Baltic Dry Index index as of 15.may.07

Daily Summary of Baltic Exchange Dry Indices 15 May 2007

Baltic Exchange Dry Index TM 6688 (UP 3)

Baltic Exchange Capesize Index TM 9653 (DOWN 34)

Baltic Exchange Panamax Index TM 6330 (UP 14)

Baltic Exchange Supramax Index TM 4303 (UP 23)

Baltic Exchange Handysize Index TM 2144 (UP 6)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $114220 (DOWN 317)

BPI Average of the T/C routes $51096 (UP 106)

BSI Average of the T/C routes $44998 (UP 242)

BHSI Average of the T/C routes $31255 (UP 97)

Baltic Exchange Capesize Index 9653 (DOWN 34)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 30.618 0.082

C3 150000mt Tubarao - Beilun/Baoshan 15 56.158 0.200

C4 150000mt Richards Bay - Rotterdam 5 32.541 0.027

C5 150000mt W Australia - Beilun/Baoshan 15 23.982 -0.154

C7 150000mt Bolivar - Rotterdam 5 31.473 0.073

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 115773 0

C9_03 172000mt Continent/Mediterranean trip Far East 5 143000 583

C10_03 172000mt Pacific RV 20 109808 -1900

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 88300 50

C12 150000mt Gladstone - Rotterdam 10 41.873 0.046

Average of the T/C Routes 114220 -317

Baltic Exchange Panamax Index 6330 (UP 14)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 54205 229

P2A_03 74000mt SKAW-GIB/FAR EAST 25 57000 422

P3A_03 74000mt Japan-SK/Pacific/RV 25 48454 -127

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 44724 -100

Average of the T/C Routes 51096 106

Baltic Exchange Handysize Index 2144 (UP 6)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 24964 -143

HS2 Skaw - Passero trip Boston - Galveston 12.5 25664 -186

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 45328 278

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 44590 330

HS5 SE Asia trip via Australia to Singapore - Japan 25 28064 100

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26682 146

Average of the T/C Routes 31255 97

Baltic Exchange Supramax Index 4303 (UP 23)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 46920 261

S1B Canakkale Trip Far East 12.5 43427 264

S2 Japan - SK / NOPAC or Australia rv 25 41656 279

S3 Japan - SK Trip Gib - Skaw range 25 42193 193

S4A US Gulf - Skaw-Passero 12.5 65688 273

S4B Skaw-Passero - US Gulf 12.5 36248 193

Average of the T/C Routes 44998 242

S6 Jpn-SK trip via Aus/India 0 42361 113

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

S5 Trial-W.Africa via ECSA to FarEast 0 50604 431