The Baltic Dry Index as of 28.nov.07

Subject: index as of 28.nov.07

Daily Summary of Baltic Exchange Dry Indices

28 November 2007

Baltic Exchange Dry Index TM 9922 (UP 25)

Baltic Exchange Capesize Index TM 14755 (UP 137)

Baltic Exchange Panamax Index TM 9670 (UP 20)

Baltic Exchange Supramax Index TM 5946 (DOWN 54)

Baltic Exchange Handysize Index TM 2909 (DOWN 18)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $172369 (UP 1602)

BPI Average of the T/C routes $78103 (UP 153)

BSI Average of the T/C routes $62170 (DOWN 571)

BHSI Average of the T/C routes $42676 (DOWN 257)

Baltic Exchange Capesize Index 14755 (UP 137)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 48.082 -0.208

C3 150000mt Tubarao - Beilun/Baoshan 15 89.529 0.334

C4 150000mt Richards Bay - Rotterdam 5 45.386 -0.104

C5 150000mt W Australia - Beilun/Baoshan 15 35.818 0.803

C7 150000mt Bolivar - Rotterdam 5 49.336 -0.299

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 178227 -723

C9_03 172000mt Continent/Mediterranean trip Far East 5 225750 1659

C10_03 172000mt Pacific RV 20 170042 4406

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 115458 1067

C12 150000mt Gladstone - Rotterdam 10 60.364 0.299

Average of the T/C Routes 172369 1602

Baltic Exchange Panamax Index 9670 (UP 20)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 81495 532

P2A_03 74000mt SKAW-GIB/FAR EAST 25 85476 378

P3A_03 74000mt Japan-SK/Pacific/RV 25 73396 -116

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 72044 -182

Average of the T/C Routes 78103 153

Baltic Exchange Supramax Index 5946 (DOWN 54)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 70627 -178

S1B Canakkale Trip Far East 12.5 67069 -210

S2 Japan - SK / NOPAC or Australia rv 25 57662 -869

S3 Japan - SK Trip Gib - Skaw range 25 54611 -671

S4A US Gulf - Skaw-Passero 12.5 90108 -825

S4B Skaw-Passero - US Gulf 12.5 45014 -272

Average of the T/C Routes 62170 -571

Baltic Exchange Handysize Index 2909 (DOWN 18)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 31321 -322

HS2 Skaw - Passero trip Boston - Galveston 12.5 30936 -314

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 59072 -345

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 60080 -320

HS5 SE Asia trip via Australia to Singapore - Japan 25 40564 -222

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 39436 -157

Average of the T/C Routes 42676 -257

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 28/11/2007

The Daily Fixtures Report - 28/11/2007
-------------------------

BDI 9922 UP 25
BCI 14755 UP 137
BPI 9670 UP 20
BSI 5946 DOWN 54
BHSI 2909 DOWN 18

TIMECHARTER
'Mineral Monaco' Transfield relet 2005 180363 dwt dely Xingang 30 Nov trip
via West Australia redel China $180000 daily - BHP Billiton 'Nord Steel'
2007 180237 dwt dely Shanghai 23/25 Nov trip via Australia redel China
$169500 daily - Constellation 'Lowlands Phoenix' 2004 177036 dwt dely
Dunkirk 15/17 Dec 2 laden legs redel Atlantic $170000 option if 2nd leg
redel Far East $195000 daily - Oldendorff -

'A.Duckling' 1992 175075 dwt dely China 27 Dec/4 Jan 2 laden legs redel
Singapore-Japan rge $142000 daily - BHP Billiton 'Heng Shan' 2006 175000 dwt
dely Far East January 2008 1 years trading redel worldwide $150000 daily -
cnr 'Ocean Crescent' 2007 174222 dwt dely retro Gijon 24 Nov transatlantic
round redel Skaw-Cape Passero $170000 daily - Hanjin 'Channel Alliance'
Shagang relet 1996 171978 dwt dely Rizhao 9/11 Dec trip via West Australia
redel China $166000 daily - BHP Billiton 'Thalassini NIki' 2005 170800 dwt
dely Kwangyang 7/9 Dec trip via West Australia redel China $169000 daily -
RTS 'Maritime Christine' 2004 76423 dwt dely psg Gibraltar 28/29 Nov trip
via USEC redel Continent $81000 daily - Constellation 'Navios Cielo' 2003
75289 dwt dely Mariveles 9/10 Dec 1 years trading redel worldwide $74000
daily - Chokang 'Giovanna Iuliano' 1997 75265 dwt dely Shekou 29/30 Nov
trip via EC Australia redel Japan $70000 daily - NYK 'Samjohn Amity' CTP
relet 1998 74761 dwt dely Gdansk 30 Nov trip via Murmansk redel UKC $85000
daily - Transfield 'Angelic Grace' 2001 74750 dwt dely Hamburg 4/6 Dec
trip via Baltic redel China int ferts $85000 daily - Panoceanic 'Banzai'
2002 74222 dwt dely Ghent 4/6 Dec trip via Rouen & PG redel PMO $89000
daily - Glencore 'Yong Feng' 2001 74131 dwt dely Shanghai 1/3 Dec trip via
NoPac redel Singapore-Japan rge $75000 daily - Sinotrans Vancouver 'Cos Joy'
2001 74073 dwt dely Hamburg 1/10 Dec trip via Continent & Saudi Arabia
redel Aden-PMO $88500 daily - Glencore 'Great Jade' 1997 73192 dwt dely
retro Cartagena 25 Nov trip via Seven Islands redel Ijmuiden $80000 daily -
Corus 'Island Globe' 1995 73119 dwt dely retro Cape Passero 23 Nov 2/3
laden legs redel worldwide approx $75000 daily - Dreyfus 'Hanjin New
Orleans' 1994 70337 dwt dely Haldia 27 Nov/3 Dec trip via EC India redel
China $70000 daily - Uniwell Nanjing 'Far Eastern Express' 1992 69310 dwt
dely PMO 5/10 Dec trip via Goa redel China $72000 daily - Brownstone 'Josco
Taizhou' 2005 55561 dwt dely Shanghai spot trip via China redel
Mediterranean $53000 daily - Refined Success 'Bi Kan' 2001 52068 dwt dely
Magdalla 30 Nov/5 Dec trip redel China $61000 daily - cnr 'Falcon' 2001
50296 dwt dely Fangcheng 3/5 December trip via Indonesia redel East Coast
India $50000 daily - Armada 'Glen Mooar' 1998 46570 dwt dely Cebu 28 Nov/2
Dec trip via Australia redel Cont approx $55000 daily - Oldendorff 'Ikan
Altamira' 1985 42489 dwt dely Karachi spot trip via South Africa redel
Pakistan $46000 daily - Shadab
'Steel Glory' 1984 39345 dwt dely retro Rotterdam 22 November trip
via USGulf
redel Med-cont $50000 daily - Bunge
'Bulk Pacific' 1981 39245 dwt dely Annaba 2/6 December trip via USGulf
redel Lebanon $51000 daily - Energy - 'Fesco Marina' 2004 33733 dwt dely
Paranagua 15/25 December trip via R.Plate redel South Africa $65000 daily -
Dreyfus

ORE
'STX Pan Ocean TBN' 190000/10 Port Hedland/Kwangyang and/or Pohang 5/14 Dec
$33.50 fio 95000sc/60000sc - POSCO

COAL
'Rubin Phoenix' 1997 150000/10 Richards Bay/Rotterdam 8/20 Dec approx $45.00
fio scale/25000sc - EdF
'C.Harmony' 1994 / - Cetragpa not RGL>

The Baltic index as of 27.Nov.07

Subject: index as of 27.Nov.07

Daily Summary of Baltic Exchange Dry Indices

27 November 2007

Baltic Exchange Dry Index TM 9897 (DOWN 106)

Baltic Exchange Capesize Index TM 14618 (DOWN 77)

Baltic Exchange Panamax Index TM 9650 (DOWN 162)

Baltic Exchange Supramax Index TM 6000 (DOWN 97)

Baltic Exchange Handysize Index TM 2927 (DOWN 19)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $170767 (DOWN 1311)

BPI Average of the T/C routes $77950 (DOWN 1307)

BSI Average of the T/C routes $62741 (DOWN 1009)

BHSI Average of the T/C routes $42933 (DOWN 269)

Baltic Exchange Capesize Index 14618 (DOWN 77)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 48.290 -0.615

C3 150000mt Tubarao - Beilun/Baoshan 15 89.195 -1.238

C4 150000mt Richards Bay - Rotterdam 5 45.490 -1.078

C5 150000mt W Australia - Beilun/Baoshan 15 35.015 0.251

C7 150000mt Bolivar - Rotterdam 5 49.635 -0.447

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 178950 -3505

C9_03 172000mt Continent/Mediterranean trip Far East 5 224091 -2326

C10_03 172000mt Pacific RV 20 165636 2094

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 114391 -1509

C12 150000mt Gladstone - Rotterdam 10 60.065 -0.312

Average of the T/C Routes 170767 -1311

Baltic Exchange Panamax Index 9650 (DOWN 162)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 80963 -1449

P2A_03 74000mt SKAW-GIB/FAR EAST 25 85098 -1305

P3A_03 74000mt Japan-SK/Pacific/RV 25 73512 -1138

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 72226 -1337

Average of the T/C Routes 77950 -1307

Baltic Exchange Supramax Index 6000 (DOWN 97)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 70805 -295

S1B Canakkale Trip Far East 12.5 67279 -382

S2 Japan - SK / NOPAC or Australia rv 25 58531 -1473

S3 Japan - SK Trip Gib - Skaw range 25 55282 -1421

S4A US Gulf - Skaw-Passero 12.5 90933 -1034

S4B Skaw-Passero - US Gulf 12.5 45286 -574

Average of the T/C Routes 62741 -1009

Baltic Exchange Handysize Index 2927 (DOWN 19)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 31643 -271

HS2 Skaw - Passero trip Boston - Galveston 12.5 31250 -214

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 59417 -344

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 60400 -480

HS5 SE Asia trip via Australia to Singapore - Japan 25 40786 -278

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 39593 -143

Average of the T/C Routes 42933 -269

The Baltic index as of 27.Nov.07

Subject: index as of 27.Nov.07

Daily Summary of Baltic Exchange Dry Indices

27 November 2007

Baltic Exchange Dry Index TM 9897 (DOWN 106)

Baltic Exchange Capesize Index TM 14618 (DOWN 77)

Baltic Exchange Panamax Index TM 9650 (DOWN 162)

Baltic Exchange Supramax Index TM 6000 (DOWN 97)

Baltic Exchange Handysize Index TM 2927 (DOWN 19)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $170767 (DOWN 1311)

BPI Average of the T/C routes $77950 (DOWN 1307)

BSI Average of the T/C routes $62741 (DOWN 1009)

BHSI Average of the T/C routes $42933 (DOWN 269)

Baltic Exchange Capesize Index 14618 (DOWN 77)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 48.290 -0.615

C3 150000mt Tubarao - Beilun/Baoshan 15 89.195 -1.238

C4 150000mt Richards Bay - Rotterdam 5 45.490 -1.078

C5 150000mt W Australia - Beilun/Baoshan 15 35.015 0.251

C7 150000mt Bolivar - Rotterdam 5 49.635 -0.447

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 178950 -3505

C9_03 172000mt Continent/Mediterranean trip Far East 5 224091 -2326

C10_03 172000mt Pacific RV 20 165636 2094

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 114391 -1509

C12 150000mt Gladstone - Rotterdam 10 60.065 -0.312

Average of the T/C Routes 170767 -1311

Baltic Exchange Panamax Index 9650 (DOWN 162)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 80963 -1449

P2A_03 74000mt SKAW-GIB/FAR EAST 25 85098 -1305

P3A_03 74000mt Japan-SK/Pacific/RV 25 73512 -1138

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 72226 -1337

Average of the T/C Routes 77950 -1307

Baltic Exchange Supramax Index 6000 (DOWN 97)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 70805 -295

S1B Canakkale Trip Far East 12.5 67279 -382

S2 Japan - SK / NOPAC or Australia rv 25 58531 -1473

S3 Japan - SK Trip Gib - Skaw range 25 55282 -1421

S4A US Gulf - Skaw-Passero 12.5 90933 -1034

S4B Skaw-Passero - US Gulf 12.5 45286 -574

Average of the T/C Routes 62741 -1009

Baltic Exchange Handysize Index 2927 (DOWN 19)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 31643 -271

