Daily Summary of Baltic Exchange Dry Indices 14 March 2008

Baltic Exchange Dry Index TM 7972 (DOWN 120)

Baltic Exchange Capesize Index TM 10519 (DOWN 364)

Baltic Exchange Panamax Index TM 8280 (DOWN 66)

Baltic Exchange Supramax Index TM 5394 (UP 25)

Baltic Exchange Handysize Index TM 2546 (UP 3)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI    Average of the T/C routes $121230 (DOWN 4592)

BPI    Average of the T/C routes $66755 (DOWN 550)

BSI    Average of the T/C routes $56402 (UP 266)

BHSI  Average of the T/C routes $37653 (UP 14)

Baltic Exchange Capesize Index     10519     (DOWN 364)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 31.405 -0.690

C3 150000mt Tubarao - Beilun/Baoshan 15 68.000 -2.033

C4 150000mt Richards Bay - Rotterdam 5 33.114 -0.522

C5 150000mt W Australia - Beilun/Baoshan 15 26.523 -1.036

C7 150000mt Bolivar - Rotterdam 5 32.327 -0.691

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 113636 -4137

C9_03 172000mt Continent/Mediterranean trip Far East 5 166269 -5423

C10_03 172000mt Pacific RV 20 121308 -6307

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 83708 -2500

C12 150000mt Gladstone - Rotterdam 10 47.477 -0.664

Average of the T/C Routes 121230 -4592

Baltic Exchange Panamax Index     8280     (DOWN 66)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 70830 -220

P2A_03 74000mt SKAW-GIB/FAR EAST 25 79750 -94

P3A_03 74000mt Japan-SK/Pacific/RV 25 64616 -932

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 51825 -953

Average of the T/C Routes 66755 -550

Baltic Exchange Supramax Index     5394     (UP 25)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 63640 85

S1B Canakkale Trip Far East 12.5 62725 123

S2 Japan - SK / NOPAC or Australia rv 25 57062 504

S3 Japan - SK Trip Gib - Skaw range 25 51278 150

S4A US Gulf - Skaw-Passero 12.5 74310 522

S4B Skaw-Passero - US Gulf 12.5 33860 85

Average of the T/C Routes 56402 266

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

S5 W.Africa via ECSA to FarEast 0 70580 -65

S6 Jpn-SK trip via Aus/India 0 55450 45

S7 EC India - China 0 90979 1866

Baltic Exchange Handysize Index     2546     (UP 3)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 24629 236

HS2 Skaw - Passero trip Boston - Galveston 12.5 25071 264

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 45111 50

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 47985 60

HS5 SE Asia trip via Australia to Singapore - Japan 25 40200 -121

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 39014 -129

Average of the T/C Routes 37653 14