Daily Summary of Baltic Exchange Dry Indices 28 March 2008

Baltic Exchange Dry Index TM 8069 (UP 185)

Baltic Exchange Capesize Index TM 11815 (UP 715)

Baltic Exchange Panamax Index TM 7896 (DOWN 13)

Baltic Exchange Supramax Index TM 4916 (DOWN 70)

Baltic Exchange Handysize Index TM 2435 (DOWN 12)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI    Average of the T/C routes $137719 (UP 8345)

BPI    Average of the T/C routes $63632 (DOWN 112)

BSI    Average of the T/C routes $51401 (DOWN 739)

BHSI  Average of the T/C routes $35756 (DOWN 213)

Baltic Exchange Capesize Index     11815     (UP 715)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 34.577 1.368

C3 150000mt Tubarao - Beilun/Baoshan 15 76.146 2.208

C4 150000mt Richards Bay - Rotterdam 5 39.591 0.918

C5 150000mt W Australia - Beilun/Baoshan 15 29.368 2.441

C7 150000mt Bolivar - Rotterdam 5 35.536 1.086

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 129091 4273

C9_03 172000mt Continent/Mediterranean trip Far East 5 188885 7116

C10_03 172000mt Pacific RV 20 138692 17077

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 94208 4916

C12 150000mt Gladstone - Rotterdam 10 50.273 1.182

Average of the T/C Routes 137719 8345

Baltic Exchange Panamax Index     7896     (DOWN 13)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 67758 55

P2A_03 74000mt SKAW-GIB/FAR EAST 25 78393 93

P3A_03 74000mt Japan-SK/Pacific/RV 25 60143 -428

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 48236 -167

Average of the T/C Routes 63632 -112

Baltic Exchange Supramax Index     4916     (DOWN 70)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 62865 62

S1B Canakkale Trip Far East 12.5 62391 -73

S2 Japan - SK / NOPAC or Australia rv 25 45302 -2113

S3 Japan - SK Trip Gib - Skaw range 25 43460 -1390

S4A US Gulf - Skaw-Passero 12.5 74865 1250

S4B Skaw-Passero - US Gulf 12.5 33565 -140

Average of the T/C Routes 51401 -739

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

S5 W.Africa via ECSA to FarEast 0 68138 -697

S6 Jpn-SK trip via Aus/India 0 45564 -1145

S7 EC India - China 0 83542 -2458

Baltic Exchange Handysize Index     2435     (DOWN 12)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 26021 285

HS2 Skaw - Passero trip Boston - Galveston 12.5 26429 293

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 43506 -466

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 47050 -285

HS5 SE Asia trip via Australia to Singapore - Japan 25 36150 -457

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 35371 -308

Average of the T/C Routes 35756 -213