THE BALTIC DRY INDEX THE DAILY FIXTURES REPORTS - 24 DECEMBER 2007

The Daily Fixtures Report - 24/12/2007
-------------------------

BDI 9143 DOWN 93
BCI 13603 DOWN 105
BPI 8277 DOWN 145
BSI 5817 DOWN 47
BHSI 2969 DOWN 13

TIMECHARTER
'Basil' 1983 76440 dwt dely Jianying spot trip via Xingang redel Spain int
clinker $42000 daily - Atlas Bulk Shipping 'Shi Dai 1' 2007 76000 dwt dely
Huangpu 28 Dec/3 Jan 3/5 months trading redel worldwide $68000 daily - EdF
'Danae' 2001 75106 dwt dely Paradip early Jan 3/5 months trading redel
worldwide $63000 daily - TMT - 'Amazon' 2001 74910 dwt dely Kwangyang 28
Dec/3 Jan trip via NoPac redel Singapore-Japan rge $58000 daily - Cargill
'Torm Anholt' 2004 74195 dwt dely PMO 26 Dec/3 Jan trip via WC India redel
Singapore-Japan rge $69000 daily - cnr 'Nyon' Cargill relet 1999 73035 dwt
dely Tubarao 5/10 Jan trip redel Portugal $70000 daily + $1.075 million bb
- AWB 'Dimitrios S' 1990 66088 dwt dely PMO 23/28 Dec trip via WC India
redel China $53000 daily - cnr 'Spar Taurus' 2005 53000 dwt dely passing
Colombo 1/7 January trip via India redel Singapore-Japan $60000 daily - cnr
'London Bridge' 1994 45708 dwt dely Odessa spot trip redel India $68000
daily
- Cosmotrade -

ORE
'Front Climber' 1991 obo 160000/10 Guaiba/China Jan approx $82.50 fio
scale/30000sc - CVRD

COAL
'TBN' 70000/10 Samarinda/Koper 1/8 Jan $43.00 fio 25000sc/15000sc -
Worldlink -

'Cargill TBN' 70000/10 Adang Bay/El Ferrol 9/18 Jan $45.00 fio
20000sc/25000sc - Dreyfus

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 21/12/07

The Daily Fixtures Report - 21/12/2007
-------------------------

BDI 9236 DOWN 156
BCI 13708 DOWN 204
BPI 8422 DOWN 256
BSI 5864 DOWN 47
BHSI 2982 DOWN 17

TIMECHARTER
'Ocean Camelot' newbuilding 177000 dwt dely ex yard SWS early Jan trip via
Richards Bay redel Continent $96000 daily - Swiss Marine 'Azur' 2007 81900
dwt dely Kobe 26/30 Dec trip redel Taiwan $62000 daily - China Steel
Express 'Pan Uno' 2001 75995 dwt dely Taiwan 30 Dec/5 Jan trip via EC
Australia redel Japan $65000 daily - NYG 'Pina Cafiero' 2002 75668 dwt dely
aps US Gulf 8/15 Jan trip redel Skaw-Cape Passero $74000 daily + $1.3
million bb - Cargill 'Daebo Trader' 2002 73870 dwt dely Dagnjin 28 Dec/3
Jan 3/5 months trading redel worldwide $68000 daily - Swiss Marine 'Fu Min'
1997 72437 dwt dely US Gulf end Dec/ely Jan trip redel Far East $82000
daily + $1.35 million bb - NYG - 'New Champion' 1996 70296 dwt dely Jorf
Lasfar 30 Dec/6 Jan trip via River Plate redel Southeast Asia $75000 daily
- Dreyfus
'Torm Marlene' 1997 69548 dwt - daily>
'Morning Cloud' 1993 66755 dwt dely Naples 22/24 Dec trip via Trombetas
redel Stade $65000 daily - Western Bulk Carriers - 'Lowlands Patrasche' 2007
58790 dwt dely Bayuquan 25/31 December trip redel West Africa $55000 daily
- cnr 'Mathios' 1996 46678 dwt dely Passing Colombo 22/27 December trip
via West Coast India redel China $50000 daily - Uniwell 'London Bridge' 1994
45708 dwt dely Odessa spot trip redel India approx $70000 daily -
Cosmotrade 'Broadgate' 1984 35287 dwt dely Mississippi 8/15 Jan trip redel
Caldera $77500 daily - Korea Line 'Armia Ludewa' 1987 33640 dwt dely
Mississippi 25/31 Dec trip redel Continent $67000 daily - Toepfer 'Ansac
Orient' 1995 28399 dwt dely Jakarta 20/25 Dec trip via Australia redel east
coast India approx $39500 daily - cnr 'Free Destiny' 1982 25314 dwt dely
Constanza prompt trip redel PG/India range $35000 daily - cnr

ORE
'Cosco Europe TBN' 70000/10 Sepetiba/Ghent 7/12 Jan $47.00 fio 5 days sc
-
Dreyfus

COAL
'King Coal' 1997 50000/10 Mobile/Immingham 15/20 Jan $64.00 fio 5 days sc -
Corus

THE BALTIC DRY INDEX 18/12/07

The Daily Fixtures Report 18/12/2007

BDI  9751 DOWN  97
BCI 14452 DOWN 180
BPI  9209 DOWN 102
BSI  6022 DOWN  40
BHSI 3020 DOWN   4

TIMECHARTER
'China Venture' 2005 175000 dwt  dely Pohang 29/31 Dec  trip via West Australia
redel China $172000 daily - Cargill
'Crown Star' 2002 76662 dwt  dely Tokyo 26/31 Dec  trip via Los Angeles redel
Japan int petcoke $72000 daily - IIno
'Waikiki'  STX Pan Ocean relet 1995 75339 dwt  dely Santos 25/27 Dec  trip redel
Far East int ore $78000 daily + $1.1 million bb - TMT
'Nordtrave' 2001 75323 dwt  dely Mundra 19/23 Dec  trip via Goa redel China
$78000 daily - Brownstone - 
'Solana' 1995 75275 dwt  dely Annaba 25/30 Dec  trip via Ponta Da Madeira redel
Piombino $81500 daily - Cargill
'Voge Prosperity' 1995 75100 dwt  dely Kosichang 25/27 Dec 4/6 months trading
redel worldwide $74000 daily - cnr
'Sidri' 2007 75000 dwt  dely Shanghai 15/18 dec  trip via EC Australia redel
China $68000 daily - GMI
'Angelic Power' 2002 74549 dwt  dely Taean 1/5 Jan 4/6 months trading redel
worldwide $75000 daily - Bunge - 
'Yuan Hui Hai' 2006 74500 dwt  dely Hong Kong 27/31 Dec  trip via Indonesia
redel Singapore-Japan rge $61000 daily - cnr
'Coral Sea' 1997 74500 dwt  dely aps Praia Mole 5/14 Jan  trip via Brazil redel
China $86500 daily + $1.45 million bb - Pioneer Metals
'Alabanda' 1995 74044 dwt  dely Shibushi 19/21 Dec  trip via NoPac redel Far
East $71000 daily - Noble
'Global Triumph' 1996 72870 dwt  dely Hamburg 22/28 Dec  trip via Orinoco redel
China $87000 daily - Sinochart
'Global Challenger' 1996 72318 dwt  dely Varna 7/14 Jan  trip via Black Sea
redel Thailand int ferts $83000 daily - Aquavita International
'Annoula' 1997 70281 dwt  dely ex dry dock Shanghai 22/24 Dec  trip via NoPac
redel Bin Qasim $70000 daily option redel Singapore-Japan at same rate - Cargill
'Panaghia Kastrela' 1982 64664 dwt  dely E.Med 17/19 Dec 2 laden legs 1st leg
Black Sea/Skaw-Cape Passero int steels redel Atlantic $68500 daily - Bunge
'Medi Dublin' 2005 56040 dwt  dely Lanshan 23/25 Dec trip via Indonesia redel
ECIndia $45500 daily - Cargill
'Jag Ratan' 2001 52179 dwt  dely New Mangalore 22/24 Dec trip redel China approx
$70000 daily - cnr
'Bibi M' 1984 47879 dwt  dely Black Sea 25/30 Dec trip redel India $67000 daily
- Glencore
'Griffon' 1995 46635 dwt  dely Okke 24/27 Dec balance of period upto April 08
redel worldwide $56000 daily - cnr

MISC
'TBN' 65000/10 Rizhao/Cadiz 23/31 Dec $48.00 fio 15000sc/20000sc - Sunmall

The Baltic Dry index as of 18.dec.07

Daily Summary of Baltic Exchange Dry Indices

18 December 2007

Baltic Exchange Dry Index TM 9751 (DOWN 97)

Baltic Exchange Capesize Index TM 14452 (DOWN 180)

Baltic Exchange Panamax Index TM 9209 (DOWN 102)

Baltic Exchange Supramax Index TM 6022 (DOWN 40)

Baltic Exchange Handysize Index TM 3020 (DOWN 4)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $168530 (DOWN 2147)

BPI Average of the T/C routes $74255 (DOWN 822)

BSI Average of the T/C routes $62966 (DOWN 422)

BHSI Average of the T/C routes $44300 (DOWN 49)

Baltic Exchange Capesize Index 14452 (DOWN 180)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 44.777 -0.714

C3 150000mt Tubarao - Beilun/Baoshan 15 86.908 -0.492

C4 150000mt Richards Bay - Rotterdam 5 44.073 -0.404

C5 150000mt W Australia - Beilun/Baoshan 15 36.741 -0.509

C7 150000mt Bolivar - Rotterdam 5 46.209 -0.591

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 164909 -2227

C9_03 172000mt Continent/Mediterranean trip Far East 5 218875 -2092

C10_03 172000mt Pacific RV 20 172208 -2834

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 118129 -1434

C12 150000mt Gladstone - Rotterdam 10 60.277 -0.573

Average of the T/C Routes 168530 -2147

Baltic Exchange Panamax Index 9209 (DOWN 102)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 81524 -950

P2A_03 74000mt SKAW-GIB/FAR EAST 25 85098 -780

P3A_03 74000mt Japan-SK/Pacific/RV 25 66964 -612

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 63434 -948

Average of the T/C Routes 74255 -822

Baltic Exchange Supramax Index 6022 (DOWN 40)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 75125 259

S1B Canakkale Trip Far East 12.5 68671 161

S2 Japan - SK / NOPAC or Australia rv 25 52377 -1125

S3 Japan - SK Trip Gib - Skaw range 25 49584 -1436

S4A US Gulf - Skaw-Passero 12.5 109725 1080

S4B Skaw-Passero - US Gulf 12.5 46286 245

Average of the T/C Routes 62966 -422

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

S5 W.Africa via ECSA to FarEast 0 80868 723

S6 Jpn-SK trip via Aus/India 0 51398 -1445

S7 EC India - China 0 69502 -1375

Baltic Exchange Handysize Index 3020 (DOWN 4)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 32529 15

HS2 Skaw - Passero trip Boston - Galveston 12.5 32329 22

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 62278 300

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 62990 -335

HS5 SE Asia trip via Australia to Singapore - Japan 25 41707 -136

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 40429 -64

Average of the T/C Routes 44300 -49

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 19/12/07

The Daily Fixtures Report - 19/12/2007
-------------------------

BDI 9591 DOWN 160
BCI 14190 DOWN 262
BPI 8998 DOWN 211
BSI 5968 DOWN 54
BHSI 3010 DOWN 10

TIMECHARTER
'Magdalene' 1989 149530 dwt dely Immingham 8/10 Jan transatlantic round
redel Skaw-Cape Passero $121000 daily - Swiss Marine 'Medi Hong Kong' 2006
82790 dwt dely Oita 22/31 Dec trip via EC Australia redel Japan $69000
daily - MOSK 'Red Gardenia' CTP relet 2005 76294 dwt dely Goa 3/5 Jan trip
redel China $81000 daily - Brownstone 'Navios Esperanza' 2007 75356 dwt
dely Praia Mole 4/6 Jan trip redel Taiwan $84000 daily + $1.4 million bb -
China Steel Express
'Waikiki' STX Pan Ocean relet 1995 75339 dwt - fixed>
'Diamond Seas' 2001 74274 dwt dely Xiuyu 20/22 Dec trip via Weipa redel
Porto Vesme $60000 daily - Cargill 'Anastaia C' 2001 73311 dwt dely Kinuura
26/28 Dec 4/5 months trading redel worldwide $72000 daily - Cargill 'Ocean
Favour' 1998 72400 dwt dely Ijmuiden ely Jan trip via US Gulf & Egypt
redel Cape Passero $72500 daily - cnr 'Alescabalo' 1990 70402 dwt dely
Shekou 30 Dec/3 Jan 3/5 months trading redel worldwide $66000 daily - TMT
'SD Nova' 1996 70108 dwt dely Gijon 22/24 Dec balance of period 15
Apr/15 May
redel worldwide $80000 daily - TMT
'Thrasyvoulos V' 1984 68687 dwt dely Taiwan 27 Dec/3 Jan trip via
Indonesia redel EC India $62000 daily - STX Pan Ocean 'Silvergate' 1987
68158 dwt dely Fos in d/c 20/21 Dec trip via Kamsar redel Fos $76000 daily
- Baumarine 'Dignity T' 1984 63695 dwt geared/grabfitted dely PMO 26/28 Dec
trip via WC India redel China $68000 daily - Sealink 'Marjatta P' 2006 56023
dwt dely Shanghai 25/30 Dec trip redel north coast South America $49000
daily - ABS Breakbulk Service 'Ikan Salmon' 2003 53553 dwt dely Jubail
20/22 December balance of period until 24 April 2008 redel worldwide $66500
daily - Star 'Merlin' 2001 50296 dwt dely Shibushi spot trip via Nopac
redel India approx $52500 daily - PCL 'DS Commander' 1994 45518 dwt dely
Visakhaptnam 22/30 December trip via India redel Singapore-Japan $50000
daily - Uniwell 'Ioannis Theo' 1994 45320 dwt dely Visakhapatnam 22/31
December trip via India redel Singapore-Japan $50000 daily - Uniwell 'Magic
Fortis' 1985 42512 dwt dely Xingang 25/30 December 3/5 months trading
$45500 daily - Oldendorff 'North Star' 1985 42219 dwt dely Tema 18/23 Dec
trip via Argentina redel Cape Town - Mombasa range $56500 daily - Dreyfus
'Heron' 1984 37692 dwt dely Mississippi River 10/20 Jan trip via USGulf
redel Huelva approx $80000 daily - Energy 'George Lyras' 1984 35730 dwt
dely Ghent 22/28 Dec trip via UK redel east Med $52000 daily - EMR 'Ching
Ho' 1990 22256 dwt dely Gresik 26/29 Dec 2 laden legs redel Far East approx
$34000 daily - cnr

