The Baltic Dry index as of 5.Nov.07

Daily Summary of Baltic Exchange Dry Indices

5 November 2007

Baltic Exchange Dry Index TM 10539 (DOWN 9)

Baltic Exchange Capesize Index TM 14178 (UP 157)

Baltic Exchange Panamax Index TM 11203 (DOWN 131)

Baltic Exchange Supramax Index TM 6806 (DOWN 46)

Baltic Exchange Handysize Index TM 3158 (DOWN 12)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $166377 (UP 2198)

BPI Average of the T/C routes $90823 (DOWN 1064)

BSI Average of the T/C routes $71168 (DOWN 482)

BHSI Average of the T/C routes $46328 (DOWN 174)

Baltic Exchange Capesize Index 14178 (UP 157)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 43.809 0.259

C3 150000mt Tubarao - Beilun/Baoshan 15 84.738 0.830

C4 150000mt Richards Bay - Rotterdam 5 45.641 0.296

C5 150000mt W Australia - Beilun/Baoshan 15 35.668 0.282

C7 150000mt Bolivar - Rotterdam 5 45.073 0.250

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 163591 2091

C9_03 172000mt Continent/Mediterranean trip Far East 5 214917 2459

C10_03 172000mt Pacific RV 20 164625 2708

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 122375 1533

C12 150000mt Gladstone - Rotterdam 10 62.018 0.582

Average of the T/C Routes 166377 2198

Baltic Exchange Panamax Index 11203 (DOWN 131)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 83931 -798

P2A_03 74000mt SKAW-GIB/FAR EAST 25 88575 -875

P3A_03 74000mt Japan-SK/Pacific/RV 25 95365 -1373

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 95421 -1211

Average of the T/C Routes 90823 -1064

Baltic Exchange Handysize Index 3158 (DOWN 12)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 34536 -178

HS2 Skaw - Passero trip Boston - Galveston 12.5 34264 -165

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 61939 -405

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 62955 -370

HS5 SE Asia trip via Australia to Singapore - Japan 25 44943 -164

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 43521 25

Average of the T/C Routes 46328 -174

Baltic Exchange Supramax Index 6806 (DOWN 46)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 70630 -372

S1B Canakkale Trip Far East 12.5 66677 348

S2 Japan - SK / NOPAC or Australia rv 25 73177 -715

S3 Japan - SK Trip Gib - Skaw range 25 73220 -550

S4A US Gulf - Skaw-Passero 12.5 91910 -928

S4B Skaw-Passero - US Gulf 12.5 47336 -371

Average of the T/C Routes 71168 -482

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

S5 W.Africa via ECSA to FarEast 0 73798 -350

S6 Jpn-SK trip via Aus/India 0 72802 -423

S7 Trial: EC India - China 0 72788 -618