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