ORE
'Ina' 2003 160000/10 Dampier/Qingdao 7/14 Jan $35.50 fio scale/30000sc -
Constellation

COAL
'Pitsa D' 2002 160000/10 Richards Bay/Rotterdam 1/10 Jan $43.00 fio
scale/25000sc - Swiss Marine 'Hebei Dragon' 1990 150000/10 Richards
Bay/Rotterdam 15/30 Jan $43.25 fio scale/25000sc - Swiss Marine 'Coronis'
2006 70000/10 Prodeco/Fos 8/15 Jan $56.00 fio 15000sc/15000satpmsx -
Cetragpa

GRAIN
TBN 23000/10 SBM plts 54' Upriver/Poland 15/30 January $115.0 fio $
days/4000sc
- Dreyfus
'Dobrush' 23000/10 SBM Upriver/Egypt Mediterranean 25 Dec/5 Jan $116.00 fio
8000/4000 - Cargill - 'Peramos 1' 1980 USGulf/Algeria 1/10 January $80.00
fio 9000sx/8000sc - Dreyfus

The Baltic Dry index as of 20.Dec.07

Subject: index as of 20.Dec.07

Daily Summary of Baltic Exchange Dry Indices

20 December 2007

Baltic Exchange Dry Index TM 9392 (DOWN 199)

Baltic Exchange Capesize Index TM 13912 (DOWN 278)

Baltic Exchange Panamax Index TM 8678 (DOWN 320)

Baltic Exchange Supramax Index TM 5911 (DOWN 57)

Baltic Exchange Handysize Index TM 2999 (DOWN 11)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $161436 (DOWN 3780)

BPI Average of the T/C routes $69970 (DOWN 2582)

BSI Average of the T/C routes $61811 (DOWN 595)

BHSI Average of the T/C routes $43963 (DOWN 168)

Baltic Exchange Capesize Index 13912 (DOWN 278)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 43.130 -0.943

C3 150000mt Tubarao - Beilun/Baoshan 15 83.136 -2.355

C4 150000mt Richards Bay - Rotterdam 5 42.745 -0.482

C5 150000mt W Australia - Beilun/Baoshan 15 35.390 -0.492

C7 150000mt Bolivar - Rotterdam 5 44.755 -0.818

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 158200 -3436

C9_03 172000mt Continent/Mediterranean trip Far East 5 207091 -6636

C10_03 172000mt Pacific RV 20 167091 -2364

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 113364 -2681

C12 150000mt Gladstone - Rotterdam 10 58.280 -1.010

Average of the T/C Routes 161436 -3780

Baltic Exchange Panamax Index 8678 (DOWN 320)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 76583 -3000

P2A_03 74000mt SKAW-GIB/FAR EAST 25 80775 -2650

P3A_03 74000mt Japan-SK/Pacific/RV 25 62905 -2555

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 59618 -2124

Average of the T/C Routes 69970 -2582

Baltic Exchange Handysize Index 2999 (DOWN 11)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 32493 -21

HS2 Skaw - Passero trip Boston - Galveston 12.5 32343 0

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 62422 11

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 63050 15

HS5 SE Asia trip via Australia to Singapore - Japan 25 40964 -322

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 39736 -350

Average of the T/C Routes 43963 -168

Baltic Exchange Supramax Index 5911 (DOWN 57)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 74920 -185

S1B Canakkale Trip Far East 12.5 68621 -146

S2 Japan - SK / NOPAC or Australia rv 25 49538 -1379

S3 Japan - SK Trip Gib - Skaw range 25 46939 -1391

S4A US Gulf - Skaw-Passero 12.5 111480 1020

S4B Skaw-Passero - US Gulf 12.5 46514 92

Average of the T/C Routes 61811 -595

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

S5 W.Africa via ECSA to FarEast 0 81234 136

S6 Jpn-SK trip via Aus/India 0 49052 -1086

S7 EC India - China 0 63821 -2802

The Baltic Dry index as of 17.dec.07

Subject: index as of 17.dec.07

Daily Summary of Baltic Exchange Dry Indices

17 December 2007

Baltic Exchange Dry Index TM 9848 (DOWN 70)

Baltic Exchange Capesize Index TM 14632 (DOWN 126)

Baltic Exchange Panamax Index TM 9311 (DOWN 83)

Baltic Exchange Supramax Index TM 6062 (DOWN 31)

Baltic Exchange Handysize Index TM 3024 (UP 5)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $170677 (DOWN 1566)

BPI Average of the T/C routes $75077 (DOWN 678)

BSI Average of the T/C routes $63388 (DOWN 320)

BHSI Average of the T/C routes $44349 (UP 76)

Baltic Exchange Capesize Index 14632 (DOWN 126)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 45.491 -0.373

C3 150000mt Tubarao - Beilun/Baoshan 15 87.400 -0.613

C4 150000mt Richards Bay - Rotterdam 5 44.477 -0.323

C5 150000mt W Australia - Beilun/Baoshan 15 37.250 -0.214

C7 150000mt Bolivar - Rotterdam 5 46.800 -0.418

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 167136 -1546

C9_03 172000mt Continent/Mediterranean trip Far East 5 220967 -1958

C10_03 172000mt Pacific RV 20 175042 -2166

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 119563 -595

C12 150000mt Gladstone - Rotterdam 10 60.850 -0.309

Average of the T/C Routes 170677 -1566

Baltic Exchange Panamax Index 9311 (DOWN 83)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 82474 -659

P2A_03 74000mt SKAW-GIB/FAR EAST 25 85878 -597

P3A_03 74000mt Japan-SK/Pacific/RV 25 67576 -723

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 64382 -731

Average of the T/C Routes 75077 -6

Baltic Exchange Supramax Index 6062 (DOWN 31)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 74866 386

S1B Canakkale Trip Far East 12.5 68510 314

S2 Japan - SK / NOPAC or Australia rv 25 53502 -1121

S3 Japan - SK Trip Gib - Skaw range 25 51020 -1150

S4A US Gulf - Skaw-Passero 12.5 108645 1070

S4B Skaw-Passero - US Gulf 12.5 46041 214

Average of the T/C Routes 63388 -320

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

S5 W.Africa via ECSA to FarEast 0 80145 1147

S6 Jpn-SK trip via Aus/India 0 52843 -1134

S7 EC India - China 0 70877 -4

Baltic Exchange Handysize Index 3024 (UP 5)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 32514 28

HS2 Skaw - Passero trip Boston - Galveston 12.5 32307 50

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 61978 300

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 63325 360

HS5 SE Asia trip via Australia to Singapore - Japan 25 41843 -64

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 40493 0

Average of the T/C Routes 44349 76

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 17/12/07

The Daily Fixtures Report - 17/12/2007
--------------------------

BDI 9848 DOWN 70
BCI 14632 DOWN 126
BPI 9311 DOWN 83
BSI 6062 DOWN 31
BHSI 3024 UP 5

TIMECHARTER
'Xinsheng Hai' 1989 182008 dwt dely Xingang 17/19 Dec trip via West
Australia redel China $160000 daily - RTS 'Amber Star' 1986 181884 dwt dely
Shanghai 21/22 Dec trip via West Australia redel China $162000 daily - RTS
'Mineral Tianjin' 2004 174096 dwt dely Skaw spot 12 months trading redel
worldwide $167000 daily - Glory Wealth 'CHS Star' 1991 150150 dwt dely
retro Hansaport 11 Dec trip via Bolivar redel Skaw-Cape Passero $158000
daily - Swiss Marine 'Peruvian Express' newbuilding 82300 dwt dely ex yard
Tsuneishi 20/25 Dec trip via NoPac redel Singapore-Japan rge $70000 daily -
cnr 'Tai Promotion' 2004 77834 dwt dely Fangcheng 19/25 Dec 4/6 months
trading redel worldwide $76000 daily - Glory Wealth 'Million Trader II' 2004
76466 dwt dely PMO 25/27 Dec 9/12 months trading redel worldwide $71000
daily - Golden Ocean 'Michele D'Amato' 2005 76440 dwt dely Beilun 15/17 Dec
trip via Indonesia redel S.Korea $63000 daily - S.Korean chrtr 'Nordems'
2001 75323 dwt dely Jintang 16/20 Dec trip via N.China redel Japan $78000
daily - NYK 'Alcyon' Cargill relet 2001 75247 dwt dely EC South America
1/10 Jan redel Southeast Asia $83000 daily $1.45 million bb - Golden Ocean
'Carl Mesem' 1999 74001 dwt dely Nagoya 17/19 Dec trip via NoPac redel
Singapore-Japan rge $74000 daily - Alfred C.Toepfer 'Newcastle Max' 1997
73786 dwt dely Fangcheng 20/24 Dec trip via Indonesia redel Japan $65000
daily - NYK 'Antwerp Max' 1998 73744 dwt dely Hong Kong 18/23 Dec trip via
Indonesia redel Singapore-Japan rge $64250 daily - Cargill 'Christina IV'
2000 72493 dwt dely Xingang 24/28 Dec 3/5 months trading redel worldwide
$75000 daily - European chrtr 'Trenton' Rizzo-Bottiglieri-De Carlini
Armatori relet 1995 71119 dwt dely Cape Passero 22/27 Dec trip via US Gulf
& Iraq redel PMO $90000 daily - Golden Ocean 'Darya Noor' 1990 71062 dwt
dely Amsterdam 25/27 Dec trip via US Gulf redel Far East $82500 daily - TMT
'Mass Merit' 1993 69620 dwt dely Cape Passero 23/27 Dec 2 laden legs 1st
leg via US Gulf redel Atlantic $83500 daily - Cargill 'Energy' 1993 69255
dwt dely Shanghai 23/25 Dec 4/6 months trading redel worldwide $72500 daily
- Norden 'Orient Phoenix' 2007 55840 dwt dely Port Harcourt 30 Dec/15 Jan
trip via east coast South America redel Singapore-Japan range $82500 daily -
Oldendorff 'Darya Rani' 1996 45654 dwt dely Dneprobugsky 20/23 Dec trip via
Black Sea redel PMO $68000 daily - Turkish chrtrs

ORE
'China Steel Growth' 1997 150000/10 Guaiba/Eregli 3/17 Jan $56.45 fio
scale/25000sc - Erdemir

COAL
'Pruva' 1995 75000/10 Hampton Roads/Taranto 26/30 Dec $46.00 fio 30000sc
bends - Ilva

