The Baltic index as of 20.sept.07

Daily Summary of Baltic Exchange Dry Indices 20 September 2007

Baltic Exchange Dry Index TM 8619 (UP 190)
Baltic Exchange Capesize Index TM 11770 (UP 288)
Baltic Exchange Panamax Index TM 8978 (UP 314)
Baltic Exchange Supramax Index TM 5474 (UP 8)
Baltic Exchange Handysize Index TM 2685 (UP 26)

Daily Summary of the Baltic Exchange Time Charter Routes Rate($/Day) Change

BCI Average of the T/C routes $138908 (UP 3513)

BPI Average of the T/C routes $72690 (UP 2534)

BSI Average of the T/C routes $57236 (UP 80)

BHSI Average of the T/C routes $39143 (UP 405)

Baltic Exchange Capesize Index 11770 (UP 288)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 36.686 1.000

C3 150000mt Tubarao - Beilun/Baoshan 15 72.438 1.563

C4 150000mt Richards Bay - Rotterdam 5 37.591 1.268

C5 150000mt W Australia - Beilun/Baoshan 15 28.705 0.705

C7 150000mt Bolivar - Rotterdam 5 37.777 1.054

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 135091 4136

C9_03 172000mt Continent/Mediterranean trip Far East 5 183083 4875

C10_03 172000mt Pacific RV 20 137000 3042

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 100458 2000

C12 150000mt Gladstone - Rotterdam 10 49.091 0.786

Average of the T/C Routes 138908 3513

Baltic Exchange Panamax Index 8978 (UP 314)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 70245 2816

P2A_03 74000mt SKAW-GIB/FAR EAST 25 73235 2797

P3A_03 74000mt Japan-SK/Pacific/RV 25 76926 2436

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 70355 2089

Average of the T/C Routes 72690 2534

Baltic Exchange Supramax Index 5474 (UP 8)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 58943 -316

S1B Canakkale Trip Far East 12.5 61588 -266

S2 Japan - SK / NOPAC or Australia rv 25 56290 417

S3 Japan - SK Trip Gib - Skaw range 25 55323 525

S4A US Gulf - Skaw-Passero 12.5 72528 -612

S4B Skaw-Passero - US Gulf 12.5 41600 -55

Average of the T/C Routes 57236 80

Baltic Exchange Handysize Index 2685 (UP 26)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 31771 164

HS2 Skaw - Passero trip Boston - Galveston 12.5 32236 157

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 49833 116

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 52370 0

HS5 SE Asia trip via Australia to Singapore - Japan 25 37775 718

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 35693 686

Average of the T/C Routes 39143 405