Baltic Dry Index index as of 14.may07

Daily Summary of Baltic Exchange Dry Indices

14 May 2007

Baltic Exchange Dry Index TM 6685 (UP 37)

Baltic Exchange Capesize Index TM 9687 (UP 48)

Baltic Exchange Panamax Index TM 6316 (UP 33)

Baltic Exchange Supramax Index TM 4280 (UP 26)

Baltic Exchange Handysize Index TM 2138 (UP 17)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $114537 (UP 394)

BPI Average of the T/C routes $50990 (UP 264)

BSI Average of the T/C routes $44756 (UP 275)

BHSI Average of the T/C routes $31158 (UP 258)

Baltic Exchange Capesize Index 9687 (UP 48)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 30.536 0.104

C3 150000mt Tubarao - Beilun/Baoshan 15 55.958 0.812

C4 150000mt Richards Bay - Rotterdam 5 32.514 0.182

C5 150000mt W Australia - Beilun/Baoshan 15 24.136 0.041

C7 150000mt Bolivar - Rotterdam 5 31.400 0.127

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 115773 182

C9_03 172000mt Continent/Mediterranean trip Far East 5 142417 750

C10_03 172000mt Pacific RV 20 111708 291

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 88250 354

C12 150000mt Gladstone - Rotterdam 10 41.827 0.263

Average of the T/C Routes 114537 394

Baltic Exchange Panamax Index 6316 (UP 33)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 53976 426

P2A_03 74000mt SKAW-GIB/FAR EAST 25 56578 515

P3A_03 74000mt Japan-SK/Pacific/RV 25 48581 -6

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 44824 121

Average of the T/C Routes 50990 264

Baltic Exchange Handysize Index 2138 (UP 17)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 25107 36

HS2 Skaw - Passero trip Boston - Galveston 12.5 25850 7

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 45050 233

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 44260 350

HS5 SE Asia trip via Australia to Singapore - Japan 25 27964 350

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26536 372

Average of the T/C Routes 31158 258

Baltic Exchange Supramax Index 4280 (UP 26)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 46659 302

S1B Canakkale Trip Far East 12.5 43163 292

S2 Japan - SK / NOPAC or Australia rv 25 41377 264

S3 Japan - SK Trip Gib - Skaw range 25 42000 232

S4A US Gulf - Skaw-Passero 12.5 65415 360

S4B Skaw-Passero - US Gulf 12.5 36055 255

Average of the T/C Routes 44756 275

S6 Jpn-SK trip via Aus/India 0 42248 184

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

S5 Trial-W.Africa via ECSA to FarEast 0 50173 642