramax Index 4292 DOWN 18

BHSI Baltic Handysize Index 2148 NO CHANGE

Timecharter

-----------

'Cape Stork' 1996 171039 dwt dely Fukuyama 18/20 May trip via Roberts

Bank redel Redcar $80000 daily - Corus

'Rizzo-Bottiglieri-De Carlini Armatori Spa TBN' 87000 dwt dely ex yard

Hudong Shanghai Apr/Sept 2010 60/64 months trading redel worldwide $25750

daily - Samsun

'Yasa Nesilhan' 2005 82849 dwt dely Sparrows Point 27/30 May trip via

Norflok & Egypt redel Cape Passero int coal $57000 daily + $700000 bb -

EBC

'Betis'2004 76801 dwt dely Zhanjiangang 23/25 May 4/6 months trading

redel worldwide $48250 daily - Swiss Marine

'Mulberry Wilton' 2004 76453 dwt dely Goa 1/5 June trip redel Japan

$52000 daily - MOSK

'Solana' 1995 75275 dwt dely Nantong spot trip via Indonesia redel Taiwan

$41000 daily - STX Pan Ocean

'Altair' 2001 74665 dwt - <reported 16/05 Archer Daniels Midland said did

not fix the ship on timecharter but on voyage but details were private>

'Anny Petrakis' Bunge relet 2006 74600 dwt dely PMO spot trip via EC

South America redel China $51000 daily - Grand Ocean

'Seajoy' ABT relet 2000 73454 dwt dely Mississippi River 5/6 June trip

via Egypt redel Cape Passero $52000 daily + $1.00 million - Cosbulk

'Happy Clipper' 2001 73414 dwt dely Maizura 18/21 May trip via NoPac

redel Singapore-Japan rge $47000 daily - Cargill

'Waimea' 1997 73039 dwt dely Haldia 25 May/2 June trip via EC India redel

China $59000 daily - Noble

'Silvergate' Augustea relet 1987 68158 dwt dely US Gulf 27/30 May trip

via Turkey redel full Med $47250 daily + $850000 bb - Bunge

'Amadeus' 1984 66916 dwt dely Shanghai ppt trip via China redel Italy int

steels $40000 daily - Oldendorff - <fixed last week>

'Darya Shakti' 2004 56050 dwt dely Visakhaptnam 21/23 May trip redel

China $53000 daily - Chinese charterer

'Helene Selmer' 2005 55740 dwt dely South China 20/30 May trip redel

USGulf $39500 daily - Cargo-Levant

'Dubai Knight' 2007 55300 dwt dely North China spot trip redel Haldia

$42950 daily - cnr

'Rosita' Eastern Ocean relet 2004 52338 dwt dely Shekhou 16/18 May trip

via Indonesia redel China $47000 daily - Chinese charterer - <Corrects

rate from report of 16/05>

'Kanpur' 1986 47195 dwt dely Point Lisas 20/22 May trip via North Coast

South America redel Med $62000 daily - cnr

'Sea Pearl' 1987 38792 dwt dely Ilichevsk 20/22 May trip via Black Sea

redel USGulf $27500 daily - cnr

'Saranya Naree' 1991 28584 dwt dely Oran spot trip via Morocco redel

USGulf $25000 daily - Minfreight

'Dobrush' 1982 28136 dwt dely Lagos spot trip via East Coast South

America redel Morocco $28000 daily - Atlas - <recent>

Ore

---

'Cargill TBN' 150000/10 Ponta Da Madeira/Rotterdam 20 June/5 July $27.30

fio scale 6 days sc - TKS

'Genco Knight' 70000/10 Nouadhibou/Rotterdam 23/27 May $16.50 fio 4 days

sc - Cobelfret

Coal

----

Vogebulker' Cargill relet 1999 150000/10 Richards Bay/Rotterdam 8/22 June

$30.90 fio scale/25000sc - BHP Billiton

'Fantastiks' Cargill relet 2005 150000/10 Richards Bay/Rotterdam 5/13

June $30.90 fio scale/25000sc - BHP Billiton

The Baltic Index as of 16.may07

Subject: index as of 16.may07

Daily Summary of Baltic Exchange Dry Indices

16 May 2007

Baltic Exchange Dry Index TM 6650 (DOWN 38)

Baltic Exchange Capesize Index TM 9562 (DOWN 91)

Baltic Exchange Panamax Index TM 6283 (DOWN 47)

Baltic Exchange Supramax Index TM 4310 (UP 7)

Baltic Exchange Handysize Index TM 2148 (UP 4)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $112888 (DOWN 1332)

BPI Average of the T/C routes $50706 (DOWN 390)

BSI Average of the T/C routes $45063 (UP 65)

BHSI Average of the T/C routes $31336 (UP 81)

Baltic Exchange Capesize Index 9562 (DOWN 91)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 30.768 0.150

C3 150000mt Tubarao - Beilun/Baoshan 15 56.704 0.546

C4 150000mt Richards Bay - Rotterdam 5 32.182 -0.359

C5 150000mt W Australia - Beilun/Baoshan 15 23.523 -0.459

C7 150000mt Bolivar - Rotterdam 5 31.468 -0.005

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 114773 -1000

C9_03 172000mt Continent/Mediterranean trip Far East 5 143063 63

C10_03 172000mt Pacific RV 20 106792 -3016

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 86925 -1375

C12 150000mt Gladstone - Rotterdam 10 41.645 -0.228

Average of the T/C Routes 112888 -1332

Baltic Exchange Panamax Index 6283 (DOWN 47)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 54029 -176

P2A_03 74000mt SKAW-GIB/FAR EAST 25 57098 98

P3A_03 74000mt Japan-SK/Pacific/RV 25 47524 -930

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 44174 -550

Average of the T/C Routes 50706 -390

Baltic Exchange Handysize Index 2148 (UP 4)

Route Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 24864 -100

HS2 Skaw - Passero trip Boston - Galveston 12.5 25593 -71

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 45572 244

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 44790 200

HS5 SE Asia trip via Australia to Singapore - Japan 25 28136 72

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26800 118

Average of the T/C Routes 31336 81

Baltic Exchange Supramax Index 4310 (UP 7)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 47032 112

