The Baltic Dry Index index as of 29.may.07

Daily Summary of Baltic Exchange Dry Indices

29 May 2007

Baltic Exchange Dry Index TM 6123 (DOWN 89)

Baltic Exchange Capesize Index TM 8718 (DOWN 117)

Baltic Exchange Panamax Index TM 5664 (DOWN 117)

Baltic Exchange Supramax Index TM 4122 (DOWN 34)

Baltic Exchange Handysize Index TM 2031 (DOWN 30)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $101645 (DOWN 2017)

BPI Average of the T/C routes $45606 (DOWN 962)

BSI Average of the T/C routes $43104 (DOWN 350)

BHSI Average of the T/C routes $29657 (DOWN 437)

Baltic Exchange Capesize Index 8718 (DOWN 117)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 28.800 -0.368

C3 150000mt Tubarao - Beilun/Baoshan 15 53.392 -0.471

C4 150000mt Richards Bay - Rotterdam 5 27.523 -0.945

C5 150000mt W Australia - Beilun/Baoshan 15 21.118 -0.200

C7 150000mt Bolivar - Rotterdam 5 29.423 -0.282

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 103573 -1768

C9_03 172000mt Continent/Mediterranean trip Far East 5 130463 -3912

C10_03 172000mt Pacific RV 20 96392 -775

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 76154 -1613

C12 150000mt Gladstone - Rotterdam 10 38.541 -0.427

Average of the T/C Routes 101645 -2017

Baltic Exchange Panamax Index 5664 (DOWN 117)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 51633 -605

P2A_03 74000mt SKAW-GIB/FAR EAST 25 55047 -533

P3A_03 74000mt Japan-SK/Pacific/RV 25 38906 -1339

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 36836 -1375

Average of the T/C Routes 45606 -962

Baltic Exchange Handysize Index 2031 (DOWN 30)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 23243 -207

HS2 Skaw - Passero trip Boston - Galveston 12.5 24036 -300

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 41367 -1300

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 41530 -1000

HS5 SE Asia trip via Australia to Singapore - Japan 25 27500 -179

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26039 -168

Average of the T/C Routes 29657 -437

Baltic Exchange Supramax Index 4122 (DOWN 34)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 46402 -289

S1B Canakkale Trip Far East 12.5 43675 -46

S2 Japan - SK / NOPAC or Australia rv 25 39362 -319

S3 Japan - SK Trip Gib - Skaw range 25 39784 -198

S4A US Gulf - Skaw-Passero 12.5 60928 -1137

S4B Skaw-Passero - US Gulf 12.5 35539 -288

Average of the T/C Routes 43104 -350

S6 Jpn-SK trip via Aus/India 0 40789 -170

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

S5 Trial-W.Africa via ECSA to FarEast 0 49588 -375