Daily Summary of Baltic Exchange Dry Indices 4 March 2008

Baltic Exchange Dry Index TM 7993 (UP 115)

Baltic Exchange Capesize Index TM 11670 (UP 237)

Baltic Exchange Panamax Index TM 7730 (UP 117)

Baltic Exchange Supramax Index TM 5025 (UP 5)

Baltic Exchange Handysize Index TM 2385 (UP 30)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI   Average of the T/C routes $135407 (UP 3357)

BPI   Average of the T/C routes $62239 (UP 958)

BSI   Average of the T/C routes $52542 (UP 49)

BHSI  Average of the T/C routes $35335 (UP 444)

Baltic Exchange Capesize Index     11670     (UP 237)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 33.055 0.560

C3 150000mt Tubarao - Beilun/Baoshan 15 72.104 0.854

C4 150000mt Richards Bay - Rotterdam 5 34.136 0.500

C5 150000mt W Australia - Beilun/Baoshan 15 31.318 0.704

C7 150000mt Bolivar - Rotterdam 5 33.955 0.573

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 126636 3727

C9_03 172000mt Continent/Mediterranean trip Far East 5 178998 4664

C10_03 172000mt Pacific RV 20 142577 3077

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 93417 1959

C12 150000mt Gladstone - Rotterdam 10 49.818 0.773

Average of the T/C Routes 135407 3357

Baltic Exchange Panamax Index     7730     (UP 117)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 68110 467

P2A_03 74000mt SKAW-GIB/FAR EAST 25 77740 430

P3A_03 74000mt Japan-SK/Pacific/RV 25 58190 1440

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 44917 1496

Average of the T/C Routes 62239 958

Baltic Exchange Supramax Index     5025     (UP 5)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 60586 81

S1B Canakkale Trip Far East 12.5 60367 -12

S2 Japan - SK / NOPAC or Australia rv 25 51038 26

S3 Japan - SK Trip Gib - Skaw range 25 47532 23

S4A US Gulf - Skaw-Passero 12.5 70355 45

S4B Skaw-Passero - US Gulf 12.5 31889 180

Average of the T/C Routes 52542 49

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

S5 W.Africa via ECSA to FarEast 0 62091 173

S6 Jpn-SK trip via Aus/India 0 50755 -109

S7 EC India - China 0 71667 159

Baltic Exchange Handysize Index     2385     (UP 30)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 21900 250

HS2 Skaw - Passero trip Boston - Galveston 12.5 22350 257

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 44617 -133

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 47210 100

HS5 SE Asia trip via Australia to Singapore - Japan 25 37264 621

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 36036 915

Average of the T/C Routes 35335 444