The Baltic Dry Index index as of 1.june.07

Daily Summary of Baltic Exchange Dry Indices

1 June 2007

Baltic Exchange Dry Index TM 5983 (UP 12)

Baltic Exchange Capesize Index TM 8382 (UP 23)

Baltic Exchange Panamax Index TM 5640 (UP 39)

Baltic Exchange Supramax Index TM 4067 (DOWN 10)

Baltic Exchange Handysize Index TM 1976 (DOWN 13)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $97091 (UP 312)

BPI Average of the T/C routes $45430 (UP 323)

BSI Average of the T/C routes $42528 (DOWN 99)

BHSI Average of the T/C routes $28895 (DOWN 175)

Baltic Exchange Capesize Index 8382 (UP 23)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 27.995 0.036

C3 150000mt Tubarao - Beilun/Baoshan 15 51.875 0.146

C4 150000mt Richards Bay - Rotterdam 5 25.527 -0.073

C5 150000mt W Australia - Beilun/Baoshan 15 20.455 0.155

C7 150000mt Bolivar - Rotterdam 5 28.591 0.050

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 101795 704

C9_03 172000mt Continent/Mediterranean trip Far East 5 124208 687

C10_03 172000mt Pacific RV 20 90817 42

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 71542 -187

C12 150000mt Gladstone - Rotterdam 10 37.300 -0.082

Average of the T/C Routes 97091 312

Baltic Exchange Panamax Index 5640 (UP 39)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 50876 9

P2A_03 74000mt SKAW-GIB/FAR EAST 25 54453 88

P3A_03 74000mt Japan-SK/Pacific/RV 25 39548 819

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 36842 376

Average of the T/C Routes 45430 323

Baltic Exchange Supramax Index 4067 (DOWN 10)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 45684 -161

S1B Canakkale Trip Far East 12.5 43244 -60

S2 Japan - SK / NOPAC or Australia rv 25 39283 133

S3 Japan - SK Trip Gib - Skaw range 25 39695 -35

S4A US Gulf - Skaw-Passero 12.5 58478 -485

S4B Skaw-Passero - US Gulf 12.5 34864 -277

Average of the T/C Routes 42528 -99

Baltic Exchange Handysize Index 1976 (DOWN 13)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 22421 -136

HS2 Skaw - Passero trip Boston - Galveston 12.5 23107 -179

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 39100 -478

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 39285 -575

HS5 SE Asia trip via Australia to Singapore - Japan 25 27436 36

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26186 -56

Average of the T/C Routes 28895 -175