S1B Canakkale Trip Far East 12.5 43625 198

S2 Japan - SK / NOPAC or Australia rv 25 41671 15

S3 Japan - SK Trip Gib - Skaw range 25 42205 12

S4A US Gulf - Skaw-Passero 12.5 65775 87

S4B Skaw-Passero - US Gulf 12.5 36318 70

Average of the T/C Routes 45063 65

S6 Jpn-SK trip via Aus/India 0 42402 41

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

S5 Trial-W.Africa via ECSA to FarEast 0 50779 175

The Baltic Index THE DAILY FIXTURES REPORT 16/05/07

The Daily Fixtures Report - 16/05/2007
-------------------------

BDI 6650 DOWN 38
BCI 9562 DOWN 91
BPI 6283 DOWN 47
BSI 4310 UP 7

TIMECHARTER
'Bocimar TBN' newbuilding 177000 dwt dely ex yard Shanghai Jan/June
2009 5
years trading redel worldwide $46000 daily - ETA of Dubai 'Mineral Hong
Kong' 2006 175000 dwt dely Beilun 22/25 May trip via Richards Bay redel
Continent $77500 daily - STX Pan Ocean 'Cape Century' Constellation relet
2001 172683 dwt dely Rizhao 22/24 May trip via Australia redel Japan
$110000 daily - NSS 'Clipper Sussex' 2005 76660 dwt dely Qingdao 18/20 May
trip via EC Australia redel Japan $47000 daily - NYK 'Dione' GMI relet 2001
75172 dwt dely Porto Vesme 15/17 May balance of period
25 Aug/10 Sept redel worldwide $56500 daily - Wellmix 'Amalia' relet 2000
75100 dwt dely Bourgas 24/27 May trip via Black Sea redel India $65000
daily - Aquavita 'Bremen Max' 1993 74684 dwt dely Chiba 22/24 May trip via
NoPac redel Singapore-Japan rge approx $46000 daily - STX Pan Ocean 'Altair'
2001 74665 dwt dely US Gulf end May trip via Egypt redel Cape Passero
$52000 daily + $1.00 million bb - Archer Daniels Midland 'Anny Petrakis'
2006 74432 dwt dely PMO spot trip via EC South America redel Far East
$51000 daily - cnr
'Great Wisdom' TMT relet 2002 74293 dwt - IVS>
'Athina Zafirakis' Panoceanic relet 2002 74204 dwt dely Gladstone 23/24 May
trip redel Singapore-Japan rge $47000 daily approx $650000 bb - Baumarine
'Deng Zhou Hai' 1995 69967 dwt dely retro Cape Passero 12 May trip via
Brazil redel Spain $50000 daily - Bunge Xin Hua Men' 1984 69201 dwt dely
Arguneguin, Gran Canaria 23/25 May trip via Kamsar redel Aughinish $62000
daily - Oldendorff 'Nicolaos A' 2003 53806 dwt dely North China 22 May/2
June 12/14 months trading redel worldwide $44150 daily - SK Shipping
'Rosita' Eastern Ocean relet 2004 52338 dwt dely Shekhou 16/18 May trip via
Indonesia redel China $43000 daily - Chinese charterer 'Honesty Ocean' 1997
47240 dwt dely Pasir Gudang 23/26 May trip redel China $43000 daily -
Winning 'Cos Bonny' 1996 46864 dwt dely Visakhaptnam 16/18 May trip redel
China $46000 daily - AHT 'Boontrika Naree' 1990 27881 dwt dely Lagos spot
trip via Brazil redel Black Sea $31000 daily - Bunge

ORE
'Xinyuan Hai' 1988 180000/10 Port Hedland/Qingdao 5/15 June $23.10 fio
scale/25000sc - BHP Billiton 'Falcon Cape' 1991 150000/10 Tubarao/Gijon 9/23
June $31.00 fio scale/30000sc - STX Pan Ocean

