Daily Summary of Baltic Exchange Dry Indices 13 March 2008

Baltic Exchange Dry Index TM 8092 (DOWN 254)

Baltic Exchange Capesize Index TM 10883 (DOWN 777)

Baltic Exchange Panamax Index TM 8346 (DOWN 141)

Baltic Exchange Supramax Index TM 5369 (UP 48)

Baltic Exchange Handysize Index TM 2543 (UP 18)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI   Average of the T/C routes $125822 (DOWN 9721)

BPI   Average of the T/C routes $67305 (DOWN 1150)

BSI   Average of the T/C routes $56136 (UP 503)

BHSI Average of the T/C routes $37639 (UP 244)

Baltic Exchange Capesize Index     10883     (DOWN 777)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 32.095 -1.505

C3 150000mt Tubarao - Beilun/Baoshan 15 70.033 -2.446

C4 150000mt Richards Bay - Rotterdam 5 33.636 -1.205

C5 150000mt W Australia - Beilun/Baoshan 15 27.559 -2.714

C7 150000mt Bolivar - Rotterdam 5 33.018 -1.546

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 117773 -8591

C9_03 172000mt Continent/Mediterranean trip Far East 5 171692 -9000

C10_03 172000mt Pacific RV 20 127615 -15000

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 86208 -6292

C12 150000mt Gladstone - Rotterdam 10 48.141 -1.564

Average of the T/C Routes 125822 -9721

Baltic Exchange Panamax Index     8346     (DOWN 141)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 71050 -950

P2A_03 74000mt SKAW-GIB/FAR EAST 25 79844 -680

P3A_03 74000mt Japan-SK/Pacific/RV 25 65548 -1635

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 52778 -1333

Average of the T/C Routes 67305 -1150

Baltic Exchange Supramax Index     5369     (UP 48)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 63555 235

S1B Canakkale Trip Far East 12.5 62602 372

S2 Japan - SK / NOPAC or Australia rv 25 56558 758

S3 Japan - SK Trip Gib - Skaw range 25 51128 450

S4A US Gulf - Skaw-Passero 12.5 73788 760

S4B Skaw-Passero - US Gulf 12.5 33775 240

Average of the T/C Routes 56136 503

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

S5 W.Africa via ECSA to FarEast 0 70645 450

S6 Jpn-SK trip via Aus/India 0 55405 337

S7 EC India - China 0 89113 1821

Baltic Exchange Handysize Index     2543     (UP 18)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 24393 522

HS2 Skaw - Passero trip Boston - Galveston 12.5 24807 514

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 45061 244

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 47925 185

HS5 SE Asia trip via Australia to Singapore - Japan 25 40321 142

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 39143 100

Average of the T/C Routes 37639 244