The Baltic index as of 9.oct.07

Daily Summary of Baltic Exchange Dry Indices

9 October 2007

Baltic Exchange Dry Index TM 9860 (UP 195)

Baltic Exchange Capesize Index TM 14388 (UP 378)

Baltic Exchange Panamax Index TM 9846 (UP 176)

Baltic Exchange Supramax Index TM 5978 (UP 78)

Baltic Exchange Handysize Index TM 2857 (UP 21)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $172188 (UP 5533)

BPI Average of the T/C routes $79700 (UP 1419)

BSI Average of the T/C routes $62505 (UP 812)

BHSI Average of the T/C routes $41837 (UP 316)

Baltic Exchange Capesize Index 14388 (UP 378)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 45.232 0.891

C3 150000mt Tubarao - Beilun/Baoshan 15 82.250 2.600

C4 150000mt Richards Bay - Rotterdam 5 48.545 2.831

C5 150000mt W Australia - Beilun/Baoshan 15 34.841 0.655

C7 150000mt Bolivar - Rotterdam 5 46.373 1.114

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 178500 3864

C9_03 172000mt Continent/Mediterranean trip Far East 5 216125 11583

C10_03 172000mt Pacific RV 20 171208 2833

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 122917 3850

C12 150000mt Gladstone - Rotterdam 10 56.450 1.668

Average of the T/C Routes 172188 5533

Baltic Exchange Panamax Index 9846 (UP 176)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 77640 1415

P2A_03 74000mt SKAW-GIB/FAR EAST 25 80889 1523

P3A_03 74000mt Japan-SK/Pacific/RV 25 81888 1490

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 78383 1247

Average of the T/C Routes 79700 1419

Baltic Exchange Supramax Index 5978 (UP 78)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 61358 703

S1B Canakkale Trip Far East 12.5 62793 354

S2 Japan - SK / NOPAC or Australia rv 25 61973 646

S3 Japan - SK Trip Gib - Skaw range 25 62138 730

S4A US Gulf - Skaw-Passero 12.5 84686 2408

S4B Skaw-Passero - US Gulf 12.5 42985 280

Average of the T/C Routes 62505 812

Baltic Exchange Handysize Index 2857 (UP 21)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 32000 7

HS2 Skaw - Passero trip Boston - Galveston 12.5 32607 78

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 52333 822

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 54815 935

HS5 SE Asia trip via Australia to Singapore - Japan 25 41500 283

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 39971 58

Average of the T/C Routes 41837 316