The Baltic Index Dry cargo fixture summary - 16 May 2007

Subject: Dry cargo fixture summary - 16 May 2007

Dry cargo fixture summary - 16 May 2007

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

BDI Baltic Dry Index 6650 DOWN 38

BCI Baltic Capesize Index 9562 DOWN 91

BPI Baltic Panamax Index 6283 DOWN 47

BSI Baltic Supramax Index 4310 UP 7

BHSI Baltic Handysize Index 2148 UP 4

Timecharter

-----------

'Bocimar TBN' newbuilding 177000 dwt dely ex yard Shanghai Jan/June 2009

5 years trading redel worldwide $46000 daily - ETA of Dubai

'Mineral Hong Kong' 2006 175000 dwt dely Beilun 22/25 May trip via

Richards Bay redel Continent $77500 daily - STX Pan Ocean

'Cape Century' Constellation relet 2001 172683 dwt dely Rizhao 22/24 May

trip via Australia redel Japan $110000 daily - NSS

'Clipper Sussex' 2005 76660 dwt dely Qingdao 18/20 May trip via EC

Australia redel Japan $47000 daily - NYK

'Dione' GMI relet 2001 75172 dwt dely Porto Vesme 15/17 May balance of

period 25 Aug/10 Sept redel worldwide $56500 daily - Wellmix

'Amalia' relet 2000 75100 dwt dely Bourgas 24/27 May trip via Black Sea

redel India $65000 daily - Aquavita

'Bremen Max' 1993 74684 dwt dely Chiba 22/24 May trip via NoPac redel

Singapore-Japan rge approx $46000 daily - STX Pan Ocean

'Altair' 2001 74665 dwt dely US Gulf end May trip via Egypt redel Cape

Passero $52000 daily + $1.00 million bb - Archer Daniels Midland

'Anny Petrakis' 2006 74432 dwt dely PMO spot trip via EC South America

redel Far East $51000 daily - cnr

'Great Wisdom' TMT relet 2002 74293 dwt - <reported 15/05 the charterer

is IVS>

'Athina Zafirakis' Panoceanic relet 2002 74204 dwt dely Gladstone 23/24

May trip redel Singapore-Japan rge $47000 daily approx $650000 bb -

Baumarine

'Deng Zhou Hai' 1995 69967 dwt dely retro Cape Passero 12 May trip via

Brazil redel Spain $50000 daily - Bunge

'Xin Hua Men' 1984 69201 dwt dely Arguneguin, Gran Canaria 23/25 May trip

via Kamsar redel Aughinish $62000 daily - Oldendorff

'Rosita' Eastern Ocean relet 2004 52338 dwt dely Shekhou 16/18 May trip

via Indonesia redel China $43000 daily - Chinese charterer

'Honesty Ocean' 1997 47240 dwt dely Pasir Gudang 23/26 May trip redel

China $43000 daily - Winning

'Cos Bonny' 1996 46864 dwt dely Visakhaptnam 16/18 May trip redel China

$46000 daily - AHT

'Boontrika Naree' 1990 27881 dwt dely Lagos spot trip via Brazil redel

Black Sea $31000 daily - Bunge

Ore

---

'Xinyuan Hai' 1988 180000/10 Port Hedland/Qingdao 5/15 June $23.10 fio

scale/25000sc - BHP Billiton

'Falcon Cape' 1991 150000/10 Tubarao/Gijon 9/23 June $31.00 fio

scale/30000sc - STX Pan Ocean

Baltic Dry Index Dry cargo fixture summary - 15 May

Dry cargo fixture summary - 15 May 2007

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

BDI Baltic Dry Index 6688 UP 3

BCI Baltic Capesize Index 9653 DOWN 34

BPI Baltic Panamax Index 6330 UP 14

BSI Baltic Supramax Index 4303 UP 23

BHSI Baltic Handysize Index 2144 UP 6

Timecharter

-----------

'Obeliks' 2000 170454 dwt dely Xingang 27 May/2 June trip via West

Australia redel China $100500 daily - BHP Billiton

'Aquagrace' NCS relet 1997 167105 dwt dely Beilun 20/22 May trip via West

Australia redel China $103200 daily - BHP Billiton

'Nobel Forum' 1983 built 78395 dwt - <reported 14/05 the ship has fixed

but not to Bunge as reported>

'Grazia Bottiglieri' 2000 75265 dwt dely Qinhuangdao 19/20 May min 24/max

26 months trading redel worldwide $41000 daily - European chrtr

'Golden Dena' TMT relet 2006 74769 dwt dely Zhoushan 18/20 May trip via

Indonesia redel Japan $52500 daily - NYK

'Samjohn Liberty' Cargill relet 1998 74761 dwt dely retro Lianyungang 13

May trip via NoPac redel Indonesia $46500 daily - AWB

'Bagara' ex Songa Hua 2002 74500 dwt - <reported 14/05 the correct rate

is $47150 daily for 1st 50 days and $52000 daily for the balance>

'Amira' 2001 74441 dwt - <reported 14/05 the charterer is Worldlink>

'Great Wisdom' TMT relet 2000 74293 dwt dely retro Immingham 8 May trip

via Brazil & Iran redel PMO $61000 daily - cnr

'Bluemenau' CTP relet 2000 73992 dwt dely Aden 22/24 May trip via

Richards Bay redel Continent-Med $52000 daily - EdF - <fixed last week>

'Kalypso' Daebo relet 1997 73762 dwt dely Taiwan ppt trip via Queensland

redel Taiwan $46000 daily - Mitsubishi

'Thetis' Setsea relet 1993 73760 dwt dely Rizhao 19/20 May balance of

period abt 6/8 months trading redel worldwide includes Iraq trading

$51500 daily - Golden Ocean

'Aenaos' ex Quint Star Cargill relet 1998 72413 dwt dely Rotterdam 15/16

May trip via EC South America redel Far East $56250 daily - Wilmar

'Yao Hai' 1986 69467 dwt dely Cadiz 23/25 May trip via Brazil redel China

$54750 daily - Wylex

'Ermis' 1994 64370 dwt - <reported 14/05 the correct rate is $39000 daily

and delivery is Cape Passero>

'Luckyfield' 1982 45546 dwt dely Dominican Republic spot trip via North

Coast South America $55000 daily - Armada - <Fixed last week>

'Grand Way' 1994 44006 dwt dely USGulf 16/18 May trip redel UKCont $60000

daily - Clipper

'St.Paul' 1994 40926 dwt dely Marmara 14/15 May trip via PG redel PMO

$43000 daily - cnr

Coal

----

'TBN' 70000/10 Norfolk/Bourgas 25 May/5 June $38.00 fio 25000/12000sc -

Integrity Coal - <fixed end last week>

Grain

-----

'Slavianka' 1978 20000/10 Soya Bean Meal Up River Plate/Algeria 5/15 June

$80.00 fio 6000sx/3000fx - CAM

BALTIC DRY INDEX THE DAILY FIXTURES REPORT 15/05/2007

The Daily Fixtures Report - 15/05/2007
-------------------------

BDI 6688 UP 3
BCI 9653 DOWN 34
BPI 6330 UP 14
BSI 4303 UP 23

TIMECHARTER
'Obeliks' 2000 170454 dwt dely Xingang 27 May/2 June trip via West
Australia redel China $100500 daily - BHP Billiton 'Aquagrace' NCS relet
1997 167105 dwt dely Beilun 20/22 May trip via West Australia redel China
$103200 daily - BHP Billiton
'Nobel Forum' 1983 built 78395 dwt - not to Bunge as reported>
'Grazia Bottiglieri' 2000 75265 dwt dely Qinhuangdao 19/20 May min 24/max
26 months trading redel worldwide $41000 daily - European chrtr 'Golden
Dena' TMT relet 2006 74769 dwt dely Zhoushan 18/20 May trip via Indonesia
redel Japan $52500 daily - NYK 'Samjohn Liberty' Cargill relet 1998 74761
dwt dely retro Lianyungang
13 May
trip via NoPac redel Indonesia $46500 daily - AWB
'Bagara' ex Songa Hua 2002 74500 dwt - $47150 daily for 1st 50
days and $52000 daily for the balance>
'Amira' 2001 74441 dwt -
'Great Wisdom' TMT relet 2000 74293 dwt dely retro Immingham 8 May trip via
Brazil & Iran redel PMO $61000 daily - cnr 'Bluemenau' CTP relet 2000 73992
dwt dely Aden 22/24 May trip via Richards Bay redel Continent-Med $52000
daily - EdF - 'Kalypso' Daebo relet 1997 73762 dwt dely Taiwan ppt trip
via Queensland redel Taiwan $46000 daily - Mitsubishi 'Thetis' Setsea relet
1993 73760 dwt dely Rizhao 19/20 May balance of period abt 6/8 months
trading redel worldwide includes Iraq trading $51500 daily - Golden Ocean
'Aenaos' ex Quint Star Cargill relet 1998 72413 dwt dely Rotterdam
15/16 May
trip via EC South America redel Far East $56250 daily - Wilmar 'Yao Hai'
1986 69467 dwt dely Cadiz 23/25 May trip via Brazil redel China $54750
daily - Wylex
'Ermis' 1994 64370 dwt - and delivery is Cape Passero>
'Luckyfield' 1982 45546 dwt dely Dominican Republic spot trip via North
Coast South America $55000 daily - Armada - 'Grand Way' 1994 44006 dwt dely
USGulf 16/18 May trip redel UKCont $60000 daily
- Clipper
'St.Paul' 1994 40926 dwt dely Marmara 14/15 May trip via PG redel PMO
$43000 daily - cnr

COAL
'TBN' 70000/10 Norfolk/Bourgas 25 May/5 June $38.00 fio 25000/12000sc -
Integrity Coal -

GRAIN
'Slavianka' 1978 20000/10 Soya Bean Meal Up River Plate/Algeria 5/15 June
$80.00 fio 6000sx/3000fx - CAM

Baltic Dry Index index as of 15.may.07

Daily Summary of Baltic Exchange Dry Indices 15 May 2007

Baltic Exchange Dry Index TM 6688 (UP 3)

Baltic Exchange Capesize Index TM 9653 (DOWN 34)

Baltic Exchange Panamax Index TM 6330 (UP 14)

Baltic Exchange Supramax Index TM 4303 (UP 23)

Baltic Exchange Handysize Index TM 2144 (UP 6)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $114220 (DOWN 317)

BPI Average of the T/C routes $51096 (UP 106)

BSI Average of the T/C routes $44998 (UP 242)

BHSI Average of the T/C routes $31255 (UP 97)

Baltic Exchange Capesize Index 9653 (DOWN 34)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 30.618 0.082

C3 150000mt Tubarao - Beilun/Baoshan 15 56.158 0.200

C4 150000mt Richards Bay - Rotterdam 5 32.541 0.027

C5 150000mt W Australia - Beilun/Baoshan 15 23.982 -0.154

C7 150000mt Bolivar - Rotterdam 5 31.473 0.073

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 115773 0

C9_03 172000mt Continent/Mediterranean trip Far East 5 143000 583

C10_03 172000mt Pacific RV 20 109808 -1900

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 88300 50

C12 150000mt Gladstone - Rotterdam 10 41.873 0.046

Average of the T/C Routes 114220 -317

Baltic Exchange Panamax Index 6330 (UP 14)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 54205 229

P2A_03 74000mt SKAW-GIB/FAR EAST 25 57000 422

P3A_03 74000mt Japan-SK/Pacific/RV 25 48454 -127

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 44724 -100

Average of the T/C Routes 51096 106

Baltic Exchange Handysize Index 2144 (UP 6)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 24964 -143

HS2 Skaw - Passero trip Boston - Galveston 12.5 25664 -186

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 45328 278

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 44590 330

HS5 SE Asia trip via Australia to Singapore - Japan 25 28064 100

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26682 146

Average of the T/C Routes 31255 97

Baltic Exchange Supramax Index 4303 (UP 23)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 46920 261

