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