Baltic Dry Index Dry cargo fixture summary - 14 May

Subject: Dry cargo fixture summary - 14 May 2007

Dry cargo fixture summary - 14 May 2007

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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

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'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

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

scale/30000sc - Kumba