The Baltic Dry Index Daily Panamax Report July 3 2007

Dry cargo fixture summary - 03 July 2007

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BDI Baltic Dry Index 6302 DOWN 2

BCI Baltic Capesize Index 8522 DOWN 128

BPI Baltic Panamax Index 6575 UP 98

BSI Baltic Supramax Index 4063 UP 11

BHSI Baltic Handysize Index 1976 UP 13

Timecharter

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'Ocean Queen' Transfield relet 2004 171015 dwt dely retro Bayuquan 20

June 10/12 months trading redel worldwide $87500 daily - Oldendorff -

<corrects the report of 02/07>

'Centurion' 2005 76838 dwt dely Bin Qasim 8/12 July 11/13 months trading

redel worldwide $47750 daily - Cargill

'Maritime Baqui' 2006 76464 dwt dely Worldwide in d/c September/October

12/14 months trading redel worldwide $44000 daily - Cosbulk

'Maritime Hareshio' 2006 75740 dwt dely Lumut 8/12 July trip via

Indonesia redel Taiwan $55000 daily - Ta-Ho

'Arabella' Baumarine relet 2001 75563 dwt dely retro Cape Passero 1 July

trip via EC South America redel Skaw-Cape Passero $59000 daily - AWB

'Alabanda' 1995 74044 dwt dely N.China spot trip via Indonesia redel

Singapore- Japan rge $50000 daily - cnr

'Fu Le' 1998 71332 dwt dely Cape Passero 12/17 July 4/6 months trading

redel worldwide $54500 daily - Augustea

'Endeavour II' 1994 70029 dwt dely Cape Passero 5/7 July trip via EC

South America redel Far East $51500 daily - Dreyfus

'Full Spring' 1994 69587 dwt dely Cape Passero 7/9 July 11/13 months

trading redel worldwide $44000 daily - North China Shipping

'Joyous Land' 1994 69283 dwt dely San Ciprian 6/8 July 4/6 months trading

redel worldwide approx $53250 daily - cnr

'Avra' 1982 64854 dwt - <reported 02/07 the correct rate is $46500 daily

via EC South America int Itacoatiara>

'Amphion' Bunge relet 1987 63700 dwt dely retro Cape Passero 28 June trip

via EC South America & Iran redel PMO $55000 daily - Cargill

'Aoyama' 2006 56013 dwt dely Worldwide Dec 2007 2 years trading redel

worldwide $37000 daily - SK Shipping

'Delfa' 2005 53500 dwt dely Houston 8/15 August 6/8 months trading redel

worldwide $45500 daily - Dooyang

'Jin Hui' 2000 50733 dwt dely N.China 3/10 July balance of period 2/3

months trading redel Atlantic $41500 daily - cnr - <corrects from 02/07

report>

'Springwood' 1984 37600 dwt dely Sao Luis prompt trip via ECSA redel

Continent approx $40000 daily - cnr

'Jin Niu Ling' 1992 28470 dwt dely Inchon prompt 3/5 months trading redel

worldwide $25750 daily - Hanjin