Daily Summary of Baltic Exchange Dry Indices 31 March 2008

Baltic Exchange Dry Index TM 8081 (UP 12)

Baltic Exchange Capesize Index TM 11993 (UP 178)

Baltic Exchange Panamax Index TM 7867 (DOWN 29)

Baltic Exchange Supramax Index TM 4827 (DOWN 89)

Baltic Exchange Handysize Index TM 2417 (DOWN 18)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI    Average of the T/C routes $139739 (UP 2020)

BPI    Average of the T/C routes $63399 (DOWN 233)

BSI    Average of the T/C routes $50476 (DOWN 925)

BHSI  Average of the T/C routes $35428 (DOWN 328)

Baltic Exchange Capesize Index     11993     (UP 178)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 35.350 0.773

C3 150000mt Tubarao - Beilun/Baoshan 15 76.538 0.392

C4 150000mt Richards Bay - Rotterdam 5 39.659 0.068

C5 150000mt W Australia - Beilun/Baoshan 15 30.050 0.682

C7 150000mt Bolivar - Rotterdam 5 36.418 0.882

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 131636 2545

C9_03 172000mt Continent/Mediterranean trip Far East 5 190192 1307

C10_03 172000mt Pacific RV 20 140962 2270

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 96167 1959

C12 150000mt Gladstone - Rotterdam 10 50.845 0.572

Average of the T/C Routes 139739 2020

Baltic Exchange Panamax Index     7867     (DOWN 29)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 67441 -317

P2A_03 74000mt SKAW-GIB/FAR EAST 25 78218 -175

P3A_03 74000mt Japan-SK/Pacific/RV 25 59930 -213

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 48006 -230

Average of the T/C Routes 63399 -233

Baltic Exchange Supramax Index     4827     (DOWN 89)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 62760 -105

S1B Canakkale Trip Far East 12.5 62141 -250

S2 Japan - SK / NOPAC or Australia rv 25 43392 -1910

S3 Japan - SK Trip Gib - Skaw range 25 41630 -1830

S4A US Gulf - Skaw-Passero 12.5 75470 605

S4B Skaw-Passero - US Gulf 12.5 33395 -170

Average of the T/C Routes 50476 -925

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

S5 W.Africa via ECSA to FarEast 0 67310 -828

S6 Jpn-SK trip via Aus/India 0 43705 -1859

S7 EC India - China 0 80333 -3209

Baltic Exchange Handysize Index     2417     (DOWN 18)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 26336 315

HS2 Skaw - Passero trip Boston - Galveston 12.5 26700 271

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 43111 -395

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 46995 -55

HS5 SE Asia trip via Australia to Singapore - Japan 25 35457 -693

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 34686 -685

Average of the T/C Routes 35428 -328