Daily Summary of Baltic Exchange Dry Indices 18 February 2008

Baltic Exchange Dry Index TM 7381 (UP 26)

Baltic Exchange Capesize Index TM 10195 (DOWN 241)

Baltic Exchange Panamax Index TM 7777 (UP 131)

Baltic Exchange Supramax Index TM 4616 (UP 159)

Baltic Exchange Handysize Index TM 2166 (UP 37)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI   Average of the T/C routes $115587 (DOWN 3505)

BPI   Average of the T/C routes $62590 (UP 1073)

BSI   Average of the T/C routes $48264 (UP 1660)

BHSI  Average of the T/C routes $32027 (UP 595)

Baltic Exchange Capesize Index     10195     (DOWN 241)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 29.141 -0.668

C3 150000mt Tubarao - Beilun/Baoshan 15 62.688 -1.281

C4 150000mt Richards Bay - Rotterdam 5 32.514 -0.600

C5 150000mt W Australia - Beilun/Baoshan 15 27.632 -0.482

C7 150000mt Bolivar - Rotterdam 5 30.173 -0.768

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 100682 -4091

C9_03 172000mt Continent/Mediterranean trip Far East 5 153371 -4906

C10_03 172000mt Pacific RV 20 128462 -2815

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 79833 -2209

C12 150000mt Gladstone - Rotterdam 10 44.109 -0.518

Average of the T/C Routes 115587 -3505

Baltic Exchange Panamax Index     7777     (UP 131)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 70595 702

P2A_03 74000mt SKAW-GIB/FAR EAST 25 77833 733

P3A_03 74000mt Japan-SK/Pacific/RV 25 56273 1500

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 45658 1355

Average of the T/C Routes 62590 1073

Baltic Exchange Supramax Index     4616     (UP 159)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 59436 427

S1B Canakkale Trip Far East 12.5 60535 285

S2 Japan - SK / NOPAC or Australia rv 25 43694 2636

S3 Japan - SK Trip Gib - Skaw range 25 39316 3257

S4A US Gulf - Skaw-Passero 12.5 71435 370

S4B Skaw-Passero - US Gulf 12.5 28684 409

Average of the T/C Routes 48264 1660

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

S5 W.Africa via ECSA to FarEast 0 58625 825

S6 Jpn-SK trip via Aus/India 0 45693 2616

S7 EC India - China 0 58958 1108

Baltic Exchange Handysize Index     2166     (UP 37)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 20121 71

HS2 Skaw - Passero trip Boston - Galveston 12.5 20486 136

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 45139 133

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 46095 62

HS5 SE Asia trip via Australia to Singapore - Japan 25 31443 1186

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 30743 993

Average of the T/C Routes 32027 595