The Baltic index as of 17.sept.07

Daily Summary of Baltic Exchange Dry Indices

17 September 2007

Baltic Exchange Dry Index TM 8296 (DOWN 6)

Baltic Exchange Capesize Index TM 11072 (UP 13)

Baltic Exchange Panamax Index TM 8618 (DOWN 26)

Baltic Exchange Supramax Index TM 5488 (DOWN 3)

Baltic Exchange Handysize Index TM 2646 (DOWN 3)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $129876 (UP 94)

BPI Average of the T/C routes $69755 (DOWN 205)

BSI Average of the T/C routes $57384 (DOWN 34)

BHSI Average of the T/C routes $38556 (DOWN 57)

Baltic Exchange Capesize Index 11072 (UP 13)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 34.436 -0.005

C3 150000mt Tubarao - Beilun/Baoshan 15 68.563 0.167

C4 150000mt Richards Bay - Rotterdam 5 35.400 0.014

C5 150000mt W Australia - Beilun/Baoshan 15 27.132 0.105

C7 150000mt Bolivar - Rotterdam 5 35.218 -0.018

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 124568 23

C9_03 172000mt Continent/Mediterranean trip Far East 5 170458 83

C10_03 172000mt Pacific RV 20 128854 312

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 95625 -42

C12 150000mt Gladstone - Rotterdam 10 47.532 -0.213

Average of the T/C Routes 129876 94

Baltic Exchange Panamax Index 8618 (DOWN 26)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 67888 -583

P2A_03 74000mt SKAW-GIB/FAR EAST 25 70734 -514

P3A_03 74000mt Japan-SK/Pacific/RV 25 73609 -4

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 66788 280

Average of the T/C Routes 69755 -205

Baltic Exchange Supramax Index 5488 (DOWN 3)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 59733 -138

S1B Canakkale Trip Far East 12.5 62364 -63

S2 Japan - SK / NOPAC or Australia rv 25 55494 75

S3 Japan - SK Trip Gib - Skaw range 25 54453 358

S4A US Gulf - Skaw-Passero 12.5 75133 -792

S4B Skaw-Passero - US Gulf 12.5 41948 -145

Average of the T/C Routes 57384 -34

Baltic Exchange Handysize Index 2646 (DOWN 3)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 31200 114

HS2 Skaw - Passero trip Boston - Galveston 12.5 31686 115

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 49644 27

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 52640 -220

HS5 SE Asia trip via Australia to Singapore - Japan 25 36708 -192

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 34929 -57

Average of the T/C Routes 38556 -57