HS2 Skaw - Passero trip Boston - Galveston 12.5 31250 -214

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 59417 -344

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 60400 -480

HS5 SE Asia trip via Australia to Singapore - Japan 25 40786 -278

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 39593 -143

Average of the T/C Routes 42933 -269

THE BALTIC DRY INDEX - 27 NOVEMBER 2007

The Daily Fixtures Report - 27/11/2007
-------------------------

BDI 9897 DOWN 106
BCI 14618 DOWN 77
BPI 9650 DOWN 162
BSI 6000 DOWN 97
BHSI 2927 DOWN 19

TIMECHARTER
'Anangel Explorer' Crownland relet 2007 171927 dwt dely Shanghai 30 Nov
4/6
months trading redel worldwide $169000 daily - BHP Billiton 'Martha' 1994
149782 dwt dely Kaohsiung 4/11 Dec trip via EC Australia redel S.Korea
$150000 daily - Constellation 'Tai Promotion' 2004 77834 dwt dely Shanghai
spot trip via Weipa redel China $72000 daily - cnr 'Yasa Unity' 2006 75621
dwt dely Kaohsiung 1/3 Dec 2 laden legs redel Singapore-Japan rge $76000
daily - Norden 'Imperial' 2007 75510 dwt dely Nanjing 1/3 Dec 2 laden legs
redel Singapore-Japan rge $72000 daily - Norden 'Tian Song Feng' 2000 74271
dwt dely Goa 1/7 Dec trip redel China $80000 daily
- Brownstone
'Ocean Baron' 2002 74193 dwt dely Gibraltar spot trip via EC South America
redel Singapore-Japan 82000 daily - TMT 'Rodon Amarandon' 2001 74090 dwt
dely Rotterdam 2/3 Dec trip via US Gulf & Iran redel PMO $83900 daily -
Cargill 'Sagarkiran' 1995 73350 dwt dely Rotterdam 6/8 Dec trip via
Continent redel Aden-PMO $85500 daily - Glencore 'Caravos Horizon' 1985
68438 dwt dely Kandla 27 Nov/3 Dec trip via Red Sea redel China $62000
daily - cnr 'Turnberry Glory' 1987 67232 dwt dely Porto Torres 24/26 Nov
trip via US Gulf & Med redel Cape Passero $69500 daily - Armada 'Sea Link'
Bunge relet 1981 65015 dwt dely Brake spot trip via Corpus Christi redel
Continent int grain $61000 daily - Alfred C.Toepfer 'Giovanni Della Gatta'
1987 64796 dwt dely Cape Passero 29 Nov/5 Dec trip via US Gulf & Iraq redel
PMO $70500 daily - BBT 'Yasa Ilhan' 2007 55518 dwt dely Chiba 1/7 December
3/5 months trading redel worldwide $69000 daily - Glory Wealth 'Tigris' 2003
52454 dwt dely South China spot 3/5 months trading redel worldwide $63000
daily - Oldendorff 'VOC Galaxy' 2002 51201 dwt dely Tianjin spot 3/4 months
trading redel worldwide $62000 daily - Cetragpa 'Gulf Sieb' 1986 obo 48263
dwt dely retroactive Amsterdam about 21 Nov trip via US Gulf redel Cont/Med
$50000 daily - cnr
'Otello Manship' 1985 42172 dwt - subjects>
'Bulk Pacific' 1981 39245 dwt dely Annaba 2/6 December trip via US Gulf
redel Lebanon $47000 daily - Energy 'Mathawee Naree' 1996 28364 dwt dely
Mizushima 26/30 Nov trip via Nopac redel Far East $41000 daily - Allied

ORE
'Vogecarrier' Cargill relet 1996 160000/10 Ponta da Madeira/Qingdao 10/20
Dec
$86.07 fio scale/30000sc - RGL (Chinese chrtr) 'C.Harmony' 1994 150000/10
Ponta da Madeira/Qingdao 1/15 Jan $88.50 fio scale/30000sc - RGL (Chinese
chrtr) 'Navios Orbiter' 2004 70000/10 Goa/Constanza 28 Nov/3 Dec $38.50 fio
20000sc/20000sc - CTP

COAL
'Aigaion' 2004 160000/10 Richards Bay/Rotterdam mid Dec $44.00 fio
scale/25000sc
- Swiss Marine
'Intrepid Resolute' 1982 130000/10 Newcastle/Mailiao 20/30 Dec $40.50 fio
35000sc/35000sc - Formosa Plastics 'TBN' 70000/10 Drummond/Sines 20/29 Dec
$43.50 fio 22500sc/30000sc - Portline

GRAIN
'Zenobia' 1984 20000/10 sbm 53/54 cft Up River/Algeria 7/14 Dec $100.50 fio
8000sx/4000 sc - Cargill

The Baltic Dry index as of 26.nov.07

Daily Summary of Baltic Exchange Dry Indices

26 November 2007

Baltic Exchange Dry Index TM 10003 (DOWN 145)

Baltic Exchange Capesize Index TM 14695 (DOWN 178)

Baltic Exchange Panamax Index TM 9812 (DOWN 185)

Baltic Exchange Supramax Index TM 6097 (DOWN 108)

Baltic Exchange Handysize Index TM 2946 (DOWN 13)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $172078 (DOWN 2504)

BPI Average of the T/C routes $79257 (DOWN 1505)

BSI Average of the T/C routes $63750 (DOWN 1135)

BHSI Average of the T/C routes $43202 (DOWN 165)

Baltic Exchange Capesize Index 14695 (DOWN 178)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 48.905 -0.577

C3 150000mt Tubarao - Beilun/Baoshan 15 90.433 -1.221

C4 150000mt Richards Bay - Rotterdam 5 46.568 -0.387

C5 150000mt W Australia - Beilun/Baoshan 15 34.764 -0.304

C7 150000mt Bolivar - Rotterdam 5 50.082 -0.627

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 182455 -3500

C9_03 172000mt Continent/Mediterranean trip Far East 5 226417 -3375

C10_03 172000mt Pacific RV 20 163542 -1750

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 115900 -1392

C12 150000mt Gladstone - Rotterdam 10 60.377 -0.232

Average of the T/C Routes 172078 -2504

Baltic Exchange Panamax Index 9812 (DOWN 185)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 82412 -1329

P2A_03 74000mt SKAW-GIB/FAR EAST 25 86403 -1597

P3A_03 74000mt Japan-SK/Pacific/RV 25 74650 -1511

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 73563 -1584

Average of the T/C Routes 79257 -1505

Baltic Exchange Handysize Index 2946 (DOWN 13)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 31914 -350

HS2 Skaw - Passero trip Boston - Galveston 12.5 31464 -357

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 59761 -222

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 60880 -335

HS5 SE Asia trip via Australia to Singapore - Japan 25 41064 56

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 39736 -81

Average of the T/C Routes 43202 -165

Baltic Exchange Supramax Index 6097 (DOWN 108)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 71100 -278

S1B Canakkale Trip Far East 12.5 67661 -484

S2 Japan - SK / NOPAC or Australia rv 25 60004 -1369

S3 Japan - SK Trip Gib - Skaw range 25 56703 -2286

S4A US Gulf - Skaw-Passero 12.5 91967 -639

S4B Skaw-Passero - US Gulf 12.5 45860 -368

Average of the T/C Routes 63750 -1135

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

S5 W.Africa via ECSA to FarEast 0 74165 -138

S6 Jpn-SK trip via Aus/India 0 61178 -1522

S7 Trial: EC India - China 0 61381 -1464

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 26/11/07

The Daily Fixtures Report 26/11/2007

BDI 10003 DOWN 145
BCI 14695 DOWN 178
BPI  9812 DOWN 185
BSI  6097 DOWN 108
BHSI 2946 DOWN  13

TIMECHARTER
'Antonis Angelicoussis' Louis Dreyfus relet 2007 177000 dwt  dely Qingdao 1/6
Dec 4/6 months trading redel worldwide $171500 daily - STX Pan Ocean -  21/11>
'Prem Veena' TMT relet 2007 82459 dwt  dely Liverpool 27/29 Nov  trip via Brazil
redel China $86000 daily - cnr
'Atlantic Horizon' 2006 75709 dwt  dely US Gulf 5/10 Dec  trip redel Far East
$89000 daily + $1.4 million bb - cnr
'Birthday' 1993 71504 dwt  dely Onahama 7/9 Dec  trip via NoPac & Iraq redel PMO
$85500 daily - Golden Ocean
'Scenery Sea' 1991 69356 dwt  dely Piombino 9/11 Dec balance of period until
1/31 Dec 2008 redel worldwide $66000 daily - cnr
'Smart 1' 1982 64854 dwt  dely US Gulf 5/10 Dec  redel Skaw-Cape Passero $65000
daily + $1.3 million bb - Windrose
'Giovanni Della Gatta' 1987 64801 dwt  dely Cape Passero 29 Nov/5 Dec  trip via
USG & Iraq redel PMO $70500 daily - BBT
'La Donna I' Industrial Carriers relet 1983 63880 dwt  dely Rotterdam spot  trip
via Continent & Saudi Arabia redel Aden-PMO $81000 daily - Dreyfus
'Madonna 3' 2007 53000 dwt  dely Illigan spot  trip redel Pakistan $68000 daily
- Shadab - 
'Pacific Victory' 2001 52394 dwt  dely Japan spot  trip via Nopac redel
India-Japan $62500 daily - Canpotex
'Alberto Topic' 1991 43473 dwt  dely retro Bilbao 14 November   T/A round voyage
via North Coast South America redel UKCont-Med $61500 daily - WBC -  rate and trip description of report of 22/11>
'Otello Manship' 1985 42172 dwt  dely Point Lisas 1/5 December  trip redel
South-East Asia $65000 daily + $1000000 bb - Arcelor Mittal
'Swift Split' 1982 28000 dwt  dely Constanza 26 Nov/2 Dec trip redel USGulf
$27000 daily - cnr - 
'Southgate' 1982 25300 dwt  dely Lagos 1/10 Dec Transatlantic round 2 laden legs
redel Atlantic $37000 daily - cnr

ORE
'Morgiana' NCS relet 1988 170000/0 Port Hedland/Qingdao 5/15 Dec $35.00 fio
scale/25000sc - BHP Billiton

COAL
'Ariana' Transfield relet 2005 65000/10 Bontang/Koper 5/11 Dec $51.50 fio
30000sc/15000sc - Enel

The Baltic Dry index as of 23.nov.07

Subject: index as of 23.nov.07

Daily Summary of Baltic Exchange Dry Indices

23 November 2007

Baltic Exchange Dry Index TM 10148 (DOWN 180)

Baltic Exchange Capesize Index TM 14873 (DOWN 212)

Baltic Exchange Panamax Index TM 9997 (DOWN 180)

Baltic Exchange Supramax Index TM 6205 (DOWN 177)

Baltic Exchange Handysize Index TM 2959 (DOWN 37)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $174582 (DOWN 3633)

BPI Average of the T/C routes $80762 (DOWN 1457)

BSI Average of the T/C routes $64885 (DOWN 1843)

BHSI Average of the T/C routes $43367 (DOWN 552)

Baltic Exchange Capesize Index 14873 (DOWN 212)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 49.482 -0.586

C3 150000mt Tubarao - Beilun/Baoshan 15 91.654 -0.725

C4 150000mt Richards Bay - Rotterdam 5 46.955 -0.386

C5 150000mt W Australia - Beilun/Baoshan 15 35.068 -0.268

C7 150000mt Bolivar - Rotterdam 5 50.709 -0.559

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 185955 -4181

C9_03 172000mt Continent/Mediterranean trip Far East 5 229792 -4725

C10_03 172000mt Pacific RV 20 165292 -2666

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 117292 -2958

C12 150000mt Gladstone - Rotterdam 10 60.609 -0.664

Average of the T/C Routes 174582 -3633

Baltic Exchange Panamax Index 9997 (DOWN 180)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 83741 -1144

P2A_03 74000mt SKAW-GIB/FAR EAST 25 88000 -1443

P3A_03 74000mt Japan-SK/Pacific/RV 25 76161 -1487

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 75147 -1756

Average of the T/C Routes 80762 -1457

Baltic Exchange Supramax Index 6205 (DOWN 177)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 71378 -381

S1B Canakkale Trip Far East 12.5 68145 -411

S2 Japan - SK / NOPAC or Australia rv 25 61373 -1965

S3 Japan - SK Trip Gib - Skaw range 25 58989 -4325

S4A US Gulf - Skaw-Passero 12.5 92606 -792

S4B Skaw-Passero - US Gulf 12.5 46228 -583

Average of the T/C Routes 64885 -1843

Baltic Exchange Handysize Index 2959 (DOWN 37)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 32264 -436

