The Baltic dry index as of 12.sept.07

Daily Summary of Baltic Exchange Dry Indices

12 September 2007

Baltic Exchange Dry Index TM 8421 (DOWN 47)

Baltic Exchange Capesize Index TM 11363 (DOWN 145)

Baltic Exchange Panamax Index TM 8761 (DOWN 37)

Baltic Exchange Supramax Index TM 5500 (UP 8)

Baltic Exchange Handysize Index TM 2620 (UP 18)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $134320 (DOWN 2091)

BPI Average of the T/C routes $70878 (DOWN 301)

BSI Average of the T/C routes $57512 (UP 89)

BHSI Average of the T/C routes $38163 (UP 296)

Baltic Exchange Capesize Index 11363 (DOWN 145)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 35.382 -0.513

C3 150000mt Tubarao - Beilun/Baoshan 15 70.692 -0.796

C4 150000mt Richards Bay - Rotterdam 5 36.286 -0.337

C5 150000mt W Australia - Beilun/Baoshan 15 27.391 -0.186

C7 150000mt Bolivar - Rotterdam 5 36.205 -0.422

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 130727 -2887

C9_03 172000mt Continent/Mediterranean trip Far East 5 176750 -2583

C10_03 172000mt Pacific RV 20 130292 -1396

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 99513 -1495

C12 150000mt Gladstone - Rotterdam 10 48.986 -0.578

Average of the T/C Routes 134320 -2091

Baltic Exchange Panamax Index 8761 (DOWN 37)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 69986 -328

P2A_03 74000mt SKAW-GIB/FAR EAST 25 73045 -580

P3A_03 74000mt Japan-SK/Pacific/RV 25 74086 -232

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 66397 -64

Average of the T/C Routes 70878 -301

Baltic Exchange Handysize Index 2620 (UP 18)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 30850 0

HS2 Skaw - Passero trip Boston - Galveston 12.5 31429 8

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 49617 78

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 52845 -80

HS5 SE Asia trip via Australia to Singapore - Japan 25 36136 515

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 34146 667

Average of the T/C Routes 38163 296

Baltic Exchange Supramax Index 5500 (UP 8)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 59884 79

S1B Canakkale Trip Far East 12.5 62523 502

S2 Japan - SK / NOPAC or Australia rv 25 54785 237

S3 Japan - SK Trip Gib - Skaw range 25 53559 227

S4A US Gulf - Skaw-Passero 12.5 78835 -918

S4B Skaw-Passero - US Gulf 12.5 42168 123

Average of the T/C Routes 57512 89