Daily Summary of Baltic Exchange Dry Indices 5 March 2008

Baltic Exchange Dry Index TM 8162 (UP 169)

Baltic Exchange Capesize Index TM 11863 (UP 193)

Baltic Exchange Panamax Index TM 8067 (UP 337)

Baltic Exchange Supramax Index TM 5038 (UP 13)

Baltic Exchange Handysize Index TM 2406 (UP 21)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI   Average of the T/C routes $137843 (UP 2436)

BPI   Average of the T/C routes $65037 (UP 2798)

BSI   Average of the T/C routes $52678 (UP 136)

BHSI  Average of the T/C routes $35649 (UP 314)

Baltic Exchange Capesize Index     11863     (UP 193)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 33.527 0.472

C3 150000mt Tubarao - Beilun/Baoshan 15 72.800 0.696

C4 150000mt Richards Bay - Rotterdam 5 34.614 0.478

C5 150000mt W Australia - Beilun/Baoshan 15 31.959 0.641

C7 150000mt Bolivar - Rotterdam 5 34.395 0.440

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 128227 1591

C9_03 172000mt Continent/Mediterranean trip Far East 5 181936 2938

C10_03 172000mt Pacific RV 20 146000 3423

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 95208 1791

C12 150000mt Gladstone - Rotterdam 10 50.341 0.523

Average of the T/C Routes 137843 2436

Baltic Exchange Panamax Index     8067     (UP 337)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 68870 760

P2A_03 74000mt SKAW-GIB/FAR EAST 25 78390 650

P3A_03 74000mt Japan-SK/Pacific/RV 25 62013 3823

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 50875 5958

Average of the T/C Routes 65037 2798

Baltic Exchange Supramax Index     5038     (UP 13)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 60795 209

S1B Canakkale Trip Far East 12.5 60408 41

S2 Japan - SK / NOPAC or Australia rv 25 51408 370

S3 Japan - SK Trip Gib - Skaw range 25 47482 -50

S4A US Gulf - Skaw-Passero 12.5 70410 55

S4B Skaw-Passero - US Gulf 12.5 32027 138

Average of the T/C Routes 52678 136

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

S5 W.Africa via ECSA to FarEast 0 62755 664

S6 Jpn-SK trip via Aus/India 0 51323 568

S7 EC India - China 0 72527 860

Baltic Exchange Handysize Index     2406     (UP 21)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 22129 229

HS2 Skaw - Passero trip Boston - Galveston 12.5 22607 257

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 44611 -6

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 47200 -10

HS5 SE Asia trip via Australia to Singapore - Japan 25 37750 486

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 36571 535

Average of the T/C Routes 35649 314