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