index as of 18.july.07

Daily Summary of Baltic Exchange Dry Indices

18 July 2007

Baltic Exchange Dry Index TM 6582 (DOWN 55)

Baltic Exchange Capesize Index TM 8262 (DOWN 208)

Baltic Exchange Panamax Index TM 7220 (DOWN 44)

Baltic Exchange Supramax Index TM 4413 (UP 22)

Baltic Exchange Handysize Index TM 2181 (UP 45)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $94834 (DOWN 3058)

BPI Average of the T/C routes $58267 (DOWN 377)

BSI Average of the T/C routes $46142 (UP 227)

BHSI Average of the T/C routes $31655 (UP 605)

Baltic Exchange Capesize Index 8262 (DOWN 208)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 28.409 -0.650

C3 150000mt Tubarao - Beilun/Baoshan 15 51.125 -1.057

C4 150000mt Richards Bay - Rotterdam 5 25.364 -0.481

C5 150000mt W Australia - Beilun/Baoshan 15 20.191 -0.391

C7 150000mt Bolivar - Rotterdam 5 29.055 -0.681

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 103818 -3409

C9_03 172000mt Continent/Mediterranean trip Far East 5 122917 -4628

C10_03 172000mt Pacific RV 20 88604 -2532

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 63996 -1663

C12 150000mt Gladstone - Rotterdam 10 34.945 -0.425

Average of the T/C Routes 94834 -3058

Baltic Exchange Panamax Index 7220 (DOWN 44)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 62563 158

P2A_03 74000mt SKAW-GIB/FAR EAST 25 64243 110

P3A_03 74000mt Japan-SK/Pacific/RV 25 56085 -1001

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 50176 -777

Average of the T/C Routes 58267 -377

Baltic Exchange Supramax Index 4413 (UP 22)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 47750 220

S1B Canakkale Trip Far East 12.5 47308 239

S2 Japan - SK / NOPAC or Australia rv 25 40735 250

S3 Japan - SK Trip Gib - Skaw range 25 41643 -23

S4A US Gulf - Skaw-Passero 12.5 73253 713

S4B Skaw-Passero - US Gulf 12.5 36068 191

Average of the T/C Routes 46142 227

Baltic Exchange Handysize Index 2181 (UP 45)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 25929 286

HS2 Skaw - Passero trip Boston - Galveston 12.5 26657 264

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 43406 628

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 47250 3090

HS5 SE Asia trip via Australia to Singapore - Japan 25 28350 179

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26650 107

Average of the T/C Routes 31655 605