The Baltic Dry Index T/C report 11/09/07

Dry cargo fixture summary - 11 September 2007 ==========================

BDI Baltic Dry Index 8468 DOWN 9
BCI Baltic Capesize Index 11508 DOWN 18
BPI Baltic Panamax Index 8798 DOWN 80
BSI Baltic Supramax Index 5492 UP 39
BHSI Baltic Handysize Index 2602 UP 26

Timecharter
-----------
'China Progress' 2006 175000 dwt dely Beliun trip via West Australia redel
Japan $130000 daily - NYK - <corrects the name of ship from 10/09>

'CE-Duke' 170085 dwt dely Qingdao 6/8 Sept trip via Brazil redel China
$125000 daily - cnr

'Pacific Vitality' Daiichi relet 165794 dwt dely Zhangjiang 25/27 Sept trip
via West Australia redel China $130000 daily - BHP Billiton

'Dong-A Ares' 1994 151000 dwt dely Immingham 30 Sept/2 Oct transatlantic
round redel Skaw-Cape Passero $121000 daily - Hanjin

'Rizzo-Bottiglieri-De Carlini TBN' newbuilding 87500 dwt dely ex yard Hudong
Zhonghua Shanghai July/Dec 2010 5 years trading redel worldwide $30000 daily
- Glory Wealth

'Betis' 2004 76801 dwt dely Skaw-Cape Passero 20 Oct/20 Nov 15/18 months or
14/16 months trading chop redel worldwide $70000 daily - Transbulk

'Dolce' 2007 76662 dwt dely Italy 25/30 Sept 11/13 months trading redel
worldwide $70000 daily - cnr

'Star of Nippon' Giuseppe Bottiglieri relet 2004 75845 dwt dely retro Cape
Passero 7 Sept balance of period up to 10/31 Dec 2007 redel worldwide $74500
daily - Golden Ocean

'Ever Mighty' Aquavita relet 1996 75265 dwt dely Quebec 17/24 Sept trip
redel Far East $70000 daily + $830000 bb - Pacific Bulk Shipping - <fixed
last week>

'Ocean Emperor' 1998 74002 dwt dely Bin Qasim 15/16 Sept trip via WC Inida
redel China $57000 daily - cnr

'Maratha Messenger' 1995 71252 dwt dely psg Aden 13/20 Sept trip via WC
India redel China $52000 daily - NCS

'Trident Endeavour' 1990 68500 dwt dely Kaohsiung 15/17 Sept trip via
Geraldton redel China $74000 daily - Brade Carriers

'Thrasyvoulos V' Sinochart relet 1994 66904 dwt dely US Gulf 26/27 Sept trip
via Egypt redel Cape Passero $61000 daily + $1.25 million gbb - TMT

'Honesty Ocean' 1997 47240 dwt dely North China 20/30 Sept 20/30 Sept 2
years trading redel worldwide approx $47000 daily - Hanjin

'Eugenia B' 1998 46750 dwt dely East Med spot trip via Black Sea redel
Indian Ocean approx $65000 daily - CNR

'Bossclip Trader' 2006 30634 dwt dely Marmara 23/25 Sept two/three laden
legs redel Atlantic $41000 daily - Copenship

'Full City' 1995 26758 dwt dely Zhoushan 23/25 Sept 4/6 months trading redel
worldwide approx $37000 daily - STX Pan Ocean

Ore
---
'CIC Elli S' option 'Ocean Shine' Cosco Hong Kong relet 150000/10 Ubu/Beilun
& Nantong 5/15 Oct $66.75 fio scale/30000sc - Avonwin - <corrects from 10/09
report and business fixed 05/09>

'Cosco Hong Kong TBN' / - <reported 10/09 to Nanjing Steel the rate reported
is incorrect and was understood in excess of $73.00>

Coal
----
'Imperial Spirit' 2005 50/52000/5 coking coal Queensland/Visakhapatnam 10/20
Oct $54.25 20000 shex uu/7000 shex eiu - VSP