Daily Summary of Baltic Exchange Dry Indices 12 March 2008

Baltic Exchange Dry Index TM 8346 (DOWN 214)

Baltic Exchange Capesize Index TM 11660 (DOWN 655)

Baltic Exchange Panamax Index TM 8487 (DOWN 143)

Baltic Exchange Supramax Index TM 5321 (UP 58)

Baltic Exchange Handysize Index TM 2525 (UP 22)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI   Average of the T/C routes $135543 (DOWN 7986)

BPI   Average of the T/C routes $68455 (DOWN 1164)

BSI   Average of the T/C routes $55633 (UP 607)

BHSI  Average of the T/C routes $37395 (UP 300)

Baltic Exchange Capesize Index     11660     (DOWN 655)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 33.600 -1.182

C3 150000mt Tubarao - Beilun/Baoshan 15 72.479 -2.146

C4 150000mt Richards Bay - Rotterdam 5 34.841 -2.500

C5 150000mt W Australia - Beilun/Baoshan 15 30.273 -2.468

C7 150000mt Bolivar - Rotterdam 5 34.564 -1.127

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 126364 -5909

C9_03 172000mt Continent/Mediterranean trip Far East 5 180692 -7462

C10_03 172000mt Pacific RV 20 142615 -11616

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 92500 -6958

C12 150000mt Gladstone - Rotterdam 10 49.705 -1.668

Average of the T/C Routes 135543 -7986

Baltic Exchange Panamax Index     8487     (DOWN 143)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 72000 -1058

P2A_03 74000mt SKAW-GIB/FAR EAST 25 80524 -469

P3A_03 74000mt Japan-SK/Pacific/RV 25 67183 -1784

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 54111 -1347

Average of the T/C Routes 68455 -1164

Baltic Exchange Supramax Index     5321     (UP 58)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 63320 212

S1B Canakkale Trip Far East 12.5 62230 541

S2 Japan - SK / NOPAC or Australia rv 25 55800 965

S3 Japan - SK Trip Gib - Skaw range 25 50678 673

S4A US Gulf - Skaw-Passero 12.5 73028 608

S4B Skaw-Passero - US Gulf 12.5 33535 220

Average of the T/C Routes 55633 607

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

S5 W.Africa via ECSA to FarEast 0 70195 725

S6 Jpn-SK trip via Aus/India 0 55068 641

S7 EC India - China 0 87292 1959

Baltic Exchange Handysize Index     2525     (UP 22)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 23871 535

HS2 Skaw - Passero trip Boston - Galveston 12.5 24293 507

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 44817 145

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 47740 320

HS5 SE Asia trip via Australia to Singapore - Japan 25 40179 229

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 39043 222

Average of the T/C Routes 37395 300