The Baltic dry index as of 14.sept.07

14 September 2007

Baltic Exchange Dry Index TM 8302 (DOWN 38)

Baltic Exchange Capesize Index TM 11059 (DOWN 92)

Baltic Exchange Panamax Index TM 8644 (DOWN 44)

Baltic Exchange Supramax Index TM 5491 (UP 1)

Baltic Exchange Handysize Index TM 2649 (UP 6)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $129782 (DOWN 1421)

BPI Average of the T/C routes $69960 (DOWN 340)

BSI Average of the T/C routes $57418 (UP 17)

BHSI Average of the T/C routes $38613 (UP 93)

Baltic Exchange Capesize Index 11059 (DOWN 92)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 34.441 -0.282

C3 150000mt Tubarao - Beilun/Baoshan 15 68.396 -0.792

C4 150000mt Richards Bay - Rotterdam 5 35.386 -0.323

C5 150000mt W Australia - Beilun/Baoshan 15 27.027 -0.100

C7 150000mt Bolivar - Rotterdam 5 35.236 -0.259

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 124545 -2205

C9_03 172000mt Continent/Mediterranean trip Far East 5 170375 -2208

C10_03 172000mt Pacific RV 20 128542 -125

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 95667 -1146

C12 150000mt Gladstone - Rotterdam 10 47.745 -0.405

Average of the T/C Routes 129782 -1421

Baltic Exchange Panamax Index 8644 (DOWN 44)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 68471 -712

P2A_03 74000mt SKAW-GIB/FAR EAST 25 71248 -689

P3A_03 74000mt Japan-SK/Pacific/RV 25 73613 -160

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 66508 199

Average of the T/C Routes 69960 -340

Baltic Exchange Handysize Index 2649 (UP 6)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 31086 57

HS2 Skaw - Passero trip Boston - Galveston 12.5 31571 28

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 49617 17

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 52860 25

HS5 SE Asia trip via Australia to Singapore - Japan 25 36900 164

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 34986 147

Average of the T/C Routes 38613 93

Baltic Exchange Supramax Index 5491 (UP 1)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 59871 -18

S1B Canakkale Trip Far East 12.5 62427 -146

S2 Japan - SK / NOPAC or Australia rv 25 55419 284

S3 Japan - SK Trip Gib - Skaw range 25 54095 540

S4A US Gulf - Skaw-Passero 12.5 75925 -1288

S4B Skaw-Passero - US Gulf 12.5 42093 -59

Average of the T/C Routes 57418 17

The route(s) below do not form part of the index calculation

S5 W.Africa via ECSA to FarEast 0 63039 -261

S6 Jpn-SK trip via Aus/India 0 55384 523

S7 Trial: EC India - China 0 62369 -143