The Baltic Dry Index 18/06/07

Subject: index as of 18.june.07

Daily Summary of Baltic Exchange Dry Indices

18 June 2007

Baltic Exchange Dry Index TM 5254 (DOWN 4)

Baltic Exchange Capesize Index TM 6382 (UP 26)

Baltic Exchange Panamax Index TM 5340 (DOWN 15)

Baltic Exchange Supramax Index TM 4002 (DOWN 14)

Baltic Exchange Handysize Index TM 1898 (DOWN 9)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $72461 (UP 391)

BPI Average of the T/C routes $43069 (DOWN 115)

BSI Average of the T/C routes $41844 (DOWN 144)

BHSI Average of the T/C routes $27786 (DOWN 126)

Baltic Exchange Capesize Index 6382 (UP 26)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 23.214 0.037

C3 150000mt Tubarao - Beilun/Baoshan 15 40.667 0.167

C4 150000mt Richards Bay - Rotterdam 5 20.255 -0.154

C5 150000mt W Australia - Beilun/Baoshan 15 14.991 0.068

C7 150000mt Bolivar - Rotterdam 5 23.523 0.028

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 79773 546

C9_03 172000mt Continent/Mediterranean trip Far East 5 96104 437

C10_03 172000mt Pacific RV 20 61438 363

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 52529 216

C12 150000mt Gladstone - Rotterdam 10 31.264 0.073

Average of the T/C Routes 72461 391

Baltic Exchange Panamax Index 5340 (DOWN 15)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 46524 -316

P2A_03 74000mt SKAW-GIB/FAR EAST 25 49590 -210

P3A_03 74000mt Japan-SK/Pacific/RV 25 39552 -18

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 36611 86

Average of the T/C Routes 43069 -115

Baltic Exchange Supramax Index 4002 (DOWN 14)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 43645 -282

S1B Canakkale Trip Far East 12.5 42256 -102

S2 Japan - SK / NOPAC or Australia rv 25 39150 -98

S3 Japan - SK Trip Gib - Skaw range 25 39761 -159

S4A US Gulf - Skaw-Passero 12.5 58173 -32

S4B Skaw-Passero - US Gulf 12.5 32855 -218

Average of the T/C Routes 41844 -144

Baltic Exchange Handysize Index 1898 (DOWN 9)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 21543 -64

HS2 Skaw - Passero trip Boston - Galveston 12.5 22079 -85

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 36167 -139

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 36415 -145

HS5 SE Asia trip via Australia to Singapore - Japan 25 27221 -115

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 25821 -172

Average of the T/C Routes 27786 -126