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