S1B Canakkale Trip Far East 12.5 43427 264

S2 Japan - SK / NOPAC or Australia rv 25 41656 279

S3 Japan - SK Trip Gib - Skaw range 25 42193 193

S4A US Gulf - Skaw-Passero 12.5 65688 273

S4B Skaw-Passero - US Gulf 12.5 36248 193

Average of the T/C Routes 44998 242

S6 Jpn-SK trip via Aus/India 0 42361 113

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

S5 Trial-W.Africa via ECSA to FarEast 0 50604 431

Baltic Dry Index Dry cargo fixture summary - 14 May

Subject: Dry cargo fixture summary - 14 May 2007

Dry cargo fixture summary - 14 May 2007

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

BDI Baltic Dry Index 6685 UP 37

BCI Baltic Capesize Index 9687 UP 48

BPI Baltic Panamax Index 6316 UP 33

BSI Baltic Supramax Index 4280 UP 26

BHSI Baltic Handysize Index 2138 UP 17

Timecharter

-----------

'Cape Saturn' 2003 175882 dwt dely Cape Passero 20/22 May trip via Brazil

redel China $145000 daily - North China Shipping

'Fertiliia' 1996 172632 dwt - <reported 10/05 failed with China Steel

Express>

'Ce-Mikela' CTP relet 2006 82239 dwt dely Rizhao spot trip via China & PG

redel PMO int clinker $51500 daily - USL Dubai

'Nobel Forum' 1983 78395 dwt dely Ijmuiden 25 May/5 June 9/10 months

trading redel worldwide $42000 daily - Bunge

'Songa Hua' 2002 74500 dwt dely Shanghai 15/16 May trip via China redel

Continent int steels - $44000 daily - <STX Pan Ocean>

'Amira' 2001 74441 dwt - <reported 11/05 the period is 10/12 months and

the charterer is Glory Wealth>

'Beauty Donor' 1997 73767 dwt dely N.China 25 May/5 June 1 years trading

redel worldwide $47300 daily - Worldlink

'Esna' 1998 71598 dwt dely Jarkata 25/27 May trip via Indonesia redel

Thailand $67000 daily - Armada

'Aleslevada' 1990 70231 dwt dely Goa spot trip via WC India redel China

$53700 daily - Metchart

'Full Comfort' 1999 70181 dwt dely Qingdao 16/17 May 4/6 months trading

redel worldwide $50000 daily - Bunge

'Mass Prosperity' Crownland relet 1993 69325 dwt dely West Australia end

May trip China $50000 daily + $300000 bb - Chinese chrtr

'Ermis' 1984 64370 dwt dely Venice 5/10 June 7/9 months trading approx

$39750 daily - Bunge

'Dubai Crown' 2005 55338 dwt dely Port Manatee 16/25 May trip redel East

Coast India - SSM

'Kerasia S' tbr Ermis 2004 52808 dwt dely India/Japan 17/27 May 5 years

trading redel worldwide approx $31500 daily - Korea Line

'Tai Hua Hai' 1991 47300 dwt dely USGulf spot trip redel Spain $60000

daily - Armada

'Ken Ocean' 1994 45212 dwt dely Iskenderun 15/16 May trip via PG redel

PMO $42500 daily - Transgrain

'Xi Rui 5' 40478 dwt dely Med June 2007 11/13 months trading redel

worldwide $27000 daily - Skaarup Fortune

'African Zebra' 1985 38623 dwt dely Penang 13/15 May trip redel West

Africa $35000 daily - cnr

'Great Dream' 2004 33745 dwt dely Far East July 2007 2 years trading

redel worldwide $25500 daily - cnr

'Pos Knight' 2006 31895 dwt dely USGulf spot trip via Jamaica redel Cont

$42000 daily - cnr

Ore

---

'Hebei Hawk' 1981 180000/10 Saldanha/Beilun 25 June/10 July $30.00 fio

scale/30000sc - Kumba

Baltic Dry Index index as of 14.may07

Daily Summary of Baltic Exchange Dry Indices

14 May 2007

Baltic Exchange Dry Index TM 6685 (UP 37)

Baltic Exchange Capesize Index TM 9687 (UP 48)

Baltic Exchange Panamax Index TM 6316 (UP 33)

Baltic Exchange Supramax Index TM 4280 (UP 26)

Baltic Exchange Handysize Index TM 2138 (UP 17)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $114537 (UP 394)

BPI Average of the T/C routes $50990 (UP 264)

BSI Average of the T/C routes $44756 (UP 275)

BHSI Average of the T/C routes $31158 (UP 258)

Baltic Exchange Capesize Index 9687 (UP 48)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 30.536 0.104

C3 150000mt Tubarao - Beilun/Baoshan 15 55.958 0.812

C4 150000mt Richards Bay - Rotterdam 5 32.514 0.182

C5 150000mt W Australia - Beilun/Baoshan 15 24.136 0.041

C7 150000mt Bolivar - Rotterdam 5 31.400 0.127

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 115773 182

C9_03 172000mt Continent/Mediterranean trip Far East 5 142417 750

C10_03 172000mt Pacific RV 20 111708 291

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 88250 354

C12 150000mt Gladstone - Rotterdam 10 41.827 0.263

Average of the T/C Routes 114537 394

Baltic Exchange Panamax Index 6316 (UP 33)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 53976 426

P2A_03 74000mt SKAW-GIB/FAR EAST 25 56578 515

P3A_03 74000mt Japan-SK/Pacific/RV 25 48581 -6

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 44824 121

Average of the T/C Routes 50990 264

Baltic Exchange Handysize Index 2138 (UP 17)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 25107 36

HS2 Skaw - Passero trip Boston - Galveston 12.5 25850 7

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 45050 233

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 44260 350

HS5 SE Asia trip via Australia to Singapore - Japan 25 27964 350

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26536 372

Average of the T/C Routes 31158 258

Baltic Exchange Supramax Index 4280 (UP 26)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 46659 302

