Baltic Dry Index as of 8.may.07

Daily Summary of Baltic Exchange Dry Indices

8 May 2007

Baltic Exchange Dry Index TM 6395 (UP 74)

Baltic Exchange Capesize Index TM 9213 (UP 91)

Baltic Exchange Panamax Index TM 6028 (UP 86)

Baltic Exchange Supramax Index TM 4134 (UP 49)

Baltic Exchange Handysize Index TM 2075 (UP 26)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $107817 (UP 1464)

BPI Average of the T/C routes $48672 (UP 691)

BSI Average of the T/C routes $43223 (UP 510)

BHSI Average of the T/C routes $30206 (UP 401)

Baltic Exchange Capesize Index 9213 (UP 91)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 29.786 0.150

C3 150000mt Tubarao - Beilun/Baoshan 15 52.188 0.313

C4 150000mt Richards Bay - Rotterdam 5 31.414 0.250

C5 150000mt W Australia - Beilun/Baoshan 15 23.127 0.172

C7 150000mt Bolivar - Rotterdam 5 30.595 0.195

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 110836 1159

C9_03 172000mt Continent/Mediterranean trip Far East 5 131288 2263

C10_03 172000mt Pacific RV 20 105792 1434

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 83354 1004

C12 150000mt Gladstone - Rotterdam 10 40.295 0.322

Average of the T/C Routes 107817 1464

Baltic Exchange Panamax Index 6028 (UP 86)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 51017 529

P2A_03 74000mt SKAW-GIB/FAR EAST 25 53640 782

P3A_03 74000mt Japan-SK/Pacific/RV 25 46929 822

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 43104 633

Average of the T/C Routes 48672 691

Baltic Exchange Handysize Index 2075 (UP 26)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 24779 172

HS2 Skaw - Passero trip Boston - Galveston 12.5 25514 171

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 43706 456

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 42925 475

HS5 SE Asia trip via Australia to Singapore - Japan 25 26871 483

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 25493 485

Average of the T/C Routes 30206 401

Baltic Exchange Supramax Index 4134 (UP 49)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 45066 655

S1B Canakkale Trip Far East 12.5 41563 538

S2 Japan - SK / NOPAC or Australia rv 25 39935 385

S3 Japan - SK Trip Gib - Skaw range 25 40573 423

S4A US Gulf - Skaw-Passero 12.5 63585 818

S4B Skaw-Passero - US Gulf 12.5 34552 452

Average of the T/C Routes 43223 510

S6 Jpn-SK trip via Aus/India 0 40882 404

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

S5 Trial-W.Africa via ECSA to FarEast 0 47748 968