Daily Summary of Baltic Exchange Dry Indices 26 February 2008

Baltic Exchange Dry Index TM 7312 (UP 16)

Baltic Exchange Capesize Index TM 10175 (DOWN 71)

Baltic Exchange Panamax Index TM 7143 (UP 83)

Baltic Exchange Supramax Index TM 4942 (UP 20)

Baltic Exchange Handysize Index TM 2262 (UP 20)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI  Average of the T/C routes $116391 (DOWN 740)

BPI  Average of the T/C routes $57450 (UP 655)

BSI  Average of the T/C routes $51677 (UP 214)

BHSI Average of the T/C routes $33498 (UP 319)

Baltic Exchange Capesize Index     10175     (DOWN 71)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 30.268 -0.164

C3 150000mt Tubarao - Beilun/Baoshan 15 69.189 0.167

C4 150000mt Richards Bay - Rotterdam 5 30.855 -0.450

C5 150000mt W Australia - Beilun/Baoshan 15 26.105 -0.350

C7 150000mt Bolivar - Rotterdam 5 31.336 -0.128

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 106591 -864

C9_03 172000mt Continent/Mediterranean trip Far East 5 167373 377

C10_03 172000mt Pacific RV 20 116602 -1720

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 75000 -750

C12 150000mt Gladstone - Rotterdam 10 43.081 -0.007

Average of the T/C Routes 116391 -740

Baltic Exchange Panamax Index     7143     (UP 83)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 64750 1190

P2A_03 74000mt SKAW-GIB/FAR EAST 25 74226 1007

P3A_03 74000mt Japan-SK/Pacific/RV 25 50739 341

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 40084 79

Average of the T/C Routes 57450 655

Baltic Exchange Supramax Index     4942     (UP 20)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 59902 102

S1B Canakkale Trip Far East 12.5 60479 -79

S2 Japan - SK / NOPAC or Australia rv 25 48935 477

S3 Japan - SK Trip Gib - Skaw range 25 47045 0

S4A US Gulf - Skaw-Passero 12.5 69835 282

S4B Skaw-Passero - US Gulf 12.5 31241 455

Average of the T/C Routes 51677 214

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

S5 W.Africa via ECSA to FarEast 0 60411 356

S6 Jpn-SK trip via Aus/India 0 49673 93

S7 EC India - China 0 66135 2039

Baltic Exchange Handysize Index     2262     (UP 20)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 20936 43

HS2 Skaw - Passero trip Boston - Galveston 12.5 21179 86

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 45461 0

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 46610 70

HS5 SE Asia trip via Australia to Singapore - Japan 25 34243 864

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 32657 314

Average of the T/C Routes 33498 319