The Baltic Dry index as of 4.Jan.2008

Daily Summary of Baltic Exchange Dry Indices

4 January 2008

Baltic Exchange Dry Index TM 8702 (DOWN 54)

Baltic Exchange Capesize Index TM 12890 (DOWN 130)

Baltic Exchange Panamax Index TM 7835 (UP 37)

Baltic Exchange Supramax Index TM 5611 (DOWN 61)

Baltic Exchange Handysize Index TM 2851 (DOWN 25)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $149828 (DOWN 1129)

BPI Average of the T/C routes $63028 (UP 282)

BSI Average of the T/C routes $58666 (DOWN 644)

BHSI Average of the T/C routes $41704 (DOWN 371)

Baltic Exchange Capesize Index 12890 (DOWN 130)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 40.273 -0.513

C3 150000mt Tubarao - Beilun/Baoshan 15 79.813 -0.170

C4 150000mt Richards Bay - Rotterdam 5 39.273 -0.386

C5 150000mt W Australia - Beilun/Baoshan 15 32.273 -0.522

C7 150000mt Bolivar - Rotterdam 5 41.636 -0.432

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 149727 -228

C9_03 172000mt Continent/Mediterranean trip Far East 5 197125 -292

C10_03 172000mt Pacific RV 20 150458 -2625

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 102000 -1375

C12 150000mt Gladstone - Rotterdam 10 53.205 -0.727

Average of the T/C Routes 149828 -1129

Baltic Exchange Panamax Index 7835 (UP 37)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 73252 737

P2A_03 74000mt SKAW-GIB/FAR EAST 25 78125 888

P3A_03 74000mt Japan-SK/Pacific/RV 25 52631 -19

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 48105 -478

Average of the T/C Routes 63028 282

Baltic Exchange Supramax Index 5611 (DOWN 61)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 73586 -199

S1B Canakkale Trip Far East 12.5 66780 -288

S2 Japan - SK / NOPAC or Australia rv 25 44829 -646

S3 Japan - SK Trip Gib - Skaw range 25 42628 -1045

S4A US Gulf - Skaw-Passero 12.5 108450 -1015

S4B Skaw-Passero - US Gulf 12.5 45598 -268

Average of the T/C Routes 58666 -644

The route(s) below do not form part of the index calculation

S5 W.Africa via ECSA to FarEast 0 79355 -585

S6 Jpn-SK trip via Aus/India 0 44538 -805

S7 EC India - China 0 59023 -437

Baltic Exchange Handysize Index 2851 (DOWN 25)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 31521 -243

HS2 Skaw - Passero trip Boston - Galveston 12.5 31329 -307

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 60994 -384

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 61370 -450

HS5 SE Asia trip via Australia to Singapore - Japan 25 37333 -459

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 36875 -333

Average of the T/C Routes 41704 -371