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