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 141207

The Daily Fixtures Report - 14/12/2007
-------------------------

BDI 9918 DOWN 31
BCI 14758 DOWN 35
BPI 9394 DOWN 57
BSI 6093 DOWN 15
BHSI 3019 UP 1

TIMECHARTER
'Voutakos' 1987 188333 dwt - daily>
'Nightflight' 2004 170012 dwt dely Caofeidian 25/30 Dec trip via West
Australia redel China $171500 daily - BHP Billiton 'Ocean Lord' 2006 82977
dwt dely Cape Passero 18/22 Dec trip via Kamsar redel San Ciprian $82000
daily - Cobelfret 'Grazia Bottiglieri' 1999 75265 dwt dely Constanza end
Dec/5 Jan trip via Black Sea redel Far East $90000 daily - ICI 'Aldebaran'
2000 74677 dwt dely Continent 26 Dec/3 Jan 2 laden legs 1st via Ponta Da
Madeira/US Gulf int pigiron redel Skaw-Cape Passero $82750 daily - ABT
'Helena' ex Rule Rizzo-Bottiglieri-De Carlini Armatori relet 1999 73744 dwt
dely Singapore-Japan range intention Kaohsiiung 20 Jan/5 Feb fixed period
min/max 15 Aug/15 Sept 2008 redel worldwide $75000 daily - Worldlink
'Anangel Enosis' Sinochart relet 1995 73556 dwt dely Ijmuiden 15/20 Dec
trip via Colombia redel Jorf Lasfar $79000 daily - Fairfield - 'Island
Globe' 1995 73119 dwt dely San Nicolas 28 Dec/4 Jan trip via River Plate
redel Singapore-Japan rge $83000 daily + $1.4 million bb - Cosbulk 'New
Herald' 1997 72875 dwt dely Kwangyang 23/25 Dec trip via NoPac redel Far
East $68500 daily - Noble 'TPC Arirang' 1994 71535 dwt dely Cape Passero
18/22 Dec balance of period upto
15 Apr/7 June redel worldwide $83500 daily - Norden 'Great Luck'
Rizzo-Bottiglieri-De Carlini Armatori relet 1998 71399 dwt dely ex dry dock
Shanghai end Jan 2/3 laden legs redel Singapore-Japan rge $72000 daily
- Norden
'Princess Natalie' 1989 70329 dwt dely Hunterston 19/24 Dec trip via USEC
redel Piombino int coal $79000 daily - Cargill 'Full Sources' 1994 69500 dwt
dely Cape Passero 18/20 Dec 2/3 laden legs redel worldwide $84500 daily -
Transfield 'Cumbria' 1994 69332 dwt dely Fangcheng 24/28 Dec trp via Hay
Point redel Japan $69500 daily - Japanese chrtr 'Ilse' 1982 65300 dwt dely
Cape Passero 21/23 Dec transatlantic round redel Skaw-Cape Passero $63000
daily - Dreyfus 'Kang Cheng' 2004 55541 dwt dely Lianyungang 20/24 December
trip redel East Med $57000 daily - Fortuna 'Akmi' 2003 53806 dwt dely
Xianjang 18/22 December 3/5 months trading redel worldwide $60000 daily -
Daewoo 'Nord Wave' 2005 53500 dwt dely Luanda 22/24 December trip via East
Coast South America redel West Coast India $84000 daily - Cargill 'Gracious
Sky' 2005 53478 dwt dely Haldia 24 December/4 January trip redel China
approx $70000 daily - Uniwell 'Mairouli' 2005 53350 dwt dely passing Durban
1/7 January trip via East Coast South America redel India approx $76000
daily - cnr 'Kang Yu' 2004 52900 dwt dely South China 14/16 December 3/5
months trading redel worldwide $60000 daily - Allied 'Ince Inebolu' 2002
52376 dwt dely Japan 15/20 December trip via Nopac redel Singapore-Japan
approx $52000 daily - cnr
'Quinn J' 1987 47698 dwt dely Beilun 15/21 December - 13/12
business failed>
'Oriental' 1997 45338 dwt dely Antwerp 16/20 December 2/3 laden legs redel
Atlantic $64000 daily - cnr 'Kadmos' 1983 38949 dwt dely Zhoushan 13/20
December trip via China redel Gibraltar-Skaw $42500 - Hawknet 'Spar Topaz'
1987 38455 dwt dely Casablanca spot 3/5 months trading redel worldwide
$55000 daily - Armada

COAL
'Cape Jupiter' 1997 160000/10 Port Hedland/Qingdao 1/10 Jan $37.50 fio
scale/30000c - BHP Billiton - timecharter but that business failed> 'Hanjin
TBN' 160000/10 Dalrymple/Kwangyang a/o Pohang 5/19 Jan $34.39 fio
50000sc/50000sc - POSCO 'TBN' 65000/10 Norfolk/Ploce 29 Dec/10 Jan $51.00
fio 20000sc/9000sc - Navios

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 131207

The Daily Fixtures Report - 13/12/2007
-------------------------

BDI 9949 UP 13
BCI 14793 UP 54
BPI 9451 DOWN 24
BSI 6108 UP 7
BHSI 3018 UP 10

TIMECHARTER
'Voutakos' 1987 188333 dwt dely N.China 12/14 Dec trip via West Australia
redel China $170000 daily - BHP Billiton 'Pacific Prosperity' MOSK relet
1998 179385 dwt dely Rotterdam 15/17 Dec trip via Brazil redel China
$230000 daily - Oceanbulk 'Unique Carrier' 2007 177876 dwt dely Zhangjiang
22/24 Dec trip via West Australia redel China $189000 daily - BHP Billiton
'Lowlands Phoenix' 2004 177036 dwt dely Dunkirk 22/25 Dec transatlantic
round redel Skaw-Cape Passero $165000 daily - cnr 'Semirio' 2007 174000 dwt
dely Rotterdam 19/21 Dec trip via Brazil redel Far East $219000 daily -
Cargill 'CSK Beilun' 1999 172561 dwt dely Japan 24/26 Dec trip via West
Australia redel China $178500 daily - BHP Billiton 'Royal Breeze' 2002 76679
dwt dely Shibushi 22/23 Dec trip via Indonesia redel Taiwan $71000 daily -
STX Pan Ocean 'Double Prosperity' Pioneer Metals relet 1995 76633 dwt dely
Shanghai 1/10 Jan
7/8 months trading redel worldwide $72500 daily - cnr 'Trans Ocean' 1983
75568 dwt dely aps Recalada 1/10 Jan trip redel Singapore-Japan rge $76000
daily + $1.5 million bb - Grand Ocean 'Angelic Glory' 2002 75007 dwt dely
ex drydock Nha Trang 20/25 Dec trip via Indonesia redel S.Korea $72500 daily
- Chokang - 'Clipper Monarch' 2000 74381 dwt dely Mizushima 17/19 Dec trip
via NoPac redel Far East $72000 daily - Chinese chrtr 'Boreal' 2002 74222
dwt dely Dangjin 25/28 Dec 3/5 months trading redel worldwide $75000 daily
- Bunge
'Four Coal' 2000 74020 dwt - 69997>
'Rodon' 1993 73760 dwt dely Mississippi River 7/15 Jan trip redel
Singapore-Japan range $84000 daily + $1.4 million bb - Dreyfus 'Great Glory'
1997 73724 dwt dely Taiwan 18/20 Dec 3/5 months trading redel worldwide
$74000 daily - BHP Billiton 'Eleranta' 1995 73222 dwt dely Huangpu 23/25
Dec trip redel Skaw-Cape Passero $65000 daily - Cargill 'Peter S' 1995
71550 dwt dely Piombino in d/c 5/7 Jan transatlantic round redel Skaw-Cape
Passero $81000 daily - Cargill 'Kater Wave' 1989 70359 dwt dely Pohang
16/24 Dec 4/6 months trading redel worldwide $71500 daily - Bunge 'Eastern
Queen' 1994 70196 dwt dely Dunkirk 20/26 Dec 4/6 months trading redel
worldwide $84500 daily - Norden 'Joyous Society' 1994 69274 dwt dely US
Gulf 8/10 Jan trip redel Far East $85000 daily + $1.4 million bb - Glory
Wealth 'Sea Charm' 1982 63870 dwt dely Gibraltar 16/22 Dec trip via Kamsar
redel Aughinish $69000 daily - Armada 'Vinashin Moonstone' 1984 63463 dwt
dely Cape Passero 25/30 Nov trip via US Gulf & Israel redel Cape Passero
$75000 daily - Dreyfus 'Marlera' 2004 56024 dwt dely Map Ta Phut 23/28
December trip via PG redel PMO intention clinker $74000 daily - HMM
'Nicolaos A' 2003 53806 dwt dely Houston 28 December/2 January trip via
USGulf redel Turkey approx $105000 daily - Volcano 'Tiara Ocean' 2004 52532
dwt dely Mawan spot trip redel India $48000 daily - cnr 'Navios Apollon'
2000 52068 dwt dely Aughinish 24/26 December trip via USGulf redel
Singapore-Japan $77000 daily - Cargill 'Quinn J' 1987 47698 dwt dely Beilun
15/21 December trip redel Continent approx $47000 daily - STX Pan Ocean
'Sea Maple' 2000 45710 dwt dely Fos 14/18 December 2 laden legs redel
Singapore-Japan $62000 daily - Cargill 'Maria Th' 1996 45622 dwt dely
Lianyungang 20/25 December trip via Indonesia redel Pakistan $50000 daily -
Shadab 'Grandway' 1994 44006 dwt dely Paradip 24 December/4 January trip
redel Singapore-Japan $52500 daily - Uniwell 'Otello Manship' 1985 42244 dwt
dely Point Lisas spot trip via north coast South America redel east
Mediterranean $65000 daily + $900000 bb - SBC

ORE
'Hebei Tiger' 160000/10 Dampier/Xingang 20/30 Dec $38.00 fio scale/30000sc -
Shougang
'Peace Blossom' 1987 / - Tinto>

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 11/12/2007

The Daily Fixtures Report - 11/12/2007
-------------------------

BDI 9929 (DOWN 63)
BCI 14625 (DOWN 78)
BPI 9574 (DOWN 141)
BSI 6097 (UP 5)
BHSI 3004 (UP 2)

TIMECHARTER

'Mineral Monaco' 2005 180263 dwt dely Xingang in d/c ely Jan trip via West
Australia redel China $166000 daily - BHP Billiton 'J.Lauritzen TBN'
newbuilding 180000 dwt dely ex yard Hyundai Sept/Nov
2009 10 years trading redel worldwide $46000 daily - Transfield 'Cape Unity'
EdF relet 2007 180000 dwt dely China end Dec trip via West Australia redel
China $175000 daily - BHP Billiton 'TBN' newbuilding 177000 dwt dely ex
yard SWS, China July/Dec 2009 10 years trading redel worldwide $42000 daily
- North China Shipping 'Great Navigator' 2006 176303 dwt dely Shanghai
18/19 Dec trip via West Australia redel China $180000 daily - RTS 'Mineral
Libin' 2006 173800 dwt dely Yantai 23/25 Dec trip via West Australia redel
China $170000 daily - BHP Billiton 'Mineral Antwerpen' 2003 172150 dwt dely
Lanshan in d/c 21/23 Dec trip via West Australia redel China $172500 daily
- BHP Billiton 'Huikanghai' Noble relet 1994 149680 dwt dely Beilun 18/20
Dec trip via West Australia redel China $157500 daily - RTS 'Netadola' 1993
149475 dwt dely retro Bayuquan 15 Nov trip via Brazil redel China $116000
daily - Cargill 'Prem Vidya' 2006 82759 dwt dely Mumbai end Dec/ely Jan
trip via India redel China $96000 daily - Kandla Export Corp 'An Ho' Cargill
relet 2004 77834 dwt dely S.China spot trip via Indonesia redel Spain
$66000 daily - Dreyfus 'Mulberry Wilton' 2004 76543 dwt dely Rotterdam
16/20 Dec trip via Brazil redel China $87000 daily - Crownland - 'Crest
Trader' 2006 76500 dwt dely Zhoushan 14/15 Dec trip via NoPac redel
Singapore-Japan rge $66000 daily - Cargill 'Million Trader' 2004 76466 dwt
dely Constanza 20/25 Dec trip via Black Sea redel Aden-PMO rge $93000 daily
- Dreyfus 'Trafalgar' Armada relet 2001 76397 dwt dely Longkou 13/15 Dec
trip via NoPac redel Singapore-Japan rge $68000 daily - Dreyfus - 'Arabella'
2001 75563 dwt dely Barcelona 21/23 Dec trip via Brazil redel China $89000
daily - cnr 'Libertas' 2007 74930 dwt dely Antwerp 20/25 Dec 2 laden legs
redel worldwide $84500 daily - Armada 'Anna Smile' 2004 74500 dwt dely
Immingham 13/21 Dec trip via Continent & PG redel Aden-PMO $85000 daily -
Glencore 'Coal Glory' 1995 73760 dwt dely Mumbai Goa Mundra trip via Goa
redel Japan $80000 daily - NYK 'Kind Seas' TMT relet 2000 72493 dwt dely
Dunkirk 12/14 Dec trip via Brazil redel China $83500 daily - Chinese steel
mill - 'Avra' 1982 64854 dwt dely Cape Passero 12/18 Dec trip via US Gulf
& E.Med redel Cape Passero $65000 daily - Windrose 'Vassa' 2006 55447 dwt
dely passing Skaw spot trip via USGulf redel Far East $74000 daily - Cargill
- 'Stella Maris' 2007 52454 dwt dely Cape Passero 15/20 December
Transatlantic round voyage redel Cont-Med $70000 daily - Clipper 'Astra'
2004 48821 dwt dely Paradip 11/12 December trip redel China $72000 daily -
cnr 'Ocean Unity' 1984 37672 dwt dely Syria spot trip via Black Sea redel
Singapore-Japan $47500 daily - OK Shipping -
'C.Champ'1984 33300 dwt dely Canakkale spot trip via Black Sea redel
Egyptian Med $44000 daily - cnr 'Campanula' 2007 32576 dwt dely Kwangyang
20/23 December trip via Nopac redel Philippines $44000 daily - Lauritzen
'Nord Annapolis' 2007 24823 dwt dely Macassar prompt trip via Australia
redel Thailand $40000 daily - Cargill -

