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