The Baltic Dry Index index as of 15.Aug.07

Daily Summary of Baltic Exchange Dry Indices

15 August 2007

Baltic Exchange Dry Index TM 7231 (UP 88)

Baltic Exchange Capesize Index TM 9829 (UP 192)

Baltic Exchange Panamax Index TM 7179 (UP 86)

Baltic Exchange Supramax Index TM 4788 (UP 5)

Baltic Exchange Handysize Index TM 2458 (UP 13)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $115788 (UP 2817)

BPI Average of the T/C routes $57894 (UP 701)

BSI Average of the T/C routes $50060 (UP 44)

BHSI Average of the T/C routes $35566 (UP 182)

Baltic Exchange Capesize Index 9829 (UP 192)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 32.340 0.510

C3 150000mt Tubarao - Beilun/Baoshan 15 62.105 1.323

C4 150000mt Richards Bay - Rotterdam 5 31.320 0.910

C5 150000mt W Australia - Beilun/Baoshan 15 23.655 0.260

C7 150000mt Bolivar - Rotterdam 5 33.295 0.450

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 119475 2600

C9_03 172000mt Continent/Mediterranean trip Far East 5 156650 5082

C10_03 172000mt Pacific RV 20 106200 1991

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 80825 1593

C12 150000mt Gladstone - Rotterdam 10 40.406 0.601

Average of the T/C Routes 115788 2817

Baltic Exchange Panamax Index 7179 (UP 86)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 62844 520

P2A_03 74000mt SKAW-GIB/FAR EAST 25 66876 626

P3A_03 74000mt Japan-SK/Pacific/RV 25 53018 908

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 48838 751

Average of the T/C Routes 57894 701

Baltic Exchange Handysize Index 2458 (UP 13)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 30450 314

HS2 Skaw - Passero trip Boston - Galveston 12.5 30607 343

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 48563 435

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 53633 148

HS5 SE Asia trip via Australia to Singapore - Japan 25 31236 43

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 29400 64

Average of the T/C Routes 35566 182

Baltic Exchange Supramax Index 4788 (UP 5)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 55336 113

S1B Canakkale Trip Far East 12.5 56194 340

S2 Japan - SK / NOPAC or Australia rv 25 41291 37

S3 Japan - SK Trip Gib - Skaw range 25 41386 -137

S4A US Gulf - Skaw-Passero 12.5 83723 33

S4B Skaw-Passero - US Gulf 12.5 39870 61

Average of the T/C Routes 50060 44