The Baltic dry Index index as of 31.may.07

Daily Summary of Baltic Exchange Dry Indices

31 May 2007

Baltic Exchange Dry Index TM 5971 (DOWN 52)

Baltic Exchange Capesize Index TM 8359 (DOWN 118)

Baltic Exchange Panamax Index TM 5601 (DOWN 19)

Baltic Exchange Supramax Index TM 4077 (DOWN 20)

Baltic Exchange Handysize Index TM 1989 (DOWN 18)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $96779 (DOWN 1379)

BPI Average of the T/C routes $45107 (DOWN 146)

BSI Average of the T/C routes $42627 (DOWN 216)

BHSI Average of the T/C routes $29070 (DOWN 240)

Baltic Exchange Capesize Index 8359 (DOWN 118)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 27.959 -0.191

C3 150000mt Tubarao - Beilun/Baoshan 15 51.729 -0.734

C4 150000mt Richards Bay - Rotterdam 5 25.600 -0.400

C5 150000mt W Australia - Beilun/Baoshan 15 20.300 -0.314

C7 150000mt Bolivar - Rotterdam 5 28.541 -0.232

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 101091 -136

C9_03 172000mt Continent/Mediterranean trip Far East 5 123521 -1875

C10_03 172000mt Pacific RV 20 90775 -2308

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 71729 -1196

C12 150000mt Gladstone - Rotterdam 10 37.382 -0.432

Average of the T/C Routes 96779 -1379

Baltic Exchange Panamax Index 5601 (DOWN 19)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 50867 -415

P2A_03 74000mt SKAW-GIB/FAR EAST 25 54365 -371

P3A_03 74000mt Japan-SK/Pacific/RV 25 38729 253

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 36466 -50

Average of the T/C Routes 45107 -146

Baltic Exchange Handysize Index 1989 (DOWN 18)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 22557 -443

HS2 Skaw - Passero trip Boston - Galveston 12.5 23286 -443

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 39578 -739

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 39860 -645

HS5 SE Asia trip via Australia to Singapore - Japan 25 27400 14

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26242 163

Average of the T/C Routes 29070 -240

Baltic Exchange Supramax Index 4077 (DOWN 20)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 45845 -262

S1B Canakkale Trip Far East 12.5 43304 -175

S2 Japan - SK / NOPAC or Australia rv 25 39150 -60

S3 Japan - SK Trip Gib - Skaw range 25 39730 -38

S4A US Gulf - Skaw-Passero 12.5 58963 -895

S4B Skaw-Passero - US Gulf 12.5 35141 -202

Average of the T/C Routes 42627 -216

S6 Jpn-SK trip via Aus/India 0 40511 -89

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

S5 Trial-W.Africa via ECSA to FarEast 0 48802 -336