The Baltic Dry Index Summary 3/07/07

Daily Summary of Baltic Exchange Dry Indices

3 July 2007

Baltic Exchange Dry Index TM 6302 (DOWN 2)

Baltic Exchange Capesize Index TM 8522 (DOWN 128)

Baltic Exchange Panamax Index TM 6575 (UP 98)

Baltic Exchange Supramax Index TM 4063 (UP 11)

Baltic Exchange Handysize Index TM 1976 (UP 13)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $99099 (DOWN 1737)

BPI Average of the T/C routes $53078 (UP 793)

BSI Average of the T/C routes $42486 (UP 122)

BHSI Average of the T/C routes $28856 (UP 175)

Baltic Exchange Capesize Index 8522 (DOWN 128)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 28.715 -0.280

C3 150000mt Tubarao - Beilun/Baoshan 15 52.009 -0.400

C4 150000mt Richards Bay - Rotterdam 5 25.910 -0.545

C5 150000mt W Australia - Beilun/Baoshan 15 20.730 -0.400

C7 150000mt Bolivar - Rotterdam 5 29.280 -0.280

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 108100 -1900

C9_03 172000mt Continent/Mediterranean trip Far East 5 127691 -1791

C10_03 172000mt Pacific RV 20 92264 -1822

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 68341 -1436

C12 150000mt Gladstone - Rotterdam 10 36.430 -0.380

Average of the T/C Routes 99099 -1737

Baltic Exchange Panamax Index 6575 (UP 98)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 56260 939

P2A_03 74000mt SKAW-GIB/FAR EAST 25 58645 572

P3A_03 74000mt Japan-SK/Pacific/RV 25 51161 1087

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 46245 574

Average of the T/C Routes 53078 793

Baltic Exchange Supramax Index 4063 (UP 11)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 43961 226

S1B Canakkale Trip Far East 12.5 44217 375

S2 Japan - SK / NOPAC or Australia rv 25 39085 -46

S3 Japan - SK Trip Gib - Skaw range 25 40452 129

S4A US Gulf - Skaw-Passero 12.5 59941 163

S4B Skaw-Passero - US Gulf 12.5 32694 41

Average of the T/C Routes 42486 122

Baltic Exchange Handysize Index 1976 (UP 13)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 23318 391

HS2 Skaw - Passero trip Boston - Galveston 12.5 24219 332

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 37533 244

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 37141 449

HS5 SE Asia trip via Australia to Singapore - Japan 25 27868 18

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26451 -25

Average of the T/C Routes 28856 175