Daily Summary of Baltic Exchange Dry Indices 17 March 2008

Baltic Exchange Dry Index TM 7913 (DOWN 59)

Baltic Exchange Capesize Index TM 10379 (DOWN 140)

Baltic Exchange Panamax Index TM 8239 (DOWN 41)

Baltic Exchange Supramax Index TM 5387 (DOWN 7)

Baltic Exchange Handysize Index TM 2535 (DOWN 11)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI    Average of the T/C routes $118896 (DOWN 2334)

BPI     Average of the T/C routes $66423 (DOWN 332)

BSI     Average of the T/C routes $56324 (DOWN 78)

BHSI   Average of the T/C routes $37463 (DOWN 190)

Baltic Exchange Capesize Index     10379     (DOWN 140)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 31.009 -0.396

C3 150000mt Tubarao - Beilun/Baoshan 15 67.167 -0.833

C4 150000mt Richards Bay - Rotterdam 5 32.945 -0.169

C5 150000mt W Australia - Beilun/Baoshan 15 26.400 -0.123

C7 150000mt Bolivar - Rotterdam 5 31.977 -0.350

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 110409 -3227

C9_03 172000mt Continent/Mediterranean trip Far East 5 162692 -3577

C10_03 172000mt Pacific RV 20 119731 -1577

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 82750 -958

C12 150000mt Gladstone - Rotterdam 10 47.336 -0.141

Average of the T/C Routes 118896 -2334

Baltic Exchange Panamax Index     8239     (DOWN 41)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 70438 -392

P2A_03 74000mt SKAW-GIB/FAR EAST 25 79863 113

P3A_03 74000mt Japan-SK/Pacific/RV 25 63893 -723

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 51500 -325

Average of the T/C Routes 66423 -332

Baltic Exchange Supramax Index     5387     (DOWN 7)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 63598 -42

S1B Canakkale Trip Far East 12.5 62757 32

S2 Japan - SK / NOPAC or Australia rv 25 56994 -68

S3 Japan - SK Trip Gib - Skaw range 25 51035 -243

S4A US Gulf - Skaw-Passero 12.5 74255 -55

S4B Skaw-Passero - US Gulf 12.5 33928 68

Average of the T/C Routes 56324 -78

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

S5 W.Africa via ECSA to FarEast 0 70305 -275

S6 Jpn-SK trip via Aus/India 0 54955 -495

S7 EC India - China 0 91063 84

Baltic Exchange Handysize Index     2535     (DOWN 11)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 24750 121

HS2 Skaw - Passero trip Boston - Galveston 12.5 25193 122

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 45089 -22

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 48030 45

HS5 SE Asia trip via Australia to Singapore - Japan 25 39821 -379

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 38500 -514

Average of the T/C Routes 37463 -190