HS2 Skaw - Passero trip Boston - Galveston 12.5 31821 -443

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 59983 -180

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 61215 -552

HS5 SE Asia trip via Australia to Singapore - Japan 25 41008 -724

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 39817 -679

Average of the T/C Routes 43367 -552

The Baltic Dry Index T/C 23.nov.07

Dry cargo fixture summary - 23 November 2007

==========================

BDI Baltic Dry Index 10148 DOWN 180

BCI Baltic Capesize Index 14873 DOWN 212

BPI Baltic Panamax Index 9997 DOWN 180

BSI Baltic Supramax Index 6205 DOWN 177

BHSI Baltic Handysize Index 2959 DOWN 37

Timecharter

------------

'Bulk Hong Kong' Transfield relet 2006 180230 dwt - <reported 22/11 the

rate should read $167000 daily if S.China option $170000 daily N.China>

'Tian Bao Hai' 2004 175000 dwt dely China 25/30 Nov trip via Tanjung Bara

& Hadera redel Cape Passero $115000 daily - SK Shipping

'Gorius' BHP Billiton relet 2004 171320 dwt dely Port Kembla 13/14 Dec

trip via Esperance redel China $170000 daily + $3.00 million bb -

Sinoeast

'Occam's Razor' 1981 144348 dwt - <redel should read China>

'Eurydice D' 1985 140532 dwt dely Qingdao 26/30 Nov trip via EC Australia

redel S.Korea $135000 daily - Constellation

'Filomena L' 2003 76629 dwt dely Zhanjiagang 23/25 Nov trip via NoPac

redel Singapore-Japan rge $75000 daily - Dreyfus

'Laconia' 1987 68158 dwt dely Lanshan 23/25 Nov trip redel Skaw-Cape

Passero $63000 daily - Cargill

'Stoikos' Cargill relet 1985 67359 dwt dely PMO 28/30 Nov trip via WC

India redel China $57000 daily - Brownstone

'Port Mouton' 2006 53299 dwt dely Caofedian 25/26 November trip via Cebu

redel Teneriffe $53000 daily - Oldendorff

'Madonna 3' 2007 53000 dwt dely Illigan spot trip via Indonesia redel

Pakistan $65000 daily - Shadab

'Christos' 1983 41502 dwt dely Tartous 28 Nov/5 Dec 2 laden legs redel

Atlantic $52000 daily - Oldendorff

'Sea Mild' 1985 38888 dwt dely Mumbai 25/29 November trip redel China

$35000 daily - Uniwell

'Giorgis Milas' 1984 37725 dwt dely Egypt Med 1/5 Dec 2/3 laden legs

redel Atlantic $45000 daily - Custodia

'Split' 1982 28000 dwt dely Constanza 26 Nov/2 Dec trip redel USGulf

$27000 daily - cnr

Ore

---

'Mineral Kyoto' 2004 160000/10 Dampier/Qingdao 10/20 Dec $35.50 fio

scale/25000sc - Rio Tinto

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 23/11/07

The Daily Fixtures Report - 23/11/2007
-------------------------

BDI 10148 DOWN 180
BCI 14873 DOWN 212
BPI 9997 DOWN 180
BSI 6205 DOWN 177
BHSI 2959 DOWN 37

TIMECHARTER
'Bulk Hong Kong' Transfield relet 2006 180230 dwt - rate should
read $167000 daily if S.China option $170000 daily N.China> 'Tian Bao Hai'
2004 175000 dwt dely China 25/30 Nov trip via Tanjung Bara & Hadera redel
Cape Passero $115000 daily - SK Shipping 'Gorius' BHP Billiton relet 2004
171320 dwt dely Port Kembla 13/14 Dec trip via Esperance redel China
$170000 daily + $3.00 million bb - Sinoeast
'Occam's Razor' 1981 144348 dwt -
'Eurydice D' 1985 140532 dwt dely Qingdao 26/30 Nov trip via EC Australia
redel S.Korea $135000 daily - Constellation 'Filomena L' 2003 76629 dwt
dely Zhanjiagang 23/25 Nov trip via NoPac redel Singapore-Japan rge $75000
daily - Dreyfus 'Laconia' 1987 68158 dwt dely Lanshan 23/25 Nov trip redel
Skaw-Cape Passero $63000 daily - Cargill 'Stoikos' Cargill relet 1985 67359
dwt dely PMO 28/30 Nov trip via WC India redel China $57000 daily -
Brownstone 'Jewel 1' 1983 65403 dwt dely Inchon 28 Nov/4 Dec trip via
NoPac redel southeast Asia $60000 daily - cnr 'Port Mouton' 2006 53299 dwt
dely Caofedian 25/26 November trip via Cebu redel Teneriffe $53000 daily -
Oldendorff 'Madonna 3' 2007 53000 dwt dely Illigan spot trip via Indonesia
redel Pakistan $65000 daily - Shadab 'Christos' 1983 41502 dwt dely Tartous
28 Nov/5 Dec 2 laden legs redel Atlantic $52000 daily - Oldendorff 'Sea
Mild' 1985 38888 dwt dely Mumbai 25/29 November trip redel China $35000
daily - Uniwell 'Giorgis Milas' 1984 37725 dwt dely Egypt Med 1/5 Dec 2/3
laden legs redel Atlantic $45000 daily - Custodia 'Split' 1982 28000 dwt
dely Constanza 26 Nov/2 Dec trip redel USGulf $27000 daily - cnr

ORE
'Mineral Kyoto' 2004 160000/10 Dampier/Qingdao 10/20 Dec $35.50 fio
scale/25000sc - Rio Tinto

THE BALTIC DRY DAILY FIXTURES REPORT 22/11/07

The Daily Fixtures Report - 22/11/2007
-------------------------

BDI 10328 DOWN 189
BCI 15085 DOWN 416
BPI 10177 DOWN 73
BSI 6382 DOWN 115
BHSI 2996 DOWN 29

TIMECHARTER
'Bulk Hong Kong' Transfield relet 2006 180230 dwt dely Shanghai 5/6 Dec
trip via West Australia redel China $167000 daily - BHP Billiton 'Genco
London' 2007 177000 dwt dely Caofeidian 26/28 Nov trip via Richards Bay
redel Skaw-Cape Passero $107000 daily - Swiss Marine 'Occam's Razor' 1981
144348 dwt dely Qingdao 6/15 Jan trip via Indonesia redel Japan $61000
daily - Winning 'Filomena Lembo' 2006 82790 dwt dely Qingdao 25/30 Nov 4/6
months trading redel worldwide $85000 daily - cnr 'London 2012' 2007 82790
dwt dely ex yard Tsuneishi 25/30 Nov trip via NoPac redel Continent int
coal $82500 daily - Daeyang 'Te Ho' 2004 77834 dwt dely Taiwan 1/5 Dec
trip via Indonesia redel Spain $77000 daily - cnr 'Nirefs' 2001 75300 dwt
dely Sines 29/30 Nov trip via Tubarao redel Amsterdam $87000 daily -
Cargill 'Big Sky' Rizzo-Bottiglieri-De Carlini Armatori relet 1994 74269 dwt
dely Piombino 25/29 Nov 2/3 laden legs redel Atlantic $85500 daily option
redel Aden-Japan rge $87500 daily - D'Amato 'Boreal' 2002 74222 dwt dely
Kosichang 22/24 Nov 2 laden legs redel worldwide $75000 daily - Daebo 'Ocean
Emperor' TPC Korea relet 1998 74002 dwt dely Tachibana 1/10 Dec
3/5
months trading redel worldwide $87000 daily - 'K' Line 'Theotokos' 1984
71242 dwt dely S.China end Nov/ely Dec trip via Indonesia redel S.Korea
$60000 daily - Chokang 'Fen Jin Hai' 1995 69857 dwt dely Lumut 28 Nov/5 Dec
trip via Indonesia redel Japan $83500 daily - Shinwa 'Hebei Diamond' 1984
66786 dwt dely Mundra 24/29 Nov trip via Goa redel Singapore-Japan rge
$65000 daily - Million Miles 'Dalior' 2005 55257 dwt dely Port Harcourt 25
Nov/5 Dec trip via East Coast South America redel Bangladesh $77000 daily -
JKI 'Imperial Spirit' 2005 53350 dwt dely Visakhaptnam 25 Nov/5 Dec trip
redel China $60000 daily - Uniwell 'Young Spring' 2002 53023 dwt dely
Taiwan 1/7 December trip via Australia redel Continent $57000 daily -
Oldendorff 'Azizi' 2001 52544 dwt dely Finland 29 Nov/5 Dec 3/5 months
trading redel worldwide $70000 daily - Oldendorff 'Cos Lucky' 2003 52395 dwt
dely Huangpu 23/25 November trip via Taiwan redel West Africa $61000 daily
- cnr 'Kaity L' 2003 50457 dwt dely Lome 30 Nov/5 Dec trip via East Coast
South America redel China $75000 daily - BCI 'Global Ocean' 1997 45572 dwt
dely Huelva spot about 3 months trading redel worldwide $56500 daily -
Oldendorff 'Alberto Topic' 1991 43473 dwt dely retro Bilbao 14 November
transatlantic r/v via USGulf redel UKCont-Med $60000 daily - WBC -
'Majestic' MUR relet 1985 42838 dwt dely Antwerp 24/26 November trip redel
East Med $65000 daily - EMR 'Majestic' 1985 42838 dwt dely Antwerp 24/26
November 3/5 months trading redel worldwide approx $55000 daily - MUR
'Paros' 1997 23983 dwt dely Gibraltar spot trip via UKCont redel East Med
$33000 daily - cnr

ORE
'Front Guider' obo 1991 160000/10 Port Hedland/Qingdao 10/20 Dec $35.00 fio
scale/25000sc - BHP Billiton 'TBN' 75000/10 Nouadhibou/Ijmuiden 3/10 Dec
$26.00 fio 5 days sc - Corus

COAL
'TBN' 70000/10 Mobile/Rotterdam 1/10 Dec $51.00 fio 5 days sc - Cobelfret

The Baltic Dry index as of 21.Nov.07

Subject: index as of 21.Nov.07

Daily Summary of Baltic Exchange Dry Indices

21 November 2007

Baltic Exchange Dry Index TM 10517 (DOWN 130)

Baltic Exchange Capesize Index TM 15501 (DOWN 284)

Baltic Exchange Panamax Index TM 10250 (DOWN 38)

Baltic Exchange Supramax Index TM 6497 (DOWN 90)

Baltic Exchange Handysize Index TM 3025 (DOWN 25)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $183711 (DOWN 3972)

BPI Average of the T/C routes $82829 (DOWN 333)

BSI Average of the T/C routes $67937 (DOWN 940)

BHSI Average of the T/C routes $44335 (DOWN 387)

Baltic Exchange Capesize Index 15501 (DOWN 284)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 51.182 -0.818

C3 150000mt Tubarao - Beilun/Baoshan 15 93.625 -0.900

C4 150000mt Richards Bay - Rotterdam 5 48.386 -0.796

C5 150000mt W Australia - Beilun/Baoshan 15 36.727 -0.796

C7 150000mt Bolivar - Rotterdam 5 52.409 -0.841

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 194636 -3637

C9_03 172000mt Continent/Mediterranean trip Far East 5 240500 -5000

C10_03 172000mt Pacific RV 20 174500 -3875

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 125208 -3375

C12 150000mt Gladstone - Rotterdam 10 62.391 -0.977

Average of the T/C Routes 183711 -3972

Baltic Exchange Panamax Index 10250 (DOWN 38)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 85120 346

P2A_03 74000mt SKAW-GIB/FAR EAST 25 89608 620

P3A_03 74000mt Japan-SK/Pacific/RV 25 78655 -1246

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 77934 -1050

Baltic Exchange Handysize Index 3025 (DOWN 25)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 33021 -236

HS2 Skaw - Passero trip Boston - Galveston 12.5 32679 -250

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 60533 -200

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 62090 -180

HS5 SE Asia trip via Australia to Singapore - Japan 25 42179 -735

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 41000 -379

Average of the T/C Routes 44335 -387

Baltic Exchange Supramax Index 6497 (DOWN 90)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 71943 -89

S1B Canakkale Trip Far East 12.5 68827 -150

S2 Japan - SK / NOPAC or Australia rv 25 65092 -1745

S3 Japan - SK Trip Gib - Skaw range 25 65615 -1458

S4A US Gulf - Skaw-Passero 12.5 94050 -660

S4B Skaw-Passero - US Gulf 12.5 47260 -220

Average of the T/C Routes 67937 -940

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

S5 W.Africa via ECSA to FarEast 0 74878 14

S6 Jpn-SK trip via Aus/India 0 65743 -1352

S7 Trial: EC India - China 0 66058 -1223

THE DAILY FIXTURES REPORT 21/11/07

The Daily Fixtures Report - 21/11/2007
-------------------------

BDI 10517 DOWN 130
BCI 15501 DOWN 284
BPI 10250 DOWN 38
BSI 6497 DOWN 90
BHSI 3025 DOWN 25

TIMECHARTER
'Bulk China' 2005 175971 dwt dely Baoshan 8/12 Dec trip via West Australia
redel China $175000 daily - BHP Billiton 'Pierre LD' 2005 171876 dwt dely
China 20/30 Jan 22/24 months trading redel worldwide $130000 daily - North
China Shipping 'Star Zulu' 1986 170697 dwt dely Lanshan 22/24 Nov trip via
Brazil redel China $150000 daily - Noble 'Pacific Vitality' 1996 165794 dwt
dely Nantong 29/30 Nov trip via Richards Bay redel Continent $113888 daily
- Swiss Marine 'Torm Skagen' 2006 77171 dwt dely Le Havre 28/30 Nov trip
via St.Lawrence redel China $94000 daily - Noble 'Loch Maree' 2004 75845 dwt
dely Nantong 23/27 Nov 70/110 days trading including Seward redel
Singapore-Japan rge $90000 daily - Swiss Marine 'Peppino D'Amato' 2005 75698
dwt dely Nantong 24/26 Nov trip via EC Australia redel Taiwan $75000 daily
- Daebo 'Navios Aurora' 2005 75397 dwt dely El Ferrol 22/26 Nov trip via
EC South America redel China $95000 daily - cnr 'Chorus' 2001 74200 dwt
dely Hamburg 28/30 Nov transtlantic round redel Skaw-Cape Passero $84500
daily - Swiss Marine 'Jiu Long Feng' 2002 73937 dwt dely Kemaman 23/25 Nov
4/6 months trading redel worldwide $88500 daily - BHP Billiton 'Babitonga'
Atlas Bulk Shipping relet 1997 73726 dwt dely N.Spain 24/26 Nov trip via
St.Lawrence redel China $92000 daily - Noble 'Great Bright' 1997 73242 dwt
dely Zhoushan 25/28 Nov 2/3 laden legs redel worldwide $73000 daily - Daebo
'Maikiki' Augustea relet 1997 73049 dwt dely Redcar 2/5 Dec 3/4 months
trading redel worldwide $88000 daily - NYK 'Mass Glory' 1993 69555 dwt dely
Dunkirk 24/27 Nov trip via US Gulf redel China $84000 daily - Cargill
'Dubai Crown' 2005 55338 dwt dely retro Longkou 19 Nov trip via
South-East
Asia redel Singapore-Japan $61000 daily - Uniocean 'Spar Scorpio' 2006 53565
dwt dely Mumbai 23/24 November trip redel China $74000 daily - cnr 'Ocean
Diamond' 2007 53400 dwt dely Surabaya 8/12 December trip via Australia
redel Pakistan $75000 daily - Shadab
'Sinin' 2005 52466 dwt dely retro Jintang 18 November trip via
Indonesia
redel Pakistan $60000 daily - Shadab
'Shipping-Land 6' 1995 45712 dwt dely USGulf 26/30 November trip redel
Singapore-Japan $80000 daily - Raffles 'Halis Kalkavan' 1984 36800 dwt dely
Recalada 29/30 Nov trip via Argentina redel South Africa $59000 + $315000 bb
- Noble 'Pontonostos' 1990 28470 dwt dely Sakata 27/30 Nov 2 laden legs
redel Singapore-Japan range $41000 daily - AWB 'Andre' 1995 27836 dwt dely
Montevideo 29 Nov/5 Dec trip via Argentina redel Algeria $45000 daily +
$650000 - Bunge 'Explorius' 1985 26536 dwt dely Piraeus spot trip redel
Singapore-Japan approx $40500 daily - cnr 'Filitsa' 1996 23709 dwt dely
Zhangjiagang end Nov 2 laden legs 75 days redel Far East $37000 daily - cnr