S1B Canakkale Trip Far East 12.5 43163 292

S2 Japan - SK / NOPAC or Australia rv 25 41377 264

S3 Japan - SK Trip Gib - Skaw range 25 42000 232

S4A US Gulf - Skaw-Passero 12.5 65415 360

S4B Skaw-Passero - US Gulf 12.5 36055 255

Average of the T/C Routes 44756 275

S6 Jpn-SK trip via Aus/India 0 42248 184

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

S5 Trial-W.Africa via ECSA to FarEast 0 50173 642

Baltic Dry Index THE DAILY FIXTURES REPORT

The Daily Fixtures Report - 14/05/2007
-------------------------

BDI 6685 UP 37
BCI 9687 UP 48
BPI 6316 UP 33
BSI 4280 UP 26

TIMECHARTER
'Cape Saturn' 2003 175882 dwt dely Cape Passero 20/22 May trip via Brazil
redel China $145000 daily - North China Shipping
'Fertiliia' 1996 172632 dwt - Express>
'Ce-Mikela' CTP relet 2006 82239 dwt dely Rizhao spot trip via China & PG
redel PMO int clinker $51500 daily - USL Dubai 'Nobel Forum' 1983 78395 dwt
dely Ijmuiden 25 May/5 June 9/10 months trading redel worldwide $42000 daily
- Bunge 'Songa Hua' 2002 74500 dwt dely Shanghai 15/16 May trip via China
redel Continent int steels - $44000 daily -
'Amira' 2001 74441 dwt - charterer is Glory Wealth>
'Beauty Donor' 1997 73767 dwt dely N.China 25 May/5 June 1 years trading
redel worldwide $47300 daily - Worldlink 'Esna' 1998 71598 dwt dely Jarkata
25/27 May trip via Indonesia redel Thailand $67000 daily - Armada
'Aleslevada' 1990 70231 dwt dely Goa spot trip via WC India redel China
$53700 daily - Metchart 'Full Comfort' 1999 70181 dwt dely Qingdao 16/17
May 4/6 months trading redel worldwide $50000 daily - Bunge 'Mass
Prosperity' Crownland relet 1993 69325 dwt dely West Australia end May trip
China $50000 daily + $300000 bb - Chinese chrtr 'Smart I' 1981 64854 dwt
dely PMO 13/16 May trip via Goa redel China $42500 daily - ETA Dubai
'Ermis' 1984 64370 dwt dely Venice 5/10 June 7/9 months trading approx
$39750 daily - Bunge 'Dubai Crown' 2005 55338 dwt dely Port Manatee 16/25
May trip redel East Coast India - SSM 'Kerasia S' tbr Ermis 2004 52808 dwt
dely India/Japan 17/27 May 5 years trading redel worldwide approx $31500
daily - Korea Line 'Tai Hua Hai' 1991 47300 dwt dely USGulf spot trip
redel Spain $60000 daily - Armada 'Ken Ocean' 1994 45212 dwt dely
Iskenderun 15/16 May trip via PG redel PMO $42500 daily - Transgrain 'Xi
Rui 5' 40478 dwt dely Med June 2007 11/13 months trading redel worldwide
$27000 daily - Skaarup Fortune 'African Zebra' 1985 38623 dwt dely Penang
13/15 May trip redel West Africa $35000 daily - cnr 'Great Dream' 2004
33745 dwt dely Far East July 2007 2 years trading redel worldwide $25500
daily - cnr 'Pos Knight' 2006 31895 dwt dely USGulf spot trip via Jamaica
redel Cont $42000 daily - cnr

ORE
'Hebei Hawk' 1981 180000/10 Saldanha/Beilun 25 June/10 July $30.00 fio
scale/30000sc - Kumba

Baltic Dry Index 11/05/2007

The Daily Fixtures Report - 11/05/2007
-------------------------

BDI 6648 UP 63
BCI 9639 UP 140
BPI 6283 UP 32
BSI 4254 UP 29

TIMECHARTER
'Hanjin newbuilding' 180000 dwt dely ex yard Hyundai South Korea July-Aug
2009
5 years trading redel worldwide $45500 daily - North China Shipping
'Lowlands Phoenix' Cobelfret relet 2004 177036 dwt dely Nagoya end May trip
via Australia redel Japan $115000 daily - NSS
'Mineral Hong Kong' Samsun relet 2006 175000 dwt - Worldwide
Nov-Dec 2005>
'Cape Osprey' 1995 161448 dwt dely South Korea end May 12 months trading
redel worldwide $29500 daily - Corus 'Nautical Dream' 1994 151439 dwt dely
Zhangjiang 25/30 May trip via West Australia redel China $100000 daily -
Industrial Carriers 'Iron Brooke' 2006 82300 dwt dely Brazil 25/30 May
35/36 months trading redel worldwide $37000 daily + $1.00 million bb -
Augustea
'Crown Star' 2002 76662 dwt - but not at $51000 daily and not to
BHP Billiton>
'Amira' 2001 74441 dwt dely Taiwan 20/21 May 1 years trading redel
worldwide $48000 daily - cnr 'Torm Anholt' 2004 74195 dwt dely Jorf Lasfar
21/23 May trip via EC South America redel Skaw-Cape Passero $48000 daily -
Cargill 'Bruno Salamon' 1998 73965 dwt dely Recalada 25/30 May trip redel
China $54000 daily + $1.3 million bb - Fairfield Bulk 'Ju Da' 2005 73600 dwt
dely Spain 25/30 May 4/6 months trading redel worldwide $55000 daily - PCL
'Antonis G.Pappadakis' 1995 73538 dwt dely Aden 15/19 May trip via
Richards Bay redel UKC $47000 daily - Swiss Marine 'Endless' 1999 73427 dwt
dely Worldwide 1/30 Nov 2007 two years trading redel worldwide $38000 daily
- cnr 'Celerina' 1999 73035 dwt dely San Nicolas early June trip via EC
South America & PG redel Aden-PMO $55000 daily + $1.3 million bb - Cargill
'Nyon' 1999 73035 dwt dely Pagbilao 10/12 May trip via Indonesia redel
Taiwan $50000 daily - cnr 'Felicia' 1997 72456 dwt dely Hibikinada 12/15
May period up to 17 Dec
2007/17
Jan 2008 redel worldwide $48000 daily - Brittannia Bulk 'Grand Markela' CTM
relet 1990 71733 dwt dely Worldwide 1 Dec 2007/30 Mar 2008
5 years trading redel worldwide $23450 daily - Perseveranza 'Grand Markela'
Perseveranza relet 1990 71733 dwt dely Worldwide 1 Dec 2007/30 Mar 2008 5
years trading redel worldwide approx $24450 daily - Western Bulk Carriers
'Darya Noor' 1990 71062 dwt dely retro Rotterdam 6 May trip via River
Plate redel Spain $50000 daily - Transgrain 'Powerful' Baumarine relet 1994
70093 dwt dely Gijon ppt trip via Brazil redel Skaw-Cape Passero approx
$53000 daily - Cargill 'Wadi Sudr' 1994 70031 dwt dely Hong Kong 16/17 May
trip via Indonesia redel Japan $48000 daily - NYK 'M.P. Panamax 1' 1981
64183 dwt dely Mumbai 15/20 May trip via WC India redel China $44000 daily
- cnr 'Ledra' 1980 61891 dwt dely Cape Passero 14/18 May trip via EC South
America redel Skaw-Cape Passero $41000 daily - Worthington 'Union Ranger'
1995 45621 dwt 13 on 25 dely Japan 18/25 May 4/6 months trading redel
worldwide - San Juan Navigation Reliance Ocean' 1994 45300 dwt 13 on 25 dely
Longkou 15/20 May trip via North China redel West Africa $41000 daily -
Cargill 'Seaboxer 11' 1983 41543 dwt dely Altamira prompt trip via US Gulf
redel W C Italy approx $49000 daily - Energy 'Voyager 11' 1986 33290 dwt
dely retro Aviles 7 May trip via Brazil redel Black Sea $30000 daily - Louis
Dreyfus 'Antikeri' 1984 28791 dwt dely Shanghai 28 May/10 June trip redel
Mediterranean approx $28000 daily - cnr 'Odin Pacific' 1995 28381 dwt dely
South Brazil 18/22 May trip via Plate redel Mediterranean $31000 daily +
$550000 bb - Bunge

ORE
'China Steel Entreprenur' 2007 / - business was reported 10/05>

Baltic Dry Index as of 10.may.07

Subject: index as of 10.may.07

Daily Summary of Baltic Exchange Dry Indices

10 May 2007

Baltic Exchange Dry Index TM 6585 (UP 107)

Baltic Exchange Capesize Index TM 9499 (UP 197)

Baltic Exchange Panamax Index TM 6251 (UP 101)

