The Baltic Dry index as of 11.jul.07

Daily Summary of Baltic Exchange Dry Indices

11 July 2007

Baltic Exchange Dry Index TM 6484 (UP 183)

Baltic Exchange Capesize Index TM 8360 (UP 382)

Baltic Exchange Panamax Index TM 7185 (UP 172)

Baltic Exchange Supramax Index TM 4165 (UP 39)

Baltic Exchange Handysize Index TM 2037 (UP 22)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $97185 (UP 5531)

BPI Average of the T/C routes $58026 (UP 1390)

BSI Average of the T/C routes $43554 (UP 408)

BHSI Average of the T/C routes $29667 (UP 291)

Baltic Exchange Capesize Index 8360 (UP 382)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 28.391 0.782

C3 150000mt Tubarao - Beilun/Baoshan 15 51.667 1.325

C4 150000mt Richards Bay - Rotterdam 5 25.609 1.004

C5 150000mt W Australia - Beilun/Baoshan 15 20.200 1.145

C7 150000mt Bolivar - Rotterdam 5 28.900 0.845

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 105409 5568

C9_03 172000mt Continent/Mediterranean trip Far East 5 128458 7433

C10_03 172000mt Pacific RV 20 90292 5729

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 64579 3391

C12 150000mt Gladstone - Rotterdam 10 34.923 0.787

Average of the T/C Routes 97185 5531

Baltic Exchange Panamax Index 7185 (UP 172)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 61155 1324

P2A_03 74000mt SKAW-GIB/FAR EAST 25 62333 1858

P3A_03 74000mt Japan-SK/Pacific/RV 25 57629 1316

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 50987 1063

Average of the T/C Routes 58026 1390

Baltic Exchange Supramax Index 4165 (UP 39)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 45689 329

S1B Canakkale Trip Far East 12.5 45857 278

S2 Japan - SK / NOPAC or Australia rv 25 39490 219

S3 Japan - SK Trip Gib - Skaw range 25 40859 121

S4A US Gulf - Skaw-Passero 12.5 62683 1720

S4B Skaw-Passero - US Gulf 12.5 33502 252

Average of the T/C Routes 43554 408

Baltic Exchange Handysize Index 2037 (UP 22)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 24671 415

HS2 Skaw - Passero trip Boston - Galveston 12.5 25282 300

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 39817 706

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 39220 765

HS5 SE Asia trip via Australia to Singapore - Japan 25 27814 32

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26361 42

Average of the T/C Routes 29667 291