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