The Baltic Dry index as of 16.july.07

Daily Summary of Baltic Exchange Dry Indices

16 July 2007

Baltic Exchange Dry Index TM 6692 (DOWN 14)

Baltic Exchange Capesize Index TM 8651 (DOWN 91)

Baltic Exchange Panamax Index TM 7301 (DOWN 12)

Baltic Exchange Supramax Index TM 4373 (UP 36)

Baltic Exchange Handysize Index TM 2121 (UP 19)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $100385 (DOWN 1216)

BPI Average of the T/C routes $58946 (DOWN 104)

BSI Average of the T/C routes $45725 (UP 381)

BHSI Average of the T/C routes $30848 (UP 277)

Baltic Exchange Capesize Index 8651 (DOWN 91)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 29.414 -0.152

C3 150000mt Tubarao - Beilun/Baoshan 15 53.563 -0.291

C4 150000mt Richards Bay - Rotterdam 5 26.373 -0.218

C5 150000mt W Australia - Beilun/Baoshan 15 21.118 -0.464

C7 150000mt Bolivar - Rotterdam 5 30.059 -0.114

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 108727 -909

C9_03 172000mt Continent/Mediterranean trip Far East 5 132521 -1521

C10_03 172000mt Pacific RV 20 93292 -1266

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 67000 -1167

C12 150000mt Gladstone - Rotterdam 10 35.741 -0.154

Average of the T/C Routes 100385 -1216

Baltic Exchange Panamax Index 7301 (DOWN 12)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 62439 1

P2A_03 74000mt SKAW-GIB/FAR EAST 25 63986 156

P3A_03 74000mt Japan-SK/Pacific/RV 25 57864 -398

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 51497 -171

Average of the T/C Routes 58946 -104

Baltic Exchange Supramax Index 4373 (UP 36)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 47295 417

S1B Canakkale Trip Far East 12.5 46811 320

S2 Japan - SK / NOPAC or Australia rv 25 40321 104

S3 Japan - SK Trip Gib - Skaw range 25 41605 150

S4A US Gulf - Skaw-Passero 12.5 72185 1280

S4B Skaw-Passero - US Gulf 12.5 35655 523

Average of the T/C Routes 45725 381

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

S5 W.Africa via ECSA to FarEast 0 51957 590

S6 Jpn-SK trip via Aus/India 0 42638 163

Baltic Exchange Handysize Index 2121 (UP 19)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 25450 254

HS2 Skaw - Passero trip Boston - Galveston 12.5 26193 282

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 42417 715

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 43510 722

HS5 SE Asia trip via Australia to Singapore - Japan 25 28017 121

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26592 3

Average of the T/C Routes 30848 277