Daily Summary of Baltic Exchange Dry Indices

22 January 2008

Baltic Exchange Dry Index TM 6437 (DOWN 76)

Baltic Exchange Capesize Index TM 8071 (UP 17)

Baltic Exchange Panamax Index TM 6585 (DOWN 118)

Baltic Exchange Supramax Index TM 4441 (DOWN 103)

Baltic Exchange Handysize Index TM 2492 (DOWN 51)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI   Average of the T/C routes $89311 (UP 251)

BPI   Average of the T/C routes $52926 (DOWN 954)

BSI   Average of the T/C routes $46435 (DOWN 1083)

BHSI  Average of the T/C routes $36576 (DOWN 758)

Baltic Exchange Capesize Index     8071     (UP 17)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 25.132 -0.236

C3 150000mt Tubarao - Beilun/Baoshan 15 52.375 -0.125

C4 150000mt Richards Bay - Rotterdam 5 25.432 -0.023

C5 150000mt W Australia - Beilun/Baoshan 15 21.655 0.441

C7 150000mt Bolivar - Rotterdam 5 26.100 -0.241

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 78455 -363

C9_03 172000mt Continent/Mediterranean trip Far East 5 124573 150

C10_03 172000mt Pacific RV 20 91423 423

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 62792 792

C12 150000mt Gladstone - Rotterdam 10 39.055 0.010

Average of the T/C Routes 89311 251

Baltic Exchange Panamax Index     6585     (DOWN 118)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 62357 -1072

P2A_03 74000mt SKAW-GIB/FAR EAST 25 68171 -953

P3A_03 74000mt Japan-SK/Pacific/RV 25 42773 -989

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 38403 -801

Average of the T/C Routes 52926 -954

Baltic Exchange Supramax Index     4441     (DOWN 103)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 65118 -768

S1B Canakkale Trip Far East 12.5 66017 -408

S2 Japan - SK / NOPAC or Australia rv 25 32431 -1361

S3 Japan - SK Trip Gib - Skaw range 25 29950 -1541

S4A US Gulf - Skaw-Passero 12.5 77305 -913

S4B Skaw-Passero - US Gulf 12.5 38280 -770

Average of the T/C Routes 46435 -1083

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

S5 W.Africa via ECSA to FarEast 0 63950 -1250

S6 Jpn-SK trip via Aus/India 0 31918 -1418

S7 EC India - China 0 60538 -666

Baltic Exchange Handysize Index     2492     (DOWN 51)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 26286 -428

HS2 Skaw - Passero trip Boston - Galveston 12.5 25979 -521

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 55500 -528

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 54575 -700

HS5 SE Asia trip via Australia to Singapore - Japan 25 32736 -971

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 32400 -971

Average of the T/C Routes 36576 -758