The Baltic Dry Index T/C & Daily Panamax Report 9th October 2007

Subject: T/C & Daily Panamax Report 9th October

Dry cargo fixture summary - 09 October 2007 ==========================

BDI Baltic Dry Index 9860 UP 195
BCI Baltic Capesize Index 14388 UP 378
BPI Baltic Panamax Index 9846 UP 176
BSI Baltic Supramax Index 5978 UP 78
BHSI Baltic Handysize Index 2857 UP 21

Timecharter
-----------
'Princess Katherine' obo 1986 164100 dwt dely Rotterdam spot trip via Brazil
redel China $172000 daily - Chinese chrtr

'Gina Iuliano' 1990 122829 dwt dely Pohang 22/24 Oct trip via Australia
redel Singapore-Japan rge $125000 daily - Constellation

'Pascha' 2006 82574 dwt dely Immingham 20/22 Oct trip via NC South America
redel Sines $80000 daily - Bocimar - <fixed 04/10>

'Iron Brooke' 2007 82191 dwt dely Piombino 15/18 Oct trip via Brazil redel
China $89000 daily - Noble

'Beijing 2008' Hanjin relet newbuilding 82190 dwt dely ex yard Japan 20
Oct/20 Nov 5/6 months trading redel worldwide $86000 daily - Daeyang

'Belo Horizonte' Five Oceans relet 2004 76801 dwt dely Xiamen 1/5 Nov abt
3/4 months trading redel worldwide $83500 daily - CTP

'Yusho Regulus' 2006 76598 dwt - <corrects name from previous report>

'Maritime Christine' 2004 76436 dwt dely Zhoushan 16/18 Oct abt 6 months
trading redel worldwide $82000 daily - cnr - <recent>

'Maritime Hareshio' 2006 75740 dwt dely retro Amsterdam 3 Oct trip via River
Plate redel Far East $79500 daily - Cargill

'Alabanda' 1995 74044 dwt dely Masinloc 13/14 Oct trip redel Japan $95000
daily - NYK

'Ocean Emperor' 1998 74002 dwt - <reported 08/10 the charterer is
Taipower>

'Spar Vega' 1995 73350 dwt dely retro Cape Passero 6 Oct trip via NC South
America redel Skaw-Cape Passero $75750 daily - Armada

'Pole' 1997 73049 dwt dely retro Ghent 7 Oct balance of period 1-28 Feb
2008 redel worldwide $77900 daily - Cargill

'Lansing' ex Baltia TMT relet 1996 73040 dwt dely Antwerp 9 Oct trip via
Brazil redel China int grain $74000 daily - Dong Lin - <fixed end of last
week>

'Pelagia' 1995 71741 dwt dely Worldwide Feb 2008 1 years trading redel
worldwide $70000 daily - Deiulemar

'Yun Tong Hai' 1990 68788 dwt dely Pipavav 20/26 Oct trip via WC India redel
China $72000 daily - cnr

'Lucky Viship' 1981 61754 dwt dely Goa spot trip via EC India redel China
$42000 daily - Seawin Shipping

'Lake Harumi' 2006 55500 dwt dely Karachi 14/16 October trip via India redel
China approx $65000 daily - Metchart

'Fortune Pearl' 1996 45585 dwt dely Tokuyama 11/12 October balance period
until Feb 2008 redel worlswide $61500 daily - Daewoo

'Eirini K' 1996 41712 dwt dely West Africa prompt trip via Conakry redel
Black Sea $51000 daily - Oldendorff

'Sea Mild' 1985 38888 dwt dely Bosphorus spot trip via Black Sea redel India
$45000 daily - Cosmotrade

'Mallika Naree' 1984 23386 dwt dely Piraeus spot trip redel Brazil $24750
daily - Solym Carriers

Coal
----
C.Harmony' CTM relet 1994 140000/10 Richards Bay/Rotterdam 15/30 Nov $50.00
fio scale/25000sc - Cargill