Daily Summary of Baltic Exchange Dry Indices

14 January 2008

Baltic Exchange Dry Index TM 7654 (DOWN 295)

Baltic Exchange Capesize Index TM 10085 (DOWN 699)

Baltic Exchange Panamax Index TM 7585 (DOWN 165)

Baltic Exchange Supramax Index TM 5221 (DOWN 102)

Baltic Exchange Handysize Index TM 2781 (DOWN 23)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI   Average of the T/C routes $116223 (DOWN 8228)

BPI   Average of the T/C routes $61065 (DOWN 1340)

BSI   Average of the T/C routes $54596 (DOWN 1063)

BHSI  Average of the T/C routes $40668 (DOWN 344)

Baltic Exchange Capesize Index     10085     (DOWN 699)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 33.727 -1.623

C3 150000mt Tubarao - Beilun/Baoshan 15 64.438 -4.104

C4 150000mt Richards Bay - Rotterdam 5 31.750 -1.773

C5 150000mt W Australia - Beilun/Baoshan 15 23.773 -2.113

C7 150000mt Bolivar - Rotterdam 5 34.995 -1.655

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 121182 -6636

C9_03 172000mt Continent/Mediterranean trip Far East 5 158387 -10023

C10_03 172000mt Pacific RV 20 108031 -10546

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 77292 -5708

C12 150000mt Gladstone - Rotterdam 10 45.155 -2.095

Average of the T/C Routes 116223 -8228

Baltic Exchange Panamax Index     7585     (DOWN 165)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 68650 -1160

P2A_03 74000mt SKAW-GIB/FAR EAST 25 75300 -1274

P3A_03 74000mt Japan-SK/Pacific/RV 25 52655 -1606

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 47654 -1321

Average of the T/C Routes 61065 -1340

Baltic Exchange Supramax Index     5221     (DOWN 102)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 70900 -1132

S1B Canakkale Trip Far East 12.5 66923 158

S2 Japan - SK / NOPAC or Australia rv 25 41802 -1213

S3 Japan - SK Trip Gib - Skaw range 25 38955 -813

S4A US Gulf - Skaw-Passero 12.5 93650 -2658

S4B Skaw-Passero - US Gulf 12.5 43784 -814

Average of the T/C Routes 54596 -1063

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

S5 W.Africa via ECSA to FarEast 0 74490 -1469

S6 Jpn-SK trip via Aus/India 0 42088 -928

S7 EC India - China 0 61696 42

Baltic Exchange Handysize Index     2781     (DOWN 23)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 30721 -293

HS2 Skaw - Passero trip Boston - Galveston 12.5 30614 -307

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 59517 -477

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 59925 -380

HS5 SE Asia trip via Australia to Singapore - Japan 25 36200 -407

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 36083 -238

Average of the T/C Routes 40668 -344