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