ORE
'Aliki' Cargill relet 2005 160000/10 Dampier/Qingdao 15/25 Dec $36.00 fio
scale/25000sc - Rio Tinto 'CHS Splendor' 2006 150000/10 Sepetiba/Qingdao
5/15 Dec $95.00 fio scale/25000sc
- TMT
'Yasa Team' CTP relet 2006 75000/10 Ubu/Ijmuiden 3/10 Dec $57.50 per lt fio
5 days sc - Corus

GRAIN
'Papua' 2003 25000/10 wheat Up River/Algeria 32ft 21/28 Nov $97.50 fio 8000
load/6000 discharge - Cargill - Eastern Star' 1997 25000/10 soya beans
Santos/Kaliningrad 29 Nov/3 Dec approx $95.00 7000 shinc load/7000 shinc
discharge - SDG

The Baltic Dry index as of 20.Nov.07

Daily Summary of Baltic Exchange Dry Indices

20 November 2007

Baltic Exchange Dry Index TM 10647 (DOWN 133)

Baltic Exchange Capesize Index TM 15785 (DOWN 330)

Baltic Exchange Panamax Index TM 10288 (DOWN 54)

Baltic Exchange Supramax Index TM 6587 (DOWN 51)

Baltic Exchange Handysize Index TM 3050 (DOWN 12)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $187683 (DOWN 4515)

BPI Average of the T/C routes $83162 (DOWN 471)

BSI Average of the T/C routes $68877 (DOWN 529)

BHSI Average of the T/C routes $44722 (DOWN 171)

Baltic Exchange Capesize Index 15785 (DOWN 330)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 52.000 -1.159

C3 150000mt Tubarao - Beilun/Baoshan 15 94.525 -1.533

C4 150000mt Richards Bay - Rotterdam 5 49.182 -0.877

C5 150000mt W Australia - Beilun/Baoshan 15 37.523 -0.713

C7 150000mt Bolivar - Rotterdam 5 53.250 -1.227

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 198273 -4159

C9_03 172000mt Continent/Mediterranean trip Far East 5 245500 -5917

C10_03 172000mt Pacific RV 20 178375 -4333

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 128583 -3650

C12 150000mt Gladstone - Rotterdam 10 63.368 -0.814

Average of the T/C Routes 187683 -4515

Baltic Exchange Panamax Index 10288 (DOWN 54)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 84774 486

P2A_03 74000mt SKAW-GIB/FAR EAST 25 88988 835

P3A_03 74000mt Japan-SK/Pacific/RV 25 79901 -1578

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 78984 -1627

Average of the T/C Routes 83162 -471

Baltic Exchange Handysize Index 3050 (DOWN 12)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 33257 -136

HS2 Skaw - Passero trip Boston - Galveston 12.5 32929 -135

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 60733 -89

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 62270 -25

HS5 SE Asia trip via Australia to Singapore - Japan 25 42914 -265

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 41379 -228

Average of the T/C Routes 44722 -171

Baltic Exchange Supramax Index 6587 (DOWN 51)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 72032 112

S1B Canakkale Trip Far East 12.5 68977 87

S2 Japan - SK / NOPAC or Australia rv 25 66837 -1090

S3 Japan - SK Trip Gib - Skaw range 25 67073 -1072

S4A US Gulf - Skaw-Passero 12.5 94710 -23

S4B Skaw-Passero - US Gulf 12.5 47480 -81

Average of the T/C Routes 68877 -529

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

S5 W.Africa via ECSA to FarEast 0 74864 96

S6 Jpn-SK trip via Aus/India 0 67095 -791

S7 Trial: EC India - China 0 67281 -794

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 20/11/2007

The Daily Fixtures Report - 20/11/2007
=========================

BDI 10647 DOWN 133
BCI 15785 DOWN 330
BPI 10288 DOWN 54
BSI 6587 DOWN 51
BHSI 3050 DOWN 12

TIMECHARTER
'Fernandina' 2006 174024 dwt - Oct>
'Mineral Noble' 2004 170649 dwt dely aps Richards Bay 27/30 Nov trip redel
Continent $115000 daily + $3.1 million bb - Swiss Marine 'Yasa Pioneer' 2006
82849 dwt dely Xingang 24/26 Nov trip via EC Australia redel India $85000
daily - BBL
'Eleftheria' 2001 76058 dwt - US Gulf>
'Star of Nippon' 2004 75611 dwt dely PMO 21/26 Nov trip Goa redel China
$71500 daily - Brownstone 'Danae' 2005 75348 dwt dely aps NoPac 28 Nov/5
Dec trip redel Singapore-Japan rge $80000 daily + $1.3 million bb - Dreyfus
'Avra' GMI relet 2001 75169 dwt - $90000 daily>
'Ribbon' CTP relet 1998 74522 dwt dely Montoir 24/26 Nov 3/4 months trading
redel worldwide $92500 daily - Norden 'Athina Zafirakis' Cargill relet 2002
74204 dwt dely Labuan 22/26 Nov trip via Philippines redel Japan $87000
daily - NYK 'Beauty Donor' 1997 73763 dwt dely Porto Torres 3/5 Dec
transatlantic round redel Skaw-Cape Passero $82000 daily - cnr
'Happy Day' 1997 71694 dwt - fix for period>
'Triton Swift' 2006 56024 dwt dely Brisbane 8/12 December trip redel
Singapore-Japan approx $70000 daily + approx $700000 bb - cnr - 'Jin Hui'
2000 50733 dwt dely Chennai 23/24 November trip redel China $67000 daily -
Noble 'Yong An 3' 1994 44109 dwt dely Nagoya 20/22 November trip redel
USGulf approx $45000 daily - Daebo 'VOC Progress' 1989 40908 dwt dely Dahej
20/23 November trip redel Singapore-Japan $35000 daily - Uniwell

COAL
'Maritime Lijiang' 2006 72000/5 Port Kembla/EC India 25 Nov/5 Dec $71.00 fio
20000sx /10000sc - SAIL

GRAIN
'Zhe Hai 128' 1985 25000/10 grains abt 53cft 1-2 Up River/1-2 UK/Eire 1/10
Dec $105.00 fio basis 1-2 7 days all purposes - Cargill (recent) 'Papua'
2003 22000/10 wheat Up River/Algeria 32 ft 21/28 Nov $97.50 fio 8000
load/6000 discharge - Cargill (recent)

The Baltic Dry index as of 19.nov.07

Daily Summary of Baltic Exchange Dry Indices

19 November 2007

Baltic Exchange Dry Index TM 10780 (DOWN 90)

Baltic Exchange Capesize Index TM 16115 (DOWN 121)

Baltic Exchange Panamax Index TM 10342 (DOWN 119)

Baltic Exchange Supramax Index TM 6638 (DOWN 52)

Baltic Exchange Handysize Index TM 3062 (DOWN 9)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $192198 (DOWN 1577)

BPI Average of the T/C routes $83633 (DOWN 985)

BSI Average of the T/C routes $69406 (DOWN 550)

BHSI Average of the T/C routes $44893 (DOWN 136)

Baltic Exchange Capesize Index 16115 (DOWN 121)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 53.159 -0.486

C3 150000mt Tubarao - Beilun/Baoshan 15 96.058 -0.105

C4 150000mt Richards Bay - Rotterdam 5 50.059 -0.259

C5 150000mt W Australia - Beilun/Baoshan 15 38.236 -0.409

C7 150000mt Bolivar - Rotterdam 5 54.477 -0.523

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 202432 -977

C9_03 172000mt Continent/Mediterranean trip Far East 5 251417 -2375

C10_03 172000mt Pacific RV 20 182708 -1792

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 132233 -1167

C12 150000mt Gladstone - Rotterdam 10 64.182 -0.600

Average of the T/C Routes 192198 -1577

Baltic Exchange Panamax Index 10342 (DOWN 119)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 84288 -291

P2A_03 74000mt SKAW-GIB/FAR EAST 25 88153 -97

P3A_03 74000mt Japan-SK/Pacific/RV 25 81479 -1696

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 80611 -1856

Average of the T/C Routes 83633 -985

Baltic Exchange Handysize Index 3062 (DOWN 9)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 33393 -50

HS2 Skaw - Passero trip Boston - Galveston 12.5 33064 -107

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 60822 -34

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 62295 23

HS5 SE Asia trip via Australia to Singapore - Japan 25 43179 -128

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 41607 -329

Average of the T/C Routes 44893 -136

Baltic Exchange Supramax Index 6638 (DOWN 52)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 71920 302

S1B Canakkale Trip Far East 12.5 68890 165

S2 Japan - SK / NOPAC or Australia rv 25 67927 -1123

S3 Japan - SK Trip Gib - Skaw range 25 68145 -1257

S4A US Gulf - Skaw-Passero 12.5 94733 -52

S4B Skaw-Passero - US Gulf 12.5 47561 -53

Average of the T/C Routes 69406 -550

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

S5 W.Africa via ECSA to FarEast 0 74768 7

S6 Jpn-SK trip via Aus/India 0 67886 -1244

S7 Trial: EC India - China 0 68075 -1050

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 19/11/07

The Daily Fixtures Report - 19/11/2007
-------------------------

BDI 10780 DOWN 90
BCI 16115 DOWN 121
BPI 10342 DOWN 119
BSI 6638 DOWN 52
BHSI 3062 DOWN 9

TIMECHARTER
'Morgiana' 1988 186001 dwt dely Rizhao 20/30 Nov 5 years trading redel
worldwide averages $67500 daily - North China Shipping
'A.Duckling' 1992 175075 dwt dely Xingang trip via Australia redel
Far East
$148000 daily - Constellation
'Mineral Hong Kong' 2006 175000 dwt dely Cape Passero 25/27 Nov 1 years
trading redel worldwide $170000 daily - Kleimar - 'Fernandina' 2006 174204
dwt dely retro Singapore 8 Nov trip via Brazil redel China $167500 daily -
TMT 'Snowdon' Morgan Stanley relet 1998 170013 dwt dely Atlantic mid Dec 12
months trading redel worldwide $178000 daily - Cosco Qingdao 'CHS Bright'
1995 151053 dwt dely Zhoushan 22/30 Nov trip via Tanjung Bara & Hadera
redel Cape Passero $110000 daily - Swiss Marine 'Bulk Leher' 1992 149532 dwt
dely Hunterston 10/13 Dec transatlantic round voyage redel Skaw-Cape
Passero $180000 daily - SK Shipping 'Eleftheria' 2001 76058 dwt dely
Amsterdam 17/19 Nov trip via US Gulf redel Jorf Lasfar $85000 daily - Swiss
Marine 'Loch Alyn' 2005 75744 dwt dely Zhanjiang spot trip via Indonesia
redel Skaw-Passero range $80000 daily - Swiss Marine 'Yasa Unity' 2006 75580
dwt dely Kaohsiung in dc 28/30 Nov 4/6 months trading redel worldwide
$90000 daily - CTP 'Waikiki' relet 1995 75473 dwt dely US Gulf 1/10 Dec 2/3
laden legs period Mar
2008 redel worldwide $86500 daily + $1.3 million bb - Cargill Filippo Lembo'
1997 75264 dwt dely Shanghai 16/18 Nov trip via Nopac redel Far East $79000
daily - Dreyfus (fixed last week) 'Avra' relet 2001 75169 dwt dely
Rotterdam 27/30 Nov 4/6 months trading redel worldwide $89000 daily - Cosco
Europe 'Majorca' 2005 74364 dwt dely Kaohsiung spot trip via Nopac
redelSingapore-Japan rge int S.China $73000 daily - Cargill 'Guarav Prem'
2005 73901 dwt dely Ghent 24/30 Nov 1/2 laden legs via St.Lawrence or US
Gulf redel Singapore-Japan rge $91000 daily - cnr 'C.Journey' 1995 73095 dwt
dely Immingham 25/27 Nov period up to 5/30 Mar 2008 redel worldwide $89000
daily - United 'Happy Day' 1997 71694 dwt dely Cadiz 18/22 Nov 3/4 months
trading redel worldwde $91000 daily - Transfield 'Talisman' MUR relet 2006
56019 dwt dely Pasir Gudang spot trip redel Continent approx $69000 daily
- Toepfer - 'Moondance 2' 2005 55566 dwt dely Kobe 24/29 November trip via
Nopac redel Singapore-Japan $71250 daily - cnr - corrects rate on report
16/11> 'Ioannis K' 2001 51557 dwt dely East Coast Mexico 5/12 December
trip via USGulf redel Japan $72500 daily + $1000000 bb - Cargill 'Mutsushio'
2002 50363 dwt dely Inchon 21/24 November trip via Arabian Gulf redel PMO
approx $63500 daily - cnr 'Dubai Faith' 1992 45681 dwt dely Zhanjiang 19/20
November trip via Taiwan redel Nigeria $68000 daily - Cargill 'Ji Qing Men'
1984 39365 dwt dely passing Piraeus prompt trip via Black Sea redel
PMO-India range $51000 daily - Cosmotrade 'Chalothorn Naree' 1996 27079 dwt
dely Pasajes 18 Nov 1/2 laden legs redel Atlantic $40000 daily - Atlas

