The Baltic Dry Index TC 12/09/2007

Dry cargo fixture summary - 12 September 2007 ==========================

BDI Baltic Dry Index 8421 DOWN 41
BCI Baltic Capesize Index 11363 DOWN 145
BPI Baltic Panamax Index 8761 DOWN 37
BSI Baltic Supramax Index 5500 UP 8
BHSI Baltic Handysize Index 2620 UP 18

Timecharter
-----------
'Private' Transfield relet newbuilding 177000 dwt dely ex yard Waigaoqiao
20/25 Sept 2 years trading redel worldwide $108000 daily - STX Pan Ocean

'CSK Beilun' 1999 172561 dwt dely Worldwide Jan/Mar 2008 12 months trading
redel worldwide $110000 daily - Norden - <fixed 05/09>

'Front Rider' obo 1992 168178 dwt dely Rotterdam 25/28 Sept transatlantic
round redel Skaw-Cape Passero $125000 daily - SK Shipping

'Anangel Pride' 1993 161600 dwt dely Worldwide Dec 2007 5 years trading
redel worldwide $60000 daily - Rio Tinto

'Oinoussian Lady' 2004 76600 dwt dely Sakaide 14/16 Sept trip via
Indonesia redel Malaysia $70000 daily - PCL

'Ernst Salamon' 1999 74002 dwt dely Chiba end Sept 4/6 months trading
redel worldwide approx $75000 daily - Oldendorff

'Bremen Max' 1993 73503 dwt dely Zhanjiang 19/21 Sept trip via Indonesia
redel South Korea $73000 daily - Daebo

'Great Glory' 1997 73251 dwt dely China 26 Sept/16 Oct 11/13 months
trading redel worldwide $68000 - OBS

'Fu Hua' 1997 72437 dwt dely Kaohsiung 16/18 Sept trip via Indonesia
redel S.Korea $71500 daily - OBS

'Azure' 1982 64200 dwt dely retro Cape Passero 5 Sept trip via EC South
America redel USWC $63000 daily - Western Bulk Carriers

'Katrine Star' 2005 55838 dwt dely Key West 15/20 September trip via
USGulf redel Med $72000 daily - Armada

'Captain George 2' 1994 52370 dwt dely Qingdao 18/22 September 2 years
trading redel worldwide approx $40000 daily - Dooyang

'Saga Spray' 1994 47029 dwt dely Jacksonville 14/16 September min 50 max
75-100 days trading approx $55000 daily - Eitzen

'Talent' 1996 47000 dwt dely Xingang spot about 3/5 months trading redel
worldwide approx $56000 daily - BHP Billiton

'Enterprise' Pacific Basin relet 2000 45572 dwt dely Longkou 20/25
September trip redel Paradip $52000 daily - KW Bulkers

'Enterprise' 2000 45572 dwt dely Longkou 20/25 September 2 laden legs
redel Singapore-Japan $48500 daily - Pacific Basin

ORE
---
'TBN' 70000/10 Tubarao/Ghent 14/29 Sept $41.00 fio 4 days sc - Mittal

COAL
----
'TBN' 70000/10 Hampton Roads/Port Talbot 23/30 Sept $29.50 fio 5 days sc -
Corus