Baltic Exchange Supramax Index TM 4225 (UP 43)

Baltic Exchange Handysize Index TM 2111 (UP 18)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $112098 (UP 3195)

BPI Average of the T/C routes $50465 (UP 810)

BSI Average of the T/C routes $44173 (UP 446)

BHSI Average of the T/C routes $30754 (UP 282)

Baltic Exchange Capesize Index 9499 (UP 197)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 30.214 0.305

C3 150000mt Tubarao - Beilun/Baoshan 15 54.163 1.734

C4 150000mt Richards Bay - Rotterdam 5 32.000 0.264

C5 150000mt W Australia - Beilun/Baoshan 15 23.832 0.391

C7 150000mt Bolivar - Rotterdam 5 31.000 0.282

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 114164 2714

C9_03 172000mt Continent/Mediterranean trip Far East 5 138500 6125

C10_03 172000mt Pacific RV 20 109417 1800

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 86313 2142

C12 150000mt Gladstone - Rotterdam 10 41.136 0.527

Average of the T/C Routes 112098 3195

Baltic Exchange Panamax Index 6251 (UP 101)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 53188 1048

P2A_03 74000mt SKAW-GIB/FAR EAST 25 55665 852

P3A_03 74000mt Japan-SK/Pacific/RV 25 48521 709

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 44487 633

Average of the T/C Routes 50465 810

Baltic Exchange Handysize Index 2111 (UP 18)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 24986 93

HS2 Skaw - Passero trip Boston - Galveston 12.5 25779 100

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 44506 384

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 43530 320

HS5 SE Asia trip via Australia to Singapore - Japan 25 27504 375

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26111 304

Average of the T/C Routes 30754 282

Baltic Exchange Supramax Index 4225 (UP 43)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 46061 436

S1B Canakkale Trip Far East 12.5 42443 387

S2 Japan - SK / NOPAC or Australia rv 25 40796 425

S3 Japan - SK Trip Gib - Skaw range 25 41461 461

S4A US Gulf - Skaw-Passero 12.5 64835 562

S4B Skaw-Passero - US Gulf 12.5 35534 416

Average of the T/C Routes 44173 446

S6 Jpn-SK trip via Aus/India 0 41823 425

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

S5 Trial-W.Africa via ECSA to FarEast 0 49025 621

Baltic Dry Index as of 10.may.07

Subject: index as of 10.may.07

Daily Summary of Baltic Exchange Dry Indices

10 May 2007

Baltic Exchange Dry Index TM 6585 (UP 107)

Baltic Exchange Capesize Index TM 9499 (UP 197)

Baltic Exchange Panamax Index TM 6251 (UP 101)

Baltic Exchange Supramax Index TM 4225 (UP 43)

Baltic Exchange Handysize Index TM 2111 (UP 18)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $112098 (UP 3195)

BPI Average of the T/C routes $50465 (UP 810)

BSI Average of the T/C routes $44173 (UP 446)

BHSI Average of the T/C routes $30754 (UP 282)

Baltic Exchange Capesize Index 9499 (UP 197)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 30.214 0.305

C3 150000mt Tubarao - Beilun/Baoshan 15 54.163 1.734

C4 150000mt Richards Bay - Rotterdam 5 32.000 0.264

C5 150000mt W Australia - Beilun/Baoshan 15 23.832 0.391

C7 150000mt Bolivar - Rotterdam 5 31.000 0.282

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 114164 2714

C9_03 172000mt Continent/Mediterranean trip Far East 5 138500 6125

C10_03 172000mt Pacific RV 20 109417 1800

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 86313 2142

C12 150000mt Gladstone - Rotterdam 10 41.136 0.527

Average of the T/C Routes 112098 3195

Baltic Exchange Panamax Index 6251 (UP 101)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 53188 1048

P2A_03 74000mt SKAW-GIB/FAR EAST 25 55665 852

P3A_03 74000mt Japan-SK/Pacific/RV 25 48521 709

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 44487 633

Average of the T/C Routes 50465 810

Baltic Exchange Handysize Index 2111 (UP 18)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 24986 93

HS2 Skaw - Passero trip Boston - Galveston 12.5 25779 100

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 44506 384

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 43530 320

HS5 SE Asia trip via Australia to Singapore - Japan 25 27504 375

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26111 304

Average of the T/C Routes 30754 282

Baltic Exchange Supramax Index 4225 (UP 43)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 46061 436

