The Baltic Dry Index Daily Panamax Report 17th September

Dry cargo fixture summary - 17 September 2007

==========================

BDI Baltic Dry Index 8296 DOWN 6

BCI Baltic Capesize Index 11072 UP 13

BPI Baltic Panamax Index 8618 DOWN 26

BSI Baltic Supramax Index 5488 DOWN 3

BHSI Baltic Handysize Index 2646 DOWN 3

Timecharter

-----------

'Sea Victory' RTS relet 2004 180310 dwt dely Taranto 23/25 Sept

transatlantic round redel Skaw-Cape Passero $123000 daily - SK Shipping

'Anangel Explorer' NCS relet 2007 171927 dwt dely Qingdao 23/25 Sept trip

via West Australia redel China $130000 daily - China Shipping

'Mineral China' Dreyfus relet 2003 171448 dwt dely China mid Oct balance

of period 10/11 months trading redel worldwide $115000 daily -

Constellation

'Navios Asteriks' 2005 76801 dwt dely Ghent 15/16 Sept trip via Baltic

redel UKC $69000 daily - Armada

'Medi Antwerp' 2007 76600 dwt dely Imabari 25/30 Sept trip via NoPac

redel Aden-PMO $73000 daily - Noble

'Pos Glory' 2005 76508 dwt dely Japan 12/22 Oct 4/6 months trading redel

worldwide $74000 daily - Europeans

'Navios Cielo' BHP Billiton relet 2003 75829 dwt dely Southwest Pass

17/19 Sept balance of period Nov/10 Dec 2007 redel worldwide $62000 daily

+ $1.2 million bb - Dreyfus

'Golden Lyderhorn' 1999 74242 dwt dely Kaohsiung 21/24 Sept trip via

Australia redel Singapore-Japan rge $75000 daily - cnr - <recent>

'Elinakos' 1997 73751 dwt dely Huangpu 16/18 Sept 2 years trading redel

worldwide $58000 daily - MBC Shipping

'Carola' 1997 73740 dwt dely Bin Qasim 18/20 Sept trip via Richards Bay

redel India $60000 daily - Armada

'Bulk Cedar' 1998 73322 dwt - <reported 14/07 the business failed>

'Hebei Courage' 1985 obo 70992 dwt dely Corpus Christi 28/30 Sept trip

via US Gulf & PG redel PMO $65000 daily + $1.25 bb - cnr

'Kater Wave' 1989 68601 dwt dely PMO end Sept trip via Richards Bay redel

India $63000 daily - British Marine

'Courage' 1984 66754 dwt dely Taichung 22 Sept/10 Oct trip via Indonesia

redel S.Korea $57000 daily - Chokang

'Marigo' 1981 63284 dwt dely aps Southwest Pass 24/26 Sept trip via E.Med

redel full Med $52500 daily + $800000 bb - Windrose

'Alara K' 2001 52413 dwt dely PMO prompt trip via west coast India redel

China $46000 daily - British Marine

'Medi Cebu' 2002 52239 dwt dely Singapore 28 Sept/7 October 12/14 months

trading redel worldwide approx $56000 daily - Oldendorff

'Belnor' 1996 47369 dwt dely worldwide August/November 2008 5 years

trading redel worldwide approx $25500 daily - Korean charterer

'Sanko Eagle' 1997 27868 dwt dely Qingdao 19/20 Sept 3/5 months trading

redel Far East $38000 daily - Oldendorff

'Lake Aru' 1995 26435 dwt dely Kashima 19/21 Sept trip redel east coast

India $36000 daily - Cargill

'African Wildcat' 1997 26412 dwt dely north China 20/22 Sept trip redel

Japan $39000 daily - cnr

Ore

---

'Bergen Trader' 2000 70000/10 Guaiba/Ghent 25 Sept/10 Oct $40.00 fio 4

days sc - Mittal

Coal

----

'Kang Cheng' 2004 50/55000/10 Queensland/EC India 1/15 October $58.50 fio

1-1 20000sx/10000sx - SAIL