Daily Summary of Baltic Exchange Dry Indices

4 February 2008

Baltic Exchange Dry Index TM 6121 (DOWN 13)

Baltic Exchange Capesize Index TM 9053 (UP 22)

Baltic Exchange Panamax Index TM 5712 (DOWN 37)

Baltic Exchange Supramax Index TM 3834 (DOWN 5)

Baltic Exchange Handysize Index TM 1932 (DOWN 22)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI  Average of the T/C routes $103957 (UP 311)

BPI  Average of the T/C routes $45874 (DOWN 307)

BSI  Average of the T/C routes $40084 (DOWN 56)

BHSI Average of the T/C routes $28190 (DOWN 320)

Baltic Exchange Capesize Index     9053     (UP 22)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 27.645 0.163

C3 150000mt Tubarao - Beilun/Baoshan 15 58.000 0.167

C4 150000mt Richards Bay - Rotterdam 5 28.318 -0.159

C5 150000mt W Australia - Beilun/Baoshan 15 23.205 -0.068

C7 150000mt Bolivar - Rotterdam 5 28.868 0.186

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 98773 1046

C9_03 172000mt Continent/Mediterranean trip Far East 5 146779 555

C10_03 172000mt Pacific RV 20 102192 269

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 68083 -625

C12 150000mt Gladstone - Rotterdam 10 40.841 -0.132

Average of the T/C Routes 103957 311

Baltic Exchange Panamax Index     5712     (DOWN 37)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 53864 -153

P2A_03 74000mt SKAW-GIB/FAR EAST 25 62610 229

P3A_03 74000mt Japan-SK/Pacific/RV 25 35205 -768

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 31816 -537

Average of the T/C Routes 45874 -307

Baltic Exchange Supramax Index     3834     (DOWN 5)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 57014 -659

S1B Canakkale Trip Far East 12.5 60100 -542

S2 Japan - SK / NOPAC or Australia rv 25 28596 700

S3 Japan - SK Trip Gib - Skaw range 25 24663 418

S4A US Gulf - Skaw-Passero 12.5 67240 -685

S4B Skaw-Passero - US Gulf 12.5 29800 -800

Average of the T/C Routes 40084 -56

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

S5 W.Africa via ECSA to FarEast 0 54480 -672

S6 Jpn-SK trip via Aus/India 0 29484 1570

S7 EC India - China 0 46679 -956

Baltic Exchange Handysize Index     1932     (DOWN 22)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 20679 -357

HS2 Skaw - Passero trip Boston - Galveston 12.5 20786 -357

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 45889 -555

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 47225 -100

HS5 SE Asia trip via Australia to Singapore - Japan 25 22836 -357

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 22636 -235

Average of the T/C Routes 28190 -320