The Baltic Dry Index Daily Panamax Report June 27th 2007

Dry cargo fixture summary - 27 June 2007

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BDI Baltic Dry Index 6180 UP 75

BCI Baltic Capesize Index 8513 UP 180

BPI Baltic Panamax Index 6277 UP 43

BSI Baltic Supramax Index 4025 UP 9

BHSI Baltic Handysize Index 1911 UP 17

Timecharter

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'China Peace' 2005 175000 dwt dely Continent in d/c 15/25 July trip via

Brazil redel Continent $105000 daily - SK Shipping

'Successor' 2007 173000 dwt dely Gijon 12/14 July transtlantic round

redel Skaw-Cape Passero $108500 daily - SK Shipping

'Cape Stork' 1996 153500 dwt dely UK 25/27 July transatlantic round redel

Skaw- Cape Passero $108500 daily - Cetragpa

'Intrepid Clipper' 1993 151430 dwt dely Shanghai in d/c 10/12 July 2.5/4

months trading redel worldwide $75000 daily - Rio Tinto

'CSE Harmony Express' 2002 76000 dwt dely Zhanjiagang 12/14 July trip via

NoPac redel Singapore-Japan rge $48500 daily - Cargill

'CMB Laetitia' TMT relet 2007 76000 dwt dely San Ciprian spot trip via

Bolivar redel San Ciprian $57000 daily - Elcano

'Torm Anholt' Baumarine relet 2004 74195 dwt dely Rotterdam 28/30 June

trip via Baltic redel China int ferts $60000 daily - Oldendorff

'Tian Yang Feng' 2000 74027 dwt dely Genoa 26/30 June trip via River

Plate redel Skaw-Cape Passero $53750 daily - Cargill

'Guang Ming Feng' 2002 73978 dwt dely Bin Qasim 1/4 July trip via

Richards Bay redel Continent $44000 daily - Swiss Marine

'Great Bright' Sinochart relet 1998 73242 dwt dely Ploce mid July balance

of period 14 June/14 July 2008 redel worldwide $47000 daily - Ocean Glory

'Ocean Favour' 1998 72400 dwt dely Shanghai 2/3 July 4/6 months trading

redel worldwide $50000 daily - Bunge

'Shi Dai 7' 1993 69616 dwt dely Huangpu 7/10 July 4/6 months trading

redel worldwide $47250 daily - PCL

'Panamax Success' Cosco relet 1983 63378 dwt dely China spot trip via

NoPac redel Singapore-Japan rge $35000 daily - Dreyfus

'Navios Arc' 2003 53514 dwt dely Singapore-Japan 10/25 July 10/12 months

trading redel worldwide $40500 daily - Korea Line

'Delvina' 2007 53500 dwt dely USGulf 5/15 July trip redel Singapore-Japan

approx $55000 daily - Western Bulkcarriers

'Nord Wave' 2005 53489 dwt dely Chiwan 4/9 July trip redel India $44000

daily - cnr

'Thor Integrity' 2001 52117 dwt dely USGulf 2/9 July trip redel

Singapore-Japan approx $56000 daily - Pacbasin

'Go Trader' 1996 45693 dwt dely East Coast Mexico spot trip via USGulf

redel East Med $53500 daily - Volcano

'Antalina' 1984 28082 dwt dely Foynes 29 June/2/ July trip via Continent

redel US Gulf-EC Mexico $24900 daily - Clipper

'New Baroness' 1996 27254 dwt dely Singapore 1/3 July 2 laden legs redel

Singapore-Japan $28250 daily - Martrade

Ore

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'Ferro Goa' 2007 160000/10 Ponta da Madeira/Fos 13/27 July $25.00 fio

scale/25000sc - Arcelor-Mittal

'Channel Navigator' 1997 160000/10 Tubarao/Dunkirk west & east 15/29 July

$29.10 fio scale/25000sc - 'K' Line

'Pos Eternity' Norden relet 2005 75000/10 Sepetiba/Beilun & Haili 10/25

July $55.00 fio scale/12000sc - Shagang - <corrects 26/06 report of ship

fixing on timecharter>

Coal

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'Hyundai Continental' 1988 170000/10 Richards Bay/Rotterdam 1/10 July

$22.50 fio scale/25000sc - Swiss Marine

'Southern Explorer' Constellation relet 2002 150000/10 Roberts Bank &

Prince Rupert/South Korea 20/30 July $24.50 fio scale/45000sc - POSCO

'Lotus Blossom' 2005 50000/10 Maracaibo/Gijon 8/17 July $40.00 fio 5 days

- Mittal