The Baltic Dry Index T/C - 23.may.07

Dry cargo fixture summary - 23 May 2007

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BDI Baltic Dry Index 6422 DOWN 49

BCI Baltic Capesize Index 9181 DOWN 79

BPI Baltic Panamax Index 6040 DOWN 53

BSI Baltic Supramax Index 4205 DOWN 16

BHSI Baltic Handysize Index 2113 DOWN 16

Timecharter

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'Chandris TBN' newbuilding 180000 dwt dely ex yard Daewoo July/Aug

2009 5 years trading redel worldwide $43000 daily - 'K' Line

'Paschalis D' 2002 170188 dwt dely China mid June 4/6 months trading

redel worldwide $102000 daily - TMT

'Golden Ocean TBN' newbuilding 170000 dwt dely ex yard Daehan Aug

2008 5 years trading redel worldwide $48000 daily nett

- Sanko - <recent>

'Golden Ocean TBN' newbuilding 170000 dwt dely ex yard Daehan Dec

2008 5 years trading redel worldwide $46000 daily nett - Sanko

'Golden Ocean TBN' newbuilding 170000 dwt dely ex yard Daehan Mar

2009 5 years trading redel worldwide $43800 daily nett

- Sanko - <recent>

'Alpha Cosmos' EdF relet 2001 169770 dwt dely Bayuquan 20/21 May

trip via Brazil redel China $100000 daily - North China Shipping

'Brisbane' ex Spring Brave' 1996 151066 dwt dely Pohang 22/23 May

trip via Brazil & PG redel PMO $86000 daily - Kleimar

'Iron Brooke' 1987 82191 dwt dely Rio Grande ppt trip redel Far

East $56000 daily + $1.25 million bb - Cargill

'Nobel Forum' obo 1983 78394 dwt dely Immingham 23/25 May trip via

Brazil redel China $53000 daily - China Ocean Transport

'Te Ho' 2004 77834 dwt dely Cadiz end May period up to 23 Oct/23 Nov

redel worldwide $54500 daily - Cosco

'Danae' Atlas Bulk Shipping relet 2005 75348 dwt dely Santander

22/24 May trip via Ponta Da Madeira redel Ghent $54500 daily

- Giuseppe Bottiglieri

'Danae' 2001 75106 dwt dely Fusina early June 11/12 months trading

redel worldwide $47000 daily

- Rizzo-Bottiglieri-de Carlini Armatori Spa

'Ernst Salamon' Swiss Marine relet 1999 74002 dwt dely Beilun 25/28

May trip via NoPac redel Far East $41500 daily - Dreyfus

'Golden Shadow' BHP Billiton relet 1997 73732 dwt dely Cape Passero

end May trip via EC South America redel Spain $53000 daily

- Transgrain

'Great Ambition' 1999 73725 dwt dely Taiwan 29 May/5 June trip via

Australia redel Taiwan $44500 daily - cnr

'Bulk Cedar' 1998 73330 dwt dely Immingham 23/25 May trip via NC

South America redel Spain int petcoke $54500 daily - SSM

'Rubin Power' MOSK relet 1998 72326 dwt dely Matsuura 24/26 May

trip via Indonesia redel Hawaii $32000 daily - Cobelfret

'Alpha Glory' 1999 72270 dwt dely PMO 22 May trip via Richards Bay

redel Continent $44000 daily - Swiss Marine

'Fu Le' 1998 71332 dwt dely Bremen 25/28 May 5/7 months trading

redel worldwide $53500 daily - Cosco USA

'Gianni D' Brittania Bulk Ltd relet 1998 69100 dwt dely Annaba spot

balance of period 25 Oct/25 Nov redel worldwide $50000 daily -

Rizzo-Bottiglieri-De Carlini Armatori Spa

'Silver Mei' 1984 68676 dwt dely El Ferrol 23/25 May trip via EC

South America redel Far East $53000 daily - Dreyfus

'Ikan Serong' 2006 56023 dwt dely Hazira 1/6 June trip via WC

India redel China $38500 daily - Glory Trans

'CMB Yangtze' 2006 53591 dwt dely Yangzhou 27 May/2 June min 5/abt 6

months trading redel worldwide $41500 daily - Daebo

'I Duckling' Norden relet 2003 52994 dwt dely Kinuura 25/28 May trip

via Groote Eylandt + PG redel PMO $42000 daily - Hawknet

'Ocean Queen' 2003 52384 dwt dely Qingdao 25/27 May trip via China +

North Australia redel Brest-Skaw rge $41000 daily - Hawknet

'Ken Unity' 1999 48913 dwt dely Zhoushan ex D/D 1/5 June trip redel

Mediterranean $40000 daily - cnr

'VOC Rose' 1998 47183 dwt dely N.China end May 14/16 months trading

redel worldwide $35500 daily - Sunwoo

'Syriotissa' 1985 45470 dwt dely Oran spot min 4/abt 6 months

trading redel worldwide $39000 daily - WAMOPL

ORE

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'TBN' 170000/10 Tubarao/Rotterdam 10/20 June $30.00 fio 6 days sc -

Rogesa

COAL

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'Tian Sheng Hai' 1997 / - <reported to Cargill 22/05 failed>

GRAIN

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'Hilal 1' 25000/10 sbm Upriver/Spain 1/10 June $66.00 fio 8000/6000 -

Glencore