The Baltic Dry index as of 28.June.07

Daily Summary of Baltic Exchange Dry Indices

28 June 2007

Baltic Exchange Dry Index TM 6234 (UP 54)

Baltic Exchange Capesize Index TM 8614 (UP 101)

Baltic Exchange Panamax Index TM 6336 (UP 59)

Baltic Exchange Supramax Index TM 4030 (UP 5)

Baltic Exchange Handysize Index TM 1928 (UP 17)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $100276 (UP 1438)

BPI Average of the T/C routes $51139 (UP 481)

BSI Average of the T/C routes $42142 (UP 53)

BHSI Average of the T/C routes $28193 (UP 233)

Baltic Exchange Capesize Index 8614 (UP 101)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 28.836 0.313

C3 150000mt Tubarao - Beilun/Baoshan 15 52.125 0.612

C4 150000mt Richards Bay - Rotterdam 5 26.495 0.063

C5 150000mt W Australia - Beilun/Baoshan 15 21.141 0.196

C7 150000mt Bolivar - Rotterdam 5 29.364 0.269

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 109545 1363

C9_03 172000mt Continent/Mediterranean trip Far East 5 128367 2534

C10_03 172000mt Pacific RV 20 93625 1292

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 69567 563

C12 150000mt Gladstone - Rotterdam 10 36.691 0.259

Average of the T/C Routes 100276 1438

Baltic Exchange Panamax Index 6336 (UP 59)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 54193 353

P2A_03 74000mt SKAW-GIB/FAR EAST 25 57253 145

P3A_03 74000mt Japan-SK/Pacific/RV 25 48788 695

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 44324 732

Average of the T/C Routes 51139 481

Baltic Exchange Supramax Index 4030 (UP 5)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 43327 150

S1B Canakkale Trip Far East 12.5 42992 282

S2 Japan - SK / NOPAC or Australia rv 25 39227 -86

S3 Japan - SK Trip Gib - Skaw range 25 40134 -32

S4A US Gulf - Skaw-Passero 12.5 59635 87

S4B Skaw-Passero - US Gulf 12.5 32459 143

Average of the T/C Routes 42142 53

Baltic Exchange Handysize Index 1928 (UP 17)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 22300 364

HS2 Skaw - Passero trip Boston - Galveston 12.5 23079 422

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 36589 278

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 36260 170

HS5 SE Asia trip via Australia to Singapore - Japan 25 27557 150

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26100 164

Average of the T/C Routes 28193 233