Daily Summary of Baltic Exchange Dry Indices

30 January 2008

Baltic Exchange Dry Index TM 5900 (UP 285)

Baltic Exchange Capesize Index TM 8310 (UP 1108)

Baltic Exchange Panamax Index TM 5523 (UP 6)

Baltic Exchange Supramax Index TM 3903 (DOWN 79)

Baltic Exchange Handysize Index TM 2053 (DOWN 77)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI  Average of the T/C routes $93815 (UP 12708)

BPI  Average of the T/C routes $44402 (UP 39)

BSI  Average of the T/C routes $40808 (DOWN 832)

BHSI Average of the T/C routes $29967 (DOWN 1163)

Baltic Exchange Capesize Index     8310     (UP 1108)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 25.741 2.241

C3 150000mt Tubarao - Beilun/Baoshan 15 55.192 2.946

C4 150000mt Richards Bay - Rotterdam 5 25.209 2.209

C5 150000mt W Australia - Beilun/Baoshan 15 22.032 4.782

C7 150000mt Bolivar - Rotterdam 5 26.868 2.286

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 88455 12819

C9_03 172000mt Continent/Mediterranean trip Far East 5 137075 10537

C10_03 172000mt Pacific RV 20 89731 20269

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 60000 7208

C12 150000mt Gladstone - Rotterdam 10 38.564 2.109

Average of the T/C Routes 93815 12708

Baltic Exchange Panamax Index     5523     (UP 6)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 50633 297

P2A_03 74000mt SKAW-GIB/FAR EAST 25 58712 450

P3A_03 74000mt Japan-SK/Pacific/RV 25 36000 -327

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 32263 -263

Average of the T/C Routes 44402 39

Baltic Exchange Supramax Index     3903     (DOWN 79)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 59064 -1397

S1B Canakkale Trip Far East 12.5 61854 -634

S2 Japan - SK / NOPAC or Australia rv 25 27679 -463

S3 Japan - SK Trip Gib - Skaw range 25 24411 -619

S4A US Gulf - Skaw-Passero 12.5 69235 -1420

S4B Skaw-Passero - US Gulf 12.5 32127 -1043

Average of the T/C Routes 40808 -832

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

S5 W.Africa via ECSA to FarEast 0 56748 -1370

S6 Jpn-SK trip via Aus/India 0 27593 -484

S7 EC India - China 0 49446 -1650

Baltic Exchange Handysize Index     2053     (DOWN 77)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 22271 -679

HS2 Skaw - Passero trip Boston - Galveston 12.5 22000 -636

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 48028 -1139

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 48750 -1050

HS5 SE Asia trip via Australia to Singapore - Japan 25 24686 -1478

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 24657 -1422

Average of the T/C Routes 29967 -1163