The Baltic Dry index as of 23.aug.2007

Subject: index as of 23.aug.07

Daily Summary of Baltic Exchange Dry Indices

23 August 2007

Baltic Exchange Dry Index TM 7237 (UP 26)

Baltic Exchange Capesize Index TM 9906 (UP 93)

Baltic Exchange Panamax Index TM 7098 (UP 30)

Baltic Exchange Supramax Index TM 4775 (DOWN 34)

Baltic Exchange Handysize Index TM 2492 (DOWN 4)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $117329 (UP 1268)

BPI Average of the T/C routes $57228 (UP 237)

BSI Average of the T/C routes $49931 (DOWN 357)

BHSI Average of the T/C routes $36064 (DOWN 46)

Baltic Exchange Capesize Index 9906 (UP 93)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 32.768 0.204

C3 150000mt Tubarao - Beilun/Baoshan 15 62.842 0.263

C4 150000mt Richards Bay - Rotterdam 5 32.782 0.487

C5 150000mt W Australia - Beilun/Baoshan 15 23.264 0.278

C7 150000mt Bolivar - Rotterdam 5 33.595 0.186

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 122009 891

C9_03 172000mt Continent/Mediterranean trip Far East 5 158750 1708

C10_03 172000mt Pacific RV 20 104250 1542

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 84308 933

C12 150000mt Gladstone - Rotterdam 10 42.155 0.246

Average of the T/C Routes 117329 1268

Baltic Exchange Panamax Index 7098 (UP 30)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 62298 393

P2A_03 74000mt SKAW-GIB/FAR EAST 25 66588 338

P3A_03 74000mt Japan-SK/Pacific/RV 25 52294 151

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 47732 66

Average of the T/C Routes 57228 237

Baltic Exchange Supramax Index 4775 (DOWN 34)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 56048 -84

S1B Canakkale Trip Far East 12.5 57848 -146

S2 Japan - SK / NOPAC or Australia rv 25 43088 157

S3 Japan - SK Trip Gib - Skaw range 25 41359 127

S4A US Gulf - Skaw-Passero 12.5 77088 -2985

S4B Skaw-Passero - US Gulf 12.5 39573 -209

Average of the T/C Routes 49931 -357

Baltic Exchange Handysize Index 2492 (DOWN 4)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 30979 -7

HS2 Skaw - Passero trip Boston - Galveston 12.5 31636 36

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 48772 -134

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 53155 -435

HS5 SE Asia trip via Australia to Singapore - Japan 25 31786 72

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 30200 14

Average of the T/C Routes 36064 -46