ORE

'Lowlands Orchid' 2005 160000/10 Tubarao/Qingdao 10/20 Jan $87.00 fio
scale/30000sc - Dreyfus -
'Bulk Europe' Constellation relet 2001 / -

COAL

'Centurion' 2005 60000/10 Norfolk/Annaba 20/30 Dec $52.50 fio
25000sc/12000sc - Mittal Shipping

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 10/10/2007

The Daily Fixtures Report - 10/12/2007
-------------------------

BDI 9992 (DOWN 76)
BCI 14703 (DOWN 176)
BPI 9715 (DOWN 91)
BSI 6092 (UP 9)
BHSI 3002 (UP 3)

TIMECHARTER

'Corossol Korea' ex Caspia 1989 207000 dwt dely S.Korea 6/8 Dec trip via
West Australia redel China $181000 daily - Rio Tinto 'Unique Carrier' 2007
177876 dwt dely Zhangjiang 22/23 Dec 5/7 months trading redel worldwide
$174000 daily - Pacific Bulk 'Southern Explorer' 2002 177493 dwt dely
Shanghai 15/16 Dec trip via West Australia redel China $178000 daily - BHP
Billiton 'Alpha Prudence' newbuilding 177000 dwt dely ex yard SWS, China
1/10 Jan trip via West Australia redel China $175000 daily - BHP Billiton
'Teo' 2002 76400 dwt dely Genoa 12/14 Dec trip via Nouadhibou redel China
$90000 daily - Cargill - 'Giovanna Iuliano' 1997 75229 dwt dely S.Japan
13/18 Dec trip via NoPac redel China $68000 daily - Alfred C.Toepfer
'Solidarnosc' 1991 73505 dwt dely Montoir 11/13 Dec trip via Bolivar redel
Rotterdam $86500 daily - TTMI/Sempra 'Elbe Max' 1999 73127 dwt dely Shekou
15/20 Dec trip via Esperence redel Japan $73000 daily - MOSK 'New Leader'
1996 72073 dwt dely Japan end Dec trip via NoPac & Iraq redel PMO $80000
daily - Brave Maritime 'Royal Ocean' 1995 70677 dwt dely Ghent 14/15 Dec
trip via US Gulf redel Skaw-Cape Passero int petcoke $81000 daily - Cargill
'Hanjin Tacoma' 1994 70337 dwt - Klaveness>
'Summer Fortune' 1997 69034 dwt dely Soma 10/12 Dec trip via NoPac redel
Far East option Pakistan $68000 daily - Dreyfus 'Epiphania' 1995 68591 dwt
dely Dalian 10/12 Dec 3/5 months trading redel worldwide approx $68750 daily
- BHP Billiton 'Ethnos' 1984 66733 dwt dely Constanza 7/10 Dec trip via
Black Sea redel India $75000 daily - Glencore - 'Golden Venture' 2007 53411
dwt dely Muscat 15/20 December trip via West Coast India redel
Singapore-Japan $70000 daily - Seawin 'Furness Timika' 2001 52508 dwt dely
North China 13/17 December trip redel West Coast India $57000 daily - STX
Pan Ocean 'Team Spirit' 1984 37593 dwt dely Cristobal spot trip via USGulf
redel Spain approx $60000 daily + approx $800000 bb - Armada

COAL

'Bulk Europe' Constellation relet 2001 150000/10 Dalrymple/Eregli 1/11 Jan
$63.00 fio 50000sc/15000sc - Erdemir

The Baltic Dry Index T/C - 7.Dec.07

Dry cargo fixture summary - 07 December 2007

==========================

BDI Baltic Dry Index 10068 DOWN 74

BCI Baltic Capesize Index 14879 DOWN 200

BPI Baltic Panamax Index 9806 DOWN 80

BSI Baltic Supramax Index 6083 UP 19

BHSI Baltic Handysize Index 2999 UP 11

Timecharter

------------

'Nord Venus' 2005 76886 dwt dely Las Palmas 12/15 Dec trip via

Nouadhibou redel China $91000 daily - Cosco Europe

'Arabella' 2001 75563 dwt - <reported 6/12 - fixture failed>

'Leonardo Lembo' 1996 75473 dwt dely Xingang 10/15 Dec trip via

north China redel Philippines $71000 daily - Baretech

'Medi Roma' 2001 74255 dwt dely Piombino prompt balance of period

upto 19Mar/19Apr redel worldwide $83000 daily - cnr

'Goldern Lyderhorn' 1999 74242 dwt dely Lianyungang 8/10 Dec trip

via Australia redel Taiwan $74500 daily - cnr

'YK Sentosa' 2000 73625 dwt dely Mumbai 23 Dec/2 Jan trip via west

coast India redel China $85000 daily - cnr

'Endless' 1999 73427 dwt dely Mundra 20/26 Dec trip via west coast

India redel Japan $80000 daily - MOSK

'Happy Day' 1997 71694 dwt dely Fos 10/12 Dec trip via USGulf

redel Jorf Lasfar $77000 daily - Swiss Marine

'Hanjin Tacoma' 1994 70347 dwt dely Yosu 10/15 Dec 4/6 months

trading redel worldwide $75000 daily - European chrtrs

'Barcelona Bright' 1981 67485 dwt dely Algeria spot trip via Black

Sea redel China $60150 daily - Industrial

'Ledra' 1980 61981 dwt dely Tarragona prompt trip via USGulf redel

Continent $65000 daily - Glencore

'Clipper Gemini' 2003 51187 dwt dely Valencia 15/25 December 8/9

months trading redel worldwide $70000 daily - Armada

'Atlantica' 2001 50000 dwt dely Jintang 7/10 December trip redel

North Coast South America approx $48000 daily - Albatross

'Oceanic Angel' 1999 46677 dwt dely Monrovia 15/19 December trip

via Brazil redel South Africa $75000 daily - Cargill

'Ocean Luck' 1998 35360 dwt dely Black Sea 13/15 December trip

via PG redel PMO $59000 daily - cnr

The Baltic Dry index as of 7.dec.07

Daily Summary of Baltic Exchange Dry Indices 7 December 2007

Baltic Exchange Dry Index TM 10068 (DOWN 74)

Baltic Exchange Capesize Index TM 14879 (DOWN 200)

Baltic Exchange Panamax Index TM 9806 (DOWN 80)

Baltic Exchange Supramax Index TM 6083 (UP 19)

Baltic Exchange Handysize Index TM 2999 (UP 11)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $174115 (DOWN 2240)

BPI Average of the T/C routes $79155 (DOWN 668)

BSI Average of the T/C routes $63609 (UP 203)

BHSI Average of the T/C routes $44000 (UP 157)

Baltic Exchange Capesize Index 14879 (DOWN 200)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 46.477 -0.696

C3 150000mt Tubarao - Beilun/Baoshan 15 88.875 -0.921

C4 150000mt Richards Bay - Rotterdam 5 46.000 -0.505

C5 150000mt W Australia - Beilun/Baoshan 15 37.168 -0.718

C7 150000mt Bolivar - Rotterdam 5 47.827 -0.696

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 171773 -2272

C9_03 172000mt Continent/Mediterranean trip Far East 5 224958 -2646

C10_03 172000mt Pacific RV 20 177563 -2750

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 122167 -1291

C12 150000mt Gladstone - Rotterdam 10 61.900 -0.332

Average of the T/C Routes 174115 -2240

Baltic Exchange Panamax Index 9806 (DOWN 80)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 84536 -71

P2A_03 74000mt SKAW-GIB/FAR EAST 25 87413 -125

P3A_03 74000mt Japan-SK/Pacific/RV 25 73415 -1311

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 71255 -1166

Average of the T/C Routes 79155 -668

Baltic Exchange Supramax Index 6083 (UP 19)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 71700 311

S1B Canakkale Trip Far East 12.5 67354 75

S2 Japan - SK / NOPAC or Australia rv 25 58604 -361

S3 Japan - SK Trip Gib - Skaw range 25 56236 -214

S4A US Gulf - Skaw-Passero 12.5 95508 2383

S4B Skaw-Passero - US Gulf 12.5 44627 7

Average of the T/C Routes 63609 203

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

S5 W.Africa via ECSA to FarEast 0 75918 318

S6 Jpn-SK trip via Aus/India 0 59516 -570

S7 EC India - China 0 68988 1909

Baltic Exchange Handysize Index 2999 (UP 11)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 32171 14

HS2 Skaw - Passero trip Boston - Galveston 12.5 31829 8

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 60539 350

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 62060 655

HS5 SE Asia trip via Australia to Singapore - Japan 25 41989 39

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 40711 75

Average of the T/C Routes 44000 157

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 07/12/2007

The daily Fixture Report - 07/12/2007
------------------------

BDI 10068 (DOWN 74)
BCI 14879 (DOWN 200)
BPI 9806 (DOWN 80)
BSI 6083 (UP 19)
BHSI 2999 (UP 11)

TIMECHARTER

'Nord Venus' 2005 76886 dwt dely Las Palmas 12/15 Dec trip via Nouadhibou
redel China $91000 daily - Cosco Europe
'Arabella' 2001 75563 dwt -
'Leonardo Lembo' 1996 75473 dwt dely Xingang 10/15 Dec trip via north China
redel Philippines $71000 daily - Baretech 'Medi Roma' 2001 74255 dwt dely
Piombino prompt balance of period upto 19Mar/19Apr redel worldwide $83000
daily - cnr 'Goldern Lyderhorn' 1999 74242 dwt dely Lianyungang 8/10 Dec
trip via Australia redel Taiwan $74500 daily - cnr 'YK Sentosa' 2000 73625
dwt dely Mumbai 23 Dec/2 Jan trip via west coast India redel China $85000
daily - cnr 'Endless' 1999 73427 dwt dely Mundra 20/26 Dec trip via west
coast India redel Japan $80000 daily - MOSK 'Happy Day' 1997 71694 dwt dely
Fos 10/12 Dec trip via USGulf redel Jorf Lasfar $77000 daily - Swiss Marine
'Hanjin Tacoma' 1994 70347 dwt dely Yosu 10/15 Dec 4/6 months trading redel
worldwide $75000 daily - European chrtrs 'Barcelona Bright' 1981 67485 dwt
dely Algeria spot trip via Black Sea redel China $60150 daily - Industrial
'Ledra' 1980 61981 dwt dely Tarragona prompt trip via USGulf redel
Continent $65000 daily - Glencore 'Clipper Gemini' 2003 51187 dwt dely
Valencia 15/25 December 8/9 months trading redel worldwide $70000 daily -
Armada 'Atlantica' 2001 50000 dwt dely Jintang 7/10 December trip redel
North Coast South America approx $48000 daily - Albatross 'Oceanic Angel'
1999 46677 dwt dely Monrovia 15/19 December trip via Brazil redel South
Africa $75000 daily - Cargill 'Ocean Luck' 1998 35360 dwt dely Black Sea
13/15 December trip via PG redely PMO Usd59000 diot

++

Baltic launches new India/China iron ore route - 03/12/2007
==============================================

The Baltic Exchange has launched a new supramax route covering the ocean
transportation of iron ore from east coast India to China.
Published Monday - Friday at 1300 (London) and based on dollar assessments
made by a panel of international shipbroking companies, the route has been
under trial since July 2007.

Route description:
Route S7: Dely Cape Comorin / Haldia range including Sri Lanka for a trip of
20/30 days redelivery China. Laycan 5/10 in advance. Cargo basis iron ore or
similar with 5% total.

Standard "Tess 52" type vessel with grabs as follows:
52,454 mt dwt self trimming single deck bulkcarrier on 12.02 m ssw
189.99 m LOA 32.26 m Beam 5ho/ha 67,756 cum.grain 65,600 cum.bale 14L /14.5B
on 30mt (380 cst) no mdo at sea Cr 4 x 30 mt with 12 cum grabs Maximum age -
10 years

Route S7 will not contribute to the Baltic Exchange Supramax Index.
Launching the new route at the Baltic Exchange and FFA Brokers Association
Asian Freight Derivatives Forum in Hong Kong yesterday, Baltic Exchange
chief executive Jeremy Penn highlighted the growing range of services
supplied by the Baltic Exchange to the Asian shipping markets.
"27 of our 57 daily freight market assessments have an Asian element to them
and we also provide Asian timezone reporting from our recently opened
Singapore office"
Jeremy Penn added:
"Asia is where we are seeing the fastest growth in Baltic Exchange
membership and we will continue to support our members with an ever wider
range of services".

Freight market round up
=======================

CAPESIZES:
----------
A frantic week of trading for the capes, but apart from positive returns on
the BCI on Monday and Tuesday it has all been downhill, albeit a fairly
gentle gradient! The Atlantic markets have held up reasonably well, mainly
on the back of rounds, with front-haul only occasionaly showing its face -
the 1994 built
149,321 dwt C Harmony which was booked delivery Ijmuiden 18/22 December for
a trip to the East via Brazil at a cracking $198,000 daily. The dearth of
front-haul business may be the result of attempts by CVRD to cut back on
shipments from Brazil, which could also explain the hectic supramax iron ore
activity in the Indian Ocean.
The Pacific has seen the bulk of activity where Rio Tinto and BHP-Billiton
have been very active with round voyages ranging around the $175,000 up to
even one claim of a level in excess of $190,000 daily. However great care
was needed in assessing the relative values when delivery location is so
important.

