Daily Summary of Baltic Exchange Dry Indices

11 February 2008

Baltic Exchange Dry Index TM 6520 (UP 167)

Baltic Exchange Capesize Index TM 9756 (UP 266)

Baltic Exchange Panamax Index TM 6237 (UP 208)

Baltic Exchange Supramax Index TM 3980 (UP 67)

Baltic Exchange Handysize Index TM 1894 (UP 20)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI  Average of the T/C routes $111827 (UP 3207)

BPI  Average of the T/C routes $50080 (UP 1683)

BSI  Average of the T/C routes $41618 (UP 699)

BHSI Average of the T/C routes $27712 (UP 311)

Baltic Exchange Capesize Index     9756     (UP 266)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 28.809 0.795

C3 150000mt Tubarao - Beilun/Baoshan 15 61.813 1.472

C4 150000mt Richards Bay - Rotterdam 5 31.523 1.628

C5 150000mt W Australia - Beilun/Baoshan 15 25.550 0.705

C7 150000mt Bolivar - Rotterdam 5 29.914 0.659

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 102955 2410

C9_03 172000mt Continent/Mediterranean trip Far East 5 154887 3705

C10_03 172000mt Pacific RV 20 114885 3294

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 74583 3419

C12 150000mt Gladstone - Rotterdam 10 42.673 0.933

Average of the T/C Routes 111827 3207

Baltic Exchange Panamax Index     6237     (UP 208)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 58743 1731

P2A_03 74000mt SKAW-GIB/FAR EAST 25 69085 2185

P3A_03 74000mt Japan-SK/Pacific/RV 25 39220 1756

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 33272 1059

Average of the T/C Routes 50080 1683

Baltic Exchange Supramax Index     3980     (UP 67)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 56953 321

S1B Canakkale Trip Far East 12.5 58623 348

S2 Japan - SK / NOPAC or Australia rv 25 32667 1152

S3 Japan - SK Trip Gib - Skaw range 25 28995 1038

S4A US Gulf - Skaw-Passero 12.5 66865 620

S4B Skaw-Passero - US Gulf 12.5 27180 -75

Average of the T/C Routes 41618 699

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

S5 W.Africa via ECSA to FarEast 0 54473 491

S6 Jpn-SK trip via Aus/India 0 36323 1290

S7 EC India - China 0 50813 1288

Baltic Exchange Handysize Index     1894     (UP 20)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 19600 14

HS2 Skaw - Passero trip Boston - Galveston 12.5 19714 135

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 44400 17

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 45615 -35

HS5 SE Asia trip via Australia to Singapore - Japan 25 23225 596

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 22958 579

Average of the T/C Routes 27712 311