The Baltic Dry index as of 11.sept.07

Daily Summary of Baltic Exchange Dry Indices

11 September 2007

Baltic Exchange Dry Index TM 8468 (DOWN 9)

Baltic Exchange Capesize Index TM 11508 (DOWN 18)

Baltic Exchange Panamax Index TM 8798 (DOWN 80)

Baltic Exchange Supramax Index TM 5492 (UP 39)

Baltic Exchange Handysize Index TM 2602 (UP 26)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $136411 (DOWN 294)

BPI Average of the T/C routes $71179 (DOWN 638)

BSI Average of the T/C routes $57423 (UP 410)

BHSI Average of the T/C routes $37867 (UP 414)

Baltic Exchange Capesize Index 11508 (DOWN 18)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 35.895 -0.050

C3 150000mt Tubarao - Beilun/Baoshan 15 71.488 -0.133

C4 150000mt Richards Bay - Rotterdam 5 36.623 -0.109

C5 150000mt W Australia - Beilun/Baoshan 15 27.577 -0.005

C7 150000mt Bolivar - Rotterdam 5 36.627 0.000

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 133614 -727

C9_03 172000mt Continent/Mediterranean trip Far East 5 179333 -542

C10_03 172000mt Pacific RV 20 131688 21

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 101008 70

C12 150000mt Gladstone - Rotterdam 10 49.564 -0.118

Average of the T/C Routes 136411 -294

Baltic Exchange Panamax Index 8798 (DOWN 80)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 70314 -638

P2A_03 74000mt SKAW-GIB/FAR EAST 25 73625 -905

P3A_03 74000mt Japan-SK/Pacific/RV 25 74318 -520

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 66461 -486

Average of the T/C Routes 71179 -638

Baltic Exchange Handysize Index 2602 (UP 26)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 30850 100

HS2 Skaw - Passero trip Boston - Galveston 12.5 31421 100

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 49539 167

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 52925 60

HS5 SE Asia trip via Australia to Singapore - Japan 25 35621 835

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 33479 608

Average of the T/C Routes 37867 414

Baltic Exchange Supramax Index 5492 (UP 39)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 59805 339

S1B Canakkale Trip Far East 12.5 62021 613

S2 Japan - SK / NOPAC or Australia rv 25 54548 629

S3 Japan - SK Trip Gib - Skaw range 25 53332 387

S4A US Gulf - Skaw-Passero 12.5 79753 40

S4B Skaw-Passero - US Gulf 12.5 42045 256

Average of the T/C Routes 57423 410