The Baltic Dry Index as of 5.july.07

Daily Summary of Baltic Exchange Dry Indices

5 July 2007

Baltic Exchange Dry Index TM 6251 (DOWN 42)

Baltic Exchange Capesize Index TM 8001 (DOWN 292)

Baltic Exchange Panamax Index TM 6878 (UP 129)

Baltic Exchange Supramax Index TM 4092 (UP 15)

Baltic Exchange Handysize Index TM 1994 (UP 8)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $91759 (DOWN 4051)

BPI Average of the T/C routes $55545 (UP 1049)

BSI Average of the T/C routes $42790 (UP 160)

BHSI Average of the T/C routes $29067 (UP 90)

Baltic Exchange Capesize Index 8001 (DOWN 292)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 27.850 -0.470

C3 150000mt Tubarao - Beilun/Baoshan 15 50.592 -0.858

C4 150000mt Richards Bay - Rotterdam 5 24.668 -0.647

C5 150000mt W Australia - Beilun/Baoshan 15 18.964 -0.996

C7 150000mt Bolivar - Rotterdam 5 28.355 -0.455

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 100932 -3918

C9_03 172000mt Continent/Mediterranean trip Far East 5 120271 -3947

C10_03 172000mt Pacific RV 20 84125 -4684

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 61708 -3656

C12 150000mt Gladstone - Rotterdam 10 34.609 -0.996

Average of the T/C Routes 91759 -4051

Baltic Exchange Panamax Index 6878 (UP 129)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 58645 1040

P2A_03 74000mt SKAW-GIB/FAR EAST 25 59961 569

P3A_03 74000mt Japan-SK/Pacific/RV 25 54831 1551

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 48744 1038

Average of the T/C Routes 55545 1049

Baltic Exchange Supramax Index 4092 (UP 15)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 44722 447

S1B Canakkale Trip Far East 12.5 44848 243

S2 Japan - SK / NOPAC or Australia rv 25 39040 25

S3 Japan - SK Trip Gib - Skaw range 25 40673 100

S4A US Gulf - Skaw-Passero 12.5 60389 208

S4B Skaw-Passero - US Gulf 12.5 32935 132

Average of the T/C Routes 42790 160

Baltic Exchange Handysize Index 1994 (UP 8)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 23903 249

HS2 Skaw - Passero trip Boston - Galveston 12.5 24593 204

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 38078 289

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 37878 355

HS5 SE Asia trip via Australia to Singapore - Japan 25 27725 -100

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26318 -86

Average of the T/C Routes 29067 90