Daily Summary of Baltic Exchange Dry Indices

23 January 2008

Baltic Exchange Dry Index TM 6246 (DOWN 191)

Baltic Exchange Capesize Index TM 7848 (DOWN 223)

Baltic Exchange Panamax Index TM 6353 (DOWN 232)

Baltic Exchange Supramax Index TM 4332 (DOWN 109)

Baltic Exchange Handysize Index TM 2415 (DOWN 77)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI   Average of the T/C routes $86748 (DOWN 2563)

BPI   Average of the T/C routes $51061 (DOWN 1865)

BSI   Average of the T/C routes $45300 (DOWN 1135)

BHSI  Average of the T/C routes $35377 (DOWN 1199)

Baltic Exchange Capesize Index     7848     (DOWN 223)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 24.491 -0.641

C3 150000mt Tubarao - Beilun/Baoshan 15 50.833 -1.542

C4 150000mt Richards Bay - Rotterdam 5 24.750 -0.682

C5 150000mt W Australia - Beilun/Baoshan 15 21.091 -0.564

C7 150000mt Bolivar - Rotterdam 5 25.386 -0.714

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 75227 -3228

C9_03 172000mt Continent/Mediterranean trip Far East 5 121615 -2958

C10_03 172000mt Pacific RV 20 88731 -2692

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 61417 -1375

C12 150000mt Gladstone - Rotterdam 10 38.545 -0.510

Average of the T/C Routes 86748 -2563

Baltic Exchange Panamax Index     6353     (DOWN 232)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 59869 -2488

P2A_03 74000mt SKAW-GIB/FAR EAST 25 66012 -2159

P3A_03 74000mt Japan-SK/Pacific/RV 25 41080 -1693

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 37282 -1121

Average of the T/C Routes 51061 -1865

Baltic Exchange Supramax Index     4332     (DOWN 109)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 64350 -768

S1B Canakkale Trip Far East 12.5 65180 -837

S2 Japan - SK / NOPAC or Australia rv 25 31210 -1221

S3 Japan - SK Trip Gib - Skaw range 25 28145 -1805

S4A US Gulf - Skaw-Passero 12.5 76758 -547

S4B Skaw-Passero - US Gulf 12.5 37405 -875

Average of the T/C Routes 45300 -1135

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

S5 W.Africa via ECSA to FarEast 0 62709 -1241

S6 Jpn-SK trip via Aus/India 0 30582 -1336

S7 EC India - China 0 58875 -1663

Baltic Exchange Handysize Index     2415     (DOWN 77)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 25821 -465

HS2 Skaw - Passero trip Boston - Galveston 12.5 25529 -450

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 55083 -417

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 54300 -275

HS5 SE Asia trip via Australia to Singapore - Japan 25 30643 -2093

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 30500 -1900

Average of the T/C Routes 35377 -1199