Daily Summary of Baltic Exchange Dry Indices 2 April 2008

Baltic Exchange Dry Index TM 7655 (DOWN 235)

Baltic Exchange Capesize Index TM 10952 (DOWN 559)

Baltic Exchange Panamax Index TM 7584 (DOWN 183)

Baltic Exchange Supramax Index TM 4768 (DOWN 24)

Baltic Exchange Handysize Index TM 2369 (DOWN 23)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI    Average of the T/C routes $127655 (DOWN 6772)

BPI    Average of the T/C routes $61097 (DOWN 1489)

BSI    Average of the T/C routes $49858 (DOWN 252)

BHSI   Average of the T/C routes $34628 (DOWN 378)

Baltic Exchange Capesize Index     10952     (DOWN 559)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 34.009 -0.705

C3 150000mt Tubarao - Beilun/Baoshan 15 71.571 -3.575

C4 150000mt Richards Bay - Rotterdam 5 35.477 -2.046

C5 150000mt W Australia - Beilun/Baoshan 15 26.114 -1.886

C7 150000mt Bolivar - Rotterdam 5 35.123 -0.682

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 125000 -4000

C9_03 172000mt Continent/Mediterranean trip Far East 5 176692 -9193

C10_03 172000mt Pacific RV 20 122346 -8769

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 86583 -5125

C12 150000mt Gladstone - Rotterdam 10 47.841 -1.641

Average of the T/C Routes 127655 -6772

Baltic Exchange Panamax Index     7584     (DOWN 183)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 65563 -1237

P2A_03 74000mt SKAW-GIB/FAR EAST 25 76275 -1163

P3A_03 74000mt Japan-SK/Pacific/RV 25 56690 -1977

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 45861 -1578

Average of the T/C Routes 61097 -1489

Baltic Exchange Supramax Index     4768     (DOWN 24)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 62525 -88

S1B Canakkale Trip Far East 12.5 61827 -123

S2 Japan - SK / NOPAC or Australia rv 25 41300 -927

S3 Japan - SK Trip Gib - Skaw range 25 39450 -890

S4A US Gulf - Skaw-Passero 12.5 79940 1927

S4B Skaw-Passero - US Gulf 12.5 33070 -100

Average of the T/C Routes 49858 -252

Baltic Exchange Handysize Index     2369     (DOWN 23)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 26614 21

HS2 Skaw - Passero trip Boston - Galveston 12.5 26964 35

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 42875 -36

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 46956 56

HS5 SE Asia trip via Australia to Singapore - Japan 25 33857 -843

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 32950 -707

Average of the T/C Routes 34628 -378