The Baltic Dry Index index as of 5.June.07

Subject: index as of 5.June.07

Daily Summary of Baltic Exchange Dry Indices

5 June 2007

Baltic Exchange Dry Index TM 6023 (UP 12)

Baltic Exchange Capesize Index TM 8366 (DOWN 55)

Baltic Exchange Panamax Index TM 5798 (UP 94)

Baltic Exchange Supramax Index TM 4071 (UP 4)

Baltic Exchange Handysize Index TM 1966 (DOWN 4)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $96956 (DOWN 793)

BPI Average of the T/C routes $46713 (UP 764)

BSI Average of the T/C routes $42568 (UP 39)

BHSI Average of the T/C routes $28767 (DOWN 52)

Baltic Exchange Capesize Index 8366 (DOWN 55)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 27.855 -0.159

C3 150000mt Tubarao - Beilun/Baoshan 15 51.454 -0.354

C4 150000mt Richards Bay - Rotterdam 5 25.764 0.000

C5 150000mt W Australia - Beilun/Baoshan 15 20.414 -0.218

C7 150000mt Bolivar - Rotterdam 5 28.436 -0.232

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 100873 -1150

C9_03 172000mt Continent/Mediterranean trip Far East 5 123821 -1404

C10_03 172000mt Pacific RV 20 91496 -129

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 71633 -492

C12 150000mt Gladstone - Rotterdam 10 37.250 -0.109

Average of the T/C Routes 96956 -793

Baltic Exchange Panamax Index 5798 (UP 94)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 51931 676

P2A_03 74000mt SKAW-GIB/FAR EAST 25 55285 537

P3A_03 74000mt Japan-SK/Pacific/RV 25 41517 1127

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 38118 715

Average of the T/C Routes 46713 764

Baltic Exchange Supramax Index 4071 (UP 4)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 45364 -168

S1B Canakkale Trip Far East 12.5 43246 25

S2 Japan - SK / NOPAC or Australia rv 25 39575 148

S3 Japan - SK Trip Gib - Skaw range 25 40061 141

S4A US Gulf - Skaw-Passero 12.5 58130 15

S4B Skaw-Passero - US Gulf 12.5 34532 -141

Average of the T/C Routes 42568 39

Baltic Exchange Handysize Index 1966 (DOWN 4)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 22264 -86

HS2 Skaw - Passero trip Boston - Galveston 12.5 22936 -107

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 38517 -266

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 38280 -450

HS5 SE Asia trip via Australia to Singapore - Japan 25 27807 193

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26264 57

Average of the T/C Routes 28767 -52