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