The Baltic Dry index as of 18.sept.07

Daily Summary of Baltic Exchange Dry Indices

18 September 2007

Baltic Exchange Dry Index TM 8313 (UP 17)

Baltic Exchange Capesize Index TM 11168 (UP 96)

Baltic Exchange Panamax Index TM 8588 (DOWN 30)

Baltic Exchange Supramax Index TM 5474 (DOWN 14)

Baltic Exchange Handysize Index TM 2650 (UP 4)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $131275 (UP 1399)

BPI Average of the T/C routes $69529 (DOWN 226)

BSI Average of the T/C routes $57232 (DOWN 152)

BHSI Average of the T/C routes $38612 (UP 56)

Baltic Exchange Capesize Index 11168 (UP 96)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 34.682 0.246

C3 150000mt Tubarao - Beilun/Baoshan 15 69.413 0.850

C4 150000mt Richards Bay - Rotterdam 5 35.591 0.191

C5 150000mt W Australia - Beilun/Baoshan 15 27.336 0.204

C7 150000mt Bolivar - Rotterdam 5 35.427 0.209

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 126023 1455

C9_03 172000mt Continent/Mediterranean trip Far East 5 172896 2438

C10_03 172000mt Pacific RV 20 129850 996

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 96333 708

C12 150000mt Gladstone - Rotterdam 10 47.536 0.004

Average of the T/C Routes 131275 1399

Baltic Exchange Panamax Index 8588 (DOWN 30)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 67076 -812

P2A_03 74000mt SKAW-GIB/FAR EAST 25 70083 -651

P3A_03 74000mt Japan-SK/Pacific/RV 25 73843 234

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 67116 328

Average of the T/C Routes 69529 -226

Baltic Exchange Supramax Index 5474 (DOWN 14)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 59577 -156

S1B Canakkale Trip Far East 12.5 62163 -201

S2 Japan - SK / NOPAC or Australia rv 25 55542 48

S3 Japan - SK Trip Gib - Skaw range 25 54630 177

S4A US Gulf - Skaw-Passero 12.5 73980 -1153

S4B Skaw-Passero - US Gulf 12.5 41795 -153

Average of the T/C Routes 57232 -152

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

S5 W.Africa via ECSA to FarEast 0 62418 -272

S6 Jpn-SK trip via Aus/India 0 55723 105

S7 Trial: EC India - China 0 61642 -508

Baltic Exchange Handysize Index 2650 (UP 4)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 31414 214

HS2 Skaw - Passero trip Boston - Galveston 12.5 31900 214

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 49661 17

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 52450 -190

HS5 SE Asia trip via Australia to Singapore - Japan 25 36843 135

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 34893 -36

Average of the T/C Routes 38612 56