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