COAL
'Genco London' 2007 160000/10 Roberts Bank/Kwangyang or Pohang 5/15 Dec
$46.25
fio scale/50000sc - POSCO

The Baltic Dry index as of 16.nov.07

Subject: index as of 16.nov.07

Daily Summary of Baltic Exchange Dry Indices

16 November 2007

Baltic Exchange Dry Index TM 10870 (DOWN 68)

Baltic Exchange Capesize Index TM 16236 (DOWN 20)

Baltic Exchange Panamax Index TM 10461 (DOWN 178)

Baltic Exchange Supramax Index TM 6690 (DOWN 34)

Baltic Exchange Handysize Index TM 3071 (UP 4)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $193775 (DOWN 340)

BPI Average of the T/C routes $84618 (DOWN 1473)

BSI Average of the T/C routes $69956 (DOWN 347)

BHSI Average of the T/C routes $45029 (UP 46)

Baltic Exchange Capesize Index 16236 (DOWN 20)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 53.645 0.054

C3 150000mt Tubarao - Beilun/Baoshan 15 96.163 0.288

C4 150000mt Richards Bay - Rotterdam 5 50.318 -0.132

C5 150000mt W Australia - Beilun/Baoshan 15 38.645 -0.023

C7 150000mt Bolivar - Rotterdam 5 55.000 0.095

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 203409 273

C9_03 172000mt Continent/Mediterranean trip Far East 5 253792 767

C10_03 172000mt Pacific RV 20 184500 -1000

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 133400 -1400

C12 150000mt Gladstone - Rotterdam 10 64.782 -0.423

Average of the T/C Routes 193775 -340

Baltic Exchange Panamax Index 10461 (DOWN 178)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 84579 -473

P2A_03 74000mt SKAW-GIB/FAR EAST 25 88250 -363

P3A_03 74000mt Japan-SK/Pacific/RV 25 83175 -2575

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 82467 -2480

Average of the T/C Routes 84618 -1473

Baltic Exchange Handysize Index 3071 (UP 4)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 33443 36

HS2 Skaw - Passero trip Boston - Galveston 12.5 33171 35

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 60856 62

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 62272 117

HS5 SE Asia trip via Australia to Singapore - Japan 25 43307 -14

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 41936 72

Average of the T/C Routes 45029 46

Baltic Exchange Supramax Index 6690 (DOWN 34)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 71618 413

S1B Canakkale Trip Far East 12.5 68725 312

S2 Japan - SK / NOPAC or Australia rv 25 69050 -1113

S3 Japan - SK Trip Gib - Skaw range 25 69402 -975

S4A US Gulf - Skaw-Passero 12.5 94785 480

S4B Skaw-Passero - US Gulf 12.5 47614 191

Average of the T/C Routes 69956 -347

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 16/11/07

The Daily Fixtures Report - 16/11/2007
-------------------------

BDI 10870 (DOWN 68)
BCI 16236 (DOWN 20)
BPI 10461 (DOWN 178)
BSI 6690 (DOWN 34)
BHSI 3071 (UP 4)

TIMECHARTER
'Ina' 2003 176400 dwt dely Yantai 28/30 Nov trip via West Australia redel
China $185000 daily - BHP-Billiton 'Falcon Cape' 1991 151000 dwt dely
Rotterdam 14 Nov trip via Brazil redel China $200000 daily nett - Morgan
Stanley 'Million Trader 11' 2004 76466 dwt dely Baoshan spot trip via Nopac
to the Middle East redel PMO-Aden $75000 daily - cnr 'Navios Sagittarius'
2006 75756 dwt dely Cigading end Nov trip via Indonesia redel Taiwan
$100000 daily - Shinwa 'Spartia' BHP Billiton relet 2000 75115 dwt dely
passing Cape Passero
20/25 Nov trip via Brazil redel China approx $90000 daily - Carbofer
'Trenton' Rizzo Bottiglieri de Carlini Armatori relet1995 71119 dwt dely
Ghent 21/25 Nov trip via Kokkola to Piombino redel passing Cape Passero
$89000 daily - BHP Billiton 'Lamyra' 1983 64879 dwt dely worldwide January
2008 12 months trading redel worldwide $63000 daily - cnr 'Syros' 1981 63325
dwt dely Hamburg 20/25 Nov trip via USGulf to Egypt redel Cape Passero
$62000 daily - Dreyfus 'Galini' 2005 56015 dwt dely Antwerp 6/10 December
trip via USGulf redel Singapore-Japan $75000 daily - Glory Wealth 'Moondance
2' 2005 55566 dwt dely Kobe 24/29 November trip via Nopac redel
Singapore-Japan $71500 daily - Grand Ocean 'Doric Pride' Cargill relet 2001
52428 dwt dely Butterworth 20/22 November trip via South-East Asia redel
Greece $74500 daily - Fortuna 'Selendang Nilam' 1997 47214 dwt dely Qingdao
19/25 Nov trip redel south east Asia $55000 daily - cnr 'Elpis' 1997 46645
dwt dely Rizhao 17/20 November trip via Indonesia redel East Coast India
$61000 daily - cnr 'Enterprise' 2000 45572 dwt dely Lanshan 17/18 November
trip redel East Coast India $52500 daily - cnr 'Yangtze River' 1998 44114
dwt dely Paradip 18/20 November trip redel China $58000 daily - IMR 'Gang
Rui 535' 1996 44000 dwt dely Huangpu 20/25 Nov trip via Nopac redel Far
East $53000 daily - cnr 'Pacific Vigorous' 1993 43354 dwt dely Shanghai
22-26 November trip redel Atlantic approx $60000 daily - cnr

The Baltic Dry index as of 15.nov.07

Daily Summary of Baltic Exchange Dry Indices

15 November 2007

Baltic Exchange Dry Index TM 10938 (DOWN 57)

Baltic Exchange Capesize Index TM 16256 (UP 143)

Baltic Exchange Panamax Index TM 10639 (DOWN 305)

Baltic Exchange Supramax Index TM 6724 (DOWN 37)

Baltic Exchange Handysize Index TM 3067 (UP 9)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $194115 (UP 1804)

BPI Average of the T/C routes $86091 (DOWN 2504)

BSI Average of the T/C routes $70303 (DOWN 386)

BHSI Average of the T/C routes $44983 (UP 154)

Baltic Exchange Capesize Index 16256 (UP 143)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 53.591 0.650

C3 150000mt Tubarao - Beilun/Baoshan 15 95.875 2.042

C4 150000mt Richards Bay - Rotterdam 5 50.450 0.127

C5 150000mt W Australia - Beilun/Baoshan 15 38.668 0.127

C7 150000mt Bolivar - Rotterdam 5 54.905 0.723

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 203136 2818

C9_03 172000mt Continent/Mediterranean trip Far East 5 253025 5108

C10_03 172000mt Pacific RV 20 185500 417

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 134800 -1125

C12 150000mt Gladstone - Rotterdam 10 65.205 -0.413

Average of the T/C Routes 194115 1804

Baltic Exchange Panamax Index 10639 (DOWN 305)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 85052 -1293

P2A_03 74000mt SKAW-GIB/FAR EAST 25 88613 -1275

P3A_03 74000mt Japan-SK/Pacific/RV 25 85750 -3524

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 84947 -3927

Average of the T/C Routes 86091 -2504

Baltic Exchange Handysize Index 3067 (UP 9)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 33407 -86

HS2 Skaw - Passero trip Boston - Galveston 12.5 33136 -57

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 60794 -62

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 62155 -5

HS5 SE Asia trip via Australia to Singapore - Japan 25 43321 450

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 41864 271

Average of the T/C Routes 44983 154

Baltic Exchange Supramax Index 6724 (DOWN 37)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 71205 294

S1B Canakkale Trip Far East 12.5 68413 246

S2 Japan - SK / NOPAC or Australia rv 25 70163 -1108

S3 Japan - SK Trip Gib - Skaw range 25 70377 -1205

S4A US Gulf - Skaw-Passero 12.5 94305 910

S4B Skaw-Passero - US Gulf 12.5 47423 89

Average of the T/C Routes 70303 -386

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

S5 W.Africa via ECSA to FarEast 0 74568 359

S6 Jpn-SK trip via Aus/India 0 70082 -913

S7 Trial: EC India - China 0 69906 -954

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 15/11/07

The Daily Fixtures Report - 15/11/2007
-------------------------

BDI 10938 DOWN 57
BCI 16256 UP 143
BPI 10639 DOWN 305
BSI 6724 DOWN 37
BHSI 3067 UP 9

TIMECHARTER
'Sideris G.S.' 2006 174186 dwt dely Ijmuiden 23/25 Nov transatlantic round
redel Skaw-Cape Passero $200000 daily option redel Far East $250000 daily -
MOSK 'Mineral Water' 1999 169962 dwt dely Wakayama 17/20 Nov trip via
South Africa redel Continent $120000 daily - CTM 'Vogesailor' 1996 164188
dwt dely Rotterdam 20/22 Nov trip via Ponta da Madeira redel Japan $250000
daily - Daiichi 'Dong-A Rhea' 1983 149000 dwt dely Qingdao 23/25 Nov trip
via West Australia redel China $153000 daily - Rio Tinto 'Bergen Trader' TMT
relet 2000 75933 dwt dely Dunkirk 15/16 Nov trip via US Gulf option EC
South America redel China int grain $84000 daily - Bohi - Chinese grain
receiver> 'Danae' 2005 75106 dwt dely Xingang 12/14 Nov 3/5 months trading
redel worldwide $92000 daily - Swiss Marine - 'Maria Salamon' Golden Ocean
relet 2001 74117 dwt dely Nanao 18/20 Nov trip via NoPac redel
Singapore-Japan rge $84000 daily - Dreyfus 'Great Loyalty' Norden relet
73659 dwt dely Porto Vesme 19/21 Nov trip via Brazil redel China $88000
daily - North China Shipping 'Bulk Cedar' 1998 73330 dwt dely Mundra 16/25
Nov trip via WC India redel China $73000 daily - cnr 'Consolidator' 2007
58473 dwt dely Aden 1/5 December trip via South Africa redel India $72000
daily - SSOE 'Darya Brahma' 2006 56056 dwt dely China 18/22 November trip
redel USAC approx $65000 daily - cnr - 'Ikan Suji' 2005 56052 dwt dely
Paradip 21/23 November trip redel China $72500 daily - cnr 'Yasa Gulten'
Cargill relet 2005 55953 dwt dely Fangcheng 20/23 November trip via
Indonesia redel China $75000 daily - Chinese charterer - from report of
14/11> 'Yantian Sea' 1995 44821 dwt dely Singapore spot trip via Indonesia
redel East Coast India approx $68500 daily - Eitzen 'Team Spirit' 1984 37593
dwt dely Key West spot trip via West Coast Central America redel Cristobal
$63000 daily - Pacnav 'Seagate' 1989 28800 dwt dely retro Algiers 8 Nov 2/4
months trading redel Atlantic $42000 daily - Armada 'Duncan Bay' 2006 28414
dwt dely Penang 16/18 Nov trip via West Australia redel south east Asia
$45000 daily - Austbulk 'Sider Blue' 1986 26841 dwt dely Belawan 18/20 Nov
trip via south east Asia redel Mediterranean $41000 daily - Lauritzen

ORE
'Castillo de San Juan' 1990 170000/10 Guaiba/Rotterdam 16/30 Dec $53.50 fio
6 days sc - TKS 'Northgate' 1984 160000/10 Guayacan & Huasco/Qingdao 10/20
Dec $101.50 fio scale/30000sc - Fuchuen

COAL
'Alkaios' 1985 70000/10 Mobile/Eregli 15/24 Dec $70.00 fio 20000sc/15000sc -
AGN Bulk Transport

The Baltic Dry index as of 14.nov.07

Subject: index as of 14.nov.07

Daily Summary of Baltic Exchange Dry Indices

14 November 2007

Baltic Exchange Dry Index TM 10995 (DOWN 44)

Baltic Exchange Capesize Index TM 16113 (UP 164)

Baltic Exchange Panamax Index TM 10944 (DOWN 277)

Baltic Exchange Supramax Index TM 6761 (DOWN 41)

Baltic Exchange Handysize Index TM 3058 (UP 7)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $192311 (UP 1643)

BPI Average of the T/C routes $88595 (DOWN 2279)

BSI Average of the T/C routes $70689 (DOWN 431)

BHSI Average of the T/C routes $44829 (UP 111)

Baltic Exchange Capesize Index 16113 (UP 164)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 52.941 1.027

