Daily Summary of Baltic Exchange Dry Indices 12 February 2008

Baltic Exchange Dry Index TM 6712 (UP 192)

Baltic Exchange Capesize Index TM 10027 (UP 271)

Baltic Exchange Panamax Index TM 6476 (UP 239)

Baltic Exchange Supramax Index TM 4052 (UP 72)

Baltic Exchange Handysize Index TM 1956 (UP 62)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI   Average of the T/C routes $114772 (UP 2945)

BPI   Average of the T/C routes $52000 (UP 1920)

BSI   Average of the T/C routes $42373 (UP 755)

BHSI  Average of the T/C routes $28704 (UP 992)

Baltic Exchange Capesize Index     10027     (UP 271)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 29.400 0.591

C3 150000mt Tubarao - Beilun/Baoshan 15 63.229 1.416

C4 150000mt Richards Bay - Rotterdam 5 32.682 1.159

C5 150000mt W Australia - Beilun/Baoshan 15 26.518 0.968

C7 150000mt Bolivar - Rotterdam 5 30.459 0.545

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 105364 2409

C9_03 172000mt Continent/Mediterranean trip Far East 5 157266 2379

C10_03 172000mt Pacific RV 20 119000 4115

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 77458 2875

C12 150000mt Gladstone - Rotterdam 10 43.473 0.800

Average of the T/C Routes 114772 2945

Baltic Exchange Panamax Index     6476     (UP 239)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 60943 2200

P2A_03 74000mt SKAW-GIB/FAR EAST 25 71690 2605

P3A_03 74000mt Japan-SK/Pacific/RV 25 40799 1579

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 34568 1296

Average of the T/C Routes 52000 1920

Baltic Exchange Supramax Index     4052     (UP 72)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 57139 186

S1B Canakkale Trip Far East 12.5 58902 279

S2 Japan - SK / NOPAC or Australia rv 25 34035 1368

S3 Japan - SK Trip Gib - Skaw range 25 29955 960

S4A US Gulf - Skaw-Passero 12.5 67710 845

S4B Skaw-Passero - US Gulf 12.5 27255 75

Average of the T/C Routes 42373 755

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

S5 W.Africa via ECSA to FarEast 0 54991 518

S6 Jpn-SK trip via Aus/India 0 37600 1277

S7 EC India - China 0 52681 1868

Baltic Exchange Handysize Index     1956     (UP 62)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 19714 114

HS2 Skaw - Passero trip Boston - Galveston 12.5 19871 157

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 44511 111

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 45650 35

HS5 SE Asia trip via Australia to Singapore - Japan 25 25221 1996

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 24721 1763

Average of the T/C Routes 28704 992