The Baltic Dry Index Daily Panamax Report 2nd November 07

Subject: Daily Panamax Report 2nd November

Dry cargo fixture summary - 02 November 2007 ==========================

BDI Baltic Dry Index 10548 DOWN 33
BCI Baltic Capesize Index 14021 UP 33
BPI Baltic Panamax Index 11334 DOWN 81
BSI Baltic Supramax Index 6852 DOWN 45
BHSI Baltic Handysize Index 3170 DOWN 17

Timecharter
------------
'Cape Albatross' 2007 180211 dwt dely Worldwide January 2008 8/9 months
trading redel worldwide $175000 daily - Armada

'Great Navigator' Daebo relet 2006 176603 dwt dely Mizushima 15/16 Nov trip
via Saldanha Bay redel S.Korea $165000 daily - STX Pan Ocean

'CSE Fortune Express' 2002 76634 dwt dely Tilbury 10/15 Nov trip via
Murmansk redel Continent $87500 daily - Atlas Bulk Shipping

'Ocean Lily' Noble relet 2006 76585 dwt dely Sepetiba 12/14 Nov trip via EC
South America redel Singapore-Japan rge $89500 daily + $1.5 million bb
- CSE

'Pasquale Della Gatta' 1996 75228 dwt dely Eregli 15/20 Nov trip via Black
Sea redel Singapore-Japan rge $92000 daily - cnr

'Great Century' 1999 73747 dwt dely Muroran 5/8 Nov trip via NoPac redel
Aden- PMO $98000 daily - Alfred C.Toepfer

'Tai Profit' 2001 73105 dwt dely River Plate 15/20 Nov trip redel China
$85000 daily + $1.6 million bb - Transgrain

'Teng Fei Hai' 1995 69877 dwt dely Mobile 12/20 Nov 2 laden legs redel
Skaw- Cape Passero $85000 daily + $1.1 million bb - Dreyfus

'Tonga' 1984 66798 dwt dely Cape Passero 9/11 Nov trip via EC South America
redel Skaw-Cape Passero $70500 daily - Dreyfus

'Minoan Hope' 1982 64871 dwt dely Tianjin 4/10 Nov 2 laden legs via PG &
India redel China $63000 daily - cnr

'Port Estoril' 2001 52822 dwt dely Kohsichang 11/20 November trip redel West
Coast India $78000 daily - cnr

'Apageon' 2005 52483 dwt dely Taiwan 3/5 November trip via Taiwan redel West
Africa $74000 daily - cnr

'Ocean Prelate' 2002 52433 dwt dely Zhanjiang 5/9 November trip via
Philippines redel China approx $76000 daily - Eitzen

'Jin Hui' 2000 50723 dwt dely Surabaya 5/14 November trip via Indonesia
redel East Coast India $77000 daily - Eitzen

'Syrena' 1997 48139 dwt dely USGulf spot trip redel Spain $81000 daily -
Armada

'Coral Ace' 1999 47286 dwt dely Tonda 11/12 November trip redel USGulf
$60000 daily - SK Shipping

Ore
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'Erradale' 1994 150000/10 Narvik/El Dekheila 18/27 Nov $37.45 fio
scale/35000fc - ANSDK - <fixed 30/10>

'Grand Venetico' 1990 145000/10 Tubarao/Qingdao 20/30 Nov $81.00 option
Ponta Da Madeira ld $84.75 fio scale/30000sc - Oceanbulk

'Pierre' 1996 70000/10 Ponta Da Madeira/Ghent 15/29 Nov $41.50 fio 4 days sc
- Cetragpa

Coal
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'Lowlands Orchid' 2005 / - <this is the vessel to Swiss Marine as per report
01/11>