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