Daily Summary of Baltic Exchange Dry Indices 19 February 2008

Baltic Exchange Dry Index TM 7319        (DOWN 62)

Baltic Exchange Capesize Index TM    9875 (DOWN 320)

Baltic Exchange Panamax Index TM     7653 (DOWN 124)

Baltic Exchange Supramax Index TM    4820     (UP 204)

Baltic Exchange Handysize Index TM   2198 (UP 32)

Daily Summary of the Baltic Exchange Time Charter Routes

     Rate($/Day)   Change

BCI  Average of the T/C routes  $111537  (DOWN 4050)

BPI  Average of the T/C routes  $61580   (DOWN 1010)

BSI  Average of the T/C routes  $50398   (UP 2134)

BHSI Average of the T/C routes  $32526   (UP 499)

Baltic Exchange Capesize Index     9875     (DOWN 320)

Route Number  Description   Weighting     Average  Movement

C2   160000lt Tubarao -Rotterdam 10   28.614   -0.527

C3   150000mt Tubarao - Beilun/Baoshan    15   61.371   -1.317

C4   150000mt Richards Bay - Rotterdam    5    31.477   -1.037

C5   150000mt W Australia - Beilun/Baoshan    15   26.659   -0.973

C7   150000mt Bolivar - Rotterdam    5    29.659   -0.514

C8_03    172000mt Gibraltar/Hamburg trans Atlantic RV  10   97818    -2864

C9_03    172000mt Continent/Mediterranean trip Far East    5    149603   -3768

C10_03   172000mt Pacific RV    20   122269   -6193

C11_03   172000mt China/Japan trip Mediterranean/Cont  5    76458    -3375

C12  150000mt Gladstone - Rotterdam  10   43.459   -0.650

Average of the T/C Routes  111537   -4050

Baltic Exchange Panamax Index     7653     (DOWN 124)

Route Number  Description   Weighting     Average  Movement

P1A_03   74000mt Transatlantic RV   25   69850    -745

P2A_03   74000mt SKAW-GIB/FAR EAST  25   77000    -833

P3A_03   74000mt Japan-SK/Pacific/RV 25   54914    -1359

P4_03    74000mt FAR EAST/NOPAC/SK-PASS  25   44556    -1102

Average of the T/C Routes  61580    -1010

Baltic Exchange Supramax Index     4820     (UP 204)

Route

Number   Description   Weighting     Average  Movement

S1A  Antwerp - Skaw Trip Far East    12.5 59580    144

S1B  Canakkale Trip Far East    12.5 60693    158

S2   Japan - SK / NOPAC or Australia rv   25   46700    3006

S3   Japan - SK Trip Gib - Skaw range     25   44888    5572

S4A  US Gulf - Skaw-Passero 12.5 71083    -352

S4B  Skaw-Passero - US Gulf 12.5 28655    -29

Average of the T/C Routes  50398    2134

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

S5   W.Africa via ECSA to FarEast    0    58985    360

S6   Jpn-SK trip via Aus/India  0    48220    2527

S7   EC India - China  0    60058    1100

Baltic Exchange Handysize Index     2198     (UP 32)

Route

Number   Description   Weighting     Average  Movement

HS1  Skaw - Passero trip Recalada - Rio de Janeiro 12.5 20200    79

HS2  Skaw - Passero trip Boston - Galveston   12.5 20607    121

HS3  Recalada - Rio de Janeiro trip Skaw - Passero.    12.5 45111    -28

HS4  US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 46230    135

HS5  SE Asia trip via Australia to Singapore - Japan   25   32464    1021

HS6  S Korea - Japan via NOPAC to Singapore-Japan  25   31564    821

Average of the T/C Routes  32526    499