Daily Summary of Baltic Exchange Dry Indices

29 January 2008

Baltic Exchange Dry Index TM 5615 (DOWN 77)

Baltic Exchange Capesize Index TM 7202 (UP 13)

Baltic Exchange Panamax Index TM 5517 (DOWN 108)

Baltic Exchange Supramax Index TM 3982 (DOWN 73)

Baltic Exchange Handysize Index TM 2130 (DOWN 91)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI   Average of the T/C routes $81107 (UP 746)

BPI   Average of the T/C routes $44363 (DOWN 873)

BSI   Average of the T/C routes $41640 (DOWN 757)

BHSI  Average of the T/C routes $31130 (DOWN 1352)

Baltic Exchange Capesize Index     7202     (UP 13)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 23.500 0.605

C3 150000mt Tubarao - Beilun/Baoshan 15 52.246 1.021

C4 150000mt Richards Bay - Rotterdam 5 23.000 -0.091

C5 150000mt W Australia - Beilun/Baoshan 15 17.250 -0.673

C7 150000mt Bolivar - Rotterdam 5 24.582 0.700

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 75636 3545

C9_03 172000mt Continent/Mediterranean trip Far East 5 126538 3834

C10_03 172000mt Pacific RV 20 69462 -2769

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 52792 -1625

C12 150000mt Gladstone - Rotterdam 10 36.455 -0.163

Average of the T/C Routes 81107 746

Baltic Exchange Panamax Index     5517     (DOWN 108)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 50336 -878

P2A_03 74000mt SKAW-GIB/FAR EAST 25 58262 -859

P3A_03 74000mt Japan-SK/Pacific/RV 25 36327 -807

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 32526 -948

Average of the T/C Routes 44363 -873

Baltic Exchange Supramax Index     3982     (DOWN 73)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 60461 -996

S1B Canakkale Trip Far East 12.5 62488 -577

S2 Japan - SK / NOPAC or Australia rv 25 28142 -446

S3 Japan - SK Trip Gib - Skaw range 25 25030 -770

S4A US Gulf - Skaw-Passero 12.5 70655 -1125

S4B Skaw-Passero - US Gulf 12.5 33170 -929

Average of the T/C Routes 41640 -757

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

S5 W.Africa via ECSA to FarEast 0 58118 -1187

S6 Jpn-SK trip via Aus/India 0 28077 -628

S7 EC India - China 0 51096 -1754

Baltic Exchange Handysize Index     2130     (DOWN 91)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 22950 -1014

HS2 Skaw - Passero trip Boston - Galveston 12.5 22636 -1128

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 49167 -1611

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 49800 -1300

HS5 SE Asia trip via Australia to Singapore - Japan 25 26164 -1544

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26079 -1338

Average of the T/C Routes 31130 -1352