Baltic Exchange Dry Indices 14.feb.07

Daily Summary of Baltic Exchange Dry Indices

14 February 2007

Baltic Exchange Dry Index TM 4366 (UP 6)

Baltic Exchange Capesize Index TM 6300 (DOWN 75)

Baltic Exchange Panamax Index TM 4241 (UP 68)

Baltic Exchange Supramax Index TM 2755 (UP 15)

Baltic Exchange Handysize Index TM 1347 (UP 11)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $72310 (DOWN 1084)

BPI Average of the T/C routes $34247 (UP 540)

BSI Average of the T/C routes $28804 (UP 150)

BHSI Average of the T/C routes $19822 (UP 174)

Baltic Exchange Capesize Index 6300 (DOWN 75)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 22.060 -0.165

C3 150000mt Tubarao - Beilun/Baoshan 15 38.686 -0.409

C4 150000mt Richards Bay - Rotterdam 5 21.900 -0.245

C5 150000mt W Australia - Beilun/Baoshan 15 15.235 -0.195

C7 150000mt Bolivar - Rotterdam 5 22.545 -0.160

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 79950 -1100

C9_03 172000mt Continent/Mediterranean trip Far East 5 94895 -1582

C10_03 172000mt Pacific RV 20 62305 -890

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 52091 -764

C12 150000mt Gladstone - Rotterdam 10 29.600 -0.145

Average of the T/C Routes 72310 -1084

Baltic Exchange Panamax Index 4241 (UP 68)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 35705 658

P2A_03 74000mt SKAW-GIB/FAR EAST 25 37821 921

P3A_03 74000mt Japan-SK/Pacific/RV 25 32043 332

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 31419 250

Average of the T/C Routes 34247 540

Baltic Exchange Handysize Index 1347 (UP 11)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 14257 107

HS2 Skaw - Passero trip Boston - Galveston 12.5 14757 114

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 25794 388

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 25400 -22

HS5 SE Asia trip via Australia to Singapore - Japan 25 20107 239

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 19075 161

Average of the T/C Routes 19822 174

Baltic Exchange Supramax Index 2755 (UP 15)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 26952 156

S1B Canakkale Trip Far East 12.5 25788 57

S2 Japan - SK / NOPAC or Australia rv 25 28425 146

S3 Japan - SK Trip Gib - Skaw range 25 29686 200

S4A US Gulf - Skaw-Passero 12.5 39405 105

S4B Skaw-Passero - US Gulf 12.5 22064 191

Average of the T/C Routes 28804 150

S6 Jpn-SK trip via Aus/India 0 27655 60

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

S5 Trial-W.Africa via ECSA to FarEast 0 29384 161