C3 150000mt Tubarao - Beilun/Baoshan 15 93.833 1.562

C4 150000mt Richards Bay - Rotterdam 5 50.323 0.246

C5 150000mt W Australia - Beilun/Baoshan 15 38.541 0.200

C7 150000mt Bolivar - Rotterdam 5 54.182 0.777

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 200318 2273

C9_03 172000mt Continent/Mediterranean trip Far East 5 247917 2709

C10_03 172000mt Pacific RV 20 185083 1583

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 135925 8

C12 150000mt Gladstone - Rotterdam 10 65.618 -0.018

Average of the T/C Routes 192311 1643

Baltic Exchange Panamax Index 10944 (DOWN 277)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 86345 -831

P2A_03 74000mt SKAW-GIB/FAR EAST 25 89888 -1277

P3A_03 74000mt Japan-SK/Pacific/RV 25 89274 -3357

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 88874 -3650

Average of the T/C Routes 88595 -2279

Baltic Exchange Supramax Index 6761 (DOWN 41)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 70911 -169

S1B Canakkale Trip Far East 12.5 68167 21

S2 Japan - SK / NOPAC or Australia rv 25 71271 -944

S3 Japan - SK Trip Gib - Skaw range 25 71582 -986

S4A US Gulf - Skaw-Passero 12.5 93395 630

S4B Skaw-Passero - US Gulf 12.5 47334 -66

Average of the T/C Routes 70689 -431

Baltic Exchange Handysize Index 3058 (UP 7)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 33493 -14

HS2 Skaw - Passero trip Boston - Galveston 12.5 33193 -21

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 60856 -83

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 62160 -35

HS5 SE Asia trip via Australia to Singapore - Japan 25 42871 292

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 41593 229

Average of the T/C Routes 44829 111

THE BALTIC DRY INDEX THE FIXTURES REPORT 14/11/07

The Daily Fixtures Report - 14/11/2007
-------------------------

BDI 10995 DOWN 44
BCI 16113 UP 164
BPI 10944 DOWN 277
BSI 6761 DOWN 41
BHSI 3058 UP 7

TIMECHARTER
'Great Navigator' Daebo relet 2006 176303 dwt dely China mid Dec 4/6 months
trading redel worldwide $180000 daily - cnr 'Castillo de Catoira' 2005
173854 dwt dely Nagoya 28/30 Nov trip via West Australia redel China
$180000 daily - Chinese
'Nord Tramp' 2001 171199 dwt - Fortescue was $70000 daily but
business done 30 days ago>
'Nord-Kraft' 2000 171199 dwt dely Shanghai 6/8 Dec trip via West Australia
redel China $179000 daily - Rio Tinto - 'Cape Venus' 1996 170480 dwt dely
Shanghai in d/c 6/8 Dec trip via West Australia redel China $190000 daily -
BHP Billiton 'C.Queen' 1994 151300 dwt dely Shanghai 19/21 Nov trip via
West Australia redel China $158000 daily - Rio Tinto 'Ocean Dragon' 1995
151049 dwt dely China 20/22 Nov balance of period
15 Nov
2008-15 Jan 2009 redel worldwide $140000 daily - SK Shipping 'Ruby Indah'
1998 77755 dwt dely retro PMO 10 Nov trip via Richards Bay redel Skaw-Cape
Passero $75000 daily - Swiss Marine 'Rose Atlantic' EdF relet 2005 75734 dwt
dely Cape Passero 18/20 Nov trip via Nouadhibou redel China $88500 daily -
Cargill 'Archon' CTP relet 2001 75100 dwt dely Aughinish 22/28 Nov trip
via USEC redel Skaw-Passero $97000 daily - TME 'Marilena D'Amato' Baumarine
relet 2001 74716 dwt dely Hamburg 15/17 Nov trip via Murmansk redel UKC
$85000 daily - Cargill 'Lilian Z' Norden relet 1999 74400 dwt dely
Immingham 27/30 Nov trip via USEC redel Continent $85000 daily -
Constellation 'Aspendos' 2003 73975 dwt dely El Ferrol 21/25 Nov trip via
Port Cartier & Egypt redel Cape Passero $89000 daily - Pyramid 'Africa
Graeca' 2002 73900 dwt dely Rotterdam 15/17 Nov trip via St.Lawrence redel
China $90000 daily - Fairwind 'Leonardo Lembo' 1997 73900 dwt dely China
2/25 Dec 12/14 months trading redel worldwide $78000 daily - Cosco Oceania
'Global Triumph' Oldendorff relet 1996 72870 dwt dely Aughinish 15/17 Nov
trip via USNH redel Continent int coal $90000 daily - cnr 'Deep Seas' 1999
72829 dwt dely Ghent spot redel St.Lawrence & Egypt redel Cape Passero
$85000 daily - Cargill 'Oinoussian Lion' Cosco America relet 1995 71685 dwt
dely Fangcheng
26/28 Nov 2
laden legs redel Singapore-Japan rge $86000 daily - cnr 'Buenos Aires'
Komrowski relet 1998 71671 dwt dely Jose 22/26 Nov Turkey $87500 daily +
1.25 million bb - Navios 'Great Luck' 1998 71339 dwt dely Gladstone 28/30
Nov trip redel Japan $93000 daily + $1.2 million bb - MOSK 'Hellenic
Breeze' 1993 69601 dwt dely PMO ppt trip via West Australia redel
Singapore-Japan $72000 daily - Noble 'Tobata Max' 1993 69235 dwt dely
Portbury 15/17 Nov trip via US Gulf redel Far East $80000 daily - Glory
Wealth 'Panamax Power' 1982 64900 dwt dely Worldwide Mar/May 2008 3 years
trading redel worldwide $38000 daily - ETA 'Yasa Gulten' 2005 55953 dwt
dely Fangcheng 20/23 November trip via Indonesia redel China $75000 daily -
Cargill 'Jin Yin' 2007 53000 dwt dely ex yard Japan spot trip via
Australia redel Singapore-Japan approx $70000 daily - cnr 'You Liang' 1991
42066 dwt dely Nemrut Bay 20/28 Nov trip via Black Sea to Persian Gulf
redel PMO approx $67500 daily - NYK

ORE
'Front Rider' Worldlink relet 1991 160000/10 Ponta da Madeira/China 25
Nov/5 Dec
$85.00 fio scale/30000sc - TMT -
'Brisbane' SK Shipping relet 1995 150000/10 Sepetiba/Beilun & Baoshan
18/29 Dec
$98.88 fio scale/30000sc - Bao Island
'Cosco Qingdao TBN' 150000/10 Saldanha/Redcar 1/7 Dec approx $50.00 fio
7 days
shinc - Corus
'Cape Falcon' 1993 140000/10 Tubarao/Rotterdam 1/11 Dec $54.00 fio 6 days sc
- Rogesa

GRAIN
'Halandriani' 1980 20000/10 Mobile + Mississippi River/Algeria prompt
$130.00 fiot 6000 load/2500 discharge - Nolis - sbm>

The Baltic Dry index as of 13.nov.07

Subject: index as of 13.nov.07

Daily Summary of Baltic Exchange Dry Indices

13 November 2007

Baltic Exchange Dry Index TM 11039 (UP 44)

Baltic Exchange Capesize Index TM 15949 (UP 289)

Baltic Exchange Panamax Index TM 11221 (DOWN 147)

Baltic Exchange Supramax Index TM 6802 (DOWN 3)

Baltic Exchange Handysize Index TM 3051 (UP 6)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $190668 (UP 2965)

BPI Average of the T/C routes $90874 (DOWN 1209)

BSI Average of the T/C routes $71120 (DOWN 31)

BHSI Average of the T/C routes $44718 (UP 119)

Baltic Exchange Capesize Index 15949 (UP 289)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 51.914 2.346

C3 150000mt Tubarao - Beilun/Baoshan 15 92.271 0.950

C4 150000mt Richards Bay - Rotterdam 5 50.077 0.645

C5 150000mt W Australia - Beilun/Baoshan 15 38.341 0.386

C7 150000mt Bolivar - Rotterdam 5 53.405 2.437

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 198045 4818

C9_03 172000mt Continent/Mediterranean trip Far East 5 245208 2625

C10_03 172000mt Pacific RV 20 183500 2917

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 135917 1500

C12 150000mt Gladstone - Rotterdam 10 65.636 0.322

Average of the T/C Routes 190668 2965

Baltic Exchange Panamax Index 11221 (DOWN 147)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 87176 -503

P2A_03 74000mt SKAW-GIB/FAR EAST 25 91165 -598

P3A_03 74000mt Japan-SK/Pacific/RV 25 92631 -1826

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 92524 -1910

Average of the T/C Routes 90874 -1209

Baltic Exchange Handysize Index 3051 (UP 6)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 33507 -50

HS2 Skaw - Passero trip Boston - Galveston 12.5 33214 -57

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 60939 6

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 62195 -40

HS5 SE Asia trip via Australia to Singapore - Japan 25 42579 393

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 41364 153

Average of the T/C Routes 44718 119

Baltic Exchange Supramax Index 6802 (DOWN 3)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 71080 196

S1B Canakkale Trip Far East 12.5 68146 161

S2 Japan - SK / NOPAC or Australia rv 25 72215 -391

S3 Japan - SK Trip Gib - Skaw range 25 72568 -259

S4A US Gulf - Skaw-Passero 12.5 92765 570

S4B Skaw-Passero - US Gulf 12.5 47400 125

Average of the T/C Routes 71120 -31

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

S5 W.Africa via ECSA to FarEast 0 74052 172

S6 Jpn-SK trip via Aus/India 0 71750 -77

S7 Trial: EC India - China 0 71281 -267

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 13/11/2007

The Daily Fixtures Report - 13/11/2007
-------------------------

BDI 11039 UP 44
BCI 15949 UP 289
BPI 11221 DOWN 147
BSI 6802 DOWN 3
BHSI 3051 UP 6

TIMECHARTER
'C.Utopia' 2007 174000 dwt dely ex yrd Bohai 23/24 Nov 2 years trading
redel worldwide $165000 daily 1st year $120000 daily 2nd year - North China
Shipping 'Nord Tramp' relet 2001 171199 dwt dely Worldwide Apr/June 2008 5
years trading redel worldwide $75000 daily - Fortescue Metals Group -
report> 'Nord Tramp' Fortescue Metals Group relet 2001 171199 dwt dely
Worldwide Apr/June 2008 5 years trading redel worldwide $76650 daily - Glory
Wealth -

'Cape Oceania' 1994 152000 dwt dely Cape Passero 27/28 Nov transatlantic
round redel Skaw-Cape Passero $169000 daily - STX Pan Ocean 'Fernie' 1996
122792 dwt dely Kaohsiung 20/22 Nov trip via EC Australia redel Mailiao
$140000 daily - Cosbulk 'Pontovremon' 2001 76318 dwt dely Bourgas spot
trip via Black Sea redel Far East int ore $93000 daily - cnr 'Austin' Cosco
Hong Kong relet 1995 75473 dwt dely Zhanjiang spot trip via Weipa redel
China $70000 daily - Glory Wealth 'Richmond' 1995 75265 dwt dely Antwerp
21/25 Nov approx 10/11 months trading redel worldwide $80750 daily - Navios
- 'Willi Salamon' 2000 74005 dwt dely Gladstone 30 Nov/5 Dec trip redel
China $95000 daily + $1.3 mllion bb - BHP Billiton 'Flipper' Morgan Stanley
relet 1999 73726 dwt dely Cape Passero 12 Nov
2 laden
legs redel Atlantic $90000 daily - Cargill 'Great Prosperity' 1999 73679 dwt
dely Labuan 27/30 Nov trip via Indonesia redel Hong Kong $100000 daily -
BHP Billiton - 'Armonikos' 1984 61748 dwt dely Stade 12 Nov trip via US
Gulf & Egypt redel Cape Passero $67500 daily - Dreyfus 'Jin Quan' 2002 51104
dwt dely Algeria 20 November/2 December trip via USGulf redel
Singapore-Japan approx $70000 daily - cnr 'Progress 2' 1995 46641 dwt dely
Karachi spot trip via India redel Singapore-Japan approx $60000 daily -
Ikhlas - 'Osios David 2' 1982 23791 dwt dely Poti 13/20 November trip
redel USGulf $26000 daily - cnr

COAL
'SK Shipping TBN' 150000/10 Drummond option Bolivar/ARA 10/25 Dec $55.00 fio
50000sc/25000sc - BHP Billiton 'TBN' 150000/10 Abbot Point/Rotterdam &
Dunkirk east 5/15 Dec $64.00 fio
7 days
sc - Arcelor Mittal

