Daily Summary of Baltic Exchange Dry Indices 25 March 2008

Baltic Exchange Dry Index TM 7619 (DOWN 65)

Baltic Exchange Capesize Index TM 9894 (DOWN 88)

Baltic Exchange Panamax Index TM 7982 (DOWN 24)

Baltic Exchange Supramax Index TM 5184 (DOWN 83)

Baltic Exchange Handysize Index TM 2495 (DOWN 23)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI    Average of the T/C routes $112994 (DOWN 1158)

BPI    Average of the T/C routes $64330 (DOWN 206)

BSI    Average of the T/C routes $54206 (DOWN 866)

BHSI  Average of the T/C routes $36754 (DOWN 381)

Baltic Exchange Capesize Index     9894     (DOWN 88)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 29.636 -0.339

C3 150000mt Tubarao - Beilun/Baoshan 15 64.000 -0.250

C4 150000mt Richards Bay - Rotterdam 5 34.023 0.898

C5 150000mt W Australia - Beilun/Baoshan 15 24.886 -0.364

C7 150000mt Bolivar - Rotterdam 5 30.736 -0.314

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 105318 -1182

C9_03 172000mt Continent/Mediterranean trip Far East 5 155115 -802

C10_03 172000mt Pacific RV 20 111669 -1748

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 79875 -898

C12 150000mt Gladstone - Rotterdam 10 46.632 -0.153

Average of the T/C Routes 112994 -1158

Baltic Exchange Panamax Index     7982     (DOWN 24)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 68200 211

P2A_03 74000mt SKAW-GIB/FAR EAST 25 78975 -53

P3A_03 74000mt Japan-SK/Pacific/RV 25 60714 -483

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 49431 -497

Average of the T/C Routes 64330 -206

Baltic Exchange Supramax Index     5184     (DOWN 83)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 62980 -101

S1B Canakkale Trip Far East 12.5 62595 -77

S2 Japan - SK / NOPAC or Australia rv 25 52381 -2119

S3 Japan - SK Trip Gib - Skaw range 25 48075 -1169

S4A US Gulf - Skaw-Passero 12.5 73375 -158

S4B Skaw-Passero - US Gulf 12.5 33785 -21

Average of the T/C Routes 54206 -866

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

S5 W.Africa via ECSA to FarEast 0 69980 -245

S6 Jpn-SK trip via Aus/India 0 50832 -1801

S7 EC India - China 0 90250 -345

Baltic Exchange Handysize Index     2495     (DOWN 23)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 25557 100

HS2 Skaw - Passero trip Boston - Galveston 12.5 25943 114

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 44778 -266

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 47615 -55

HS5 SE Asia trip via Australia to Singapore - Japan 25 38107 -851

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 36964 -619

Average of the T/C Routes 36754 -381