Daily Summary of Baltic Exchange Dry Indices

16 January 2008

Baltic Exchange Dry Index TM 6915 (DOWN 421)

Baltic Exchange Capesize Index TM 8409 (DOWN 965)

Baltic Exchange Panamax Index TM 7127 (DOWN 256)

Baltic Exchange Supramax Index TM 4979 (DOWN 134)

Baltic Exchange Handysize Index TM 2677 (DOWN 57)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI  Average of the T/C routes $95627 (DOWN 12499)

BPI  Average of the T/C routes $57317 (DOWN 2093)

BSI  Average of the T/C routes $52063 (DOWN 1396)

BHSI Average of the T/C routes $39236 (DOWN 808)

Baltic Exchange Capesize Index     8409     (DOWN 965)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 28.109 -3.464

C3 150000mt Tubarao - Beilun/Baoshan 15 55.125 -4.242

C4 150000mt Richards Bay - Rotterdam 5 27.432 -2.613

C5 150000mt W Australia - Beilun/Baoshan 15 19.886 -2.146

C7 150000mt Bolivar - Rotterdam 5 29.382 -3.413

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 96818 -18682

C9_03 172000mt Continent/Mediterranean trip Far East 5 132469 -13901

C10_03 172000mt Pacific RV 20 87331 -10554

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 65892 -6858

C12 150000mt Gladstone - Rotterdam 10 40.382 -2.845

Average of the T/C Routes 95627 -12499

Baltic Exchange Panamax Index     7127     (DOWN 256)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 66357 -1383

P2A_03 74000mt SKAW-GIB/FAR EAST 25 72298 -1662

P3A_03 74000mt Japan-SK/Pacific/RV 25 48177 -2198

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 42434 -3132

Average of the T/C Routes 57317 -2093

Baltic Exchange Supramax Index     4979     (DOWN 134)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 68789 -1184

S1B Canakkale Trip Far East 12.5 67329 75

S2 Japan - SK / NOPAC or Australia rv 25 38710 -1400

S3 Japan - SK Trip Gib - Skaw range 25 36718 -1152

S4A US Gulf - Skaw-Passero 12.5 87445 -3825

S4B Skaw-Passero - US Gulf 12.5 42086 -1125

Average of the T/C Routes 52063 -1396

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

S5 W.Africa via ECSA to FarEast 0 71398 -1975

S6 Jpn-SK trip via Aus/India 0 39543 -1468

S7 EC India - China 0 61681 58

Baltic Exchange Handysize Index     2677     (DOWN 57)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 28786 -857

HS2 Skaw - Passero trip Boston - Galveston 12.5 28393 -1043

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 58278 -711

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 58160 -865

HS5 SE Asia trip via Australia to Singapore - Japan 25 35036 -835

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 35100 -657

Average of the T/C Routes 39236 -808