The Baltic Dry index as of 4.jul.07

Daily Summary of Baltic Exchange Dry Indices

4 July 2007

Baltic Exchange Dry Index TM 6293 (DOWN 9)

Baltic Exchange Capesize Index TM 8293 (DOWN 229)

Baltic Exchange Panamax Index TM 6749 (UP 174)

Baltic Exchange Supramax Index TM 4077 (UP 14)

Baltic Exchange Handysize Index TM 1986 (UP 10)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $95810 (DOWN 3289)

BPI Average of the T/C routes $54496 (UP 1418)

BSI Average of the T/C routes $42630 (UP 144)

BHSI Average of the T/C routes $28977 (UP 121)

Baltic Exchange Capesize Index 8293 (DOWN 229)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 28.320 -0.395

C3 150000mt Tubarao - Beilun/Baoshan 15 51.450 -0.559

C4 150000mt Richards Bay - Rotterdam 5 25.315 -0.595

C5 150000mt W Australia - Beilun/Baoshan 15 19.960 -0.770

C7 150000mt Bolivar - Rotterdam 5 28.810 -0.470

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 104850 -3250

C9_03 172000mt Continent/Mediterranean trip Far East 5 124218 -3473

C10_03 172000mt Pacific RV 20 88809 -3455

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 65364 -2977

C12 150000mt Gladstone - Rotterdam 10 35.605 -0.825

Average of the T/C Routes 95810 -3289

Baltic Exchange Panamax Index 6749 (UP 174)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 57605 1345

P2A_03 74000mt SKAW-GIB/FAR EAST 25 59392 747

P3A_03 74000mt Japan-SK/Pacific/RV 25 53280 2119

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 47706 1461

Average of the T/C Routes 54496 1418

Baltic Exchange Supramax Index 4077 (UP 14)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 44275 314

S1B Canakkale Trip Far East 12.5 44605 388

S2 Japan - SK / NOPAC or Australia rv 25 39015 -70

S3 Japan - SK Trip Gib - Skaw range 25 40573 121

S4A US Gulf - Skaw-Passero 12.5 60181 240

S4B Skaw-Passero - US Gulf 12.5 32803 109

Average of the T/C Routes 42630 144

Baltic Exchange Handysize Index 1986 (UP 10)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 23654 336

HS2 Skaw - Passero trip Boston - Galveston 12.5 24389 170

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 37789 256

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 37523 382

HS5 SE Asia trip via Australia to Singapore - Japan 25 27825 -43

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26404 -47

Average of the T/C Routes 28977 121