Daily Summary of Baltic Exchange Dry Indices 14 April 2008

Baltic Exchange Dry Index TM 7961 (UP 72)

Baltic Exchange Capesize Index TM 11587 (UP 103)

Baltic Exchange Panamax Index TM 8079 (UP 115)

Baltic Exchange Supramax Index TM 4685 (UP 21)

Baltic Exchange Handysize Index TM 2349 (UP 2)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI    Average of the T/C routes $133881 (UP 1011)

BPI    Average of the T/C routes $65031 (UP 926)

BSI    Average of the T/C routes $48985 (UP 217)

BHSI  Average of the T/C routes $34163 (UP 14)

Baltic Exchange Capesize Index     11587     (UP 103)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 34.155 -0.050

C3 150000mt Tubarao - Beilun/Baoshan 15 73.758 0.170

C4 150000mt Richards Bay - Rotterdam 5 37.091 0.605

C5 150000mt W Australia - Beilun/Baoshan 15 30.377 0.604

C7 150000mt Bolivar - Rotterdam 5 35.350 0.086

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 126250 509

C9_03 172000mt Continent/Mediterranean trip Far East 5 183077 231

C10_03 172000mt Pacific RV 20 135115 2307

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 91083 1000

C12 150000mt Gladstone - Rotterdam 10 48.895 0.286

Average of the T/C Routes 133881 1011

Baltic Exchange Panamax Index     8079     (UP 115)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 71982 1294

P2A_03 74000mt SKAW-GIB/FAR EAST 25 82545 1057

P3A_03 74000mt Japan-SK/Pacific/RV 25 57700 748

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 47897 605

Average of the T/C Routes 65031 926

Baltic Exchange Supramax Index     4685     (UP 21)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 63100 360

S1B Canakkale Trip Far East 12.5 61475 193

S2 Japan - SK / NOPAC or Australia rv 25 40454 358

S3 Japan - SK Trip Gib - Skaw range 25 35380 -5

S4A US Gulf - Skaw-Passero 12.5 82140 195

S4B Skaw-Passero - US Gulf 12.5 33495 277

Average of the T/C Routes 48985 217

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

S5 W.Africa via ECSA to FarEast 0 68325 645

S6 Jpn-SK trip via Aus/India 0 40414 428

S7 EC India - China 0 64271 354

Baltic Exchange Handysize Index     2349     (UP 2)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 28686 307

HS2 Skaw - Passero trip Boston - Galveston 12.5 28957 293

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 48833 872

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 47915 110

HS5 SE Asia trip via Australia to Singapore - Japan 25 30321 -393

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 29136 -343

Average of the T/C Routes 34163 14