PANAMAXES:
----------
A mixed bag of opinion in the Atlantic where, like their bigger cousins the
capes, the majority of activity centered on rounds rather than on trips to
the East with mineral trades making the major contribution to what was in
essence a steady market. The strange, to us anyway, phenomenon of short
period commanding a premium over spot was well illustrated by the 74,200 dwt
2001 built Medi Roma taken delivery Piombino prompt for four to five months
at $83,000 daily; while the 1997 built 71,700 dwt Happy Day was booked
delivery Fos via the USGulf with an albeit good redelivery Jorf Lasfar at
$77,000 daily.
The Far East has had more of a hammering with round voyages being marked
down almost $1,000 per day culminating in reports today of a 1997 built
73,000 dwt vessel with a good delivery in South China via West Australia
with redelivery Japan at $73,000 daily.

HANDY/SUPRAMAXES:
-----------------
The USGulf is the place to be and the owners of the El Condor Pasa built
2001
and 33,476 dwt will have been well pleased with their trip from Houston via
the US Gulf to Europe at around $73,000 daily. However probably more
significant are reports of the 2003 built 51,187 dwt Clipper Gemini booked
in with delivery Valencia 15/25 December for eight to nine months trading at
$70,000 daily. It is believed she was taken on to cover a US Gulf/Japan 1st
leg.
The other hot bed of activity as already mentioned above is the Indian Ocean
where the iron ore trades to China have seen levels rise steeply. A good
example of this was the fixture of the 2001 built 52,800 dwt Prabhu Daya
booked with delivery Haldia 9/10 December for a trip toChina at $75,000
daily; with some brokers thinking this will not be the end of the story.
Elsewhere in the East, the conditions were not nearly as rosy in particular
for spot tonnage.
Click here for detailed freight market reports.

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 06/12/07

The Daily Fixtures Report - 6/12/07
-------------------------

BDI Dry Index 10142 DOWN 74
BCI Capesize Index 15079 DOWN 168
BPI Panamax Index 9886 DOWN 101
BSI Supramax Index 6064 UP 8
BHSI Handysize Index 2988 UP 15

'Desimi' 1989 207063 dwt -
'Ocean Confidence' 2005 177808 dwt dely Dalian 17/20 Dec trip via West
Australia redel Japan $175000 daily - Shinwa 'Cape Jupiter' 1997 171700 dwt
dely Beilun 15/18 Dec trip via West Australia redel China $185000 daily -
BHP Billiton 'Cape Stork' 1996 171039 dwt dely Beilun 14/15 Dec trip via
West Australia redel China $183500 daily - BHP Billiton 'Luciana Della
Gatta' 1990 122760 dwt dely Pohang in d/c 16/20 Dec trip via Australia
redel Far East $120000 daily - Constellation 'Nicole' 2007 77076 dwt dely
Visakhapatnam 13/15 Dec trip via South Africa redel Skaw-Cape Passero
$73000 daily - Dreyfus 'Bonita' Norden relet 2001 76623 dwt dely PMO 10/15
Dec trip via WC India redel Far East $77500 daily - Trustworth 'Belgrano'
2004 76600 dwt dely Lanshan 8/9 Dec 4/6 months trading redel worldwide
$84000 daily - Sinotrans 'Arabella' 2001 75563 dwt dely Barcelona 21/23 Dec
trip via Brazil redel Far East $87000 daily - Sinochart 'Ellivita' 1999
75522 dwt dely Cape Passero 5 Dec 2 laden legs redel Atlantic $87500 daily
- Arcelor Mittal
'Evanthia' 2001 74927 dwt -
'Alexandra' 2001 74756 dwt dely Bilbao 11/15 Dec trip via Colombia redel
Gibraltar-Hamburg $86500 daily option redel Cape Passero $88000 daily -
Armada 'Cinzia D'Amato' 2000 74716 dwt dely Yantai 14/16 Dec 4/6 months
trading redel worldwide $80000 daily - Oldendorff 'Erato' Swiss Marine relet
2004 74444 dwt dely Qingdao 9/15 Dec trip via Indonesia redel Hong Kong
$66000 daily - cnr 'Catalina' Louis Dreyfus relet 2005 74432 dwt dely Cape
Passero spot trip via EC South America redel Skaw-Cape Passero $85500 daily
- Cargill 'Tian Zhu Feng' 2000 74200 dwt dely Huangpu 20/21 Dec 4/6 months
trading redel worldwide $77000 daily - Norden
'Tetien Trader' BHP Billiton relet 2001 73910 dwt - Billiton has
substituted the Drin 1996 73087>
'Shen Neng 1' 1993 70181 dwt dely Shekou 10/16 Dec trip via Geraldton
redel Lanshan $71000 daily - Rizhao Steel 'Glorious Rena' 1987 68337 dwt
dely San Cyprian 12/18 Dec 2 laden legs redel Skaw-Cape Passero $79500 daily
- Fairfield 'Santa Anna' 2006 56042 dwt dely Cigading 11/13 December trip
via West Australia redel South Korea $75000 daily - STX Pan Ocean 'Aoyama'
2006 56013 dwt dely Kandla 16/18 December trip redel China approx $68500
daily - cnr
'Spring Falcon' 2001 51024 dwt dely Xingang 6/14 December - report
05/12 are incorrect>
'Progress 2' 1995 46641 dwt dely China 18/22 December 5/7 months trading
redel worldwide $58000 daily - Daewoo 'Dubai Freedom' 1994 45734 dwt dely
Haldia 17/22 December trip redel China $66000 daily - cnr - 'Aristeas P'
1984 38623 dwt dely North Spain spot trip via Caribbean redel West Med
$53500 daily - ED & F Man 'Navision Bulker' 1985 36537 dwt dely South China
6/9 December trip redel USGulf $40000 daily - SK Shipping 'El Condor Pasa '
2001 33476 dwt dely Houston 8/10 Dec trip via USGulf redel Cont/Med approx
$73000 daily - cnr 'Starlight' 1984 28354 dwt dely Port Louis 10/15 Dec
trip via South Africa redel Cont/Med approx $41500 daily - IVS

ORE
'STX Pan Ocean TBN' 170000/10 Goa/Kwangyang and/or Pohang 29 Dec/12 Jan
$43.25
fio 25000sc/60000sc - POSCO
'Nord-Kraft' 2000 160000/10 West Australia/China 20/30 Dec $39.00 fio
scale/30000sc - Chinese steel mill 'CIC Pride' 2002 160000/10 Port
Hedland/Qingdao 20/30 Dec $38.25 fio scale/30000sc - Shagang 'Cargill TBN'
150000/10 Ponta da Madeira/Dunkirk west & east 26 Dec/9 Jan $40.00 fio 7
days sc - Arcelor Mittal 'Unique Brilliance' 2001 150000/10 Narvik/El
Dekheila 25 Jan/3 Jan $30.90 fio 40000sc/30000fc - EZDK

COAL
'Lady Giovi' 70000/10 coal Queensland/EC India 21/30 Dec $61.50 fio
20000sc/10000sc - SAIL

GRAIN
'Brave JL' 1984 50000/10 hss US Gulf/China 21/30 Dec $110.00 fio
10000sx/8000sx
- Sinochart

The Baltic Dry index as of 5.December 2007

Daily Summary of Baltic Exchange Dry Indices

5 December 2007

Baltic Exchange Dry Index TM 10216 (DOWN 69)

Baltic Exchange Capesize Index TM 15247 (DOWN 158)

Baltic Exchange Panamax Index TM 9987 (DOWN 98)

Baltic Exchange Supramax Index TM 6056 (UP 17)

Baltic Exchange Handysize Index TM 2973 (UP 6)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $178188 (DOWN 1874)

BPI Average of the T/C routes $80657 (DOWN 797)

BSI Average of the T/C routes $63318 (UP 176)

BHSI Average of the T/C routes $43608 (UP 85)

Baltic Exchange Capesize Index 15247 (DOWN 158)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 47.695 -0.460

C3 150000mt Tubarao - Beilun/Baoshan 15 91.000 -0.850

C4 150000mt Richards Bay - Rotterdam 5 46.932 -0.227

C5 150000mt W Australia - Beilun/Baoshan 15 38.445 -0.364

C7 150000mt Bolivar - Rotterdam 5 49.059 -0.505

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 176523 -2182

C9_03 172000mt Continent/Mediterranean trip Far East 5 230125 -2083

C10_03 172000mt Pacific RV 20 181938 -2729

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 124167 -500

C12 150000mt Gladstone - Rotterdam 10 62.591 -0.145

Average of the T/C Routes 178188 -1874

Baltic Exchange Panamax Index 9987 (DOWN 98)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 84869 -539

P2A_03 74000mt SKAW-GIB/FAR EAST 25 87838 -525

P3A_03 74000mt Japan-SK/Pacific/RV 25 76042 -1032

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 73882 -1090

Average of the T/C Routes 80657 -797

Baltic Exchange Handysize Index 2973 (UP 6)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 32086 36

HS2 Skaw - Passero trip Boston - Galveston 12.5 31793 50

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 60083 144

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 61220 195

HS5 SE Asia trip via Australia to Singapore - Japan 25 41564 135

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 40275 -11

Average of the T/C Routes 43608 85

Baltic Exchange Supramax Index 6056 (UP 17)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 71225 68

S1B Canakkale Trip Far East 12.5 67271 -33

S2 Japan - SK / NOPAC or Australia rv 25 59100 92

S3 Japan - SK Trip Gib - Skaw range 25 56534 91

S4A US Gulf - Skaw-Passero 12.5 92140 1185

S4B Skaw-Passero - US Gulf 12.5 44641 -177

Average of the T/C Routes 63318 176

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

S5 W.Africa via ECSA to FarEast 0 75123 239

S6 Jpn-SK trip via Aus/India 0 60350 423

S7 Trial: EC India - China 0 64948 2583

The Baltic Dry Index Dry cargo fixture summary - 06 Dece

Subject: Dry cargo fixture summary - 06 December 2007

Dry cargo fixture summary - 06 December 2007 ==========================

BDI Baltic Dry Index 10142 DOWN 74
BCI Baltic Capesize Index 15079 DOWN 168
BPI Baltic Panamax Index 9886 DOWN 101
BSI Baltic Supramax Index 6064 UP 8
BHSI Baltic Handysize Index 2988 UP 15

Timecharter
------------
'Desimi' 1989 207063 dwt - <reported 05/12 correct rate is $177500 daily>

'Ocean Confidence' 2005 177808 dwt dely Dalian 17/20 Dec trip via West
Australia redel Japan $175000 daily - Shinwa

'Cape Jupiter' 1997 171700 dwt dely Beilun 15/18 Dec trip via West Australia
redel China $185000 daily - BHP Billiton

'Cape Stork' 1996 171039 dwt dely Beilun 14/15 Dec trip via West Australia
redel China $183500 daily - BHP Billiton

'Luciana Della Gatta' 1990 122760 dwt dely Pohang in d/c 16/20 Dec trip via
Australia redel Far East $120000 daily - Constellation

'Nicole' 2007 77076 dwt dely Visakhapatnam 13/15 Dec trip via South Africa
redel Skaw-Cape Passero $73000 daily - Dreyfus

'Bonita' Norden relet 2001 76623 dwt dely PMO 10/15 Dec trip via WC India
redel Far East $77500 daily - Trustworth

'Belgrano' 2004 76600 dwt dely Lanshan 8/9 Dec 4/6 months trading redel
worldwide $84000 daily - Sinotrans

'Arabella' 2001 75563 dwt dely Barcelona 21/23 Dec trip via Brazil redel Far
East $87000 daily - Sinochart

'Ellivita' 1999 75522 dwt dely Cape Passero 5 Dec 2 laden legs redel
Atlantic $87500 daily - Arcelor Mittal

'Evanthia' 2001 74927 dwt - <reported 05/12 charterer is Panoceanic>

'Alexandra' 2001 74756 dwt dely Bilbao 11/15 Dec trip via Colombia redel
Gibraltar-Hamburg $86500 daily option redel Cape Passero $88000 daily -
Armada

'Cinzia D'Amato' 2000 74716 dwt dely Yantai 14/16 Dec 4/6 months trading
redel worldwide $80000 daily - Oldendorff

'Erato' Swiss Marine relet 2004 74444 dwt dely Qingdao 9/15 Dec trip via
Indonesia redel Hong Kong $66000 daily - cnr

'Catalina' Louis Dreyfus relet 2005 74432 dwt dely Cape Passero spot trip
via EC South America redel Skaw-Cape Passero $85500 daily - Cargill

'Tian Zhu Feng' 2000 74200 dwt dely Huangpu 20/21 Dec 4/6 months trading
redel worldwide $77000 daily - Norden

'Tetien Trader' BHP Billiton relet 2001 73910 dwt - <reported 05/12 BHP
Billiton has substituted the Drin 1996 73087>