S1B Canakkale Trip Far East 12.5 42443 387

S2 Japan - SK / NOPAC or Australia rv 25 40796 425

S3 Japan - SK Trip Gib - Skaw range 25 41461 461

S4A US Gulf - Skaw-Passero 12.5 64835 562

S4B Skaw-Passero - US Gulf 12.5 35534 416

Average of the T/C Routes 44173 446

S6 Jpn-SK trip via Aus/India 0 41823 425

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

S5 Trial-W.Africa via ECSA to FarEast 0 49025 621

Baltic Dry Index Dry cargo fixture summary - 10 May

Subject: Dry cargo fixture summary - 10 May 2007

Dry cargo fixture summary - 10 May 2007

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

BDI Baltic Dry Index 6585 UP 107

BCI Baltic Capesize Index 9499 UP 197

BPI Baltic Panamax Index 6251 UP 101

BSI Baltic Supramax Index 4225 UP 43

BHSI Baltic Handysize Index 2111 UP 18

Timecharter

-----------

'Harutamou' 2005 177243 dwt dely Chiba 10/12 May trip via West Australia

redel Kaohsiung $106000 daily - China Steel Express - <recent>

'Mineral Hong Kong' Samsun relet 2006 175000 dwt dely Worldwide Nov-Dec 3

years trading redel worldwide $52500 daily - Glory Wealth

'Fertilia' 1996 172632 dwt dely Hong Kong 14/16 May trip via Australia

redel Taiwan $100000 daily - China Steel Express

'Gran Trader' 2001 172529 dwt dely Xingang 26/30 May 12 months trading

redel worldwide $100000 daily - NCS

'Anangel Dynasty' Cobelfret relet 1999 171101 dwt dely Cape Passero 15/17

May trip via Guaiba & Saldanha Bay redel Japan $130000 daily - 'K' Line

'Front Guider' obo 1991 169142 dwt dely Cape Passero 20/22 May trip via

Brazil redel Far East $130000 daily - STX Pan Ocean

'Shirakumo' 2006 87144 dwt dely Tomakomai 16/18 May trip via NoPac redel

China $53000 daily - cnr

'Agia Filothei' 1988 79764 dwt - <reported 09/05 to Cosco Europe the

business failed and then refixed at $53000 daily>

'Crown Star' 2002 76662 dwt dely Butterworth 18/22 May 5/7 months trading

redel worldwide $51000 daily - BHP Billiton

'Yasa Unity' Cosco relet 2006 75580 dwt dely Shanghai 20/22 May 5/7

months trading redel worldwide $52000 daily - BHP Billiton

'Spitha' Cargill relet 2005 75411 dwt dely Koahsiung 13/15 May trip via

EC Australia redel Japan $50000 daily - NYK

'Filippo Lembo' 1997 75264 dwt dely retro Cape Passero 5 May trip via

Orinoco redel China $56500 daily - Pacific Bulk

'Silver Phoenix PCL relet 2006 74759 dwt dely El Ferrol 24/26 May period

until 1-29 Sept redel worldwide $57000 daily - Transfield

'Alpha Flame' EdF relet 1999 74545 dwt dely Annaba 11/12 May trip via EC

South America redel Far East int grain $56000 daily - cnr

'TBN' ex Marijeannie 2001 74410 dwt dely Worldwide June 2 years trading

redel worldwide $40000 daily - Hanjin

'Theodoros P' 2002 73870 dwt dely Qingdao 10/15 May trip via NoPac redel

Southeast Asia $44500 daily - Dreyfus

'Kalypso' 1997 73762 dwt dely Taichung 14/15 May 2/3 laden legs abt 50-60

days redel worldwide approx $49750 daily - Daebo

'Esna' 1998 71751 dwt dely Surabaya 28/29 May trip via Indonesia redel

Taiwan $65000 daily - D'Amico

'C.Iris' Cosco Qingdao relet 1996 71393 dwt dely Worldwide 15 July/15 Aug

11/13 months trading redel worldwide $45250 daily - S.Korean chrtr

'Endeavour II 1994 70029 dwt dely Taiwan 12/15 May 3/5 months trading 1st

leg clinker to Italy redel worldwide $48500 daily - Skaarup

'Irini' Baumarine relet 1988 69734 dwt dely Antwerp 10/13 May 2 Murmansk

round voyages redel UKC $51000 daily - Suek

'Mass Prosperity' 1993 69625 dwt dely Makassar 23/25 May 4.5/5.5 months

trading redel worldwide $49500 daily - Oldendorff

'Samsun Rania' 1984 68406 dwt dely PMO 11/14 May trip via WC India redel

China $40500 daily - NCS

'Sun Harvest' 1982 64714 dwt dely Cape Passero 15/18 May 2 laden legs

redel Far East $48500 daily - D'Amato

'Panamax Success' Cosco Qingdao relet 1983 63373 dwt dely PMO 15/16 May

trip via WC India redel China $39000 daily - cnr

'Marigo' 1981 63323 dwt dely Fos 9/13 May trip via EC South America redel

Skaw- Cape Passero $38500 daily - cnr

'Medi Melbourne' 2004 53552 dwt dely Durban 15/20 May trip via Richards

Bay redel India approx $67500 daily - Oldendorff

'St Paul' 1994 40900 dwt dely Turkey 14/16 May 8/9 months trading redel

worldwide $36750 daily - Pan Ocean

'Eastgate' 1990 27700 dwt dely Tema 18/19 May trip via EC South America

redel Continent $30000 daily - cnr

'Startramp' 2007 18500 dwt dely South Brazil 15/20 May trip redel

Mediterranean $20000 daily + $350000 bb - cnr

Ore

---

'Rubena N' 2006 180000/10 Seven Islands/Rotterdam 20/30 May $19.50 fio 7

days sc - TKS

'CSE TBN' 160000/200000 Saldanha/Kwangyang a/o Pohang 16/30 June $38.25

fio scale/55000sc - POSCO

Baltic Dry Index The Daily Fixtures Report - 10/05/2007

The Daily Fixtures Report - 10/05/2007
-------------------------

BDI 6585 (UP 107)
BCI 9499 (UP 197)
BPI 6251 (UP 101)
BSI 4225 (UP 43 )

TIMECHARTER

'Harutamou' 2005 177243 dwt dely Chiba 10/12 May trip via West Australia
redel Kaohsiung $106000 daily - China Steel Express - 'Mineral Hong Kong'
Samsun relet 2006 175000 dwt dely Worldwide Nov-Dec
3 years
trading redel worldwide $52500 daily - Glory Wealth 'Fertilia' 1996 172632
dwt dely Hong Kong 14/16 May trip via Australia redel Taiwan $100000 daily
- China Steel Express 'Gran Trader' 2001 172529 dwt dely Xingang 26/30 May
12 months trading redel worldwide $100000 daily - NCS 'Anangel Dynasty'
Cobelfret relet 1999 171101 dwt dely Cape Passero
15/17 May
trip via Guaiba & Saldanha Bay redel Japan $130000 daily - 'K' Line 'Front
Guider' obo 1991 169142 dwt dely Cape Passero 20/22 May trip via Brazil
redel Far East $130000 daily - STX Pan Ocean 'Shirakumo' 2006 87144 dwt
dely Tomakomai 16/18 May trip via NoPac redel China $53000 daily - cnr
'Agia Filothei' 1988 79764 dwt - business failed and then refixed
at $53000 daily>
'Crown Star' 2002 76662 dwt dely Butterworth 18/22 May 5/7 months trading
redel worldwide $51000 daily - BHP Billiton 'Yasa Unity' Cosco relet 2006
75580 dwt dely Shanghai 20/22 May 5/7 months trading redel worldwide $52000
daily - BHP Billiton 'Spitha' Cargill relet 2005 75411 dwt dely Koahsiung
13/15 May trip via EC Australia redel Japan $50000 daily - NYK 'Filippo
Lembo' 1997 75264 dwt dely retro Cape Passero 5 May trip via Orinoco redel
China $56500 daily - Pacific Bulk 'Silver Phoenix PCL relet 2006 74759 dwt
dely El Ferrol 24/26 May period until
1-29 Sept redel worldwide $57000 daily - Transfield 'Alpha Flame' EdF relet
1999 74545 dwt dely Annaba 11/12 May trip via EC South America redel Far
East int grain $56000 daily - cnr 'TBN' ex Marijeannie 2001 74410 dwt dely
Worldwide June 2 years trading redel worldwide $40000 daily - Hanjin
'Theodoros P' 2002 73870 dwt dely Qingdao 10/15 May trip via NoPac redel
Southeast Asia $44500 daily - Dreyfus 'Kalypso' 1997 73762 dwt dely
Taichung 14/15 May 2/3 laden legs abt 50-60 days redel worldwide approx
$49750 daily - Daebo 'Esna' 1998 71751 dwt dely Surabaya 28/29 May trip
via Indonesia redel Taiwan $65000 daily - D'Amico 'C.Iris' Cosco Qingdao
relet 1996 71393 dwt dely Worldwide 15 July/15 Aug 11/13 months trading
redel worldwide $45250 daily - S.Korean chrtr 'Endeavour II 1994 70029 dwt
dely Taiwan 12/15 May 3/5 months trading 1st leg clinker to Italy redel
worldwide $48500 daily - Skaarup 'Irini' Baumarine relet 1988 69734 dwt
dely Antwerp 10/13 May 2 Murmansk round voyages redel UKC $51000 daily -
Suek 'Mass Prosperity' 1993 69625 dwt dely Makassar 23/25 May 4.5/5.5
months trading redel worldwide $49500 daily - Oldendorff 'Samsun Rania' 1984
68406 dwt dely PMO 11/14 May trip via WC India redel China $40500 daily -
NCS 'Sun Harvest' 1982 64714 dwt dely Cape Passero 15/18 May 2 laden legs
redel Far East $48500 daily - D'Amato 'Panamax Success' Cosco Qingdao relet
1983 63373 dwt dely PMO 15/16 May trip via WC India redel China $39000
daily - cnr 'Marigo' 1981 63323 dwt dely Fos 9/13 May trip via EC South
America redel Skaw-Cape Passero $38500 daily - cnr 'Medi Melbourne' 2004
53552 dwt dely Durban 15/20 May trip via Richards Bay redel India approx
$67500 daily - Oldendorff 'St Paul' 1994 40900 dwt dely Turkey 14/16 May
8/9 months trading redel worldwide $36750 daily - Pan Ocean 'Eastgate' 1990
27700 dwt dely Tema 18/19 May trip via EC South America redel Continent
$30000 daily - cnr 'Startramp' 2007 18500 dwt dely South Brazil 15/20 May
trip redel Mediterranean $20000 daily + $350000 bb - cnr

