The Baltic index as of 4.oct.07

Daily Summary of Baltic Exchange Dry Indices

4 October 2007

Baltic Exchange Dry Index TM 9513 (DOWN 48)

Baltic Exchange Capesize Index TM 13678 (DOWN 305)

Baltic Exchange Panamax Index TM 9614 (UP 69)

Baltic Exchange Supramax Index TM 5803 (UP 62)

Baltic Exchange Handysize Index TM 2811 (UP 12)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $161055 (DOWN 4643)

BPI Average of the T/C routes $77811 (UP 566)

BSI Average of the T/C routes $60676 (UP 648)

BHSI Average of the T/C routes $41138 (UP 170)

Baltic Exchange Capesize Index 13678 (DOWN 305)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 43.627 -0.464

C3 150000mt Tubarao - Beilun/Baoshan 15 77.904 -0.973

C4 150000mt Richards Bay - Rotterdam 5 43.386 -0.414

C5 150000mt W Australia - Beilun/Baoshan 15 33.682 -0.832

C7 150000mt Bolivar - Rotterdam 5 44.764 -0.595

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 169909 -3018

C9_03 172000mt Continent/Mediterranean trip Far East 5 193292 -6708

C10_03 172000mt Pacific RV 20 164875 -5898

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 116146 -2945

C12 150000mt Gladstone - Rotterdam 10 54.073 -0.602

Average of the T/C Routes 161055 -4643

Baltic Exchange Panamax Index 9614 (UP 69)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 76345 200

P2A_03 74000mt SKAW-GIB/FAR EAST 25 79353 618

P3A_03 74000mt Japan-SK/Pacific/RV 25 79479 624

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 76068 823

Average of the T/C Routes 77811 566

Baltic Exchange Supramax Index 5803 (UP 62)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 59966 475

S1B Canakkale Trip Far East 12.5 62152 250

S2 Japan - SK / NOPAC or Australia rv 25 60562 381

S3 Japan - SK Trip Gib - Skaw range 25 60900 711

S4A US Gulf - Skaw-Passero 12.5 77975 2127

S4B Skaw-Passero - US Gulf 12.5 42391 146

Average of the T/C Routes 60676 648

The route(s) below do not form part of the index calculation

S5 W.Africa via ECSA to FarEast 0 62441 577

S6 Jpn-SK trip via Aus/India 0 61405 412

S7 Trial: EC India - China 0 61856 121

Baltic Exchange Handysize Index 2811 (UP 12)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 31743 157

HS2 Skaw - Passero trip Boston - Galveston 12.5 32479 122

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 51144 177

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 53570 225

HS5 SE Asia trip via Australia to Singapore - Japan 25 40757 207

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 39325 132

Average of the T/C Routes 41138 170