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