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 12/11/2007

The Daily Fixtures Report - 12/11/2007
--------------------------

BDI 10995 UP 128
BCI 15660 UP 408
BPI 11368 UP 13
BSI 6805 UP 15
BHSI 3045 DOWN 6

TIMECHARTER
'Amber Star' 1986 181884 dwt dely China 20/25 Nov trip via Esperance redel
China $164000 daily - North China Shipping 'Cape Unity' 2007 180000 dwt
dely ex yard Imabari 23 Nov trip via West Australia redel China $178000
daily - BHP Billiton 'CHS Magnificence' 2006 173541 dwt dely Xingang 25/30
Nov trip via West Australia redel China $180000 daily - BHP Billtion 'Mona
Century' 2000 172000 dwt dely Caofeidian 17/19 Nov 6/8 months trading redel
worldwide $175000 daily - Armada 'CIC Elli S' Cosco Hong Kong relet 2003
171448 dwt dely Beilun end Nov trip via Australia redel south of Qingdao
$185000 daily option redel north of Qingdao $190000 daily - BHP Billiton
'Norden TBN' 171000 dwt dely Worldwide Nov 2008/Feb 09 5 years trading
redel worldwide $70000 daily - Fortescue Metals Group 'Fortescue Metals
Group TBN' 171000 dwt dely Worldwide Nov 2008/Feb
2009 5
years trading redel worldwide $75000 daily - Glory Wealth 'Alpa Century' STX
Pan Ocean relet 2000 170415 dwt dely Beilun end Nov trip via West Australia
redel China $185000 daily - BHP Billiton 'Kyla Fortune' 2001 170296 dwt
dely retro Al Jubail 2nd Nov trip via Guaiba redel Japan $190000 daily -
NYK 'Nightflight' 2004 170012 dwt dely Fukuyama 22/24 Nov trip via West
Australia redel China $180000 daily - BHP Billiton 'Bulk Australia' Morgan
Stanley relet 2002 169770 dwt dely Shanghai end Nov trip via West Australia
redel China $180000 daily - BHP Billiton 'Alpha Friendship' 1996 161417 dwt
dely ARA 10/12 Dec transatlantic round redel Skaw-Cape Passero $180000
daily - cnr 'Brisbane' 1995 151066 dwt dely Continent 2/10 Dec 12 months
trading redel worldwide $150000 daily - SK Shipping 'Samsara' 1995 150399
dwt dely retro Caofeidian 7 Nov 12 months trading redel worldwide $140000
daily - SK Shipping 'Cape Africa' 1991 149533 dwt dely Shanghai 25/30 Nov
trip via Newcastle redel Mailiao $150000 daily - BHP Billiton 'Alexandra'
2006 82329 dwt dely Hansaport 14/19 Nov trip via St.Lawrence & Iran redel
PMO $98500 daily - Bunge 'Prabhu Satram' 2004 75949 dwt dely Singapore
10/15 Nov 4/6 months trading redel worldwide $92500 daily - Swiss Marine
'Epson Trader' relet 2001 75933 dwt dely Lianyungang 14/16 Nov balance of
period 110 days redel worldwide $93500 daily - Norden 'Ligari' 2004 75583
dwt dely Taichung 12/16 Nov trip via Australia redel China $95000 daily -
North China Shipping 'Yong Jia' United relet 2001 74823 dwt dely Gijon ppt
trip via Kamsar redel Aughinish $89000 daily - Baumarine 'Rainkiss' 1994
69053 dwt dely Surabaya 23/25 Nov trip via Indonesia redel Japan $104000
daily - MOSK 'Sea Ilex' 1991 66041 dwt dely Vado 10/15 Nov trip via US
Gulf redel Jorf Lasfar int coal $73000 daily - Swiss Marine 'Tenshu Maru'
2004 52454 dwt dely Shanghai spot trip via Philippines redel China $72000
daily - Eastern Ocean 'E.Duckling' 2001 52055 dwt dely Chennai 13/20
November trip redel China $72000 daily - Million Miles - 'Golden Wish' 1997
45719 dwt dely Qingdao retro 6 November trip via Philippines redel China
$60000 daily - Eastern Ocean 'Matira' 1994 45683 dwt dely Japan 13/18
November trip via Nopac redel Singapore-Japan $70000 daily - Dreyfus 'Noni'
1996 44300 dwt dely Tianjin 12/15 November trip via Australia redel
Singapore- Japan $57500 daily - Hanjin
'Paloma C' 1983 37614 dwt dely USgulf spot trip via West Coast Central
America redel Cristobal $60000 daily - Dreyfus Goldenstar' 2001 28383 dwt
dely Casablanca prompt trip via Baltic Sea redel east coast India-Japan
range $42000 daily - cnr 'Doxa' 1983 26978 dwt dely retroactive Greenore
about 5 Nov trip via US east coast redel Morocco $35000 daily - Bunge

COAL
'Pacific Confidence' Oldendorff relet 2004 160000/10 Richards Bay/Rotterdam
15/25 Dec $48.00 fio scale/25000sc - BHP Billiton 'Mineral London' Morgan
Stanley relet 2006 160000/10 Abbot Point/Redcar 17/20 Nov approx $58.00 fio
7 days sc - Corus

The Baltic index as of 9.Nov.07

Subject: index as of 9.Nov.07

Daily Summary of Baltic Exchange Dry Indices

9 November 2007

Baltic Exchange Dry Index TM 10867 (UP 123)

Baltic Exchange Capesize Index TM 15252 (UP 358)

Baltic Exchange Panamax Index TM 11355 (UP 45)

Baltic Exchange Supramax Index TM 6790 (UP 29)

Baltic Exchange Handysize Index TM 3051 (DOWN 19)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $182965 (UP 5019)

BPI Average of the T/C routes $91991 (UP 343)

BSI Average of the T/C routes $70993 (UP 301)

BHSI Average of the T/C routes $44697 (DOWN 290)

Baltic Exchange Capesize Index 15252 (UP 358)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 48.077 2.118

C3 150000mt Tubarao - Beilun/Baoshan 15 90.192 1.792

C4 150000mt Richards Bay - Rotterdam 5 48.805 0.805

C5 150000mt W Australia - Beilun/Baoshan 15 36.877 0.245

C7 150000mt Bolivar - Rotterdam 5 49.241 1.991

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 187818 9909

C9_03 172000mt Continent/Mediterranean trip Far East 5 239167 5750

C10_03 172000mt Pacific RV 20 173167 2209

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 131708 2208

C12 150000mt Gladstone - Rotterdam 10 64.614 0.414

Average of the T/C Routes 182965 5019

Baltic Exchange Panamax Index 11355 (UP 45)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 87143 983

P2A_03 74000mt SKAW-GIB/FAR EAST 25 91538 850

P3A_03 74000mt Japan-SK/Pacific/RV 25 94756 -151

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 94526 -313

Average of the T/C Routes 91991 343

Baltic Exchange Handysize Index 3051 (DOWN 19)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 33714 -57

HS2 Skaw - Passero trip Boston - Galveston 12.5 33443 -43

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 60961 -83

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 62200 -165

HS5 SE Asia trip via Australia to Singapore - Japan 25 42350 -443

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 41279 -542

Average of the T/C Routes 44697 -290

Baltic Exchange Supramax Index 6790 (UP 29)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 70573 368

S1B Canakkale Trip Far East 12.5 67863 263

S2 Japan - SK / NOPAC or Australia rv 25 72677 329

S3 Japan - SK Trip Gib - Skaw range 25 72745 263

S4A US Gulf - Skaw-Passero 12.5 91505 500

S4B Skaw-Passero - US Gulf 12.5 47159 95

Average of the T/C Routes 70993 301

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

S5 W.Africa via ECSA to FarEast 0 73595 134

S6 Jpn-SK trip via Aus/India 0 71900 91

S7 Trial: EC India - China 0 71708 79

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 09/11/2007

The Daily Fixtures Report - 09/11/2007
-------------------------

BDI 10867 UP 123
BCI 15252 UP 358
BPI 11355 UP 45
BSI 6790 UP 29
BHSI 3051 DOWN 19

TIMECHARTER
'Great Navigator' STX Pan Ocean relet 2006 176303 dwt dely Mizushima
17/19 Nov
trip via West Australia redel China $170250 daily - RTS 'CSK Beilun' 1999
172561 dwt dely Qingdao 17/19 Nov trip via Australia redel Japan $170000
daily - 'K' Line 'Manasota' 2004 171061 dwt dely retro Zhanjiang 6 Nov
trip via Brazil redel China $175000 daily - cnr 'Constantia' Cargill relet
1996 171039 dwt dely Carboneras 17/19 Nov trip via Bolivar redel Sines
$187500 daily option redel Skaw-Cape Passero $202500 daily - CTM 'Pascha'
2006 82800 dwt dely Sines 20/22 Nov trip via Brazil redel Spain $98000
daily - Elcano 'Anna' 1999 75592 dwt dely Baoshan 20/25 Nov 5/6 months
trading redel worldwide $96000 daily - cnr 'Dione' 2001 75172 dwt dely
Skaw-Cape Passero Jan 2008 11/13 months trading redel worldwide $82000 daily
- Shagang 'Samjohn Amity' 1998 74744 dwt dely ex drydock Gdansk 25/28 Nov 6
months trading redel worldwide $94000 daily - CTP 'Fujian' 1997 74500 dwt
dely Valencia 17/18 Nov trip via Brazil redel China $96000 daily - Brade
Carriers 'F.D.Salvatore Pollo' Aquavita relet 2007 74405 dwt dely SW Pass
end Nov redel Skaw-Cape Passero $90000 daily + $1.35 million bb - STX Pan
Ocean 'Padre' 2004 73601 dwt dely aps Port Kembla 7/8 Nov 4/6 months
trading redel worldwide $92000 daily + $1000000 bb - 'K' Line - 'Bremen Max'
1993 73503 dwt dely Dangjin 27/29 Nov balance of period 5
May/4
June 2008 redel worldwide $95500 daily - Norden 'Silver One' 2000 72917 dwt
dely Lumut 18/19 Nov 5.5/6.5 months trading redel worldwide $95500 daily -
Norden 'Marbella' 2000 72561 dwt dely Skaw in d/c 13/14 Nov 11/12 months
trading redel worldwide $82500 daily - Cobelfret 'Theoflylaktos' 1999 72500
dwt dely Fukuyama 17/19 Nov trip via Roberts Bank & Taranto redel Cape
Passero $90000 daily - Deuilemar 'Vogevoyager' 1996 72171 dwt dely
Zhanjiang 10/15 Nov trip via Indonesia redel Spain $90000 daily - Dreyfus
'Esna' 1998 71571 dwt dely Shanghai 20/25 Nov trip via NoPac redel
Singapore-Japan rge $87500 daily - Cargill - 'Paragon' 1995 71250 dwt dely
Cape Passero 11/12 Nov trip via US Gulf & Israel redel Cape Passero $85500
daily - Cargill 'Mass Merit' 1993 69620 dwt dely SW Pass 10/15 Nov trip
via Egypt redel Cape Passero $85000 daily + $1.3 million - NNC 'Bianco Dan'
2004 55628 dwt dely Longkou 11/13 November trip via Australia redel
Singapore-Japan approx $74000 daily - cnr 'Fratzis Star' 2005 53533 dwt
dely Rizhao 14/16 November trip via Philippines redel China $71500 daily -
Eastern Ocean 'Marylisa V' 2003 52174 dwt dely Bremen retro 8 November
trip via USGulf redel Singapore-Japan $71000 daily - Korea Line 'Ken Sirius'
2003 50337 dwt dely Lazero Cardenas 20/28 November trip redel
Singapore-Japan approx $75000 daily + approx $825000 bb - cnr 'Lion' 1986
40826 dwt dely Nueva Palmira 20/25 Nov trip redel Cont/Med $52000 daily +
$800000 bb - Noble 'Originator' 1985 38594 dwt dely Zhoushan 13/19 Nov trip
via China redel Cont/Med $50000 daily - Hawknet - 'Silverstar' 1999 31762
dwt dely retroactive sailing Glasgow 31 Oct trip via St Lawrence River
redel Morocco $50000 daily - J Lauritzen 'Avalon' 1995 27917 dwt dely
Cotonou 9/15 Nov trip via Brazil redel Med intention Italy $44000 daily -
Dreyfus 'Captain Aysuna' 1986 26914 dwt dely retroactive passing Gibraltar
7 Nov 1/2 laden legs redel Atlantic $40000 daily - Atlas

The Baltic Dry index as of 8.nov.07

Subject: index as of 8.nov.07

Daily Summary of Baltic Exchange Dry Indices

8 November 2007

Baltic Exchange Dry Index TM 10744 (UP 70)

Baltic Exchange Capesize Index TM 14894 (UP 145)

Baltic Exchange Panamax Index TM 11310 (UP 116)

Baltic Exchange Supramax Index TM 6761 (UP 5)

Baltic Exchange Handysize Index TM 3070 (DOWN 31)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $177946 (UP 2383)

BPI Average of the T/C routes $91648 (UP 921)

BSI Average of the T/C routes $70692 (UP 49)

BHSI Average of the T/C routes $44987 (DOWN 487)

Baltic Exchange Capesize Index 14894 (UP 145)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 45.959 0.550

C3 150000mt Tubarao - Beilun/Baoshan 15 88.400 0.833

C4 150000mt Richards Bay - Rotterdam 5 48.000 1.023

C5 150000mt W Australia - Beilun/Baoshan 15 36.632 0.032

C7 150000mt Bolivar - Rotterdam 5 47.250 0.636

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 177909 2909

C9_03 172000mt Continent/Mediterranean trip Far East 5 233417 3625

C10_03 172000mt Pacific RV 20 170958 583

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 129500 2417

C12 150000mt Gladstone - Rotterdam 10 64.200 0.673

Average of the T/C Routes 177946 2383

Baltic Exchange Panamax Index 11310 (UP 116)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 86160 1767

P2A_03 74000mt SKAW-GIB/FAR EAST 25 90688 1475

P3A_03 74000mt Japan-SK/Pacific/RV 25 94907 264

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 94839 178

Average of the T/C Routes 91648 921

Baltic Exchange Handysize Index 3070 (DOWN 31)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 33771 -215

HS2 Skaw - Passero trip Boston - Galveston 12.5 33486 -207

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 61044 -245

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 62365 40

HS5 SE Asia trip via Australia to Singapore - Japan 25 42793 -793

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 41821 -843

Average of the T/C Routes 44987 -487

Baltic Exchange Supramax Index 6761 (UP 5)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 70205 100

