Daily Summary of Baltic Exchange Dry Indices 19 March 2008

Baltic Exchange Dry Index TM 7801 (DOWN 92)

Baltic Exchange Capesize Index TM 10246 (DOWN 135)

Baltic Exchange Panamax Index TM 8099 (DOWN 104)

Baltic Exchange Supramax Index TM 5302 (DOWN 58)

Baltic Exchange Handysize Index TM 2518 (DOWN 11)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI      Average of the T/C routes $116996 (DOWN 1982)

BPI       Average of the T/C routes $65294 (DOWN 836)

BSI       Average of the T/C routes $55441 (DOWN 600)

BHSI    Average of the T/C routes $37145 (DOWN 208)

Baltic Exchange Capesize Index     10246     (DOWN 135)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 30.464 -0.386

C3 150000mt Tubarao - Beilun/Baoshan 15  66.167 -0.833

C4 150000mt Richards Bay - Rotterdam 5 33.191 0.146

C5 150000mt W Australia - Beilun/Baoshan 15 26.364 -0.159

C7 150000mt Bolivar - Rotterdam 5 31.532 -0.318

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 108636 -1364

C9_03 172000mt Continent/Mediterranean trip Far East 5 160077 -2923

C10_03 172000mt Pacific RV 20 117269 -2808

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 82000 -833

C12 150000mt Gladstone - Rotterdam 10 47.345 -0.014

Average of the T/C Routes 116996 -1982

Baltic Exchange Panamax Index     8099     (DOWN 104)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 68843 -1070

P2A_03 74000mt SKAW-GIB/FAR EAST 25 79463 -437

P3A_03 74000mt Japan-SK/Pacific/RV 25 62105 -1157

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 50767 -677

Average of the T/C Routes 65294 -836

Baltic Exchange Supramax Index     5302     (DOWN 58)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 63223 -322

S1B Canakkale Trip Far East 12.5 62611 -130

S2 Japan - SK / NOPAC or Australia rv 25 55310 -1086

S3 Japan - SK Trip Gib - Skaw range 25 49780 -890

S4A US Gulf - Skaw-Passero 12.5 73710 -285

S4B Skaw-Passero - US Gulf 12.5 33805 -110

Average of the T/C Routes 55441 -600

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

S5 W.Africa via ECSA to FarEast 0 70178 8

S6 Jpn-SK trip via Aus/India 0 53209 -764

S7 EC India - China 0 91250 21

Baltic Exchange Handysize Index     2518     (DOWN 11)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 25279 293

HS2 Skaw - Passero trip Boston - Galveston 12.5 25800 321

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 45106 -77

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 47730 -235

HS5 SE Asia trip via Australia to Singapore - Japan 25 39014 -479

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 37607 -507

Average of the T/C Routes 37145 -208