The Baltic Dry Index Daily Panamax Report 7th November 2007

Subject: Daily Panamax Report 7th November

Dry cargo fixture summary - 08 November 2007 ==========================

BDI Baltic Dry Index 10744 UP 70
BCI Baltic Capesize Index 14894 UP 145
BPI Baltic Panamax Index 11310 UP 116
BSI Baltic Supramax Index 6761 UP 5
BHSI Baltic Handysize Index 3070 DOWN 31

Timecharter
------------
'Diamond Warrior' ore carrier 1984 197080 dwt dely Qingdao 30 Nov/4 Dec trip
via Brazil redel China $150000 daily - Noble Chartering

'Madeira' 2007 177926 dwt dely PMO 15/20 Nov 12 months trading redel
worldwide $165000 daily - STX Pan Ocean

'Pioneer' 2004 171861 dwt dely Far East 15/31 Dec 12 months trading redel
worldwide $150000 daily - Constellation - <recent was reported 5/11 to Cosco
Qingdao but the business failed>

'Anangel Ambition' Cosbulk relet 1994 161526 dwt dely Fos 19/20 Nov
transatlantic round redel Skaw-Cape Passero $168000 daily - SK Shipping

'Ajax' 2006 77328 dwt dely S.China 15/17 Nov trip via Southeast Asia redel
Continent $95000 daily - cnr

'Golden Kiji' 2007 76500 dwt - <reported 07/11 the correct period is 5/6
months trading>

'Golden Kiji' CTP relet 2007 76500 dwt dely ex yard Tsuneishi 19/21 Nov
5/6 months trading redel worldwide $102000 daily - BHP Billiton

'Atlantic Breeze' Baumarine relet 2004 76267 dwt dely Muroran 24/26 Nov
4/5 months trading redel worldwide $95500 daily - CTP

'Filippo Lembo' 1997 74500 dwt dely Shanghai 15/24 Nov 12 months trading
redel worldwide $79000 daily - Wylex

'Calm Seas' Morgan Stanley relet 1999 74047 dwt dely Hunterston 7/11 Nov
trip via USEC redel Continent $89000 daily - Cobelfret

'Angela Star' Daebo relet 1998 73798 dwt dely Taiwan 18/19 Nov trip via
Indonesia redel Japan $91000 daily - 'K' Line

'Cape' 1997 73048 dwt dely ARA rge 10/12 Nov 2 laden legs redel Atlantic
$85000 daily - ABT

'Yuba' 1987 72578 dwt dely Gijon 13/15 Nov trip via US Gulf & Iraq redel PMO
$100000 daily - Shadab

'Samjohn Spirit' Shinwa relet 1994 71730 dwt dely Mizushima 10/12 Nov trip
via E. Australia redel Taiwan $89000 daily - China Steel Express

'Menorca' 1997 71685 dwt - <reported 07/11 the charterer is Armada>

'Hui Ping' 1994 69562 dwt dely psg Taiwan 12/16 Nov trip via Indonesia redel
Malaysia $82000 daily - Daebo

'Torm Marlene' 1997 69548 dwt dely Fangcheng 12/14 Nov trip via Indonesia
redel Skaw-Cape Passero $91000 daily - Swiss Marine

'Marigo' 1981 63283 dwt dely Cape Passero 7/10 Nov trip via Kamsar redel
Continent $67500 daily - Armada

'Navios Vector' 2002 50296 dwt dely Kaoshiung 10/12 November trip redel West
Africa $72500 daily - Cargill

'Aetos' 2001 48893 dwt dely Xingang 8/10 November trip via Nopac redel
Singapore-Japan $67500 daily - Toepfer

'Stove Transport' 1998 46223 dwt dely Pohang 15/20 November 9/11 months
trading redel worldwide $62000 daily - Uniocean

'Sea Maple' 2000 45710 dwt dely Mississippi River 15/20 November trip redel
Cont-Med approx $87000 daily - Italian charterer

'Originator' 1985 38594 dwt dely Zhoushan 13/19 Nov trip via China redel
Cont/Med $50000 daily - cnr

'Nipha Naree' 1984 33024 dwt dely Puerto Cabello 8/12 November trip via
Venezuela redel Black Sea $66000 daily - Sidernavi

'Ratu Tembagu' 2004 28554 dwt dely Singapore spot trip via Australia redel
Far East $38000 daily - Oldendorff

'African Eagle' 2003 27102 dwt dely passing Gibraltar spot trip via Conakry
redel Baltic/Black Sea $40000 daily - Oldendorff

Ore
---
'Chinese TBN' 160000/10 Port Hedland/Qingdao 1/10 Dec $36.00 fio
scale/25000sc - BHP Billiton

'TBN' 160000/10 Tubarao/Taranto 30 Nov/9 Dec $47.00 fio 7 days sc - Ilva

'TBN' 160000/10 Guaiba/Qingdao 19/30 Nov $90.00 fio scale/30000sc - Laiwu
Steel

'Cape Jupiter' 1997 160000/10 Port Hedland/Qingdao 13/15 Nov $36.50 fio
scale/30000sc - BHP Billiton

'Gina Iuliano' 1990 120000/10 Saldanha/Taranto 20 Nov/5 Dec $52.50 fio 7
days - Ilva

Coal
----
'Alpha Era' 2000 160000/10 Gladstone/S.Korea 20/30 Nov $35.50 fio
scale/30000sc - Constellation