S1B Canakkale Trip Far East 12.5 67600 215

S2 Japan - SK / NOPAC or Australia rv 25 72348 27

S3 Japan - SK Trip Gib - Skaw range 25 72482 -27

S4A US Gulf - Skaw-Passero 12.5 91005 27

S4B Skaw-Passero - US Gulf 12.5 47064 48

Average of the T/C Routes 70692 49

The Baltic Dry Index Daily Panamax Report 7th November 2007

Subject: Daily Panamax Report 7th November

Dry cargo fixture summary - 08 November 2007 ==========================

BDI Baltic Dry Index 10744 UP 70
BCI Baltic Capesize Index 14894 UP 145
BPI Baltic Panamax Index 11310 UP 116
BSI Baltic Supramax Index 6761 UP 5
BHSI Baltic Handysize Index 3070 DOWN 31

Timecharter
------------
'Diamond Warrior' ore carrier 1984 197080 dwt dely Qingdao 30 Nov/4 Dec trip
via Brazil redel China $150000 daily - Noble Chartering

'Madeira' 2007 177926 dwt dely PMO 15/20 Nov 12 months trading redel
worldwide $165000 daily - STX Pan Ocean

'Pioneer' 2004 171861 dwt dely Far East 15/31 Dec 12 months trading redel
worldwide $150000 daily - Constellation - <recent was reported 5/11 to Cosco
Qingdao but the business failed>

'Anangel Ambition' Cosbulk relet 1994 161526 dwt dely Fos 19/20 Nov
transatlantic round redel Skaw-Cape Passero $168000 daily - SK Shipping

'Ajax' 2006 77328 dwt dely S.China 15/17 Nov trip via Southeast Asia redel
Continent $95000 daily - cnr

'Golden Kiji' 2007 76500 dwt - <reported 07/11 the correct period is 5/6
months trading>

'Golden Kiji' CTP relet 2007 76500 dwt dely ex yard Tsuneishi 19/21 Nov
5/6 months trading redel worldwide $102000 daily - BHP Billiton

'Atlantic Breeze' Baumarine relet 2004 76267 dwt dely Muroran 24/26 Nov
4/5 months trading redel worldwide $95500 daily - CTP

'Filippo Lembo' 1997 74500 dwt dely Shanghai 15/24 Nov 12 months trading
redel worldwide $79000 daily - Wylex

'Calm Seas' Morgan Stanley relet 1999 74047 dwt dely Hunterston 7/11 Nov
trip via USEC redel Continent $89000 daily - Cobelfret

'Angela Star' Daebo relet 1998 73798 dwt dely Taiwan 18/19 Nov trip via
Indonesia redel Japan $91000 daily - 'K' Line

'Cape' 1997 73048 dwt dely ARA rge 10/12 Nov 2 laden legs redel Atlantic
$85000 daily - ABT

'Yuba' 1987 72578 dwt dely Gijon 13/15 Nov trip via US Gulf & Iraq redel PMO
$100000 daily - Shadab

'Samjohn Spirit' Shinwa relet 1994 71730 dwt dely Mizushima 10/12 Nov trip
via E. Australia redel Taiwan $89000 daily - China Steel Express

'Menorca' 1997 71685 dwt - <reported 07/11 the charterer is Armada>

'Hui Ping' 1994 69562 dwt dely psg Taiwan 12/16 Nov trip via Indonesia redel
Malaysia $82000 daily - Daebo

'Torm Marlene' 1997 69548 dwt dely Fangcheng 12/14 Nov trip via Indonesia
redel Skaw-Cape Passero $91000 daily - Swiss Marine

'Marigo' 1981 63283 dwt dely Cape Passero 7/10 Nov trip via Kamsar redel
Continent $67500 daily - Armada

'Navios Vector' 2002 50296 dwt dely Kaoshiung 10/12 November trip redel West
Africa $72500 daily - Cargill

'Aetos' 2001 48893 dwt dely Xingang 8/10 November trip via Nopac redel
Singapore-Japan $67500 daily - Toepfer

'Stove Transport' 1998 46223 dwt dely Pohang 15/20 November 9/11 months
trading redel worldwide $62000 daily - Uniocean

'Sea Maple' 2000 45710 dwt dely Mississippi River 15/20 November trip redel
Cont-Med approx $87000 daily - Italian charterer

'Originator' 1985 38594 dwt dely Zhoushan 13/19 Nov trip via China redel
Cont/Med $50000 daily - cnr

'Nipha Naree' 1984 33024 dwt dely Puerto Cabello 8/12 November trip via
Venezuela redel Black Sea $66000 daily - Sidernavi

'Ratu Tembagu' 2004 28554 dwt dely Singapore spot trip via Australia redel
Far East $38000 daily - Oldendorff

'African Eagle' 2003 27102 dwt dely passing Gibraltar spot trip via Conakry
redel Baltic/Black Sea $40000 daily - Oldendorff

Ore
---
'Chinese TBN' 160000/10 Port Hedland/Qingdao 1/10 Dec $36.00 fio
scale/25000sc - BHP Billiton

'TBN' 160000/10 Tubarao/Taranto 30 Nov/9 Dec $47.00 fio 7 days sc - Ilva

'TBN' 160000/10 Guaiba/Qingdao 19/30 Nov $90.00 fio scale/30000sc - Laiwu
Steel

'Cape Jupiter' 1997 160000/10 Port Hedland/Qingdao 13/15 Nov $36.50 fio
scale/30000sc - BHP Billiton

'Gina Iuliano' 1990 120000/10 Saldanha/Taranto 20 Nov/5 Dec $52.50 fio 7
days - Ilva

Coal
----
'Alpha Era' 2000 160000/10 Gladstone/S.Korea 20/30 Nov $35.50 fio
scale/30000sc - Constellation

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 08/11/07

The Daily Fixtures Report - 08/11/2007
-------------------------

BDI 10744 UP 70
BCI 14894 UP 145
BPI 11310 UP 116
BSI 6761 UP 5
BHSI 3070 DOWN 31

TIMECHARTER
'Diamond Warrior' ore carrier 1984 197080 dwt dely Qingdao 30 Nov/4 Dec
trip via Brazil redel China $150000 daily - Noble Chartering 'Madeira' 2007
177926 dwt dely PMO 15/20 Nov 12 months trading redel worldwide $165000
daily - STX Pan Ocean 'CIC Captain Veniamis' 2001 171870 dwt dely Worldwide
mid 2009 5 years trading redel worldwide $54000 daily - MOSK 'Pioneer' 2004
171861 dwt dely Far East 15/31 Dec 12 months trading redel worldwide
$150000 daily - Constellation - Qingdao but the business
failed>
'Anangel Ambition' Cosbulk relet 1994 161526 dwt dely Fos 19/20 Nov
transatlantic round redel Skaw-Cape Passero $168000 daily - SK Shipping
'Ajax' 2006 77328 dwt dely S.China 15/17 Nov trip via Southeast Asia redel
Continent $95000 daily - cnr
'Golden Kiji' 2007 76500 dwt - months trading>
'Golden Kiji' CTP relet 2007 76500 dwt dely ex yard Tsuneishi 19/21 Nov
5/6
months trading redel worldwide $102000 daily - BHP Billiton 'Atlantic
Breeze' Baumarine relet 2004 76267 dwt dely Muroran 24/26 Nov
4/5
months trading redel worldwide $95500 daily - CTP 'Filippo Lembo' 1997 74500
dwt dely Shanghai 15/24 Nov 12 months trading redel worldwide $79000 daily
- Wylex 'Calm Seas' Morgan Stanley relet 1999 74047 dwt dely Hunterston
7/11 Nov trip via USEC redel Continent $89000 daily - Cobelfret 'Angela
Star' Daebo relet 1998 73798 dwt dely Taiwan 18/19 Nov trip via Indonesia
redel Japan $91000 daily - 'K' Line 'Cape' 1997 73048 dwt dely ARA rge
10/12 Nov 2 laden legs redel Atlantic $85000 daily - ABT 'Yuba' 1987 72578
dwt dely Gijon 13/15 Nov trip via US Gulf & Iraq redel PMO $100000 daily -
Shadab 'Samjohn Spirit' Shinwa relet 1994 71730 dwt dely Mizushima 10/12
Nov trip via E. Australia redel Taiwan $89000 daily - China Steel Express
'Menorca' 1997 71685 dwt -
'Hui Ping' 1994 69562 dwt dely psg Taiwan 12/16 Nov trip via Indonesia
redel Malaysia $82000 daily - Daebo 'Torm Marlene' 1997 69548 dwt dely
Fangcheng 12/14 Nov trip via Indonesia redel Skaw-Cape Passero $91000 daily
- Swiss Marine 'Marigo' 1981 63283 dwt dely Cape Passero 7/10 Nov trip via
Kamsar redel Continent $67500 daily - Armada 'Navios Vector' 2002 50296 dwt
dely Kaoshiung 10/12 November trip redel West Africa $72500 daily - Cargill
'Aetos' 2001 48893 dwt dely Xingang 8/10 November trip via Nopac redel
Singapore-Japan $67500 daily - Toepfer 'Stove Transport' 1998 46223 dwt
dely Pohang 15/20 November 9/11 months trading redel worldwide $62000 daily
- Uniocean 'Sea Maple' 2000 45710 dwt dely Mississippi River 15/20 November
trip redel Cont-Med approx $87000 daily - Italian charterer 'Originator'
1985 38594 dwt dely Zhoushan 13/19 Nov trip via China redel Cont/Med $50000
daily - cnr 'Nipha Naree' 1984 33024 dwt dely Puerto Cabello 8/12 November
trip via Venezuela redel Black Sea $66000 daily - Sidernavi 'Ratu Tembagu'
2004 28554 dwt dely Singapore spot trip via Australia redel Far East $38000
daily - Oldendorff 'African Eagle' 2003 27102 dwt dely passing Gibraltar
spot trip via Conakry redel Baltic/Black Sea $40000 daily - Oldendorff

ORE
'Chinese TBN' 160000/10 Port Hedland/Qingdao 1/10 Dec $36.00 fio
scale/25000sc - BHP Billiton 'TBN' 160000/10 Tubarao/Taranto 30 Nov/9 Dec
$47.00 fio 7 days sc - Ilva 'TBN' 160000/10 Guaiba/Qingdao 19/30 Nov $90.00
fio scale/30000sc - Laiwu Steel 'Cape Jupiter' 1997 160000/10 Port
Hedland/Qingdao 13/15 Nov $36.50 fio scale/30000sc - BHP Billiton 'Gina
Iuliano' 1990 120000/10 Saldanha/Taranto 20 Nov/5 Dec $52.50 fio 7 days -
Ilva

COAL
'Alpha Era' 2000 160000/10 Gladstone/S.Korea 20/30 Nov $35.50 fio
scale/30000sc
- Constellation

The Baltic Dry index as of 6.nov.07

Subject: index as of 6.nov.07

Daily Summary of Baltic Exchange Dry Indices

6 November 2007

Baltic Exchange Dry Index TM 10605 (UP 66)

Baltic Exchange Capesize Index TM 14508 (UP 330)

Baltic Exchange Panamax Index TM 11151 (DOWN 52)

Baltic Exchange Supramax Index TM 6775 (DOWN 31)

Baltic Exchange Handysize Index TM 3134 (DOWN 24)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $171534 (UP 5157)

BPI Average of the T/C routes $90391 (DOWN 432)

BSI Average of the T/C routes $70837 (DOWN 331)

BHSI Average of the T/C routes $45968 (DOWN 360)

Baltic Exchange Capesize Index 14508 (UP 330)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 44.618 0.809

C3 150000mt Tubarao - Beilun/Baoshan 15 86.400 1.662

C4 150000mt Richards Bay - Rotterdam 5 46.114 0.473

C5 150000mt W Australia - Beilun/Baoshan 15 36.264 0.596

C7 150000mt Bolivar - Rotterdam 5 45.923 0.850

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 170409 6818

C9_03 172000mt Continent/Mediterranean trip Far East 5 223000 8083

C10_03 172000mt Pacific RV 20 168500 3875

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 124225 1850

C12 150000mt Gladstone - Rotterdam 10 62.695 0.677

Average of the T/C Routes 171534 5157

Baltic Exchange Panamax Index 11151 (DOWN 52)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 83736 -195

P2A_03 74000mt SKAW-GIB/FAR EAST 25 88460 -115

P3A_03 74000mt Japan-SK/Pacific/RV 25 94589 -776

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 94779 -642

Average of the T/C Routes 90391 -432

Baltic Exchange Handysize Index 3134 (DOWN 24)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 34207 -329

HS2 Skaw - Passero trip Boston - Galveston 12.5 33950 -314

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 61633 -306

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 62720 -235

HS5 SE Asia trip via Australia to Singapore - Japan 25 44292 -651

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 43325 -196

Average of the T/C Routes 45968 -360

Baltic Exchange Supramax Index 6775 (DOWN 31)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 70232 -398

S1B Canakkale Trip Far East 12.5 67313 636

S2 Japan - SK / NOPAC or Australia rv 25 72594 -583

S3 Japan - SK Trip Gib - Skaw range 25 72791 -429

S4A US Gulf - Skaw-Passero 12.5 91260 -650

S4B Skaw-Passero - US Gulf 12.5 47125 -211

Average of the T/C Routes 70837 -331

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

S5 W.Africa via ECSA to FarEast 0 73623 -175

S6 Jpn-SK trip via Aus/India 0 72107 -695

S7 Trial: EC India - China 0 72290 -498