The Baltic Dry Index as of 21.june.07

Daily Summary of Baltic Exchange Dry Indices

21 June 2007

Baltic Exchange Dry Index TM 5672 (UP 234)

Baltic Exchange Capesize Index TM 7345 (UP 576)

Baltic Exchange Panamax Index TM 5807 (UP 203)

Baltic Exchange Supramax Index TM 3990 (UP 8)

Baltic Exchange Handysize Index TM 1881 (DOWN 1)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $84632 (UP 7213)

BPI Average of the T/C routes $46850 (UP 1642)

BSI Average of the T/C routes $41719 (UP 85)

BHSI Average of the T/C routes $27532 (DOWN 15)

Baltic Exchange Capesize Index 7345 (UP 576)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 25.686 1.581

C3 150000mt Tubarao - Beilun/Baoshan 15 45.675 2.917

C4 150000mt Richards Bay - Rotterdam 5 22.500 1.659

C5 150000mt W Australia - Beilun/Baoshan 15 17.318 1.341

C7 150000mt Bolivar - Rotterdam 5 26.173 1.596

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 94045 8068

C9_03 172000mt Continent/Mediterranean trip Far East 5 109708 8500

C10_03 172000mt Pacific RV 20 75708 8625

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 59067 3659

C12 150000mt Gladstone - Rotterdam 10 33.486 1.368

Average of the T/C Routes 84632 7213

Baltic Exchange Panamax Index 5807 (UP 203)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 50357 1662

P2A_03 74000mt SKAW-GIB/FAR EAST 25 53148 1498

P3A_03 74000mt Japan-SK/Pacific/RV 25 43810 1839

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 40087 1571

Average of the T/C Routes 46850 1642

Baltic Exchange Supramax Index 3990 (UP 8)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 43152 -32

S1B Canakkale Trip Far East 12.5 42125 8

S2 Japan - SK / NOPAC or Australia rv 25 39065 82

S3 Japan - SK Trip Gib - Skaw range 25 39641 168

S4A US Gulf - Skaw-Passero 12.5 58630 195

S4B Skaw-Passero - US Gulf 12.5 32430 3

Average of the T/C Routes 41719 85

Baltic Exchange Handysize Index 1881 (DOWN 1)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 21371 -72

HS2 Skaw - Passero trip Boston - Galveston 12.5 21886 -21

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 35694 -73

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 35960 -20

HS5 SE Asia trip via Australia to Singapore - Japan 25 27007 7

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 25664 25

Average of the T/C Routes 27532 -15