Daily Summary of Baltic Exchange Dry Indices 4 April 2008

Baltic Exchange Dry Index TM 7737 (UP 47)

Baltic Exchange Capesize Index TM 11326 (UP 168)

Baltic Exchange Panamax Index TM 7552 (UP 6)

Baltic Exchange Supramax Index TM 4733 (DOWN 9)

Baltic Exchange Handysize Index TM 2338 (DOWN 9)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI    Average of the T/C routes $131920 (UP 2000)

BPI    Average of the T/C routes $60797 (UP 34)

BSI    Average of the T/C routes $49486 (DOWN 96)

BHSI   Average of the T/C routes $34089 (DOWN 173)

Baltic Exchange Capesize Index     11326     (UP 168)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 34.491 0.132

C3 150000mt Tubarao - Beilun/Baoshan 15 73.333 0.500

C4 150000mt Richards Bay - Rotterdam 5 36.568 0.659

C5 150000mt W Australia - Beilun/Baoshan 15 28.136 0.886

C7 150000mt Bolivar - Rotterdam 5 35.532 0.091

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 127364 728

C9_03 172000mt Continent/Mediterranean trip Far East 5 183462 2962

C10_03 172000mt Pacific RV 20 128231 3231

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 88625 1083

C12 150000mt Gladstone - Rotterdam 10 48.277 0.318

Average of the T/C Routes 131920 2000

Baltic Exchange Panamax Index     7552     (UP 6)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 66613 560

P2A_03 74000mt SKAW-GIB/FAR EAST 25 77200 642

P3A_03 74000mt Japan-SK/Pacific/RV 25 55140 -353

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 44236 -714

Average of the T/C Routes 60797 34

Baltic Exchange Supramax Index     4733     (DOWN 9)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 62250 -120

S1B Canakkale Trip Far East 12.5 61348 -220

S2 Japan - SK / NOPAC or Australia rv 25 40538 -300

S3 Japan - SK Trip Gib - Skaw range 25 38660 -30

S4A US Gulf - Skaw-Passero 12.5 81175 360

S4B Skaw-Passero - US Gulf 12.5 32720 -125

Average of the T/C Routes 49486 -96

Baltic Exchange Handysize Index     2338     (DOWN 9)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 27129 315

HS2 Skaw - Passero trip Boston - Galveston 12.5 27464 364

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 43783 522

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 47050 60

HS5 SE Asia trip via Australia to Singapore - Japan 25 32429 -535

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 31214 -786

Average of the T/C Routes 34089 -173