'Shen Neng 1' 1993 70181 dwt dely Shekou 10/16 Dec trip via Geraldton redel
Lanshan $71000 daily - Rizhao Steel

'Glorious Rena' 1987 68337 dwt dely San Cyprian 12/18 Dec 2 laden legs redel
Skaw-Cape Passero $79500 daily - Fairfield

'Santa Anna' 2006 56042 dwt dely Cigading 11/13 December trip via West
Australia redel South Korea $75000 daily - STX Pan Ocean

'Aoyama' 2006 56013 dwt dely Kandla 16/18 December trip redel China approx
$68500 daily - cnr

'Spring Falcon' 2001 51024 dwt dely Xingang 6/14 December - <details on
report 05/12 are incorrect>

'Progress 2' 1995 46641 dwt dely China 18/22 December 5/7 months trading
redel worldwide $58000 daily - Daewoo

'Dubai Freedom' 1994 45734 dwt dely Haldia 17/22 December trip redel China
$66000 daily - cnr - <adds rate to report 05/12>

'Aristeas P' 1984 38623 dwt dely North Spain spot trip via Caribbean redel
West Med $53500 daily - ED & F Man

'Navision Bulker' 1985 36537 dwt dely South China 6/9 December trip redel
USGulf $40000 daily - SK Shipping

'El Condor Pasa ' 2001 33476 dwt dely Houston 8/10 Dec trip via USGulf redel
Cont/Med approx $73000 daily - cnr

'Starlight' 1984 28354 dwt dely Port Louis 10/15 Dec trip via South Africa
redel Cont/Med approx $41500 daily - IVS

Ore
---
'STX Pan Ocean TBN' 170000/10 Goa/Kwangyang and/or Pohang 29 Dec/12 Jan
$43.25 fio 25000sc/60000sc - POSCO

'Nord-Kraft' 2000 160000/10 West Australia/China 20/30 Dec $39.00 fio
scale/30000sc - Chinese steel mill

'CIC Pride' 2002 160000/10 Port Hedland/Qingdao 20/30 Dec $38.25 fio
scale/30000sc - Shagang

'Cargill TBN' 150000/10 Ponta da Madeira/Dunkirk west & east 26 Dec/9 Jan
$40.00 fio 7 days sc - Arcelor Mittal

'Unique Brilliance' 2001 150000/10 Narvik/El Dekheila 25 Jan/3 Jan $30.90
fio 40000sc/30000fc - EZDK

Coal
----
'Lady Giovi' 70000/10 coal Queensland/EC India 21/30 Dec $61.50 fio
20000sc/10000sc - SAIL

Grain
-----
'Brave JL' 1984 50000/10 hss US Gulf/China 21/30 Dec $110.00 fio
10000sx/8000sx - Sinochart

The Baltic Dry Index as of 6.dec.07

Subject: index as of 6.dec.07

Daily Summary of Baltic Exchange Dry Indices

6 December 2007

Baltic Exchange Dry Index TM 10142 (DOWN 74)

Baltic Exchange Capesize Index TM 15079 (DOWN 168)

Baltic Exchange Panamax Index TM 9886 (DOWN 101)

Baltic Exchange Supramax Index TM 6064 (UP 8)

Baltic Exchange Handysize Index TM 2988 (UP 15)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $176355 (DOWN 1833)

BPI Average of the T/C routes $79823 (DOWN 834)

BSI Average of the T/C routes $63406 (UP 88)

BHSI Average of the T/C routes $43843 (UP 235)

Baltic Exchange Capesize Index 15079 (DOWN 168)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 47.173 -0.522

C3 150000mt Tubarao - Beilun/Baoshan 15 89.796 -1.204

C4 150000mt Richards Bay - Rotterdam 5 46.505 -0.427

C5 150000mt W Australia - Beilun/Baoshan 15 37.886 -0.559

C7 150000mt Bolivar - Rotterdam 5 48.523 -0.536

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 174045 -2478

C9_03 172000mt Continent/Mediterranean trip Far East 5 227604 -2521

C10_03 172000mt Pacific RV 20 180313 -1625

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 123458 -709

C12 150000mt Gladstone - Rotterdam 10 62.232 -0.359

Average of the T/C Routes 176355 -1833

Baltic Exchange Panamax Index 9886 (DOWN 101)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 84607 -262

P2A_03 74000mt SKAW-GIB/FAR EAST 25 87538 -300

P3A_03 74000mt Japan-SK/Pacific/RV 25 74726 -1316

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 72421 -1461

Average of the T/C Routes 79823 -834

Baltic Exchange Supramax Index 6064 (UP 8)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 71389 164

S1B Canakkale Trip Far East 12.5 67279 8

S2 Japan - SK / NOPAC or Australia rv 25 58965 -135

S3 Japan - SK Trip Gib - Skaw range 25 56450 -84

S4A US Gulf - Skaw-Passero 12.5 93125 985

S4B Skaw-Passero - US Gulf 12.5 44620 -21

Average of the T/C Routes 63406 88

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

S5 W.Africa via ECSA to FarEast 0 75600 477

S6 Jpn-SK trip via Aus/India 0 60086 -264

S7 EC India - China 0 67079 2131

Baltic Exchange Handysize Index 2988 (UP 15)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 32157 71

HS2 Skaw - Passero trip Boston - Galveston 12.5 31821 28

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 60189 106

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 61405 185

HS5 SE Asia trip via Australia to Singapore - Japan 25 41950 386

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 40636 361

Average of the T/C Routes 43843 235

The Baltic Dry index as of 3.dec.07

Subject: index as of 3.dec.07

Daily Summary of Baltic Exchange Dry Indices

3 December 2007

Baltic Exchange Dry Index TM 10270 (UP 60)

Baltic Exchange Capesize Index TM 15422 (UP 65)

Baltic Exchange Panamax Index TM 10056 (UP 89)

Baltic Exchange Supramax Index TM 6015 (UP 27)

Baltic Exchange Handysize Index TM 2952 (UP 18)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $180021 (UP 494)

BPI Average of the T/C routes $81228 (UP 727)

BSI Average of the T/C routes $62895 (UP 288)

BHSI Average of the T/C routes $43302 (UP 253)

Baltic Exchange Capesize Index 15422 (UP 65)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 48.436 -0.078

C3 150000mt Tubarao - Beilun/Baoshan 15 91.767 0.263

C4 150000mt Richards Bay - Rotterdam 5 47.005 0.528

C5 150000mt W Australia - Beilun/Baoshan 15 38.795 0.477

C7 150000mt Bolivar - Rotterdam 5 49.823 -0.018

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 179500 -818

C9_03 172000mt Continent/Mediterranean trip Far East 5 232250 83

C10_03 172000mt Pacific RV 20 184917 1292

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 123417 1417

C12 150000mt Gladstone - Rotterdam 10 62.859 0.468

Average of the T/C Routes 180021 494

Baltic Exchange Panamax Index 10056 (UP 89)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 85000 839

P2A_03 74000mt SKAW-GIB/FAR EAST 25 88115 421

P3A_03 74000mt Japan-SK/Pacific/RV 25 76929 925

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 74868 724

Average of the T/C Routes 81228 727

Baltic Exchange Supramax Index 6015 (UP 27)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 70986 145

S1B Canakkale Trip Far East 12.5 67229 66

S2 Japan - SK / NOPAC or Australia rv 25 58585 454

S3 Japan - SK Trip Gib - Skaw range 25 56182 514

S4A US Gulf - Skaw-Passero 12.5 90485 195

S4B Skaw-Passero - US Gulf 12.5 44927 -37

Average of the T/C Routes 62895 288

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

S5 W.Africa via ECSA to FarEast 0 74584 443

S6 Jpn-SK trip via Aus/India 0 59273 459

S7 Trial: EC India - China 0 60888 42

Baltic Exchange Handysize Index 2952 (UP 18)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 31979 265

HS2 Skaw - Passero trip Boston - Galveston 12.5 31507 443

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 59794 283

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 60635 230

HS5 SE Asia trip via Australia to Singapore - Japan 25 41200 271

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 40050 129

Average of the T/C Routes 43302 253

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 04/12/2007

The Daily Fixtures Report - 04/12/2007
-------------------------

BDI 10285 UP 15
BCI 15405 DOWN 17
BPI 10085 UP 29
BSI 6039 UP 24
BHSI 2967 UP 15

TIMECHARTER
'Mineral Noble' 2004 170649 dwt dely Rotterdam end Dec 12 months trading
redel worldwide $170000 daily - STX Pan Ocean 'Alpha Friendship' Cosbulk
relet 1996 161417 dwt dely Amsterdam 10/12 Dec trip via Bolivar redel
Denmark $168000 daily - Swiss Marine 'Coppersmith' SK relet 2005 149735 dwt
dely Nantong 15/17 Dec trip via Australia redel Singapore-Japan rge $164500
daily - Cargill 'ZOSCO Wenzhou' 1982 141014 dwt dely Zhangjiang 6/8 Dec
trip via West Australia redel China $155000 daily - Rio Tinto 'Prem Varsha'
2006 82273 dwt geared dely Yantai 5/7 Dec 4/6 months trading redel worldwide
$84500 daily - Bunge 'George' 1984 77078 dwt dely Brake 8/10 Dec trip via
Orinoco redel China $88000 daily - Transfield 'Fortune Ocean' STX Pan Ocean
relet 2006 76801 dwt dely Swinoujscie 8/10 Dec
3/4 months trading redel worldwide $88000 daily - Oldendorff 'Mulberry
Paris' Golden Ocean relet 2004 76492 dwt dely Worldwide Jan/Mar 2008
trading until Aug 2011 redel worldwide $51250 daily - Komrowski 'Mulberry
Wilton' Golden Ocean relet 2004 76453 dwt dely Worldwide Jan/Mar 2008
trading up to Dec 2011 redel worldwide $51250 daily - Komrowski 'Prabhu Das'
2005 76015 dwt dely Mumbai 7/12 Dec trip via WC India redel China $80000
daily - Chinese chrtr 'Red Seto' 2002 75966 dwt dely Lulea 6/12 Dec trip
via Kokkola redel UK $105000 daily - BHP Billiton 'Navios Cielo' 2003 75834
dwt dely Mariveles 4/6 months trading redel worldwide $82000 daily -
Norden 'North Prince' 1999 75542 dwt dely Mariveles 4/6 Dec trip via Weipa
redel China $87000 daily - North China Shipping 'Century Star' 2003 75318
dwt dely Koper 6/16 Dec 4/6 months trading redel worldwide $88500 daily -
CTP - 'Danae' 2001 75106 dwt dely Sual 6/12 Dec trip via Indonesia redel
India $85000 daily - Armada 'Riruccia' 1997 74002 dwt dely Worldwide
Feb/Mar 2008 11/13 months trading redel worldwide $71000 daily -
Constellation 'Genco Vigour' 1999 73941 dwt dely Cape Passero 8/9 Dec 2/3
laden legs redel Atlantic $87500 daily - Clipper
'Graecia Universalis' 2005 73902 dwt - read Cargill>
'Global F' STX Pan Ocean relet 1998 73729 dwt dely N.China 15/20 Dec
4/6
months trading redel worldwide $80500 daily - Oldendorff 'Coal Age' 1997
72824 dwt dely Yantai 8/10 Dec trip via Australia redel Japan $76500 daily
- NYK 'La Jolla' 1997 72126 dwt dely Qingdao 7/9 Dec trip via EC Australia
redel Singapore-Japan rge $76000 daily option redel India $78000 daily -
Morgan Stanley 'Bianco ID' 1998 70521 dwt dely Qingdao 9/11 Dec 3/5 months
trading redel worldwide $80000 daily - Bunge 'Deng Zhou Hai' 1995 69952 dwt
dely Toros 12/18 Dec trip via Black Sea redel Singapore-Japan rge int ore
$88250 - Aquavita 'Courage' 1984 66754 dwt dely Kaohsiung spot trip via
Indonesia redel Taiwan $52000 daily - Chokang 'Lioness C' 1983 66713 dwt
dely Shanghai spot/ppt trip via NoPac & Saudi Arabia redel Aden-PMO $64200
- JKI 'Joy Sea' 1990 66214 dwt dely Amsterdam spot trip via Kamsar redel
Aughinish $81000 daily - Oldendorff - 'Port Melbourne' 2005 53299 dwt dely
Mumbai 10/15 December trip redel China $70000 daily - Metchart 'Kang Hing'
2002 52828 dwt dely Changjiangkou 4/5 December 100/130 days trading redel
worldwide $64500 daily - Oldendorff - 03/12> 'Furness Australia' 2001 52489
dwt dely Lazero Cardenas 11/13 December trip via US West Coast redel India
$61500 daily + $630000 - Norden 'Globetrotter' 2001 48911 dwt dely Reunion
spot trip via South Africa redel China approx $70000 daily - Oldendorff
'Marylebone' 2001 48377 dwt dely Chennai 15/20 December trip redel China
$64000 daily - cnr 'Ondina' 96 47639 dwt dely Haldia 10/15 December trip
redel China $65000 daily
- Brownstone
'Scanda' 1990 40187 dwt dely Nacala prompt trip via South Africa redel
Continent/USGulf/Far East $48000 daily - IVS

The Baltic Dry Index Daily Panamax Report 04th December.

