Baltic Exchange Dry Index as of 4.may.07

Daily Summary of Baltic Exchange Dry Indices

4 May 2007

Baltic Exchange Dry Index TM 6321 (UP 45)

Baltic Exchange Capesize Index TM 9122 (UP 53)

Baltic Exchange Panamax Index TM 5942 (UP 52)

Baltic Exchange Supramax Index TM 4085 (UP 29)

Baltic Exchange Handysize Index TM 2049 (UP 15)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI

Average of the T/C routes $106353 (UP 808)

BPI

Average of the T/C routes $47981 (UP 421)

BSI

Average of the T/C routes $42713 (UP 304)

BHSI

Average of the T/C routes $29805 (UP 216)

Baltic Exchange Capesize Index 9122 (UP 53)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 29.636 0.113

C3 150000mt Tubarao - Beilun/Baoshan 15 51.875 0.179

C4 150000mt Richards Bay - Rotterdam 5 31.164 0.096

C5 150000mt W Australia - Beilun/Baoshan 15 22.955 0.150

C7 150000mt Bolivar - Rotterdam 5 30.400 0.095

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 109677 359

C9_03 172000mt Continent/Mediterranean trip Far East 5 129025 667

C10_03 172000mt Pacific RV 20 104358 879

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 82350 1325

C12 150000mt Gladstone - Rotterdam 10 39.973 0.268

Average of the T/C Routes 106353 808

Baltic Exchange Panamax Index 5942 (UP 52)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 50488 515

P2A_03 74000mt SKAW-GIB/FAR EAST 25 52858 526

P3A_03 74000mt Japan-SK/Pacific/RV 25 46107 360

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 42471 283

Average of the T/C Routes 47981 421

Baltic Exchange Handysize Index 2049 (UP 15)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 24607 150

HS2 Skaw - Passero trip Boston - Galveston 12.5 25343 157

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 43250 500

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 42450 395

HS5 SE Asia trip via Australia to Singapore - Japan 25 26388 163

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 25008 100

Average of the T/C Routes 29805 216

Baltic Exchange Supramax Index 4085 (UP 29)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 44411 431

S1B Canakkale Trip Far East 12.5 41025 250

S2 Japan - SK / NOPAC or Australia rv 25 39550 254

S3 Japan - SK Trip Gib - Skaw range 25 40150 192

S4A US Gulf - Skaw-Passero 12.5 62767 522

S4B Skaw-Passero - US Gulf 12.5 34100 336

Average of the T/C Routes 42713 304

S6 Jpn-SK trip via Aus/India 0 40478 195

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

S5 Trial-W.Africa via ECSA to FarEast 0 46780 335