The Baltic Dry Index Daily Panamax Report 23rdAugust 2007

Dry cargo fixture summary - 23 August 2007

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BDI Baltic Dry Index 7237 UP 26

BCI Baltic Capesize Index 9906 UP 93

BPI Baltic Panamax Index 7098 UP 30

BSI Baltic Supramax Index 4775 DOWN 34

BHSI Baltic Handysize Index 2492 DOWN 4

Timecharter

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'Cape Harrier' 2005 177293 dwt dely Nantong 28/31 Aug trip via Cape

Lambert redel UKC $77000 daily - Korea Line

'Peace Glory' 1984 166058 dwt dely ex dry dock Huangpu 28/30 Aug trip via

Saldanha redel China $76700 daily - Transfield

'Martzoukos A' 1995 161425 dwt dely Tobata 29/31 Aug trip via EC

Australia redel S.Korea $95000 daily - Constellation

'Dong-A Eos' ex Champel 1993 149505 dwt dely S.China 30/31 aug trip via

West Australia redel China $95000 daily - Glory Wealth

'Eternal Salute' 2006 87144 dwt dely Hitachinaka 30/31 Aug trip via

Roberts Bank or EC Australia redel Taiwan $52000 daily - CSE

'Alam Pesona' 2005 87052 dwt dely Kaohsiung 25/27 Aug trip via West

Australia redel China $53000 daily - Chokang

'Kamsar Gold' 2006 82891 dwt dely Hamburg 27/29 Aug trip via St.Lawrence

redel China $65000 daily - Glory Wealth

'Bulk Japan' 2006 82800 dwt dely Kinuura 23/25 Aug 4/6 months trading

redel worldwide $61500 daily - Shinwa

'Pedhoulas Trader' 2006 82300 dwt dely S.Japan 31 Aug trip via New South

Wales redel Taiwan $52000 daily - Daebo

'IVS Pinotage' Kleimar relet 2005 76596 dwt dely Lanshan end Aug balance

of period until Mar/Apr 2008 redel worldwide $59000 daily - Norden

'Maritime Christine' 2004 76436 dwt dely Hong Kong 5/10 Sept trip via EC

Kalimantan redel S.Japan $53500 daily - 'K' Line

'Epson Trader' 2001 75933 dwt dely Hong Kong 29/31 Aug trip via Indonesia

redel Taiwan $50500 daily - Chokang

'Red Seto' CTP relet 2003 75597 dwt dely Worldwide August 2008 2.5 years

trading redel worldwide $45000 daily nett - Perseveranza

'Filippo Lembo' 1997 75229 dwt dely Taiwan 11/20 Sept 2 laden legs 1st

leg via Gladstone redel Singapore-Japan rge $48000 daily - BBL

'Topeka' 2001 74710 dwt dely Hadong 22/26 Aug trip via Indonesia redel

Taiwan $47000 daily - STX Pan Ocean

'Erato' 2004 74444 dwt dely Qinhuangdao 28/30 Aug trip via N.China redel

Taiwan $50000 daily - Jinjiang

'Catriena' 1998 73829 dwt dely retro Annaba 14 Aug trip via EC South

America redel Spain/Portugal $57500 daily - Bunge

'Theotokos' 1984 71242 dwt dely Zhangjiang 23/28 Aug 2 laden legs 1st leg

N.China to Black Sea $35000 daily 2nd leg trip redel China $50000 daily -

cnr

'Trenton' Cosbulk relet 1995 71119 dwt dely Worldwide Sept/Dec 2007 min 7

May/7 Jun 2010 $43500 daily - Yang Ming

'Seaeagle II' 1981 61776 dwt dely S.China ppt trip via PG redel PMO

$47000 daily - cnr

'Sibulk Quality' 2005 55707 dwt dely Rizhao 28/31 Aug trip via Nopac

redel India approx $50000 daily - Canpotex

'Seaboss' 2004 55426 dwt dely Lanshan spot 1 years trading redel

worldwide $51000 daily - S.Korean charterer

'CMB Yangtze' 2007 53500 dwt dely New Orleans spot trip via US Gulf redel

Morocco $72000 daily - Volcano

'Rosella' 2005 29870 dwt dely S.China 24/26 Aug trip via Philippines

redel N.China $33000 daily - cnr

Ore

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'Alameda' Morgan Stanley relet 2001 150000/10 Tubarao/Qingdao 20/30 Sept

$62.75 fio scale/25000sc - Transfield

Coal

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'Chou Shan' Cargill relet 160000/10 Richards Bay/Hadera 20/30 Sept $32.35

fio scale/25000sc - NCSC