Subject: Daily Panamax Report 04th December.pdf

Dry cargo fixture summary - 04 December 2007 ==========================

BDI Baltic Dry Index 10285 UP 15
BCI Baltic Capesize Index 15405 DOWN 17
BPI Baltic Panamax Index 10085 UP 29
BSI Baltic Supramax Index 6039 UP 24
BHSI Baltic Handysize Index 2967 UP 15

Timecharter
------------
'Mineral Noble' 2004 170649 dwt dely Rotterdam end Dec 12 months trading
redel worldwide $170000 daily - STX Pan Ocean

'Alpha Friendship' Cosbulk relet 1996 161417 dwt dely Amsterdam 10/12 Dec
trip via Bolivar redel Denmark $168000 daily - Swiss Marine

'Coppersmith' SK relet 2005 149735 dwt dely Nantong 15/17 Dec trip via
Australia redel Singapore-Japan rge $164500 daily - Cargill

'ZOSCO Wenzhou' 1982 141014 dwt dely Zhangjiang 6/8 Dec trip via West
Australia redel China $155000 daily - Rio Tinto

'Prem Varsha' 2006 82273 dwt geared dely Yantai 5/7 Dec 4/6 months trading
redel worldwide $84500 daily - Bunge

'George' 1984 77078 dwt dely Brake 8/10 Dec trip via Orinoco redel China
$88000 daily - Transfield

'Fortune Ocean' STX Pan Ocean relet 2006 76801 dwt dely Swinoujscie 8/10 Dec
3/4 months trading redel worldwide $88000 daily - Oldendorff

'Mulberry Paris' Golden Ocean relet 2004 76492 dwt dely Worldwide Jan/Mar
2008 trading until Aug 2011 redel worldwide $51250 daily - Komrowski

'Mulberry Wilton' Golden Ocean relet 2004 76453 dwt dely Worldwide Jan/Mar
2008 trading up to Dec 2011 redel worldwide $51250 daily - Komrowski

'Prabhu Das' 2005 76015 dwt dely Mumbai 7/12 Dec trip via WC India redel
China $80000 daily - Chinese chrtr

'Red Seto' 2002 75966 dwt dely Lulea 6/12 Dec trip via Kokkola redel UK
$105000 daily - BHP Billiton

'Navios Cielo' 2003 75834 dwt dely Mariveles 4/6 months trading redel
worldwide $82000 daily - Norden

'North Prince' 1999 75542 dwt dely Mariveles 4/6 Dec trip via Weipa redel
China $87000 daily - North China Shipping

'Century Star' 2003 75318 dwt dely Koper 6/16 Dec 4/6 months trading redel
worldwide $88500 daily - CTP - <fixed last week>

'Danae' 2001 75106 dwt dely Sual 6/12 Dec trip via Indonesia redel India
$85000 daily - Armada

'Riruccia' 1997 74002 dwt dely Worldwide Feb/Mar 2008 11/13 months trading
redel worldwide $71000 daily - Constellation

'Genco Vigour' 1999 73941 dwt dely Cape Passero 8/9 Dec 2/3 laden legs redel
Atlantic $87500 daily - Clipper

'Graecia Universalis' 2005 73902 dwt - <reported 03/12 the charterer should
read Cargill>

'Global F' STX Pan Ocean relet 1998 73729 dwt dely N.China 15/20 Dec 4/6
months trading redel worldwide $80500 daily - Oldendorff

'Coal Age' 1997 72824 dwt dely Yantai 8/10 Dec trip via Australia redel
Japan $76500 daily - NYK

'La Jolla' 1997 72126 dwt dely Qingdao 7/9 Dec trip via EC Australia redel
Singapore-Japan rge $76000 daily option redel India $78000 daily - Morgan
Stanley

'Bianco ID' 1998 70521 dwt dely Qingdao 9/11 Dec 3/5 months trading redel
worldwide $80000 daily - Bunge

'Deng Zhou Hai' 1995 69952 dwt dely Toros 12/18 Dec trip via Black Sea redel
Singapore-Japan rge int ore $88250 - Aquavita

'Courage' 1984 66754 dwt dely Kaohsiung spot trip via Indonesia redel Taiwan
$52000 daily - Chokang

'Lioness C' 1983 66713 dwt dely Shanghai spot/ppt trip via NoPac & Saudi
Arabia redel Aden-PMO $64200 - JKI

'Joy Sea' 1990 66214 dwt dely Amsterdam spot trip via Kamsar redel Aughinish
$81000 daily - Oldendorff - <fixed end of last week>

'Port Melbourne' 2005 53299 dwt dely Mumbai 10/15 December trip redel China
$70000 daily - Metchart

'Kang Hing' 2002 52828 dwt dely Changjiangkou 4/5 December 100/130 days
trading redel worldwide $64500 daily - Oldendorff - <corrects rate on report
03/12>

'Furness Australia' 2001 52489 dwt dely Lazero Cardenas 11/13 December trip
via US West Coast redel India $61500 daily + $630000 - Norden

'Globetrotter' 2001 48911 dwt dely Reunion spot trip via South Africa redel
China approx $70000 daily - Oldendorff

'Marylebone' 2001 48377 dwt dely Chennai 15/20 December trip redel China
$64000 daily - cnr

'Ondina' 96 47639 dwt dely Haldia 10/15 December trip redel China $65000
daily - Brownstone

'Scanda' 1990 40187 dwt dely Nacala prompt trip via South Africa redel
Continent/USGulf/Far East $48000 daily - IVS

The Baltic Dry index as of 4.dec.07

Daily Summary of Baltic Exchange Dry Indices

4 December 2007

Baltic Exchange Dry Index TM 10285 (UP 15)

Baltic Exchange Capesize Index TM 15405 (DOWN 17)

Baltic Exchange Panamax Index TM 10085 (UP 29)

Baltic Exchange Supramax Index TM 6039 (UP 24)

Baltic Exchange Handysize Index TM 2967 (UP 15)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $180062 (UP 41)

BPI Average of the T/C routes $81454 (UP 226)

BSI Average of the T/C routes $63142 (UP 247)

BHSI Average of the T/C routes $43523 (UP 221)

Baltic Exchange Capesize Index 15405 (DOWN 17)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 48.155 -0.281

C3 150000mt Tubarao - Beilun/Baoshan 15 91.850 0.083

C4 150000mt Richards Bay - Rotterdam 5 47.159 0.154

C5 150000mt W Australia - Beilun/Baoshan 15 38.809 0.014

C7 150000mt Bolivar - Rotterdam 5 49.564 -0.259

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 178705 -795

C9_03 172000mt Continent/Mediterranean trip Far East 5 232208 -42

C10_03 172000mt Pacific RV 20 184667 -250

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 124667 1250

C12 150000mt Gladstone - Rotterdam 10 62.736 -0.123

Average of the T/C Routes 180062 41

Baltic Exchange Panamax Index 10085 (UP 29)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 85408 408

P2A_03 74000mt SKAW-GIB/FAR EAST 25 88363 248

P3A_03 74000mt Japan-SK/Pacific/RV 25 77074 145

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 74972 104

Average of the T/C Routes 81454 226

Baltic Exchange Supramax Index 6039 (UP 24)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 71157 171

S1B Canakkale Trip Far East 12.5 67304 75

S2 Japan - SK / NOPAC or Australia rv 25 59008 423

S3 Japan - SK Trip Gib - Skaw range 25 56443 261

S4A US Gulf - Skaw-Passero 12.5 90955 470

S4B Skaw-Passero - US Gulf 12.5 44818 -109

Average of the T/C Routes 63142 247

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

S5 W.Africa via ECSA to FarEast 0 74884 300

S6 Jpn-SK trip via Aus/India 0 59927 654

S7 Trial: EC India - China 0 62365 1477

Baltic Exchange Handysize Index 2967 (UP 15)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 32050 71

HS2 Skaw - Passero trip Boston - Galveston 12.5 31743 236

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 59939 145

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 61025 390

HS5 SE Asia trip via Australia to Singapore - Japan 25 41429 229

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 40286 236

Average of the T/C Routes 43523 221

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 03/12/07

The Daily Fixtures Report - 03/12/2007
-------------------------

BDI 10270 UP 60
BCI 15422 UP 65
BPI 10056 UP 89
BSI 6015 UP 27
BHSI 2952 UP 18

TIMECHARTER
'Alpha Era' Cosco Qingdao relet 2000 170387 dwt dely Qingdao 13/15 Dec trip
via West Australia redel China $180000 daily - Rio Tinto
'Luciana Della Gatta' 1990 122760 dwt - and the rate was said to
be $120000 daily>
'Spitha' relet 2005 75411 dwt dely Lanshan 16/17 Dec balance of period abt
3 months trading redel worldwide $77000 daily - CTP - 'Voge Prestige' 1996
75100 dwt dely Lumut 1/8 Dec trip via Indonesia redel Lumut $69000 daily -
Hanjin 'Pavian' ex Marilena D'Amato 2001 74500 dwt dely Tilbury 10/12 Dec
trip via St.Lawrence redel China $88000 dail - Noble 'Pearl Seas' Swiss
Marine relet 2006 74483 dwt dely Fos 1/8 Dec trip via Kamsar redel
Continent $85000 daily - Transfield 'Catalina' 2005 74432 dwt dely Cape
Passero ely Dec trip via US Gulf redel Skaw-Cape Passero $85500 daily -
Dreyfus 'Great Intelligence' 2000 74293 dwt dely Kakogawa 5/10 Dec trip
via NoPac & Jebel Ali redel PMO int grain $75000 daily - Noble 'Graecia
Universalis' 2005 73902 dwt dely Taiwan 5/7 Dec 2 laden legs redel
worldwide $80000 daily - cnr
'Rainkiss' 1996 69503 dwt - Augustea>
'Jupiter Applause' Baumarine relet 1997 69123 dwt dely Soma 7/8 Dec trip
via NoPac redel Indonesia $79000 daily - Noble 'First Endeavour' 1994 69111
dwt dely Haldia 7/12 Dec trip via EC India redel Singapore-Japan rge
$76000 daily - cnr 'Santos Success' 1984 66894 dwt dely Taichung 8/18 Dec
3/4 months trading redel worldwide $68000 daily - cnr 'Sweet Lady II' 1981
65593 dwt dely Chiwan 12/15 Dec trip redel Continent $60500 daily - cnr
'Chios Gem' 1985 65298 dwt dely Rizhao 17/25 Dec trip via N.China redel PG
int clinker $51400 daily - TNT (Transnational Trading, Dubai) 'Swift Falcon'
1983 64500 dwt dely Egypt 10/20 Dec 3/4 months trading redel worldwide
$62500 daily - Industrial Carriers 'Panormos Trader' 1983 63942 dwt dely
Piraeus ppt trip via EC South America redel Skaw-Cape Passero $58000 daily
option trip via PG redel Aden- PMO $63000 daily - Dreyfus 'Kang Hing' 2002
52828 dwt dely Changjiangkou 4/5 December 100/130 days trading redel
worldwide $50000 daily - Oldendorff - 'Gwendolen' 2004 50248 dwt dely
Malaysia 11/12 December trip via Indonesia redel China $72000 daily -
Tongli 'Xanadu' 2001 DBCN relet 50169 dwt dely Aden spot trip via Aqaba
redel east coast India $50000 daily - Wamopl - 'Ken Unity' 1999 48913 dwt
dely Kaoshiung 10/15 December trip via Indonesia redel East Coast India
$49650 daily - Eitzen 'Krateros' 1992 43595 dwt dely Chennai 9/15 December
trip redel China $57000 daily - Chinese charterer

ORE
'Ocean Comfort' Transfield relet 1992 150000/10 Dampier/Qingdao 10/20 Dec
$39.00 fio scale/30000sc - Rio Tinto 'TBN' 150000/10 Ponta Da
Madeira/Qingdao 1/15 Jan $92.00 fio scale/30000sc - Cetragpa

COAL
'MOSK TBN' 160000/10 Roberts Bank/Pohang and/or Kwangyang 25 Dec/8 Jan
$49.49
fio 50000sc/40000sc-50000sc - POSCO

The Baltic Dry index as of 30.nov.07

30 November 2007

Baltic Exchange Dry Index TM 10210 (UP 118)

Baltic Exchange Capesize Index TM 15357 (UP 176)

Baltic Exchange Panamax Index TM 9967 (UP 156)

Baltic Exchange Supramax Index TM 5988 (UP 48)

Baltic Exchange Handysize Index TM 2934 (UP 17)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $179527 (UP 2109)

BPI Average of the T/C routes $80501 (UP 1261)

BSI Average of the T/C routes $62607 (UP 502)

BHSI Average of the T/C routes $43049 (UP 236)

Baltic Exchange Capesize Index 15357 (UP 176)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 48.514 0.023

