The Baltic Dry Index T/C & Daily Panamax Report 11th Oct

Subject: T/C & Daily Panamax Report 11th October

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

BDI Baltic Dry Index 10513 UP 295
BCI Baltic Capesize Index 15403 UP 445
BPI Baltic Panamax Index 10580 UP 303
BSI Baltic Supramax Index 6337 UP 193
BHSI Baltic Handysize Index 2940 UP 48

Timecharter
-----------
'CHS Magnificence' 2006 173541 dwt - <reported 10/10 $179000 daily based on
N.China redel and $175000 daily basis S.China>

'Shagang Sunrise' 1997 171978 dwt dely Far East Dec 20 months trading redel
worldwide $135000 daily - STX Pan Ocean

'Anangel Explorer' NCS relet 2007 171927 dwt dely Qingdao 25/30 Oct trip via
West Australia redel China $185000 daily - BHP Billiton

'Alpha Era' 2000 170387 dwt dely Far East 7/22 Dec 11/13 months trading
redel worldwide approx $152750 daily - Bunge

'Cape Pioneer' 2005 170012 dwt dely Kokura 17/20 Oct trip via West Australia
redel China $170000 daily - Rio Tinto - <recent>

'Hebei Forest' 1989 149212 dwt dely Far East mid Nov 23/25 months trading
redel worldwide $107000 daily - Hanjin

'Tai Promotion' STX Pan Ocean relet 2004 77834 dwt dely Worldwide Nov/Dec
15/17 months trading redel worldwide $75000 daily - Daebo

'CMB Italia' Cosbulk relet 2005 76620 dwt dely Aden end Oct balance of
period 31/33 months trading redel worldwide $65000 daily - Transfield

'Pos Dignity' STX Pan Ocean relet 2004 76600 dwt dely Mississippi River
3/5 Nov trip via US Gulf redel Aden-PMO rge $90000 daily + $1.5 million bb -
Noble

'Red Rose' Alfred C.Toepfer relet 2006 75949 dwt dely Gibraltar ppt 4/6
months trading redel worldwide $87000 daily - Cargill

'Imperial' 2007 75510 dwt dely S.Korea 19/21 Oct 11/13 months trading redel
worldwide $77000 daily - Navios - <fixed on Monday>

'Austin' 1995 75229 dwt dely Qingdao 14/17 Oct trip via West Australia redel
China $80000 daily - BHP Billiton - <recent>

'Pearl of Jebel Ali' 2002 75157 dwt dely PMO 17/20 Oct trip via WC India
redel Far East $77500 daily - cnr

'Carl Mesem' 1999 73965 dwt - <reported 10/10 the charterer is
SafeFixing>

'Carola' 1997 73740 dwt dely Mundra 20/22 Oct trip via Richards Bay redel
India $80000 daily - Armada

'Protefs' 2004 73630 dwt dely Cape Passero 18/21 Oct balance of period 22
Feb/22 Mar redel worldwide $85000 daily - Azure

'Armia Krajowa' 1991 73505 dwt dely Nordenham 2/5 Nov 4/6 months trading
redel worldwide $82000 daily - cnr

'Szare Szeregi' 1991 73505 dwt - <reported 10/10 the charterer is
Sinochart>

'Endless' 1999 73427 dwt dely Mizushima 19/22 Oct trip via Nopac redel Far
East $88000 daily - Dreyfus - <fixed 09/10>

'Barbara' 1997 73317 dwt dely Cape Passero 28/30 Oct 4/6 months trading
redel worldwide $83000 daily - Cargill

'Silver One' 2000 72917 dwt dely Rizhao 25/31 Oct 11/12 months trading redel
worldwide $77000 daily - Daebo

'Deep Seas' Morgan Stanley relet 1999 72829 dwt dely Aughinish 16/19 Oct
trip via St.Lawrence redel Skaw-Cape Passero $85000 daily - Cargill

'Lopi Z' 1998 71982 dwt dely Far East Jan/Mar 2008 1 years trading redel
worldwide $73000 daily - Norden

'Full Strong' 1994 70171 dwt dely Kaohsiung 21/25 Oct 6/7 months trading
redel worldwide $88000 daily - Dreyfus

'Full Strong' Dreyfus relet 1994 70171 dwt dely Kaohsiung 21/25 Oct 6/7
months trading redel worldwide $91000 daily - Norden

'Jin Pu Hai' 1996 69963 dwt dely Lisbon 3/5 Nov balance of period 1 Nov/1
Dec 2008 redel worldwide $75000 daily - Navios

'Mass Enterprise' 1993 69555 dwt dely aps St.Lawrence 16/20 Oct trip redel
China $75000 daily + $800000 bb - Glory Wealth

'YM Cultivation' 1997 69163 dwt dely Kaohsiung 28/30 Oct 4/6 months trading
redel worldwide $77000 daily - Klaveness

'Morning Cloud' 1983 66754 dwt dely retro Cape Passero 8 Oct trip via EC
South America redel Cape Passero $64000 daily - Noble

'Vinashin Phoenix' 1985 65051 dwt dely Ravenna 13/18 Oct trip via Black Sea
redel Far East $65000 daily - Rich Stone

'Swift Flight' 1983 64583 dwt dely Cape Passero spot trip via US Gulf redel
Skaw-Cape Passero $64500 - WIndrose

'Pearl of Sharjah' 1983 63155 dwt dely PMO 15/20 Oct trip via WC India redel
Far East $59000 daily - cnr

'Consolidator' 2007 58000 dwt - <Business as reported 10/10 failed on
subjects>

'Mimi Selmer' 2005 55711 dwt dely West Coast India 15/18 October trip redel
China $66000 daily - Metchart

'Xiamen Sea' 2004 53800 dwt dely Shanghai 25/30 October balance period
8/9 months trading redel worldwide $66000 daily - cnr

'F.Duckling' 2000 52434 dwt dely Far East 25 October/10 November 12 months
trading redel worldwide $62500 daily - Korean charterer - <corrects
charterer on 10/10 report>

'Santana' 2001 50271 dwt dely Kaoshiung 28/28 October trip via Philippines
redel China $70000 daily - Tongli

'Brother Glory' 1998 46211 dwt dely Annaba 13/17 October 2/4 months trading
redel Atlantic $55000 daily - cnr

'Fatma Ana' 1985 42842 dwt dely USGulf 17/19 October trip redel Med $80000
daily - Armada

'Antarios Breeze' 1984 40501 dwt dely China 15/30 November 2 years trading
redel worldwide approx $38500 daily - cnr

'Ocean Unity' 1984 37672 dwt dely passing Gibraltar 12/14 Oct trip via east
coast South America redel eastern Med $47500 daily - Bunge

'Ocean Glory' 2003 35552 dwt dely Cigading 17/21 Oct trip via West Australia
redel China $53000 daily - Grandview

'Patriot' 2002 31838 dwt dely Tema 15/25 Oct 3/5 months trading redel
worldwide $49500 daily - cnr

Ore
---
'Jean LD' Morgan Stanley relet 2005 160000/10 Port Hedland/Qingdao 25
Oct/5 Nov $36.85 fio scale/25000sc - BHP Billiton

'Orange Trident' 2007 70000/10 Ponta da Madeira/Ghent 25 Oct/8 Nov approx
$44.25 fio 4 days sc - Cetragpa