The Baltic Dry Index Daily Panamax Report June 28th 2007

Dry cargo fixture summary - 28 June 2007

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BDI Baltic Dry Index 6234 UP 54

BCI Baltic Capesize Index 8614 UP 101

BPI Baltic Panamax Index 6336 UP 59

BSI Baltic Supramax Index 4030 UP 5

BHSI Baltic Handysize Index 1928 UP 17

Timecharter

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'New Forest' 1986 185688 dwt dely Qingdao 2/3 July trip via Port Hedland

redel Qingdao $93500 daily - BHP Billiton

'Cape Stork' 1996 171039 dwt - <reported 27/06 this is the correct size

of ship>

'CHS Bright' 1995 151053 dwt dely retro Singapore 22 June trip via Brazil

redel Japan $75000 daily + $800000 bb - Shinwa

'Rondeau' 2006 77031 dwt dely Fukuyama 10/12 July 4/6 months trading

redel worldwide $51000 daily - cnr

'Frederica' 2005 76662 dwt dely Mundra 1/5 July trip via EC South America

redel Aden-PMO $50500 daily - Noble

'Belgrano' Hanjin relet 2004 76659 dwt dely Maizuru 30 June/3 July 2/3

laden legs redel worldwide $50000 daily - Sinochart

'Captain Bona' 2006 76000 dwt dely Shibushi 27/29 June trip via NoPac

redel Japan $48500 daily - NYG

'Avax' 2006 75398 dwt dely Fangcheng 29 June/5 July 5/7 months trading

redel worldwide $50000 daily - Cargill

'Hainan' 1996 75339 dwt dely Mobile 23/26 July trip redel Skaw-Cape

Passero $53000 daily + $925000 bb - STX Pan Ocean

'Grazia Bottiglieri' 1999 75181 dwt dely Onahama 29 June/4 July 4/6

months trading redel worldwide $49000 daily - BHP Billiton

'Captain Diamantis' 2000 74750 dwt dely Worldwide in d/c 1 Aug/28 Sep

23/25 months trading redel worldwide $37000 daily - Glencore

'Georgios S' 2001 74249 dwt dely Ploce 6/10 July 4/6 months trading redel

worldwide $54500 daily - Bunge

'Tian Zhu Feng' Cargill relet 2000 74200 dwt dely River Plate 16/18 July

trip redel Far East $55000 daily + $1.25 million bb - Bunge

'Ioannis Zafirakis' 2004 73350 dwt dely Singapore 9/10 July 5/7 months

trading redel world wide $50250 daily - Bunge

'Nicos L' CTP relet 2002 73193 dwt dely Japan 1/5 July balance of period

31 Dec/30 Jan 2008 redel worldwide $50000 daily - BHP Billiton

'Marbella' 2000 72561 dwt dely Aughinish in d/c 3/5 July trip via Kamsar

redel Aughihish $54000 daily - Oldendorff

'Eastern Queen' 1994 70196 dwt dely S.China early July 100/120 days

trading redel worldwide $46000 daily - BHP Billiton

'Fen Hin Hai' 1995 69857 dwt dely Shanghai 5/6 July trip via NoPac redel

Far East $45000 daily - Far Eastern chrtr

'SD Victory' 1986 69585 dwt dely Surabaya 7/8 July trip via EC Australia

redel Taiwan $46000 daily - Sunwoo

'Hui Ping' 1994 69562 dwt dely Zhangjiang 13/15 July 4/6 months trading

redel worldwide $46500 daily - cnr

'Ariana' 1984 69041 dwt dely Rotterdam 4/6 July trip via New Orleans &

Egypt redel Cape Passero $47500 daily - Cosbulk

'Cake' 2007 53500 dwt dely Shanghai 1/5 July 12 months trading redel

worldwide $40000 daily - Daeyang

'Ernest' 1983 34913 dwt dely Casablanca 28 June/5 July trip via East

Coast South America $28000 daily - Bunge - <intention sugar>

'Aretousa' 1979 24715 dwt 12 on 22 + 1.8 dely Durban 9/12 July triip

redel Sea of Marmara $24000 daily - Navigatore

Coal

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'Crown Star' 2002 70000/10 Puerto Bolivar/Tarragona 10/19 July $31.00 fio

35000sc/24000satpmsx - Enel