Daily Summary of Baltic Exchange Dry Indices 27 February 2008

Baltic Exchange Dry Index TM 7299 (DOWN 13)

Baltic Exchange Capesize Index TM 10068 (DOWN 107)

Baltic Exchange Panamax Index TM 7150 (UP 7)

Baltic Exchange Supramax Index TM 4977 (UP 35)

Baltic Exchange Handysize Index TM 2284 (UP 22)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI   Average of the T/C routes $115087 (DOWN 1304)

BPI   Average of the T/C routes $57503 (UP 53)

BSI   Average of the T/C routes $52046 (UP 369)

BHSI  Average of the T/C routes $33838 (UP 340)

Baltic Exchange Capesize Index     10068     (DOWN 107)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 30.000 -0.268

C3 150000mt Tubarao - Beilun/Baoshan 15 68.625 -0.564

C4 150000mt Richards Bay - Rotterdam 5 30.332 -0.523

C5 150000mt W Australia - Beilun/Baoshan 15 25.855 -0.250

C7 150000mt Bolivar - Rotterdam 5 31.000 -0.336

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 105591 -1000

C9_03 172000mt Continent/Mediterranean trip Far East 5 166193 -1180

C10_03 172000mt Pacific RV 20 114462 -2140

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 74104 -896

C12 150000mt Gladstone - Rotterdam 10 43.225 0.144

Average of the T/C Routes 115087 -1304

Baltic Exchange Panamax Index     7150     (UP 7)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 65245 495

P2A_03 74000mt SKAW-GIB/FAR EAST 25 74369 143

P3A_03 74000mt Japan-SK/Pacific/RV 25 50463 -276

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 39937 -147

Average of the T/C Routes 57503 53

Baltic Exchange Supramax Index     4977     (UP 35)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 60182 280

S1B Canakkale Trip Far East 12.5 60433 -46

S2 Japan - SK / NOPAC or Australia rv 25 49658 723

S3 Japan - SK Trip Gib - Skaw range 25 47327 282

S4A US Gulf - Skaw-Passero 12.5 70350 515

S4B Skaw-Passero - US Gulf 12.5 31430 189

Average of the T/C Routes 52046 369

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

S5 W.Africa via ECSA to FarEast 0 60857 446

S6 Jpn-SK trip via Aus/India 0 49943 270

S7 EC India - China 0 68762 2627

Baltic Exchange Handysize Index     2284     (UP 22)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 21036 100

HS2 Skaw - Passero trip Boston - Galveston 12.5 21264 85

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 45467 6

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 46635 25

HS5 SE Asia trip via Australia to Singapore - Japan 25 34807 564

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 33343 686

Average of the T/C Routes 33838 340