Daily Summary of Baltic Exchange Dry Indices 26 March 2008

Baltic Exchange Dry Index TM 7679 (UP 60)

Baltic Exchange Capesize Index TM 10281 (UP 387)

Baltic Exchange Panamax Index TM 7919 (DOWN 63)

Baltic Exchange Supramax Index TM 5091 (DOWN 93)

Baltic Exchange Handysize Index TM 2464 (DOWN 31)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI   Average of the T/C routes $118409 (UP 5415)

BPI   Average of the T/C routes $63814 (DOWN 516)

BSI    Average of the T/C routes $53227 (DOWN 979)

BHSI  Average of the T/C routes $36240 (DOWN 514)

Baltic Exchange Capesize Index     10281     (UP 387)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 31.023 1.387

C3 150000mt Tubarao - Beilun/Baoshan 15 67.625 3.625

C4 150000mt Richards Bay - Rotterdam 5 35.432 1.409

C5 150000mt W Australia - Beilun/Baoshan 15 25.355 0.469

C7 150000mt Bolivar - Rotterdam 5 32.095 1.359

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 113136 7818

C9_03 172000mt Continent/Mediterranean trip Far East 5 164692 9577

C10_03 172000mt Pacific RV 20 113515 1846

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 82292 2417

C12 150000mt Gladstone - Rotterdam 10 47.259 0.627

Average of the T/C Routes 118409 5415

Baltic Exchange Panamax Index     7919     (DOWN 63)

Route

Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 68058 -142

P2A_03 74000mt SKAW-GIB/FAR EAST 25 78538 -437

P3A_03 74000mt Japan-SK/Pacific/RV 25 60107 -607

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 48556 -875

Average of the T/C Routes 63814 -516

Baltic Exchange Supramax Index     5091     (DOWN 93)

Route  Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 62905 -75

S1B Canakkale Trip Far East 12.5 62559 -36

S2 Japan - SK / NOPAC or Australia rv 25 49935 -2446

S3 Japan - SK Trip Gib - Skaw range 25 46675 -1400

S4A US Gulf - Skaw-Passero 12.5 73385 10

S4B Skaw-Passero - US Gulf 12.5 33750 -35

Average of the T/C Routes 53227 -979

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

S5 W.Africa via ECSA to FarEast 0 69380 -600

S6 Jpn-SK trip via Aus/India 0 48636 -2196

S7 EC India - China 0 88958 -1292

Baltic Exchange Handysize Index     2464     (DOWN 31)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 25671 114

HS2 Skaw - Passero trip Boston - Galveston 12.5 26050 107

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 44350 -428

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 47475 -140

HS5 SE Asia trip via Australia to Singapore - Japan 25 37093 -1014

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 36093 -871

Average of the T/C Routes 36240 -514