Baltic Dry Index 15 February 2008

Baltic Exchange Dry Index TM 7355 (UP 143)

Baltic Exchange Capesize Index TM 10436 (DOWN 110)

Baltic Exchange Panamax Index TM 7646 (UP 395)

Baltic Exchange Supramax Index TM 4457 (UP 159)

Baltic Exchange Handysize Index TM 2129 (UP 35)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI   Average of the T/C routes $119092 (DOWN 1515)

BPI   Average of the T/C routes $61517 (UP 3237)

BSI   Average of the T/C routes $46604 (UP 1662)

BHSI  Average of the T/C routes $31432 (UP 543)

Baltic Exchange Capesize Index     10436     (DOWN 110)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 29.809 -0.432

C3 150000mt Tubarao - Beilun/Baoshan 15 63.969 -0.514

C4 150000mt Richards Bay - Rotterdam 5 33.114 -0.409

C5 150000mt W Australia - Beilun/Baoshan 15 28.114 -0.272

C7 150000mt Bolivar - Rotterdam 5 30.941 -0.409

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 104773 -2227

C9_03 172000mt Continent/Mediterranean trip Far East 5 158277 -2158

C10_03 172000mt Pacific RV 20 131277 -885

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 82042 -791

C12 150000mt Gladstone - Rotterdam 10 44.627 -0.187

Average of the T/C Routes 119092 -1515

Baltic Exchange Panamax Index     7646     (UP 395)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 69893 2322

P2A_03 74000mt SKAW-GIB/FAR EAST 25 77100 1236

P3A_03 74000mt Japan-SK/Pacific/RV 25 54773 5864

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 44303 3527

Average of the T/C Routes 61517 3237

Baltic Exchange Supramax Index     4457     (UP 159)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 59009 725

S1B Canakkale Trip Far East 12.5 60250 585

S2 Japan - SK / NOPAC or Australia rv 25 41058 2500

S3 Japan - SK Trip Gib - Skaw range 25 36059 2761

S4A US Gulf - Skaw-Passero 12.5 71065 972

S4B Skaw-Passero - US Gulf 12.5 28275 491

Average of the T/C Routes 46604 1662

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

S5 W.Africa via ECSA to FarEast 0 57800 1061

S6 Jpn-SK trip via Aus/India 0 43077 1991

S7 EC India - China 0 57850 1625

Baltic Exchange Handysize Index     2129     (UP 35)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 20050 86

HS2 Skaw - Passero trip Boston - Galveston 12.5 20350 121

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 45006 -77

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 46033 53

HS5 SE Asia trip via Australia to Singapore - Japan 25 30257 971

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 29750 1107

Average of the T/C Routes 31432 543