The Baltic Dry Index as of 22.aug.07

Daily Summary of Baltic Exchange Dry Indices
22 August 2007

Baltic Exchange Dry Index TM 7211 (DOWN 32)

Baltic Exchange Capesize Index TM 9813 (UP 8)

Baltic Exchange Panamax Index TM 7068 (DOWN 96)

Baltic Exchange Supramax Index TM 4809 (DOWN 17)

Baltic Exchange Handysize Index TM 2496 (DOWN 1)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $116061 (UP 152)

BPI Average of the T/C routes $56991 (DOWN 778)

BSI Average of the T/C routes $50288 (DOWN 176)

BHSI Average of the T/C routes $36110 (DOWN 17)

Baltic Exchange Capesize Index 9813 (UP 8)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 32.564 -0.063

C3 150000mt Tubarao - Beilun/Baoshan 15 62.579 -0.175

C4 150000mt Richards Bay - Rotterdam 5 32.295 0.045

C5 150000mt W Australia - Beilun/Baoshan 15 22.986 0.036

C7 150000mt Bolivar - Rotterdam 5 33.409 -0.091

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 121118 23

C9_03 172000mt Continent/Mediterranean trip Far East 5 157042 -125

C10_03 172000mt Pacific RV 20 102708 583

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 83375 125

C12 150000mt Gladstone - Rotterdam 10 41.909 0.109

Average of the T/C Routes 116061 152

Baltic Exchange Supramax Index 4809 (DOWN 17)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 56132 -9

S1B Canakkale Trip Far East 12.5 57994 96

S2 Japan - SK / NOPAC or Australia rv 25 42931 191

S3 Japan - SK Trip Gib - Skaw range 25 41232 100

S4A US Gulf - Skaw-Passero 12.5 80073 -1942

S4B Skaw-Passero - US Gulf 12.5 39782 -129

Average of the T/C Routes 50288 -176

Baltic Exchange Handysize Index 2496 (DOWN 1)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 30986 50

HS2 Skaw - Passero trip Boston - Galveston 12.5 31600 71

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 48906 -22

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 53590 -205

HS5 SE Asia trip via Australia to Singapore - Japan 25 31714 -7

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 30186 -7

Average of the T/C Routes 36110 -17