The Baltic Index as of 16.may07

Subject: index as of 16.may07

Daily Summary of Baltic Exchange Dry Indices

16 May 2007

Baltic Exchange Dry Index TM 6650 (DOWN 38)

Baltic Exchange Capesize Index TM 9562 (DOWN 91)

Baltic Exchange Panamax Index TM 6283 (DOWN 47)

Baltic Exchange Supramax Index TM 4310 (UP 7)

Baltic Exchange Handysize Index TM 2148 (UP 4)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $112888 (DOWN 1332)

BPI Average of the T/C routes $50706 (DOWN 390)

BSI Average of the T/C routes $45063 (UP 65)

BHSI Average of the T/C routes $31336 (UP 81)

Baltic Exchange Capesize Index 9562 (DOWN 91)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 30.768 0.150

C3 150000mt Tubarao - Beilun/Baoshan 15 56.704 0.546

C4 150000mt Richards Bay - Rotterdam 5 32.182 -0.359

C5 150000mt W Australia - Beilun/Baoshan 15 23.523 -0.459

C7 150000mt Bolivar - Rotterdam 5 31.468 -0.005

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 114773 -1000

C9_03 172000mt Continent/Mediterranean trip Far East 5 143063 63

C10_03 172000mt Pacific RV 20 106792 -3016

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 86925 -1375

C12 150000mt Gladstone - Rotterdam 10 41.645 -0.228

Average of the T/C Routes 112888 -1332

Baltic Exchange Panamax Index 6283 (DOWN 47)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 54029 -176

P2A_03 74000mt SKAW-GIB/FAR EAST 25 57098 98

P3A_03 74000mt Japan-SK/Pacific/RV 25 47524 -930

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 44174 -550

Average of the T/C Routes 50706 -390

Baltic Exchange Handysize Index 2148 (UP 4)

Route Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 24864 -100

HS2 Skaw - Passero trip Boston - Galveston 12.5 25593 -71

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 45572 244

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 44790 200

HS5 SE Asia trip via Australia to Singapore - Japan 25 28136 72

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26800 118

Average of the T/C Routes 31336 81

Baltic Exchange Supramax Index 4310 (UP 7)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 47032 112

S1B Canakkale Trip Far East 12.5 43625 198

S2 Japan - SK / NOPAC or Australia rv 25 41671 15

S3 Japan - SK Trip Gib - Skaw range 25 42205 12

S4A US Gulf - Skaw-Passero 12.5 65775 87

S4B Skaw-Passero - US Gulf 12.5 36318 70

Average of the T/C Routes 45063 65

S6 Jpn-SK trip via Aus/India 0 42402 41

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

S5 Trial-W.Africa via ECSA to FarEast 0 50779 175