The Baltic Dry Index T/C & Daily Panamax Report 25th Oct

Subject: T/C & Daily Panamax Report 25th October

Dry cargo fixture summary - 25 October 2007 ==========================

BDI Baltic Dry Index 10994 UP 10
BCI Baltic Capesize Index 15403 DOWN 84
BPI Baltic Panamax Index 11347 UP 90
BSI Baltic Supramax Index 6891 UP 19
BHSI Baltic Handysize Index 3232 UP 8

Timecharter
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'Antonis Angelicoussis' 2007 178000 dwt dely ex yard SWS 6/10 November trip
via west Australia redel China $186000 daily - BHP-Billiton

'Peace Blossom' 1987 149000 dwt dely Xiamen 7/10 Nov trip via west Australia
redel China $155000 daily - Glory Wealth

'Yasa Neslihan' 2005 82849 dwt dely Taiwan 1/5 Nov trip via Indonesia redel
Japan $110000 daily - Japanese chrtrs

'Ore Hansa' 2006 82295 dwt dely Chiba 5/10 Nov 3/4 months trading redel
worldwide $105000 daily - STX Pan Ocean

'Double Prosperity' 2005 76633 dwt dely Brazil end Oct trip with iron ore
redel China $85000 + $1.5 million bb - Glory Wealth

'Priscilla Venture' 2008 76000 dwt dely worldwide Feb/Mar 2008 12/13 months
trading redel worldwide $80000 daily - Blystaad

'Navios Hyperion' 2004 75707 dwt dely passing Passero 23 Oct 2 laden legs
first leg via EC South America redel Far East $90000 daily - cnr

'Seattle Trader' 2000 75600 dwt dely Kohsichang 27/29 Oct trip via Port
Hedland redel south of Shanghai approx $112000 daily if redel Shanghai or
north approx $120000 daily - BHP Billiton

'Atlantic Eagle' 2001 74086 dwt dely India 1/5 Nov trip via west coast India
redel China $95000 daily - Chokang

'Gertrud Salamon' 2000 74078 dwt dely worldwide Nov07/Jan 08 9/10 months
trading redel worldwide $82500 daily - Armada

'Lowlands Sumida' 1998 72493 dwt dely Goa 8/15 Nov trip via west coast India
redel China approx $99500 daily - Indian chrtrs

'Triton Lark' 2005 56025 dwt dely West Africa 4/11 November trip via East
Coast South America redel Singapore-Japan $80000 daily - Korean charterer

'Aquitania' 2006 55932 dwt dely Kandla 5/12 November trip redel China approx
$77500 daily - cnr

'Avra' 2004 53806 dwt dely Worldwide Nov/Dec 2007 18/20 months trading redel
worldwide $68000 daily - Korean charterer

'Stella Maris' 2007 52454 dwt dely Altamira 29 Oct/5 Nov trip via USGulf
redel Portugal $90000 daily - Noble

'Mystras' Transfield relet 2001 48377 dwt dely Tonda 27/28 October 3/4
months trading redel worldwide $73000 daily - BHP Billiton

'Jin Qiang' 1998 47324 dwt dely Gijon retro 19 October trip via USGulf redel
Singapore-Japan $62000 daily - Korean charterer

'Jian Qiang' Hanjin relet 1996 46807 dwt dely Zhanjiagang 27/30 October
4/5 months trading redel worldwide approx $69500 daily - cnr

'Dorine' 1998 41488 dwt dely Mississippi River 27/30 October trip redel
Spain approx $69500 daily - Transgrain

'Tassos N' 1986 41343 dwt dely Portbury spot trip via UK redel Egyptian Med
$65000 daily - Norton

'Maritime Peace' 1983 26384 dwt dely Casablanca 1/5 November trip via East
Coast South America redel Singapore-Japan $34750 daily - Cargill

Ore
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'STX Pan Ocean TBN' 170000/10 Tubarao/Kwangyang 17 Nov/1 Dec $83.74 fio
scale/60000 - Posco

Coal
----
'Tai Shan' 160000/10 Port Hedland/Qingdao 15/30 Nov $38.50 fio scale/30000sc
- BHP-Billiton

Misc
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'DS Manatee' 2002 25000/10 Pet Coke USGulf/Dublin 29/31 October approx
$75.00 fio 12000sc/9000sc - Irish Cement