Daily Summary of Baltic Exchange Dry Indices 29 February 2008

Baltic Exchange Dry Index TM 7613 (UP 281)

Baltic Exchange Capesize Index TM 10743 (UP 639)

Baltic Exchange Panamax Index TM 7435 (UP 260)

Baltic Exchange Supramax Index TM 5021 (UP 21)

Baltic Exchange Handysize Index TM 2334 (UP 21)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI  Average of the T/C routes $122876 (UP 7420)

BPI  Average of the T/C routes $59829 (UP 2120)

BSI  Average of the T/C routes $52500 (UP 224)

BHSI Average of the T/C routes $34595 (UP 302)

Daily Summary of Baltic Exchange Dry Indices

29 February 2008

Baltic Exchange Dry Index TM 7613 (UP 281)

Baltic Exchange Capesize Index TM 10743 (UP 639)

Baltic Exchange Panamax Index TM 7435 (UP 260)

Baltic Exchange Supramax Index TM 5021 (UP 21)

Baltic Exchange Handysize Index TM 2334 (UP 21)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI  Average of the T/C routes $122876 (UP 7420)

BPI  Average of the T/C routes $59829 (UP 2120)

BSI  Average of the T/C routes $52500 (UP 224)

BHSI Average of the T/C routes $34595 (UP 302)

Baltic Exchange Supramax Index     5021     (UP 21)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 60455 80

S1B Canakkale Trip Far East 12.5 60367 -50

S2 Japan - SK / NOPAC or Australia rv 25 51021 627

S3 Japan - SK Trip Gib - Skaw range 25 47645 154

S4A US Gulf - Skaw-Passero 12.5 70280 122

S4B Skaw-Passero - US Gulf 12.5 31564 73

Average of the T/C Routes 52500 224

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

S5 W.Africa via ECSA to FarEast 0 61609 586

S6 Jpn-SK trip via Aus/India 0 50909 336

S7 EC India - China 0 71115 1077

Baltic Exchange Handysize Index     2334     (UP 21)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 21243 129

HS2 Skaw - Passero trip Boston - Galveston 12.5 21536 165

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 44863 -531

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 46944 69

HS5 SE Asia trip via Australia to Singapore - Japan 25 36371 635

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 34714 657

Average of the T/C Routes 34595 302