ORE
'Rubena N' 2006 180000/10 Seven Islands/Rotterdam 20/30 May $19.50 fio 7
days sc
- TKS
'CSE TBN' 160000/200000 Saldanha/Kwangyang a/o Pohang 16/30 June $38.25 fio
scale/55000sc - POSCO

BALTIC DRY INDEX THE DAILY FIXTURES REPORT 09/05/2007

The Daily Fixtures Report - 09/05/2007
-------------------------

BDI 6478 UP 83
BCI 9302 UP 89
BPI 6150 UP 122
BSI 4182 UP 48

TIMECHARTER
'Leonidas Warrior' 1987 183316 dwt dely N.China 2/8 June 4/6 months redel
worldwide $87500 daily - RTS 'Iron Miner' 2007 177000 dwt dely Antwerp spot
4/5 months trading redel worldwide $111000 daily - Chinese chrtr - 'Bocimar
TBN' newbuilding 177000 dwt dely ex yard Shanghai Jan/June
2009 5
years trading redel worldwide $45000 daily - Transfield 'KWK Providence'
2004 175501 dwt dely China end May/ely June 4/6 months trading redel
worldwide $110000 daily - EdF Trading 'DIana TBN' Glory Wealth relet
newbuilding 175000 dwt dely ex yard Shanghai Nov
2007 2 years trading redel worldwide $80000 daily - Transfield 'Mineral
Beijing' 2004 173800 dwt dely China 20/22 May 4/6 months trading redel
worldwide $100000 daily - BHP Billiton - 'Alpha Century' Cosbulk relet 2000
170415 dwt dely Beilun 25/27 May trip via West Australia redel China
$106000 daily - BHP Billiton 'Constinoupolis' 1981 128150 dwt dely S.Korea
10/12 May trip via Indonesia redel China $42000 daily - S.Korean chrtr
'Clipper Suffolk' 2006 82788 dwt dely San Cyprian 12/16 May trip via
Brazil redel China $62000 daily - Noble 'Coal Gypsy' 2006 82187 dwt dely
retro Bayuquan 3 May trip via Australia redel Singapore-Japan rge $41500
daily - STX Pan Ocean - 'Chang Ho' 2000 80416 dwt dely Hong Kong 25/27 May
4/6 months trading redel worldwide $52500 daily - BHP Billiton 'Agia
Filothei' 1988 79764 dwt dely Porto Torres 12/15 May trip via Nouadhibou
redel China $52500 daily - Cosco Europe 'Mulberry Paris' 2004 76492 dwt
dely Shibushi 8/10 May trip via Australia redel Japan $48500 daily - NYK
'Hebei Mercy' 1986 76279 dwt dely Valencia 12/13 May trip via Brazil redel
China approx $52000 daily - Cosco 'Prabhu Das' 2005 76015 dwt dely Pohang
10/14 May 5/7 months trading redel worldwide $49000 daily - Cargill
'Leonardo Lembo' 1996 75229 dwt dely Tarragona 12/14 May balance of period
13
Oct/13 Nov redel worldwide $54000 daily - CTP 'Samjohn Liberty' 1998 74761
dwt dely N.China ppt 3/4 months trading redel worldwide $46000 daily -
Cargill - 'Boreal' 2002 74181 dwt dely Hamburg 19/26 May 4/6 months trading
redel worldwide $52000 daily - Bunge 'Little Prince' 2001 74133 dwt dely
Mariveles 15/17 May trip via Indonesia redel Far East $55000 daily - OBS
'Coal Glory' Pioneer Navigation relet 1995 73760 dwt dely Takehara
23/25 May
balance of period 2 Sept/2 Oct redel worldwide $49000 daily - Oldendorff
'Carola' Blumenthal relet 1997 73740 dwt dely South Korea spot 2 laden legs
1st leg via Weipa & Gladstone redel worldwide $47000 daily - Armada 'Polska
Walczaca' 1992 73505 dwt dely Inchon 9/11 May trip via N.China redel
S.Korea $42000 daily - Cargill 'Cymbeline' Oldendorff relet 2001 73000 dwt
dely Worldwide 15 Aug/15 Nov period up to 9 Nov 2008/9 Jan 2009 redel
worldwide $40000 daily - GMI - last
week>
'Spring Peacock' 1998 72497 dwt dely Malaysia 20/25 May trip via Indonesia
redel Hong Kong $52000 daily - NYK 'Qinfa 6' Sinochart relet 1984 69841 dwt
dely Valencia 8/10 May trip via EC South America redel China $51000 daily -
Grand Ocean 'La Donna I' 1983 63800 dwt dely dop Turkish Black Sea 11/18
May trip via Black Sea redel PMO-Aden $49000 daily - European grain house -
'Vega I' 1982 63164 dwt dely dop Jeddah 1/5 May trip via South Africa
redel China $41000 daily - Chinese chrtr - 'Ikan Acapulco' 2006 55700 dwt
dely Haldia 14/28 May trip redel China approx $50000 daily - cnr - failed>
'Josco Taizhou' 2005 55561 dwt dely Ravenna 25/31 May 11/13 months trading
redel worldwide approx $43000 daily - Transfield 'Jaeger' 2004 52483 dwt
dely Visakhapatnam o/o Haldia 20/30 May trip redel China $46000 daily -
Uniwell 'Tai Harvest' 2002 51008 dwt dely Shanghai spot trip via
Philippines redel China $46000 daily - cnr 'Peregrine' 2001 50913 dwt dely
Singapore-Japan 1/15 June 8/10 months trading redel worldwide approx $42500
daily - Daeshan Shipping 'Violet' WBC relet 2001 50326 dwt dely Brownsville
spot trip redel Med $61500 daily - Volcano 'Merlin' 2001 50296 dwt dely
Akita 15/25 May 5/7 months trading redel worldwide $44000 daily - Norden
'Oceanic Angel' 1999 46667 dwt dely Abidjan 15/20 May trip via Up River +
Brazil redel Philippines $49000 daily - Dreyfus 'Sea Maple' 2000 45710 dwt
dely USGulf 15/20 May 2 laden legs redel Singapore-Japan $50000 daily - The
Rice Company 'Asian Glory' 1995 45194 dwt dely Kushiro 12/14 May 4/6 months
trading redel worldwide approx $42000 daily - Clipper 'Dubai Fortune' 1995
45000 dwt dely USGulf spot trip redel West Coast Central America approx
$61000 daily - Dreyfus

ORE
'Tian Lu Hai' Worldlink relet 2005 160000/10 Tubarao/Qingdao 20/29 May
$51.00 fio scale/25000sc - Sinom 'Marietta' CTP relet 2004 70000/10
Tubarao/Ijmuiden 21/28 May $35.50 per lt fio
5 days sc - Corus

COAL
'Castillo de Valverde' 2005 150000/10 Richards Bay/Rotterdam 6/20 June appox
$31.75 fio scale/25000sc - BHP Billtion