C3 150000mt Tubarao - Beilun/Baoshan 15 91.504 0.646

C4 150000mt Richards Bay - Rotterdam 5 46.477 0.413

C5 150000mt W Australia - Beilun/Baoshan 15 38.318 0.773

C7 150000mt Bolivar - Rotterdam 5 49.841 -0.004

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 180318 -1500

C9_03 172000mt Continent/Mediterranean trip Far East 5 232167 2896

C10_03 172000mt Pacific RV 20 183625 4500

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 122000 2542

C12 150000mt Gladstone - Rotterdam 10 62.391 0.923

Average of the T/C Routes 179527 2109

Baltic Exchange Panamax Index 9967 (UP 156)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 84161 1287

P2A_03 74000mt SKAW-GIB/FAR EAST 25 87694 1075

P3A_03 74000mt Japan-SK/Pacific/RV 25 76004 1364

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 74144 1318

Average of the T/C Routes 80501 1261

Baltic Exchange Handysize Index 2934 (UP 17)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 31714 385

HS2 Skaw - Passero trip Boston - Galveston 12.5 31064 100

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 59511 383

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 60405 295

HS5 SE Asia trip via Australia to Singapore - Japan 25 40929 136

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 39921 228

Average of the T/C Routes 43049 236

Baltic Exchange Supramax Index 5988 (UP 48)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 70841 182

S1B Canakkale Trip Far East 12.5 67163 317

S2 Japan - SK / NOPAC or Australia rv 25 58131 614

S3 Japan - SK Trip Gib - Skaw range 25 55668 986

S4A US Gulf - Skaw-Passero 12.5 90290 210

S4B Skaw-Passero - US Gulf 12.5 44964 109

Average of the T/C Routes 62607 502

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

S5 W.Africa via ECSA to FarEast 0 74141 455

S6 Jpn-SK trip via Aus/India 0 58814 641

S7 Trial: EC India - China 0 60846 884

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 29/11/07

The Daily Fixtures Report - 29/11/2007
-------------------------

BDI 10092 UP 170
BCI 15181 UP 426
BPI 9811 UP 141
BSI 5940 DOWN 6
BHSI 2917 UP 8

TIMECHARTER
'Quorn' 1996 179869 dwt dely Xingang 13/15 Nov trip via West Australia
redel China $175000 daily - BHP Billiton 'Bright Century' 1997 178739 dwt
dely Kakogawa 8/10 Dec trip via Port Hedland redel S.Korea $180000 daily -
STX Pan Ocean 'Ocean Cygnus' 2006 176996 dwt dely Dalian 13/15 Dec trip
via West Australia redel China $176000 daily - Armada 'Aquabreeze'
Constellation relet 2003 171009 dwt dely Qingdao 13/15 Dec trip via West
Australia redel China $180000 daily - BHP Billiton 'C.Corsier' 1991 158537
dwt dely Sines 10/12 Dec trip via Brazil redel Far East $213000 daily - SK
Europe 'Clara' 2006 77073 dwt dely Kaohsiung 1/10 Dec trip via Hay Point
redel Visakhapatnam $78000 daily - Daebo 'CMB Laetitia' 2007 76499 dwt dely
psg Aden 14 Dec trip via Richards Bay redel China $70000 daily - Chinese
chrtr 'Fortune Princess' 2007 76400 dwt dely Ijmuiden 1/9 Dec trip via
Nouadhibou redel China $85500 daily - Cosco Europe 'Clare' 2005 74759 dwt
dely Jintang 8/9 Dec 2 laden legs redel Atlantic $71000 daily option 3/5
months trading $75000 daily - Dreyfus 'Altair' 2001 74677 dwt dely Cape
Passero ely Dec 2 laden legs 1st leg Nouadhibou/Ghent redel Atlantic $83000
daily - Giuseppe Bottiglieri 'Bargara' 2002 74500 dwt dely Continent ely
Dec trip via St.Lawrence & Egypt redel Cape Passero $83000 daily - Dreyfus
'Samatan' 2001 74283 dwt dely Cartagena 30 Nov/1 Dec trip via Brazil redel
Continent $84000 daily - Cargill 'Great Prosperity' 1999 73786 dwt dely
Labuan 4/5 Dec trip via Philippines redel Japan $78000 daily - Japanese
chrtr 'Kalypso' 1997 73762 dwt dely Taiwan 15/20 Dec 4/6 months trading
redel worldwide $77000 daily - Norden 'Carola' 1997 73740 dwt dely Brazil
10/20 Dec trip redel S.Korea int steels $80000 daily + $1.3 million bb -
STX Pan Ocean 'CSK Eminence' 1997 73606 dwt dely Lulea 4/10 Dec trip via
Riga redel UKC $84500 daily - Eitzen 'Alpha Future' Oldendorff relet 1999
72700 dwt dely Piombino 28 Nov/8 Dec 4/5 months trading redel worldwide
$83750 daily - Fratelli D'Amato 'Fu Min' 1997 72437 dwt dely Cape Passero
ely Dec 2 laden legs redel Atlantic $82000 daily - ABT 'Renuar'
Rizzo-Bottiglieri-De Carlini Armatori relet 1993 70123 dwt dely Cape Passero
1 Dec 2/3 laden legs duration abt 95/100 days redel worldwide $85000 daily -
Swiss Marine - 'Mass Prosperity' Rizzo-Bottiglieri-De Carlini Armatori relet
1993 69555 dwt dely Montoir 3/5 Dec trip via US Gulf redel China int grain
$84500 daily - Wilmar 'Yerotsakos' 1993 69220 dwt dely Taiwan 1/3 Dec trip
via Indonesia redel Taiwan $58000 daily - Daeyang - 'Ariana' 1984 69041 dwt
dely Huangpu 28/30 Nov trip via West Australia & Saudi Arabia redel
Aden-PMO $55000 daily - STX Pan Ocean 'Sea Pride' 1983 68800 dwt dely
Belfast 6/10 Dec transatlantic round redel Skaw-Cape Passero $70000 daily -
Cargill 'SD Progress' 1989 65708 dwt dely Oristano end Nov/ely Dec trip
via Kamsar redel UKC $71500 daily - Baumarine 'Jewel I' 1983 65043 dwt dely
Inchon 28 Nov/3 Dec trip via WC Canada redel Pakistan $57000 daily - Shadab
- 'Medi Chennai' 2005 55862 dwt dely Jafarabad (nr Mumbai) 7/10 December
trip redel China approx $60750 daily - North China Shipping 'Hector' 2002
52512 dwt dely Rio Grande 10/20 Dec trip via Argentina to Italy redel
Passero $70000 daily + $1 million bb - Bunge 'Ocean Morning' 2001 52404 dwt
dely Haldia 2/6 December trip redel China $65000 daily - Noble 'Sabrina 1'
2005 52249 dwt dely Caofeidian spot trip redel East Coast India $55000
daily - cnr 'Tai Harmony' Fednav relet 2001 51000 dwt dely Canakkale 12/16
December trip via Black Sea redel Indonesia-Singapore $63000 daily -
Fayette 'Blest Marine' 1997 47200 dwt dely Chiba 4/10 December 3/5 months
trading redel worldwide approx $55000 daily - Oceanbulk 'Energy Ranger' 1996
45945 dwt dely Mumbai spot trip redel China $50000 daily
- cnr
'Hawk' 1994 45111 dwt dely Shanghai 7/13 December trip via Indonesia redel
India $45000 daily - Armada 'Heng Chang' 1997 42717 dwt dely Galveston 8/15
Dec trip via USGulf redel Singapore-Japan range $55000 daily + $900000 bb -
Daeyang
'Team Effort' 1985 37744 dwt dely retro Gibraltar abt 22 November
trip via
USGulf redel Algeria $50000 daily - Toepfer 'Golden Trader' 1984 37726 dwt
dely Puerto Cabello 8/15 December trip via North Coast South America redel
Skaw-Passero $72000 daily - Atlas 'Ratu Tembaga' 2004 28544 dwt dely
Qingdao early Dec trip redel east coast India $48500 daily - cnr 'Jop' 2000
28075 dwt dely Kashima 5/10 Dec 2 laden legs trading redel Far East $42000
daily - Japanese chrtrs

ORE
'SG Enterprise' Swiss Marine relet 1997 190000/10 Tubarao/Kwangyang and/or
Pohang 22 Dec/5 Jan $76.95 fio scale/60000sc-45000sc - POSCO 'Mineral
Tianjin' 2006 160000/10 Tubarao/Gijon 28 Dec/4 Jan $44.00 fio 6 days sc
- Elcano

COAL
'Anangel Eternity' IVS relet 1999 160000/10 Richards Bay/Rotterdam 12/27 Dec
$45.00 fio scale/25000sc - Cargill

GRAIN
'Steel Glory' 35000/10 HSS USGulf/Spain 7/15 December $82.00 fio
8000sc/10000sx
- Dreyfus -

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 30/11/2007

The Daily Fixtures Report - 30/11/2007
-------------------------

BDI 10210 UP 118
BCI 15357 UP 176
BPI 9967 UP 156
BSI 5988 UP 48
BHSI 2934 UP 17

TIMECHARTER
'Antonis Angelicoussis' STX Pan Ocean relet 2007 177932 dwt dely Qingdao
6/7 Dec trip via West Australia redel China $180000 daily - BHP Billiton
'Luciana Della Gatta' 1990 122760 dwt dely S.Korea 20/30 Dec 4/6 months
trading redel worldwide $100000 daily - S.Korean chrtr 'Clipper Devon' 2005
82922 dwt dely Xingang 4/6 Dec trip via NoPac redel Singapore-Japan rge
$76000 daily - NYK 'Double Joy' 2006 76500 dwt dely Lanshan 8/9 Dec trip
redel Skaw-Cape Passero $75000 daily - Oldendorff 'Pacific Breeze' 2004
76343 dwt dely Muroran spot trip via NoPac & Iraq redel PMO $88000 daily -
Brave 'Red Iris' 2003 75730 dwt dely Mundra 3/5 Dec 3/5 months trading 1st
leg Goa/Black Sea redel worldwide $81000 daily - CTP 'Nord Orion' STX Pan
Ocean relet 2006 75318 dwt dely Beilun 20/30 Dec
11/13
months trading redel worldwide $76250 daily - Navios 'Austin' 1995 75300 dwt
dely Qingdao 6/8 Dec 3/5 months trading 1st leg N.China/ Mississippi River
redel worldwide $80000 daily - Oldendorff 'Capitola' 2001 74816 dwt dely
Brake spot 2 laden legs redel Atlantic $84000 daily - Cargill 'Great Wisdom'
2000 74293 dwt dely Lanshan 9/11 Dec 4/6 months trading redel worldwide
$81000 daily - Cargill 'Navios Felicity' 1997 73867 dwt dely N.China 24/27
Dec balance of period until
8 May 2008 redel worldwide $80000 daily - GMI
'Great Prosperity' 1999 73786 dwt -
'Eidelweiss' 2004 73600 dwt dely Qingdao 8/15 Dec trip via EC Australia
redel India $75000 daily - cnr - 'Antonis G.Pappadakis' 1995 73538 dwt dely
Kunsan 5/6 Nov trip via NoPac redel Singapore-Japan rge $78000 daily -
Dreyfus 'B.Indonesia' TMT relet 1990 70427 dwt dely US Gulf 9/10 Dec trip
redel Far East $85500 daily + $1.3 million bb - Cargill 'Rainkiss' 1996
69053 dwt dely Japan 10/20 Dec 4/5 months trading redel worldwide $75000
daily - GMI 'Irene' 1993 65672 dwt dely Amsterdam 1/8 Dec transatlantic
round redel Gibraltar-Skaw rge approx $80000 daily - Cargill 'Ioanna P' 1984
64873 dwt dely N.China early Dec trip via NoPac redel Singapore-Japan rge
int sulphur $57000 daily - Noble 'Irinikos' 1984 61809 dwt dely PMO 7/8 Dec
trip via EC South America redel Skaw-Cape Passero approx $54500 daily -
Dreyfus 'Yasa Pembe' 2007 56042 dwt dely Xingang 6/8 December trip via PG
redel PMO approx $54000 daily - STX Pan Ocean
'Dubai Knight' 2007 55300 dwt dely retro Chittagong abt 28 Nov trip
via
Haldia redel China approx $60000 daily - Million Miles 'Equinox Dawn' 2002
52015 dwt dely Suez 6/12 Dec trip via Black Sea redel south east Asia
$70000 daily Suez Canal transit costs Owners a/c - cnr 'Xanadu' 2001 DBCN
relet 50169 dwt dely Aden spot trip via Aqaba redel east coast India $55000
daily - Wamopl 'Lihai' 1998 Korea Line relet 46672 dwt dely Hachinhoe 10/20
December min3/max
5 months trading redel worldwide $57000 daily - Hanjin 'Ariston' 1984 37052
dwt dely Inchon 6/10 Dec trip redel Skaw-Cape Passero int steels $40000
daily - Hawknet 'Alexis' 1984 27048 dwt dely passing Passero 10/20 Dec 5/7
months trading redel Atlantic approx $27000 daily - Armada

ORE
'Mineral Tianjin' 2006 / -

COAL
'Alex D' 1989 52000/5 coking coal Queensland/Visakhapatnam 25Dec/5Jan
$58 fio
20000 load/7000 discharge - VSP