Daily Summary of Baltic Exchange Dry Indices

17 January 2008

Baltic Exchange Dry Index TM 6472 (DOWN 443)

Baltic Exchange Capesize Index TM 7520 (DOWN 889)

Baltic Exchange Panamax Index TM 6791 (DOWN 336)

Baltic Exchange Supramax Index TM 4781 (DOWN 198)

Baltic Exchange Handysize Index TM 2614 (DOWN 63)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI   Average of the T/C routes $82954 (DOWN 12673)

BPI   Average of the T/C routes $54589 (DOWN 2728)

BSI   Average of the T/C routes $49994 (DOWN 2069)

BHSI  Average of the T/C routes $38324 (DOWN 912)

Baltic Exchange Capesize Index     7520     (DOWN 889)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 25.555 -2.554

C3 150000mt Tubarao - Beilun/Baoshan 15 50.858 -4.267

C4 150000mt Richards Bay - Rotterdam 5 24.636 -2.796

C5 150000mt W Australia - Beilun/Baoshan 15 18.368 -1.518

C7 150000mt Bolivar - Rotterdam 5 26.645 -2.737

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 76955 -19863

C9_03 172000mt Continent/Mediterranean trip Far East 5 118571 -13898

C10_03 172000mt Pacific RV 20 78000 -9331

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 58292 -7600

C12 150000mt Gladstone - Rotterdam 10 37.868 -2.514

Average of the T/C Routes 82954 -12673

Baltic Exchange Panamax Index     6791     (DOWN 336)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 64069 -2288

P2A_03 74000mt SKAW-GIB/FAR EAST 25 70007 -2291

P3A_03 74000mt Japan-SK/Pacific/RV 25 44811 -3366

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 39468 -2966

Average of the T/C Routes 54589 -2728

Baltic Exchange Supramax Index     4781     (DOWN 198)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 67393 -1396

S1B Canakkale Trip Far East 12.5 67279 -50

S2 Japan - SK / NOPAC or Australia rv 25 36648 -2062

S3 Japan - SK Trip Gib - Skaw range 25 34664 -2054

S4A US Gulf - Skaw-Passero 12.5 81913 -5532

S4B Skaw-Passero - US Gulf 12.5 40743 -1343

Average of the T/C Routes 49994 -2069

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

S5 W.Africa via ECSA to FarEast 0 68755 -2643

S6 Jpn-SK trip via Aus/India 0 36855 -2688

S7 EC India - China 0 61431 -250

Baltic Exchange Handysize Index     2614     (DOWN 63)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 27879 -907

HS2 Skaw - Passero trip Boston - Galveston 12.5 27514 -879

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 57250 -1028

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 56950 -1210

HS5 SE Asia trip via Australia to Singapore - Japan 25 34386 -650

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 34114 -986

Average of the T/C Routes 38324 -912